THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Tuesday, October 24, 1995 TAG: 9510240304
SECTION: BUSINESS PAGE: D3 EDITION: FINAL
SOURCE: STAFF REPORT
LENGTH: Medium: 78 lines
Dominion Resources Inc., the Richmond-based conglomerate that includes Virginia Power, said its third-quarter net profit rose 33 percent before a special restructuring charge was taken into account.
Dominion said warmer summer weather this year increased air-conditioning usage in its service territory, translating into more power sales. It said an ongoing reorganization at Virginia Power also paid off by lowering the utility's operating costs.
Dominion's total net income for the third quarter was $197.9 million, or $1.14 a share, up 21 percent from $161.3 million, or 94 cents a share, in the year-earlier period. Net profit would have been up by 33 percent if a special restructuring charge of $30.6 million wasn't taken into account.
Dominion's operating revenues totaled $1.345 billion in the latest quarter, up from $1.21 billion a year earlier.
The company said Virginia Power's ongoing staff reductions alone will cut its annual expenses by $20 million to $25 million.
By canceling certain power-supply contracts and renegotiating some others, the utility will save an additional $19 million annually.
Mobil Corp.'s third-quarter profit rose 56 percent, reflecting better fuel and chemical markets and production cost cuts. Mobil earned $786 million, or $1.95 per share, for the quarter ended Sept. 30, compared with $503 million, or $1.23 a share, in the year-earlier quarter. Profits in the Fairfax-based company's petroleum refining and marketing division rose sharply, reaching $377 million, up from $234 million in the 1994 quarter. Chemical earnings went from $60 million in third-quarter 1994 to $179 million this past quarter.
Albemarle Corp. reported net income for the third quarter of 1995 of $22.2 million, up 14 percent, from third-quarter 1994 net income of $19.5 million, or 33 cents per share, up from 30 cents for the third quarter 1994. Net sales for the third quarter of 1995 were $315.2 million, representing an increase of 12 percent from third-quarter 1994 net sales of $282.6 million.
Warner-Lambert Co. said third-quarter net income increased 26 percent and posted net income of $214.0 million, or $1.58 a share, up from $169.2 million, or $1.26, a year earlier. In the most recent quarter, the company made a bigger-than-expected pretax gain of $117 million, or 61 cents a share, on the sale of the toothbrush business.
Coca-Cola Co. said its third-quarter earnings rose 13 percent. Net income rose to $802 million, or 64 cents a share. A year ago, Coke earned $708 million, or 55 cents, a year ago. Revenue rose 10 percent to $4.89 billion from $4.46 billion.
AT&T Corp. said third-quarter profit rose 12 percent to $1.43 billion, or 90 cents a share, from $1.28 billion, or 82 cents, a year earlier. Sales rose 5.7 percent to $19.7 billion from $18.7 billion.
Sears, Roebuck & Co. said third-quarter profit rose 19 percent. The nation's third-largest retailer said net income was $228 million, or 56 cents a share. A year ago, Sears had profit of $192 million, or 47 cents, a share.
Coal-mining company Ashland Coal Inc. said it had net income of $9.2 million, or 48 cents a share, in the quarter, down 9 percent from the year-earlier $52 million, or 53 cents.
Zenith Electronics Corp. said third-quarter earnings fell 81 percent. The Glenview, Ill.-based maker of televisions posted net income of $1.8 million, or 4 cents a share, down from $9.4 million, or 21 cents, a year earlier. Latest results included a gain of $7.5 million from a tax refund and $800,000 from asset sales, or 18 cents a share. The year-ago quarter included a gain of $5.8 million, or 13 cents, from asset sales and other items. Sales fell 21 percent to $332.5 million from $419.4 million.
Allstate Corp. said third-quarter earnings more than doubled. The largest publicly traded U.S. home and auto insurer said its profit, excluding gains from investment sales, rose to $403.8 million, or 90 cents a share, from $146.2 million, or 32 cents, a year earlier. Revenue rose 7.4 percent to $5.70 billion from $5.31 billion.
Union Pacific Corp. said third-quarter earnings rose 19 percent as profit at its railroad jumped 21 percent. Profit from continuing operations rose to $160 million, or 78 cents a share, from $134 million, or 65 cents, a year earlier. Revenue rose 22 percent to $1.97 billion from $1.62 billion. by CNB