Control Data Corp. reported its fourth-quarter and full year earnings tumbled 36% and 80.5%, respectively, from a year earlier. The Minneapolis-based computer company said the lower full-year earnings were mostly the result of a $70.3-million after-tax charge related to Control Data's previously announced decision to abandon the market for "plug-compatible" peripherals--data-storage devices and other products that can be used with computers built by IBM.
Minnesota Mining & Manufacturing Co., St. Paul, Minn., reported net income for the full year rose 10%. The company cited increased sales in its memory technologies, consumer and commercial markets, and traffic and personal safety products groups for the improved results. The company reported a 2.5% rise in its fourth-quarter profits.
St. Louis-based Monsanto Co. said its profits for the year and fourth quarter ended Dec. 31 rose 9% and 43%, respectively. Richard J. Mahoney, president and chief executive of the multinational chemical concern, said weakened market conditions and increased international competition spurred by the strength of the dollar slowed performance in the second half of the year. In addition, herbicide sales were hurt by adverse weather conditions in Europe in late summer and early fall.
General Foods Corp., New York, reported a 25% drop in its third-quarter net income as the strong dollar cut into earnings abroad and sales declined for its powdered beverages and Oscar Mayer unit.
New York-based Bristol-Myers Co. said its net income rose 13% in the fourth quarter from a year earlier, as stronger sales of its beauty, health care and household products offset higher foreign-exchange losses. For the full year, Bristol-Myers said its profit rose 16%.