Texaco Inc. said its second-quarter profit inched up 1% from a year earlier as revenue fell 10%. Texaco, the nation's third-largest oil company based on annual revenue, attributed its meager earnings gain to pricing weakness caused by the ample supply of oil on world markets.
Greyhound Corp., buoyed by increased profit in most of its divisions, reported that net income increased 14% in the second quarter ended June 30. John W. Teets, chairman and chief executive officer, noted that Greyhound's Armour-Dial division, which makes soap and canned food products, posted a 31% increase in earnings, while the firm's financial group posted a 29% boost in financial group results.
Tosco Corp. reported net income of $18.6 million, for the second quarter ended June 30, up from last year's $1.5 million profit. The Santa Monica-based oil company noted that its Avon, Calif., refinery operated at near-record levels during the quarter. In addition, Tosco's second-quarter results were achieved in an environment where petroleum inventories were in balance with demand; crude oil costs were lower and refined product prices increased from their low first quarter levels, resulting in better refining margins.
For detailed data and results of other companies, please see accompanying tables.