Advertisement

EARNINGS ROUNDUP

General Electric 4th-Quarter Profit Up 11%

Conglomerate sees 16% revenue growth at its NBC, GE Capital and appliance and power system units.

January 17, 1997|From Times Wire Services

General Electric Co. said Thursday that fourth-quarter earnings rose 11% on double-digit revenue growth at NBC, GE Capital and its appliance and power-system divisions.

Earnings reached a record $2.07 billion, or $1.26 a share, from $1.87 billion, or $1.12, for 1995's fourth quarter.

The per-share earnings match the $1.26 average estimate of analysts.

Revenue rose 16% to a record $22.99 billion from $19.75 billion. Fairfield, Conn.-based GE makes power generation equipment, appliances, locomotives and other industrial machinery, and it has broadcasting and financial services businesses.

Its stock closed down $1.375 at $101.50 on the New York Stock Exchange.

*

Eastman Kodak Co. said that thanks to unexpectedly strong sales of film, cameras and photofinishing services, its fourth-quarter operating profit jumped 21.5% to $395 million.

Net earnings, however, were dragged down by one-time costs of $508 million to cover the sale of its copier division and the consolidation of newly acquired photo labs overseas that will eliminate nearly 4,000 jobs.

Kodak said those job cuts over the next 12 to 18 months will mostly be offset by hiring in growing businesses such as digital imaging.

Kodak is the world's largest photographic products company, and it employs about 90,000 people. It earned $164 million, or 49 cents a share, for the quarter, down 40% from $275 million, or 80 cents a share, a year ago.

But when one-time items are excluded, fourth-quarter earnings surged from an operating profit of $325 million a year ago to $395 million, or $1.19 a share. That surpassed Wall Street forecasts of around $1.12 a share. Among Dow Jones industrial average stocks, Kodak was the biggest gainer Thursday, rising $4.50 to close at $85.50.

At a Glance:

Digital Equipment Corp.'s fiscal second-quarter profit fell a less-than-expected 79% to $31.9 million, or 15 cents a share, from $148.8 million, or 91 cents, a year earlier. The second-quarter results mark the first time in four quarters that Digital met or exceeded analysts' estimates.

Archer-Daniels-Midland Co.'s fiscal second-quarter net income fell a more-than-expected 16% to $189.9 million, or 35 cents a share, from $226 million, or 41 cents, for the year-earlier period.

Honeywell Inc.'s fourth-quarter earnings rose a better-than-expected 22% to $153.2 million, or $1.21 a share, from $125.8 million, or 99 cents, a year earlier.

First Union Corp. said fourth-quarter profit rose 14% to $460 million, or $1.66 a share, from profit from operations of $404 million, or $1.45, for the same period last year, beating analysts' estimates.

City National Corp. said its fourth-quarter net income rose 27% to $16.9 million, or 37 cents per share, up from $13.3 million, or 29 cents, in the year-ago period.

Charles Schwab Corp. said fourth-quarter earnings rose 40% to $59.7 million, or 33 cents a share, from $42.6 million, or 24 cents, a year ago.

Keycorp said fourth-quarter earnings rose 4.8% to $217 million, or 96 cents a share, compared with net income of $207 million, or 86 cents, for the 1995 quarter.

Bank of Boston Corp.'s fourth-quarter profit rose 12.2% to $202 million, or $1.26 a share, from $180 million, or $1.08, for the year-ago quarter.

Pfizer Inc. said its fourth-quarter net income grew 23% to $504 million, or 77 cents a share, compared with $411 million, or 65 cents, for the year-ago period.

Abbott Laboratories Inc. said its fourth-quarter profit rose 10% to $510.6 million, or 66 cents a share, from $465.4 million, or 59 cents, a year ago.

Georgia-Pacific Corp. said fourth-quarter profit from operations fell 79% to $39.9 million, or 44 cents a share, from $217.8 million, or $2.40, a year ago.

Bowater Inc. said it had a fourth-quarter loss from operations of $400,000, or 4 cents a share, contrasted with a profit from operations of $95 million, or $2.14, for the year-earlier quarter.

Champion International Inc. said fourth-quarter net income fell to $10.1 million, or 11 cents a share, from $217.5 million, or $2.26, for the year-ago quarter.

Cirrus Logic Inc. said its fiscal third-quarter profit fell 50% to $4.5 million, or 7 cents a share, from $9 million, or 13 cents, for the year-earlier period.

Xircom Inc. reported fiscal first-quarter net income of $4.5 million, or 22 cents per share, contrasted with a net loss of $760,000, or 4 cents, for the quarter a year ago.

DSP Communications Inc. reported fourth-quarter net income of $4.6 million, or 10 cents per share, contrasted with a loss of $6.7 million, or 19 cents, for the year-ago period.

Alliance Semiconductor Corp. reported a fiscal third-quarter loss of $1.3 million, or 3 cents per share, contrasted with a net income of $2.2 million, or 5 cents, a year ago.

Celestial Seasonings Inc. said its fiscal first-quarter earnings rose 9% to $2.03 million, or 49 cents per share, compared with $1.9 million, or 45 cents, a year ago.

Advertisement
Los Angeles Times Articles
|
|
|