Goodyear Tire and Rubber Co. yesterday blamed a four-month strike and unfavorable foreign currency translations for trimming 1976 profits.
The big tire maker said it earned $52.8 million (73 cents a share) in the last quarter of 1976, a 63 per cent gain over 1975's $32.3 million (45 cents). Sales rose by 9 per cent in the quarter to $1.53 billion rom $1.4 billion.
But for all of 1976, earnings dropped by more than 24 per cent to $122 million ($1.69) from $161.6 million $2.24) in 1975. Salse, however, rose by 6.2 per cent to $5.79 billion from $5.45 billon.
The company said its overseas profits fell sharply to $10.6 million from $49 million last year, mostly due to unfavorable currency translations and inflation abroad.
Goodyear said a four-month strike by the United Rubberworkers Union last year trimmed profits on sales by about one-third, from 3 cents per dollar in 1975 to 2.1 cents per dollar last year.
The company predicted record 1977 production and sales of both new-car and replacement tires.
American Airlines earned $794,000 (3 cents a share) in the final quarter of 1976 compared with a loss of $10.8 million a year earlier, the company said yesterday.
The company peviously announced earnings for the year of $56 million on revenues $2 billion compared with a deficit for 1975 of $22.4 million on revenues of $1.7 billion.
The 1976 final-quarter profit was after a loss of $5.35 million on the flagship Internal Restaurant and Food Division, and a $1.24 million capital gain on the disposal of property.
In the final quarter of 1975, Flagship International lost $34,000 and American Airlines had capital gains of $1.64 million and a tax credit of $2.77 million.
International Paper Co., the world's largest paper making company, yesterday reported a 36 per cent drop in fourth-quarter earnings.
International Paper said it earned $48 million 1.02 dollars a share) in the quarter, down from $75 million ($1.69) a year ago. Sales for the quarter rose 5.6 per cent to $884 million form $837 million.
For all of 1976, the company earned $253.6 million ($5.60) compared with 1975's $218 million ($4.93). Sales rose by 12.9 per cent to $3.5 billion from $3.1 billion.
The company said its performance in the last half of 1976 was below expectations, which it attributed to a slowdown in the U.S. economy. It also said its second-half performance was affected adversely by a delay in anticipated economic recovery in Europe, Japan and Canada, and by higher fuel costs.
For 1977, the company said it expected increased demand as customers build up inventories liquidated last year.
American Cyanamid Corp. Sales passed the $2 billion mark for the first time in 1976 but earnings were off both for the year and the final quarter mainly because of lower fertilizer prices.
Profits for the year were $135.8 million ($2.84 a share) on sales of $2.09 billion compared with $147.7 million ($3.05) in 1975 on sales of $1.93 billion.
Fourth-quarter profits were $31.5 million (66 cents) on sales of $537.7 million compared with $38.5 million (30 cents) a year earlier on sales of $496.2 million.
The company had significant gains in domestic operations, particularly in pigments and dyes, plastics additives and speciality chemicals for the rubber, paper and textile industries.
Gannett Corp., the nation's largest newspaper group, yesterday reported a 24 per cent rise in profits for 1976 to $48.01 million ($2.22 a share) on sales of $413.26 million. In 1975, net income was $38.76 million, ($1.80) on sales of $358.17 million.
Fourth-quarter profits were up 26 per cent form a year earlier to $15.29 million, (71 cents) on sales of $115.26 million compared with $12.1 million (56 cents) on sales of $100.3 million. The 1975 results are pro forma, restated to reflect newspaper acquisitions during the year.
Chairman Paul Miller said gains in advertising lineage exceeded expectations and rose by 5 per cent. Daily circulation dropped by alittle under 1 per cent for the year but rose by 1.2 per cent in December. Sunday circulation climbed 3.8 per cnet during the year. This does not include the eight new Sunday papers in Westchester County, New York.