Goodyear Tire and Rubber Co., yesterday reported record sales and earnings in the first quater and predicted the company should exceed $6 billion in sales for the year.
Chairman Charles Pilliod Jr. said Goodyear earned $59 million (82 cents a share), up from $43.7 million (60 cents) in the quarter last year. Sales were $1.5 billion, 8.5 per cent higher than Goodyear's previous highest quarter and up from $1.45 billion in the first quarter of 1976.
Pilliod said virtually every segment of the company business contributed to the record quarter.
For the year, he predicted, Good-year should "easily" exceed $6 billion in sales with record earnings surpassing 1972's $192.5 million "well within our grasp"
Higher income from Libyan and British North Sea oil and gas operations boosted Occidental Petroleum Corp. profits by 73 per cent in the first quarter, the company said yesterday. Occidental also announced it is raising its quarterly dividend from 25 cents to 311/4 cents a share.
The company earned $33.3 million (45 cents a share) in the first quarter compared with $20.4 million (26 cents) in the first quarter of 1976. Sales rose from $1.1 billion to $1.46 billion.
The nation's largest supermarker chain, Safeway Stores, Inc., yesterday reported consolidated sales of almost $2.5 billion for the 12 weeks ending March 26, an increase of 8 per cent over results for the same quarter last year.
Net income was $22.1 million (85 cents a share) compared with $17.6 million during the same 12 weeks in 1976.
The firm said 25 new stores were opened and 28 were closed during the first 12 weeks of the year.
Aluminum Co. of America yesterday said it's first-quarter net income was more than double the level of a year ago on the strongest demand for aluminum in more than two years.
Net income rose to $48.9 million ($1.40 a share) on revenues of $844.2 million. A year ago, Alcoa had net income of $22.6 million (65 cents) on revenues of $647.3 million.
Shipments of aluminum rose to 447000 tons from 366000 a year ago and 397000 in the fourth quarter of 1976. Production increased to 351000 tons from 326000 in the period a year ago.
R.J. Reynolds, a diversidfied conglomerate with interests in tobacco, food and shipping, yesterday reported a 16.4 per cent gain in first-quarter profits over 1976 first-quarter results.
The company said it earned $88.06 million ($1.84 a share) in the quarter, up from $75.59 million ($1.60) during the year-ago quarter. Revenues rose 18.3 per cent from $1.31 billion to $1.55 billion.
It said that two-thirds of its first quarter sales increase came from domestic oil operations acquired from Burmah Oil in mid-1976, and not included in the year-ago figures.
Three M CO. had the best first quarter in its history this year, earning 75 cents a share against 60 cents a year ago. Net income was up 25.8 per cent at $86.7 million on sales of $857.9 million a year ago.
The company increased its dividend on common stock by 17.2 per cent to 42.5 cents during the quarter.
Polariod Corp., a producer of instant cameras, film and sunglasses, said its first-quarter earnings gained 21 per cent over those of a year ago.
Profits rose from $10.6 million (43 cents a share) to $14 million (32 cents), and revenue rose from $182.1 million to $191.8 million.
Time, Inc, yesterday said that first quarter net income picked up 21 cents a share over the period a year ago. An increased dividend of 33/4 cents a share will be recommended to directors.
Net income was $15 million (74 cents a share) compared with $10.63 million (53 cents) in 1976. Revenues rose from $228.8 million to $267.95 million.
Time said it would recommend a quarterly divident of 321/2 cents ashare, up from 283/4 cents, payable June 13 to holders of record May 31.