Texaco, Inc., the nation's second largest oil firm and fourth largest industrial company, yesterday said its second-quarter profits rose 18.2 per cent from last year's level. A 2.2 per cent decrease in net profits from Texaco's U.S. operations during the second quarter was more than offset by a 73.2 per cent increase in the firm's. [Text omitted from source]
Net income for the second quarter totaled $237.9 million (88 cents a share) compared with $201.2 million (75 cents) in 1976. Revenues increased by 6.5 per cent to $7.093 billion from $6.662 billion.
Maurice F. Granville, Texaco's chairman, said the lower U.S. earnings were due primarily to increased costs, operating expenses and income taxes. There also were declines of 9.1 per cent in liquids production, 2.3 per cent in products sales and 1.7 per cent in natural gas sales volume.
"The (overseas) increase reflected improved revenues resulting from higher products prices, accompanied by an overall incraease of approximately 2.3 per cent in sales volumes....," a company statement said.
For the first half of 1976, consolidated worldwide net income was $480.4 million ($1.77), an increase of 13.1 per cent from net income of $424.9 million ($1.57) a year before. Revenues were $14.17 billion, 9.2 per cent above 1976 first-half revenues of $12.973 billion.
Standard Oil Co. of Indiana announced higher second-quarter net earnings of $277.3 million ($1.89 a share) compared with $258.7 million ($1.76) a year ago. Revenue for the Chicago-based company rose from $3.1 billion to $3.5 billion.
The company also reported higher first-half earnings of $521.5 million ($3.56) against $471 million ($3.21) and attributed the gains to significant increases in overseas production of crude oil and natural gas, better results from overseas refining marketing and higher domestic national gas prices.
Sales in the half were $6.9 billion up from $6.1 billion a year.
Occidential Petroleum Corp. had an earnings dip in the second quarter but the results for the half topped those of a year ago.
The company pinpointed no particular areas as responsible for the quarterly earnings decline, but it noted that earnings of its Island Creek Coal Division were off from the year-earlier period because of bad weather, strikes and rail shortages, while results of its Canadian and fertilizer operations also were lower.
Earnings came to $49.8 million (69 cents a share) against $54 million (84 cents) a year ago, a drop of 8 per cent. Sales rose to $1.54 billion from $1.43 billion last year.
For the half, the company earned $83.25 million ($1.14) against $74.38 million ($1.08) a year ago. Sales moved up to $2.99 billion from $2.53 billion.
Zerox Corp. reported record profits and revenue for both the second quarter and firt half of 1977.
Net income in the second quarter was $113.2 million ($1.42 a share), up 10 per cent from $102.7 million ($1.29) in the same period last year.
Half-year earnings topped the $200 million mark for the first time at $20.48 million ($2.57), a gain of 11 per cent over last year's $184.7 million ($2.32).
Revenues rose to $1.263 billion in the second quarter from $1.089 billion year ago and to $2.474 billion in the first half from $2.122 billion last year, both increases of 16 per cent.
Goodyear Tire & Rubber Co. reported record second-quarter net earnings today of $70.7 million (97 cents a share). A year ago, with the Akron, Ohio-based company's plants ldled by a strike, earnings were $30.8 million (43 cents.)
Goodyear, the world's largest rubber company, reported second-quarter sales of $1.7 billion, against $1.5 billion in last year's second quarter.
Three-M Co. had the firts billion-dollar-sales quarter in its 75-year history in the second period of 1977, with record earnings of $108.5 million (94 cents a share), up from $95.5 million (83 cents) a year ago.
Sales were $1.005 billion against $891.7 million last year. First-half net income was $195.2 million ($1.69) on sales of $1.941 million ($1.43) last year on sales of $1.72 billion.
Union Carbide Corp. reported that net earnings in the second quarter dropped 13 per cent from a year before despite record sales.
The company blamed escalating costs for the earnings at $102.6 million ($1.62 a share) compared with $117.5 million ($1.91) a year ago.
Sales for Union Carbide, the nation's second largest chemical producer, whose products include Ever-ready batteries, were $1.8 billion, up 14 per cent from last year's $1.6 billion.
Aluminum Co. of America, the world's leading aluminum producer, announced improved second-quarter net earnings of $58.9 million ($17.70 a share), up from $42.4 million ($1.23) in the second quarter of 1976.
Second-quarter sales totaled $917.5 million, up from $759.9 million a year earlier.