Reynolds Metals Co. reported yesterday record profits for any quarter in the three months ended June 30. Net income was $44.2 million ($2.31 a share) compared with $33.7 million ($1.90) a year ago.
Richmond based Reynolds, Virginia's largest company, said second-quarter sales were $715 million compared with $633 million a year ago. Profits for the first six months, excluding foreign currency translation losses, were also a record for the company, reaching $63.9 million, on sales of $1.32 billion, compared to $48.5 million, on sales of $1.18 billion, a year ago.
The quarterly earnings included a foreign currency translation loss of $2.8 million compared with a gain of $400,00 a year ago. For the six months, currency translation losses totalled $30.8 million compared with $4.5 million a year ago.
David Reynolds, chairman and chief executive officer, said the second-quarter performance "was helped by rapid gains in the economy which resulted in healthy improvement across a broad range of markets." He said third-quarter earnings are expected to be up from a year ago as a result of increased shipments, changes in product mix and improved profit margins on some products.
Virginia National Bankshares Inc., of Norfolk, reported a 30.1 percent increase in first-half earnings to a record $7.8 million ($1.72 a share) compared with $6 million ($1.32) a year ago.
Consolidated income before securities transactions also was a record for the second quarter, reaching $4 million (88 cents a share) compared with $3.2 million (71 cents) a year ago.
Net income for the first six months of 1978 was $7.7 million ($1.71 a share), a 30.6 percent increase over the figure of $5.9 million ($1.31) a year ago.
Chairman Wright Harrison attributed the earnings growth to increased loan demand and rising interest rates. Total loans were $1.39 billion on June 30 compared with $1.21 billion a year ago.
Central National Corp., a Richmond banking firm, also reported record quarterly earnings of $1.4 million (80 cents a share) compared with $1.2 million (65cents) a year ago, a gain of 23 percent.
For the first half of 1978, income before securities transactions increased 20.9 percent to $2.6 million ($1.47 a share from $2.2 million ($1.21) a year ago.
National Bank of Washington reported first-half net income of $2.9 million ($2.68 a share) compared with $2.1 million ($1.93) a year ago, an increase of 38.9 percent.
Earnings before security transactions were $2.68 a share for the six months compared with $1.81 a year ago. Total assets increased to $8.2 million on June 30 compared with $6.9 million a year ago.
Microdyne Corp., a Rockville manufacturer of telemetry and satellite receiving equipment, reported earnings of $328.650 (28 cents a share) in the six months ended April 30 compared with $103.968 (9 cents) a year earlier, as sales jumped 74 percent to $3.1 million.
Multronics Inc., a Columbia manufacturer of communications equipment, reported earnings of $63,732 (6 1/2 cents a share) in the six months ended April 30 compared with $7,911 (less than a penny) a year ago. Sales rose to $527,280 from $308,301.