Xerox Corporation citing "outstanding growth" of its operating companies abroad, reported yesterday that its second-quarter profits rose by 12 percent.
The copying machine manufacturer said net income for the period increased to $127.7 million ($1.50 a share) from $113.6 million ($1.42) in the same year-ago period. Xerox revenues here $1.47 billion, up 18 percent from $1.27 billion.
Chairman C. Peter McColough and President David Kearns said in a joint statement accompanying the report that whilw the 12 percent increase in profits has "very satisfactory" it failed to keep pace with that of pretax profit which increased by 20 percent, the same as in the 1977 second quarter.
Xerox said, however, the second-quarter results give reason to anticipate a good year.
Net income for the six months increased to $233.3 million ($.90 a share) from $205.4 million ($2.56) and revenues rose to $.83 billion from $2.47 billion.
Goodyear Tire & Rubber Co., the largest U.S. tire manufacturer, reported record second-quarter sales and earnings, although profits for the first half suffered a 16 percent declne from the year before.
Goodyear chairman Charles J. Pilliod said second-quarter profits of $72.3 million ($1 a share) compared with the previous record $70.7 million (98 cents) in the same quarter last year. Sales for the quarter totaled $1.9 billion, up 10 percent from the previous high of $1.7 billion a year earlier.
The company reported six-month profits of $109 million ($1.51 a share) off from the record $129.9 million, ($1.08) for the 1977 record, reflecting a coal strike and severe winter weather in the first quarter. Sales for the first half were a record $3.5 billion, up 7.7 percent.
Lockheed Corp., citing benefits from its licensing business in Japan, reported second-quarter profits of $19.9 million ($1.31 a share) compared with $13.4 million (91 cents) for the same period a year ago.Sales for the period came to $896 million, up from $838 million.
The aerospace concern said in a statement that a substantial increase in its second-quarter earning was due to incomne from licensing of P-3 aircraft for production in Japan and a return to production levels that had been disrupted by a strike in the fourth quarterof 1977.
Profits for the six-month period came to $23.1 million ($1.47 a share), down from $25.5 million ($1.72) a year ago. Sales eased to $1.60 billion from $1.67 billion.
American Broadcasting Companies and CBS Inc., two entertainment indeustry giants, reported record profits and sales for the second quarter and first six-months of 1978. ABC cited sharp gains from its broadcasting operatons, with its television network ranked in first place for the quarter; at CBS, profits from broadcasting did not keep pace with gains in revenues.
"The second-quarter profits of the ABC television network were the highest in the histroy of the company, as the network continued to lead its competition in audience in the two most important portons of the programming day, evening prime time and weekday daytime," Leonard H. Goldenson, chairman, and Elton H. Rule, president, said in a joing ABC statement.
Net income rose 24 per cent ot $41.8 million ($2.27 a share) from $33.8 million ($1.86) in the quarter, and 23 per cent to $64.7 million ($3.53 a share) from $52.7 million ($2.91) in the six months.
ABC's second-quarter revenues came to $472.9 million, up from $382 million a year ago; six-month revenues increased to $910.2 million from $760 million.
Goldenson said the gains in the second quarter were made despite a $13-million loss on record and tape rack jobbing operations and reserves for anticipated losses on the sale of retail record stores and electronics distribution. ABC will have a profit of $10 million to $12 million in the third quarter on the prospective sale of ABC theatres for about $50 million, he added.
CBS profits were $59.3 million ($2.14 a share) in the recent quarter compared with $54.9 million ($1.95) a year ago, a gain of 8 percent. Revenues rose 13 percent to $752 million. For the six months, CBS earned $93 million ($3.36) vs. $87.9 million ($3.11) as revenues jumped 14 percent to $1.5 billion.
Revenue gains were placed by substantial increases in audio equipment, musical instrument and recorded music sales. Cost "pressures" on the CBS TV network were more than ofsfet by gains at company-owned stations, officers said.
Eastern Airlines reported record profits fo $24 ($1.15 a share) in the second quarter compared with a restated $1.6 million (8 cents) a year earlier. Revenues were a record $599.9 million compared with $498.8 million in the 1977 period. The 1978 second-quarter profit included $7.3 million on the sale of equipment vs. $3.7 million last year.
First-half profits were $43.7 million ($2.06 a share) on revenues of $1.18 billion compared with restated earnings a year ago of $18.5 million (93 cents) on revenues of $1.02 billion.
Chairman Frank Borman attributed the second-quarter gain to the "almost explosive" response to culmulative impact of promotional fare cuts introduced last year. Borman noted that Eastern has hired more than 2,000 additional employes as its revenues and earnings boomed.
Textron Inc., reported that net income for the second quarter, spurred by rising sales and profits in three of four major operating divisions, rose by 20 percent over the same period last year. Second quarter sales were $801 million, up 11 percent from the same period in 1977.
Earnings per share rose 21 percent, from 91 cents to $1.10, in the comparable periods, and net income rose to $41.2 million, compared to $34.2 million.