Two of the nations largest electrical products and electronics conglomerates - General Electric Co. and Westinghouse Electric Corp. - said yesterday their sales and earnings had risen in the third quarter, but Westinghouse said settlement of a lawsuit wiped out much of the gain.
General Electric, the world's largest electronics and electric products company, said third-quarter earnings and sales had risen 11 percent, with strength coming from all areas of the nation's ninth-largest firm.
Earnings rose to $298.9 million, or $1.31 per share in the quarter from $268.5 million, or $1.18 per share, a year ago.
Sales for GE - whose interests include appliances, jet engines, mining, broadcasting and plastics - were $4.84 billion, up from $4.35 in 1977's third quarter.
Westinghouse said its operating income was $82.1 million, or 95 cents per share, compared to $72.5 million, or 82 cents per share, a year ago.
But the Pittsburgh-based firm said a $54.8 million settlement in a uranium lawsuit reduced final third-quarter earnings to $27.3 million, or 32 cents per share.
The $34.8 million reflected a previously announced out-of-court settlement with a group of Texas utilities who filed a lawsuit over a uranium supply contract.
The settlement cost $112 million before taxes, Westinghouse said.
EASTMAN KODAK CO., whose profits had been rather flat in recent quarters, had a sharp gain in the third year ago.
Net income was $238.1 million on sales of $1.75 billion against $188.1 million a year ago on sales of $1.54 billion.
Foreign exchange translation losees for the quarter dropped to $1.3 million from $5.2 million a year earlier.
Nine-months profit was $570.9 million or $3.54 a share on sales of $4.7 bllion, compared with $417.3 million or $2.39 a share a year earlier on sales of $4.09 billion.
Communications giants RCA Corp. and CBS Inc. yesterday reported higher third-quarter sales and earnings attributing them to better results in most operating areas.
RCA, which operates the NBC broadcasting network and manufactures records and appliances, said earnings rose to a record $70 million, or 92 cents per share, from $62.9 million, or 82 cents per share.
RCA's ervenues were $1.68 billion, also a record, up from $1.46 billion a year ago.
CBS said its earnings were $48.5 million, or $1.75 per share, compared to $43.7 million, or $1.37 per share a year ago. Sales for the conglomerate, which owns the CBS broadcasting networks and manufactures records, books and musical instruments, were $807.1 million, up from $669.9 million in 1st year's third quarter.
CBS also announced a rise in its quarterly dividend from 60 cents to 65 cents.
J.P. Morgan and Company, parent of the Morgan Guaranty Trust Company of New York, announced yesterday that its second-quarter operating profit rose 25.7 per cent, compared with the corresponding year-ago period.
Morgan, the Nation's fifth largest bank, attributed the increase primarily to higher volume of loans growth in interest-bearing deposits.
The bank holding company reported that its profit before securities gains rose to $69.1 million, or $1.69 a share, in the third quarter, from $55 million, or $1.35 a share.
For the nine months, Morgan reported an operating profit of $184.1 million, or $4.52 a share, compared with $154.7 million, or $3.80 a share a year ago.
NCR Corp. announced yesterday that net income increased 68 percent in the third quarter, setting a record.
Earnings totaled $469 million or $1.66 per share, compared with $27.8 million, or 99 cents per share in the third quarter of 1977.
The company said the figures did not include NCR's Appleton Papers Division, which was sold June 30 to B.A.T. Industries.
Worldwide revenues from continuing operations totaled $638.4 million in the third quarter, up 15 percent from $554.1 million reported in the same quarter in 1977.
The third quarter results brought NCR's net income from continuing operation for the first nine months to $103.7 million, compared with $66 million in the first nine months of last year. The increase is 57 percent.
On a per share basis, nine-month earnings for continuing operations $3.68 compared with $2.39 for the same period of 1977.
Raytheon Co. reported yesterday record third-quarter earnings, saying the gains were broadly based but that the principal strength came from the company's electronics operations and from higher investment income.
Net income for the quarter was $40.79 million or $1.31 per share, compared to $30.07 million, or 97 cents per share, last year. Sales were also up, totalling $781.4 million compared to $896.8 million in the third quarter of last year.
It was the 24th consecutive quarter in which Raytheon's sales and earnings exceeded those of the comparable quarter of the previous year.
Control Data Corp. said yesterday continued heavy volume in its computer business boosted its third quarter profit to $24.1 million, or $1.39 a share, from $18.2 million, or $1.06 a share, in the year-earlier period.
Revenues from computer operations were $479 million, up from $373 million a year ago, the company said.
William C. Norris, chairman, said the rental base of large-scale computers continued to expand in line with the company's strategic aims and that rental revenues were up 24 per cent over last year's third quarter.
Commercial credit, control data's financial services division, also showed improvement, with profits rising to $12.7 million in the third quarter from last year's restated $12.1 million, the company said.
Commenting on Commercial Credit's performance, Norris said profits from the insurance business continued to improve. Demand for business and consumer loans continued strong, but higher interest costs and operating expense narrowed profit margins in finance operations, he said.
For the nine months. Control Data profits rose to $65.3 million, or $3.77 a share, from $48.3 million, or $2.80 a share a year ago.
Nine-month revenues were $1.97 billion, up from $1.65 billion.
BURROUGHS CORP. reported yesterday third-quarter earnings rose 18 percent from last year.
Earnings were $51.1 million or $1.25 per share against $43.2 million or $1.06 per share in the same period last year. Revenues rose 17 percent, from $490 million to $575 million.
The computer manufacturer said revenue from service and rental of its products increased 13 percent while revenues from sales increased 22 percent.
Pretax profit margins rose from 10.6 percent to 17.7 percent, Burroughs said.
For the first nine months, profits rose 17 percent from $121 million to Pretax margins rose from 15.5 per share. Revenue increased 16 percent from $1.45 billion to $1.67 billion.
Pretax margins rose from 15.5 percent to 16.2 percent for the nine months, the company said.
Chairman Paul S. Mirabito said incoming orders rose 14 percent for the quarter, compared to the 1977 quarter, and 17 percent for the nine months.
EARNINGS OF OWENS-CORNING FIBERGLAS CORP. were lower for the third quarter but higher for the nine months. Sales were higher for both periods.
William W. Boeschenstein, president and chief excutive officer, said strikes at company plants at Newark, Ohio, and Santa Clara, Calif., adversely afffected sales and earnings for the quarter just ended. He said he anticipated an excellent fourth quarter.
The company earned $30 million or 99 cents a share for the third quarter against $33.3 million or $1.11 a year earlier. For the nine months, earnings came to $92.7 million or $3.06 against $76.7 million or $2.55 a year ago.
Sales for the quarter were $468.2 million compared to $410 million in the 1977 span; for the nine months, $1.31 billion against $1.04 billion.
Owens-Illinois, a diversified manufacturer of glass, plastic and paper products, yesterday reported increased sales and earnings for the latest reporting period.
In the third quarter this year, sales were $786.1 million and earnings were $27.5 million, or 93 cents per share, compared with sales of $726.1 million and earnings of $23.8 million, or 81 cents per common share, in the third quarter of 1977.
Domestic operations of the firm continued to improve on the third quarter this year, but international operations were severely penalized by unfavourable effects of fluctuations in exchanges rates of foreign currencies, said Edwin D. Dodd, chairman and chief executive officer.
Sales were $2.30 billion, compared with $2.09 billion in the first nine months of 1977. Earnings were $79.6 million, or $2.70 per share, compared with $74.4 million, or $2.53 per share in the nine months last year.