Aluminium Company of American reported net income for the third quarter of $83.8 million ($2.39 a share), almost double the $42.6 million ($1.21) recorded in the third quarter of 1977.
Net income in the first nine months of 1978 was $212.5 million ($6.05) compared with $150.4 million ($4.31) during the same period last year.
Sales and operating revenues for the third quarter were $1.02 billion compared with $828 million in 1977. Sales and operating revenues in the first nine months were $2.97 billion compared with $2.95 billion in 1977.
W.H. Krome George, chairman of the board and chief executive officer, said there was strength in virtually all of Alcoa's major markets during the third quarter.
"Orders for flat-rolled products continued to be strong, particularly in the transportation, acrospace and packaging industries," he said.
Two brokerage houses, E.F. Hutton Group Inc. and Shearson Hayden Stone Inc., announced substantial earnings increases for the latest fiscal quarter, attributing the gains to the record stock market volume in recent months.
E.F. Hutton Group, the holding company for E.F. Hutton & Co. Inc., the nation's second largest brokerage firm, reported earnings for the third quarter ended Sept. 30 of $11.1 million ($1.61 a share), up 177 percent from the $4 million (69 cents) earned a year ago. Revenues for the quarter were $146.8 million, up from $83.5 million a year ago.
Shearson Hayden Stone said its revenues, net income and earnings per share in the firm's first fiscal quarter rose 560.5 percent and were the highest for any quarter in the firm's history.
Net income for the period ended Sept. 30 was $7.1 million ($1.50 a share) compared with $1.1 million (27 cents) in the year-earlier quarter. Revenues were $81 million, up 45 percent from $46.3 million a year earlier.
Union Carbide Corp., a leading manufacturer of chemicals, reported a decline in its third-quarter and nine-month profits primarily due to foreign currency exchange losses.
The company said its-quarter profits fell to $80.7 million ($1.25 a share) from $93.4 million ($1.44) a year ago. Sales increased to $1.98 billion from $1.75 billion.
Carbide said its third-quarter profit would have been 9 percent above last year's quarter without the currency losses.
Nine-month profits declined to 266.4 million ($4.12) from $277.5 million ($4.28) a year ago. Sales were $5.78 billion, up from last year's $5.22 billion.
Better sales in most divisions gave General Telephone & Electornics Corp. higher profits during the third quarter and first nine months this year than last year.
Third-quarter net income rose from $143.4 million (99 cents a share) to $169.5 million ($1.15) as sales increased from $1.92 billion to $2.16 billion.
Nine-month net income was $454.5 million ($3.28), an 18 percent increase over 1977's nine-month results. Sales, at $6.296 billion, showed a 13 percent increase.
Improved perfformance in domestic and international tobacco business helped offset declines in energy and transportation for R. J. Reynolds Industries Inc., and the company reported a 9.3 percent increase in third quarter profits.
Reynolds also said it raised its quarterly dividend from 87 1/2 to 95 cents a share.
Net income rose from $103.5 million ($2.12 a share) in last year's third quarter to $113.1 million ($2.31) as sales increased from $1.62 billion to $1.65 billion.
Nine-month earnings were $319.9 million ($6.53) this year compared with $291.6 million ($6.01) a year ago. Sales rose from $4.84 billion to $4.91 billion.
American Express Co. said its profit during the third quarter rose to $87 million ($1.21 a share) from $76 million ($1.06) a year ago. Revenues rose to $1.2 billion from $914.5 million.
The company also said its profits for the nine months was $228.2 million ($3.19), up from last year's $193 million ($2.69). Nine-month revenues were $2.99 billion compared with $2.5 billion a year earlier.
Three M Co. reported a 40.9 percent gain in earnings for the third quarter to $153.4 million ($1.31 a share) from $108.8 million (94 cents) a year ago.
Sales rose to $1.224 billion from $1.032 billion.
Nine-month profits were $415.7 million ($3.57) on sale of $3.473 billion compared with $304 million ($2.63) a year earlier on sales of $2.972 billion.
Chairman Raymond Herzog said the gains occured in spite of an increase in the company's effective federal income tax rate to 47.2 percent from 45.8 percent. Herzog said both domestic and international sales gained substantially.
American Can Co. said its profit from continued operations rose to $41.4 million ($2.11) during the third quarter compared with $37.7 million ($1.92) a year earlier. The company said sales rose to $1.06 billion from $942.8 million.
It said demand for most of its major consumer products and distribution services, domestic packaging and international products areas contributed to the third-quarter gains.
American Can reported nine-month profits of $91 million ($4.61) compared with $82.7 million ($4.18). Sales rose to $2.92 billion from $2.55 billion.
The company said results did not reflect gains from discontinued chemical operations of $800,000 in the quarter and $5.4 million in the nine months.
Southern Pacific Corp., the transporation combine, had a 37 percent drop in earnings for the third quarter caused by the railway clerks' strike and a fire that blocked off a long tunnel on an important rail line in Northern California.
Net income fell to $15.6 million (58 cents a share) from $24.8 million (92 cents) a year earlier despite a 9 percent rise in revenues to $561.8 million.
Nine-month profits were $62.6 million ($2.32), off 32 percent from the $91.82 million ($3.41) earned a year earlier. Nine-month sales were $1.684 billion, up 7 percent from a year earlier.
Sperry Rand Corp. said yesterday its net income rose 31.1 percent in its second fiscal quarter. The diversified computer manufacturer said higher sales in all product lines contributed to the increase.
Net income was $52.28 million ($1.48 a share) in the quarter ended Sept. 30 compared with $39.88 million ($1.15) a year ago. Revenue rose 16.2 percent from $884.3 million a year ago to $981.5 million.