Eastern Airlines today reported a third-quarter loss of $22.3 million and a loss of $34.7 million for the first nine months of the year.
The quarterly loss of 95 cents per share compares with earnings of $3 million (7 cents a share) during the same period last year, officials of the Miami-based carrier said.
Earnings for the first nine months of 1979 were $34.7 million ($1.57), the airline said. The nine-month loss was equal to $1.54 per share.
Operating revenues for the third quarter, which ended Sept. 30, were up 17.3 percent, from $730.1 million in 1979 to $856.5 million this year, but expenses rose 22 percent, from $709.7 million last year to $866.1 million this year, airline officials said.
Nine-month revenues of $2.56 billion were up from last year's $2.12 billion, but expenses for the first three quarters also were up 26.3 percent, from $2.03 billion last year to $2.57 billion in 1980.
International Business Machines Corp., the world's largest manufacturer of data-processing equipment, said yesterday its earnings in the third quarter rose 32 percent to $884 million.
Earnings a year earlier were $669 million ($1.14 a share). Per-share earnings in the quarter just ended were $1.51 a share. Revenues rose 20 percent to $6.479 billion from $5.384 billion in the 1979 third quarter.
The sharply higher earnings were attributed to increased sales compared with last year. But IBM Chairman Frank T. Cary cautioned that he expected a less dramatic earnings gain in the final quarter of this year. IBM is based in Armonk, N.Y.
For the first nine months of the year, IBM's net earnings rose 16 percent to $2.329 billion ($3.43) from $2.003 billion ($3.99). Sales were $18.408 billion, up from $16.034 billion.
Cary said a reduction of tax rates, primarily for its foreign operations, also helped its profit gains so far this year.
Separately, Burroughs Corp. reported from its headquarters in Detroit that its third-quarter earnings were 32 percent lower than a year earlier and attributed the problem to difficulties getting new products on the market.
Burroughs said earnings for the quarter were $42.18 million ($1.02 a share) on sales of $699.34 million versus earnings in the comparable quarter last year of $61.92 million ($1.51) on sales of $672.39 million.
W. Michael Blumenthal, vice chairman of the corporation, said Burroughs expects to correct difficulties in shipping products but added that "we do not expect to recover our profit momentum in the fourth quarter."
International Paper Co. Thursday reported net earnings of $70.7 million ($1.30 a share) on sales of $1.3 billion for the third quarter ended Sept. 30.
This contrasts with net earnings of $55 million ($1.14) on sales of $1.1 billion for the 1979 third quarter.
For the first nine months of this year, the firm registered net earnings of $236.7 million ($4.54 a common share) on sales of $3.8 billion as against net earnings of $226.8 million ($4.73 a common share) on sales of $3.3 billion.