Buoyed by profits from its television network and sales of records by artists such as Julio Iglesias and Bruce Springsteen, CBS Inc. earned 46.1 percent more in the third quarter than a year earlier, the company announced yesterday.
In addition to strong gains from television and records, CBS also reported growth in its publishing business and said it reduced the loss from its CBS-Columbia group toy and musical instrument unit.
Third-quarter earnings came to $48.8 million ($1.64 a share) against $34.5 million ($1.12) a year earlier. Revenue rose 16.7 percent, to $1.19 billion from $1.02 billion.
Profit at CBS broadcast operations rose 34 percent, and CBS Chairman Thomas Wyman said "the strong performance of the CBS Television Network was the key factor."
Profits rose 24 percent for CBS publishing.
Nine-month profits increased to $176.3 million ($5.93) from $109.9 million ($3.70) in the same period a year ago. Revenue increased to $3.58 billion from $3.11 billion.
Westinghouse Electric Corp. said improved performances by each of its four operating groups contributed to a 13 percent profit increase in its third quarter compared with a year ago.
The Pittsburgh-based service and manufacturing company said its profit for the three months ended Sept. 30 was $130.6 million (75 cents a share), up from $115.5 million (65 cents) a year earlier.
Third-quarter sales climbed 12 percent to $2.54 billion from $2.26 billion.
For the first nine months of this year, the company's net income totaled $375.4 million ($2.13), on sales of $7.37 billion. That compares with a profit of $312.2 billion ($1.76), on sales of $6.98 billion for the first nine months of 983.
"Order rates improved in all groups, with the strongest rate of gain in the energy and advanced technology group, particularly in defense electronics," said Westinghouse Chairman Douglas D. Danforth.
International Paper Co. reported net earnings of $71.6 million ($1.30 a share) in the third quarter, up from $66.9 million ($1.21) in the same period a year ago, but said operating earnings tripled in the period.
Third quarter sales rose to $1.2 billion from $1.1 billion. The 1983 net, however, included a $44.5 million pre-tax profit from major land sales.
Edwin Gee, IP chairman, attributed the rise in pretax operating earnings of $90.3 million to increased volume and prices in the company's industrial packaging and pulp and paper segments.
Nine-month profits were $193.9 million ($3.49) on revenue of $3.6 billion, up from profits of $186.2 million ($3.36) on sales of $3.25 billion in the three quarters of 1983.