The American Broadcasting Cos., parent company of the ABC television network, said yesterday its profit rose 5.6 percent in the fourth quarter of 1984 to $52.4 million ($1.80 a share) from $49.6 million ($1.69) a year earlier.
In separate statements, CBS Inc., Occidental Petroleum Corp. and Polaroid Corp. all reported lower fourth-quarter earnings, while Goodyear Inc., Times Mirror Corp. and Sherwin Williams posted gains for the quarter and year as a whole.
ABC reported revenue of $932.9 million in the three months ended Dec. 29, compared with $871.3 million in the fourth quarter of 1983.
For the full year, ABC said its profits rose 22.2 percent to $195.3 million ($6.71) from $159.8 million ($5.45) in 1983.
Revenue rose to $3.71 billion in 1984 from $2.95 billion, the company said.
ABC Chairman Leonard H. Goldenson, and President Frederick S. Pierce said the surge in fourth-quarter profits was "highlighted by our broadcasting and publishing operations."
CBS Inc. said earnings fell 53.3 percent in the fourth quarter to $36.1 million ($1.22) from $77.3 million ($2.61) a year earlier, largely because of costs associated with discontinuing the company's musical instruments business.
CBS said revenue rose 2.9 percent to $1.42 billion in the fourth quarter, from $1.38 billion.
For the full year, CBS said its profit rose 13.5 percent to $212.4 million ($7.15), from $187.2 million ($6.31) in 1983. It said revenue rose to $4.92 billion in 1984 from $4.4 billion.
CBS cited strong performances for the year by the television network, its individual TV stations and the CBS records division. It said its toys, software and theatrical films division lost money for the year.
Thomas H. Wyman, CBS chairman and chief executive, said in a statement: "Only the disappointing performance of the toys division offset in part" the successes of CBS's other divisions.
Last week, RCA Corp., parent company of the third major television network, NBC, said its profits rose 37 percent to $102.8 million in the fourth quarter, from $74.9 million a year earlier.
Occidental Petroleum Corp. said earnings fell 25.1 percent in the fourth quarter of 1984 from a year earlier, while profits for all of last year held steady.
The nation's ninth-largest oil company also said it had entirely repaid the $4 billion debt it incurred with the 1982 purchase of Cities Service Co. and that it ended 1984 with $1 billion in working capital, compared with $76 million a year earlier.
For the final three months of 1984, Occidental said it earned $184.2 million ($1.17) on sales of $4 billion, compared with earnings of $246 million ($1.76) on sales of $4.7 billion a year earlier.
During the 1984 fourth quarter, only Occidental's chemical division posted improved earnings, turning in a profit of $17.6 million compared with a loss of $15 million a year earlier. Earnings were off by 9.3 percent, to $314.2 million, in its oil and natural gas operations, and fell 85.2 percent to $3.1 million in its agribusiness unit, while losses in its coal division more than tripled to $24 million.
For the entire year, earnings nudged up to $568.7 million ($3.08) on sales of $15.6 billion, from $566.7 million ($2.04) on sales of $19.1 billion in 1983.
Goodyear Tire & Rubber Co. reported record 1984 earnings of $411 million ($3.87) on sales of $10.24 billion, compared with 1983 profits of $305.5 million ($3.06) on revenue of $9.74 billion.
"Several factors contributed to improved 1984 operating performance," said Goodyear Chairman Robert E. Mercer. "Goodyear increased tire sales worldwide compared with a year ago; industrial rubber, chemical and plastic products improved both sales and earnings, as did Goodyear Aerospace, while foreign operations increased sales as earnings nearly tripled."
For the 1984 fourth quarter, earnings were $105.3 million (99 cents) on revenue of $2.56 billion, compared with profits of $106.9 million ($1.41) on sales of $2.59 billion in the year-previous period.
Times Mirror Co. reported earnings rose by only 2.4 percent in the fourth quarter but were up by 16.6 percent for the year.
The company's newspaper publishing, broadcast television and cable television units posted strong increases in operating profits, while its book publishing, newsprint and forest products, and information services divisions dropped below last year's performance.
For the three months ended Dec. 31, the company earned $88.7 million ($1.21) on revenue of $748.7 million, compared with profits of $81.7 million ($1.19) on revenue of $690.2 million.
For the full year, Times Mirror earned $232.7 million ($3.38) on revenue of $2.8 billion, compared with earnings of $199.6 million ($2.90) on revenue of $2.5 billion in 1983.
Sherwin-Williams Co., the parent company of Gray Drug Fair Inc., said its net income rose 17 percent last year because of improvements in automotive repainting and household paint sales.
Last year's net income was $65 million ($2.84) compared with $55.4 million ($2.32) for 1983. Sales were up by 5 percent from $1.9 billion in 1983 to $2 billion last year.
Fourth-quarter earnings were $9.1 million (40 cents) for last year compared with $7.3 million (31 cents).
"The automotive-aftermarket and paint stores divisions improved sales and operating income through better marketing and operations, aided by a generally healthy economy," said Chairman John G. Breen.
"Gray Drug Fair's performance was disappointing," he said. Gray Drug's operating income was lower last year than the previous year.
Polaroid Corp. said its profit plummeted 145.6 percent in the fourth quarter from a year earlier, as the growing strength of the U.S. dollar cut sharply into overseas sales.
The manufacturer of instant cameras and films said its profits fell to $10.3 million (33 cents) in the fourth quarter from $25.3 million (82 cents) a year earlier. Revenue fell to $376.8 million in the fourth quarter from $391.7 million, Polaroid said.
For the full year, Polaroid said profits fell 48.3 percent to $25.7 million (83 cents) from $49.7 million ($1.61) in 1983. Revenue rose slightly in 1984 to $1.27 billion from $1.25 billion, the company said.
William J. McCune Jr., chairman and chief executive officer, blamed the drop in profits on higher expenses associated with new products and programs, the strength of the dollar abroad and expenses associated with the company's magnetic business.