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A Surprisingly Strong Showing So Far


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A SURPRISINGLY STRONG SHOWING--SO FAR

The second quarter wasn't pretty: The Federal Reserve raised rates twice, the Dow Jones industrial average rose 179 points-- then fell 190--and the dollar took a dive. So the news from Corporate America comes as something of a relief. According to BUSINESS WEEK's flash report on second-quarter results, profits rose a robust 22% on a higher-than-usual 12% leap in sales. But don't count on double-digit increases in the second half. Many analysts expect a slower U.S. economy to crimp sales and earnings growth for the rest of 1994. Current Qtr. Est.

qtr. sales % profits $ EPS Reported

(millions) chg (millions) chg (5/12) EPS Diff.

INDUSTRIALS 96,079.9 +9 8,890.4 +32 0.83 0.87 +0.04

ABBOTT LABORATORIES 2,204.0 +6 376.6 +9 0.47 0.46 -0.01

ALCOA 2,479.3 +3 45.4 +29 0.28 0.50 +0.22

AMERICAN CYANAMID 1,499.8 +20 185.1 NM 1.65 2.06 +0.41

ARMSTRONG WORLD INDUSTRIES 689.3 +10 53.3 +67 0.99 1.31 +0.32

BOISE CASCADE 1,075.4 +10 -19.2 NM -1.13 -0.86 +0.27

BRISTOL-MYERS SQUIBB 2,970.3 +6 772.1 +10 1.05 1.07 +0.02

CHRYSLER 13,082.0 +19 956.0 +40 2.21 2.61 +0.40

COCA-COLA 4,342.0 +11 758.0 +12 0.61 0.59 -0.02

COOPER TIRE & RUBBER 329.3 +13 27.5 +14 0.35 0.33 -0.02

CORNING 1,109.2 +22 111.4 +24 0.51 0.54 +0.03

CPC INTERNATIONAL 1,856.3 +10 -14.9 NM 0.82 0.81* -0.01

DOLE FOOD 986.9 +14 35.7 -10 0.63 0.60 -0.03

GENERAL ELECTRIC 16,196.0 +10 1,522.0 +132 0.88 0.89 +0.01

INTERNATIONAL PAPER 3,600.0 +3 87.0 +13 0.73 0.70 -0.03

JOHNSON & JOHNSON 3,916.0 +11 559.0 +13 0.84 0.86 +0.02

LILLY (ELI) 1,678.5 )8 346.6 0 1.17 1.20 +0.03

LYONDELL PETROCHEMICAL 900.0 -17 32.0 NM 0.35 0.40 +0.05

McDONNELL DOUGLAS 3,250.0 -15 138.0 +22 3.38 3.50 +0.12

MERCK 3,792.0 +47 764.1 +10 0.61 0.61 --

PACCAR 1,070.8 +28 50.6 +54 1.21 1.30 +0.09

PEPSICO 6,557.0 +11 446.5 +5 0.61 0.55 -0.06

PHILIP MORRIS 13,532.0 +3 1,232.0 +18 1.39 1.42 +0.03

REYNOLDS METALS 1,459.8 +7 11.9 NM 0.21 0.05 -0.16

RUBBERMAID 531.1 +9 56.1 +11 0.35 0.35 --

SHERWIN-WILLIAMS 880.5 +7 69.2 +14 0.76 0.80 +0.04

TRW 2,317.0 +15 86.6 +57 1.13 1.33 +0.20

UNION CARBIDE 1,177.0 -5 73.0 +78 0.41 0.44 +0.03

WEYERHAEUSER 2,598.4 +9 128.9 -29 0.74 0.62 -0.12

SERVICES 55,716.4 +15 5,475.7 +7 0.88 1.03 +0.15

AMR 4,101.0 -3 153.0 +226 1.60 1.77 +0.17

BANKAMERICA NA NA 525.0 +8 1.29 1.33 +0.04

BARNETT BANKS NA NA 121.2 +16 1.15 1.19 +0.04

BLOCKBUSTER ENTERTAINMENT 676.3 +37 63.0 +31 0.28 0.25 -0.03

CBS 882.6 +6 109.3 +2 6.75 6.84 +0.09

CHASE MANHATTAN NA NA 307.0 +32 1.25 1.46 +0.21

CHEMICAL BANKING NA NA 357.0 -6 1.24 1.28 +0.04

CITICORP NA NA 877.0 +97 1.23 1.83 +0.60

DOW JONES 524.2 +8 46.0 +16 0.47 0.46 -0.01

FEDERAL EXPRESS** 2,264.8 +11 80.7 +45 1.29 1.43 +0.14

FIRST CHICAGO NA NA 168.7 0 1.46 1.71 +0.25

FOOD LION 1,821.9 +4 34.8 +13 0.07 0.07 --

HOME SHOPPING NETWORK 274.0 +9 1.9 -5 0.12 0.02 -0.10

HUMANA 897.0 +15 54.0 +184 0.20 0.33 +0.13

ITT 6,400.0 +10 258.0 -3 1.90 2.11 +0.21

MARRIOTT INTERNATIONAL 1,982.0 +16 48.0 +30 0.36 0.36 --

McGRAW-HILL 648.3 +32 48.0 +11 0.94 0.97 +0.03

MERRILL LYNCH 4,480.3 +13 251.8 -27 1.41 1.18 -0.23

MORGAN (J. P.) NA NA 350.0 -19 1.75 1.73 -0.02

NATIONSBANK NA NA 437.0 +43 1.48 1.58 +0.10

OFFICE DEPOT 905.2 +59 20.0 +72 0.11 0.13 +0.02

ROADWAY SERVICES 930.2 -1 -21.7 NM 0.42 0.41* -0.01

SAFEWAY 3,612.7 +2 58.9 +64 0.40 0.48 +0.08

SANTE FE PACIFIC 658.2 +8 48.4 +72 0.27 0.25 -0.02

SEARS, ROEBUCK 13,007.8 +7 503.4 -54 1.21 1.27 +0.06

TIME WARNER 1,667.0 +6 -20.0 NM -0.07 -0.06 +0.01

TRAVELERS 4,601.4 +258 320.5 +72 1.01 0.93 -0.08

UAL 3,502.0 +6 55.0 +139 2.61 1.89 -0.72

USAIR 1,879.6 +4 13.8 +137 -1.13 -0.09 +1.04

WELLS FARGO NA NA 206.0 +38 3.55 3.57 +0.02

TECHNOLOGY 22,429.2 +24 2,111.0 +37 0.78 0.82 +0.04

ADVANCED MICRO DEVICES 533.3 +30 93.2 +45 0.85 0.93 +0.08

AMGEN 414.7 +21 107.5 +7 0.72 0.77 +0.05

COMPAQ COMPUTER 2,499.0 +53 210.0 +106 0.74 0.78 +0.04

CONNER PERIPHERALS 650.1 +33 31.5 NM 0.46 0.60 +0.14

EMC 308.1 +72 54.6 +103 0.23 0.26 +0.03

GENENTECH 194.9 +15 33.4 +221 0.23 0.28 +0.05

GENERAL INSTRUMENT 508.8 +63 52.0 +324 0.67 0.84 +0.17

HONEYWELL 1,463.8 +1 56.9 -20 0.45 0.44 -0.01

INTEL 2,770.0 +30 640.0 +12 1.46 1.46 --

LOTUS DEVELOPMENT 224.0 -5 9.7 NM 0.49 0.35* -0.14

MOTOROLA 5,439.0 +38 367.0 +64 0.58 0.66 +0.08

POLAROID 587.3 +3 29.2 +4 0.55 0.62 +0.07

RAYTHEON 2,527.0 +12 192.2 +7 1.46 1.43 -0.03

TEXAS INSTRUMENTS 2,510.0 +19 184.0 +64 1.81 1.93 +0.12

UNISYS 1,799.2 -7 49.9 -52 0.32 0.12 -0.20

UTILITIES & TELECOM 27,905.8 +6 2,950.1 +20 0.59 0.66 +0.07

AMERICAN ELECTRIC POWER 1,349.0 +11 117.0 +16 0.49 0.56 +0.07

AMERITECH 3,146.4 +7 446.6 +15 0.73 0.81 +0.08

BALTIMORE GAS & ELECTRIC 630.4 +12 66.7 +19 0.31 0.39 +0.08

BELL ATLANTIC 3,394.1 +5 415.4 +8 0.91 0.95 +0.04

DOMINION RESOURCES 1,109.7 +10 146.2 +29 0.64 0.80 +0.16

ENRON 1,897.8 0 75.6 +24 0.27 0.30 +0.03

GTE 4,955.0 +1 595.0 +36 0.55 0.62 +0.07

MCI COMMUNICATIONS 3,309.0 +13 215.0 +21 0.36 0.37 +0.01

PACIFIC TELESIS 2,256.0 -3 278.0 -2 0.69 0.65 -0.04

SPRINT 3,150.4 +12 219.6 +33 0.58 0.63 +0.05

US WEST 2,708.0 +7 375.0 +29 0.72 0.83 +0.11

NA = not available NM = not meaningful ** Fourth-quarter results

* EPS adjusted for special items

DATA: STANDARD & POOR'S COMPUSTAT, A DIVISION OF MCGRAW-HILL INC. EARNINGS ESTIMATE DATA PROVIDED BY I/B/E/S INC., NEW YORK, NY. I/B/E/S IS A REGISTERED TRADEMARK OF I/B/E/S INC.

Frederick F. Jespersen


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