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Third Quarter Earnings: Now That's An October Surprise


News: Analysis & Commentary: CORPORATE PROFITS

THIRD-QUARTER EARNINGS: NOW THAT'S AN OCTOBER SURPRISE

Third-quarter profits exceed the Street's expectations

Nothing like a burst of good news. In BUSINESS WEEK's flash report on third-quarter profits, 83 early-reporting companies showed a 12% earnings gain on a 9% revenue increase-ahead of the 5% income increase Wall Street had predicted. Among the standouts: Computer Associates went from a $637 million loss in 1995 to a $223 million profit. Auto makers also did well, with GM and Chrysler exceeding expectations. Intel did better than expected. But other tech companies disappointed, including Motorola and TI, as did paper companies (again) and PepsiCo.By Fred JespersenReturn to top

TABLE

Third-Quarter Earnings

CURRENT QTR. QTR. PROFITS EST. EPS REPORTED

SALES (MILLIONS) (8/15) EPS

(MILLIONS) % CHG. % CHG. DIFF.

INDUSTRIALS 188,430.4 +9 10,772.4 +10 0.67 0.69 +0.02

ABBOTT LABORATORIES 2,646.2 +11 420.9 +10 0.54 0.54 --

AK STEEL HOLDING 559.3 +7 39.7 -41 1.29 1.28 -0.01

ALCOA 3,240.6 -1 68.4 -70 1.02 0.77^ -0.25

BAUSCH & LOMB 477.2 0 14.4 -67 0.73 0.54^ -0.19

BOISE CASCADE 1,356.4 +1 -1.7 NM -0.21 -0.24 -0.03

CATERPILLAR 4,030.0 +8 310.0 +46 1.40 1.61 +0.21

CHAMPION INTERNATIONAL 1,470.5 -20 32.0 -86 0.23 0.33 +0.10

CHRYSLER 14,356.0 +20 680.0 +92 0.68 0.93 +0.25

COCA-COLA 4,656.0 -5 967.0 +21 0.38 0.39 +0.01

CONAGRA* 6,404.3 -1 96.1 +10 0.41 0.42 +0.01

CORNING 910.2 -14 95.2 -6 0.42 0.42 --

CPC INTERNATIONAL 2,392.1 +17 148.2 +4 1.02 1.00 -0.02

CROWN CORK & SEAL 2,462.1 +73 109.4 NM 0.86 0.81 -0.05

EASTMAN KODAK 4,149.0 +9 410.0 +21 1.23 1.22 -0.01

FORD MOTOR 33,960.0 +8 686.0 +92 0.67 0.56 -0.11

GENERAL DYNAMICS 862.0 +20 68.0 +10 1.07 1.08 +0.01

GENERAL ELECTRIC 20,021.0 +15 1,788.0 +11 1.08 1.08 --

GENERAL MOTORS 39,108.5 +11 1,270.8 +220 0.68 1.23^ +0.55

GEORGIA-PACIFIC 3,446.0 -7 99.0 -69 0.47 0.56^ +0.09

INTERNATIONAL PAPER 5,100.0 -1 111.0 -66 0.33 0.37 +0.04

JOHNSON & JOHNSON 5,402.0 +14 750.0 +20 0.55 0.56 +0.01

MATTEL 1,232.2 +5 168.0 +11 0.61 0.61 --

MERCK 4,983.4 +19 1,001.9 +16 0.81 0.83 +0.02

NIKE* 2,281.9 +34 226.1 +24 1.48 1.53 +0.05

OWENS CORNING 1,025.0 +11 80.0 +14 1.45 1.44 -0.01

PACCAR 1,113.6 -8 51.1 -25 1.15 1.31 +0.16

PEPSICO 7,867.0 +3 144.0 -77 0.43 0.32^ -0.11

PFIZER 2,803.0 +10 514.0 +23 0.79 0.80 +0.01

REYNOLDS METALS 1,757.0 -5 26.0 -77 0.70 0.26 -0.44

RUBBERMAID 632.7 -1 46.1 -8 0.38 0.31 -0.07

SCHERING-PLOUGH 1,382.2 +10 291.7 +15 0.78 0.79 +0.01

SHERWIN-WILLIAMS 1,171.0 +28 88.6 +18 0.99 1.02 +0.03

TRW 2,320.5 +3 -147.2 NM 1.54 1.31^ -0.23

WEYERHAEUSER 2,851.6 -6 119.7 +26 0.48 0.60 +0.12

SERVICES 56,235.1 +12 6,151.2 +9 0.97 0.99 +0.02

AMR 4,562.0 +3 282.0 +21 3.52 3.06 -0.46

APL 646.2 -9 28.2 -9 0.76 0.75^ -0.01

BARNETT BANKS NA NA 127.0 -5 0.73 0.65 -0.08

BOISE CASCADE OFFICE 506.7 +53 11.7 -6 0.24 0.19 -0.05

PRODS.

CALIBER SYSTEMS 627.2 +13 -2.0 NM 0.20 -0.05 -0.25

CHASE MANHATTAN NA NA 858.0 +12 1.81 1.78 -0.03

CITICORP NA NA 935.0 +7 1.87 1.85 -0.02

CONTINENTAL AIRLINES 1,671.0 +10 24.0 -78 1.54 1.28^ -0.26

DOW JONES 594.9 +8 40.7 +20 0.41 0.42 +0.01

ENRON 3,200.0 +46 122.9 +22 0.47 0.48 +0.01

FEDERAL EXPRESS* 2,692.3 +10 62.0 -18 1.45 1.08 -0.37

FIRST CHICAGO NBD NA NA 358.0 0 1.09 1.09 --

FLIGHTSAFETY INTL. 87.1 +12 18.9 -2 0.71 0.62 -0.09

FOOD LION 2,124.4 +11 50.0 +22 0.10 0.11 +0.01

GANNETT 1,117.7 +29 115.3 +28 0.81 0.82 +0.01

HEALTHSOUTH 616.9 +19 61.0 +47 0.38 0.36 -0.02

HILTON HOTELS 453.5 +18 54.5 +120 0.23 0.28 +0.05

MARRIOTT INTERNATIONAL 2,210.0 +15 58.0 +26 0.42 0.41 -0.01

MCGRAW-HILL 949.0 +5 114.5 +8 1.16 1.15 -0.01

MERRILL LYNCH 6,201.0 +14 331.0 +10 1.58 1.69 +0.11

MORGAN (J. P.) NA NA 276.0 -23 1.71 1.53^ -0.18

MORGAN STANLEY GROUP 3,316.0 +14 219.0 +5 1.31 1.27 -0.04

NATIONSBANK NA NA 625.0 +18 2.05 2.09 +0.04

OFFICE DEPOT 1,509.7 +13 31.9 -14 0.25 0.20 -0.05

PAINEWEBBER GROUP 1,375.2 0 80.2 +3 0.67 0.75 +0.08

ROADWAY EXPRESS 540.9 +3 4.6 NM 0.26 0.22 -0.04

SAFEWAY 3,954.0 +3 105.9 +27 0.39 0.44 +0.05

SCHWAB (CHARLES) 430.0 +12 57.1 +21 0.31 0.32 +0.01

SEARS, ROEBUCK 9,070.0 +7 279.0 +22 0.64 0.68 +0.04

TIME WARNER 2,157.0 +9 -91.0 NM -0.36 -0.43 -0.07

TRAVELERS GROUP 5,622.3 +25 591.8 +23 0.98 1.18 +0.20

WELLS FARGO NA NA 321.0 +23 4.06 3.23 -0.83

TECHNOLOGY 26,185.2 +5 2,423.3 +33 0.70 0.78 +0.08

ADVANCED MICRO DEVICES 456.9 -25 -38.4 NM -0.31 -0.28 +0.03

AMGEN 567.0 +15 179.5 +23 0.60 0.64 +0.04

ASCEND COMMUNICATIONS 154.6 +278 24.9 +287 0.26 0.20 -0.06

COMPAQ COMPUTER 4,481.0 +25 350.0 +43 1.05 1.26 +0.21

COMPUTER ASSOCIATES** 990.1 +22 223.4 NM 0.55 0.59 +0.04

INTEL 5,142.0 +23 1,312.0 +41 1.13 1.48 +0.35

MOTOROLA 6,498.0 -5 206.0 -58 0.52 0.34 -0.18

RAYTHEON 3,012.6 -4 187.9 -6 0.90 0.80 -0.10

SUN MICROSYSTEMS* 1,859.0 +25 123.4 +46 0.60 0.63 +0.03

TEXAS INSTRUMENTS 2,841.0 -17 -148.0 NM 0.31 0.23^ -0.08

VLSI TECHNOLOGY 183.0 -3 2.6 -84 -0.01 0.06 +0.07

UTILITIES & TELECOM 15,420.1 +11 1,898.7 +7 0.80 0.80 --

AMERITECH 3,722.0 +10 519.0 +1 0.94 0.94 --

EL PASO NATURAL GAS 744.9 +210 24.8 +22 0.67 0.70 +0.03

GTE 5,344.0 +7 756.0 +9 0.78 0.78 --

OHIO EDISON 646.9 -3 92.5 -1 0.60 0.62 +0.02

PUBLIC SERVICE ENT. 1,417.9 -1 190.2 +1 0.76 0.78 +0.02

SPRINT 3,544.4 +11 316.2 +20 0.74 0.73 -0.01

* First-quarter results

** Second-quarter results

NM = not meaningful

NA = not available

^ EPS adjusted for special items

DATA: STANDARD & POOR'S COMPUSTAT, A DIVISION OF THE McGRAW-HILL COMPANIES.

EARNINGS ESTIMATE DATA PROVIDED BY I/B/E/S INTERNATIONAL INC., NEW YORK, NY.

I/B/E/S IS A REGISTERED TRADEMARK OF I/B/E/S INTERNATIONAL INC.

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