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A Flourish At The Finish For Profits


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A FLOURISH AT THE FINISH FOR PROFITS

Corporate profits ended '96 on a surprisingly high note

Well, 1996 went out with a bang. The 47% earnings increase in BUSINESS WEEK's flash report on fourth-quarter corporate profits of 83 companies was by far the best performance of the year--as was the 12% revenue jump. Factor out companies with fourth-quarter 1995 losses and profit comparisons were still up a healthy 12%. Standouts this quarter include Intel (+120%) and Exxon (+49%). AT&T spinoff Lucent Technologies turned 1995's $1 billion loss into an $859 million profit. As always, there were laggards; they included Georgia-Pacific (-99%) and Motorola (-45%). And there were some high-profile losers: Eastman Kodak lost $113 million.By Fred JespersenReturn to top

TABLE

1996 Corporate Profits

CURRENT QTR. QTR. EST.

SALES PROFITS EPS REPORTED

(MILLIONS) %CHG.(MILLIONS) %CHG.(11/14) EPS DIFF.

INDUSTRIALS 163,369.7 +13 10,669.5 +19 0.99 1.08 +0.09

ABBOTT LABORATORIES 2,995.8 +15 510.6 +10 0.66 0.66 --

ALCOA 3,257.7 +5 136.1 -10 0.91 0.78 -0.13

AMOCO 10,081.0 +25 871.0 +321 1.23 1.74 +0.51

ASHLAND * 3,446.0 +9 36.0 -59 0.61 0.47 -0.14

BOISE CASCADE 1,262.7 +2 2.1 -97 -0.21 -0.16 +0.05

BRISTOL-MYERS SQUIBB 3,955.0 +10 716.0 NM 1.41 1.43 +0.02

CATERPILLAR 4,465.0 +6 381.0 +27 1.86 1.99* +0.13

CHAMPION INTERNATIONAL 1,432.2 -18 10.1 -95 0.20 0.11 -0.09

CHRYSLER 16,200.0 +7 998.0 -4 1.39 1.39 --

COCA-COLA ENTERPRISES 2,118.0 +29 9.0 NM 0.03 0.06 +0.03

CONAGRA ** 6,764.5 +2 187.3 +12 0.82 0.82 --

EASTMAN KODAK 4,314.0 +5 -113.0 NM 1.13 1.19* +0.06

EXXON 37,620.0 +19 2,495.0 +49 1.40 2.00 +0.60

FMC 1,407.6 +17 44.6 +78 1.12 1.17 +0.05

GENERAL ELECTRIC 22,994.0 +16 2,067.0 +11 1.26 1.26 --

GEORGIA-PACIFIC 3,196.0 -6 2.0 -99 0.56 0.35* -0.21

INTERNATIONAL PAPER 5,100.0 0 -5.0 NM 0.43 0.33* -0.10

JOHNSON CONTROLS * 2,761.3 +38 54.9 +21 1.16 1.19 +0.03

JOHNSON & JOHNSON 5,502.0 +14 556.0 +20 0.41 0.42 +0.01

LOCKHEED MARTIN 7,662.0 +27 465.0 +50 1.47 1.47^ --

NIKE ** 2,107.0 +55 176.9 +81 0.54 0.60 +0.06

PARKER HANNIFIN 969.6 +18 52.6 +9 0.68 0.70 +0.02

PFIZER 3,160.0 +15 504.0 +24 0.77 0.77 --

PHELPS DODGE 970.6 -8 102.2 -46 1.37 1.57 +0.20

PPG INDUSTRIES 1,754.5 +2 152.1 -6 0.97 0.83 -0.14

REYNOLDS METALS 1,749.0 -7 1.0 -99 0.29 -0.13 -0.42

TRW 2,451.2 +6 110.0 +4 0.91 0.84 -0.07

UNION CARBIDE 1,508.0 +8 102.0 -46 0.97 0.68 -0.29

WHIRLPOOL 2,165.0 +3 45.0 +150 0.66 0.60 -0.06

SERVICES 36,698.3 +19 7,660.6 +40 1.12 1.16 +0.04

AMR 4,333.0 +3 373.0 NM 1.24 1.33* +0.09

BANKAMERICA NA NA 747.0 +6 1.88 1.92 +0.04

BARNETT BANKS NA NA 149.8 +8 0.74 0.76 +0.02

BERGEN BRUNSWIG * 2,822.1 +19 18.2 +16 0.45 0.45 --

CHASE MANHATTAN NA NA 836.0 +1 1.89 1.74 -0.15

CITICORP NA NA 987.0 +9 1.96 1.97 +0.01

CONTINENTAL AIRLINES 1,561.0 +10 47.0 +15 0.56 0.61 +0.05

DOW JONES 671.3 +10 59.6 -1 0.59 0.62 +0.03

ENRON 4,049.0 +59 132.0 +2 0.59 0.52 -0.07

FEDERAL EXPRESS ** 2,852.4 +12 103.7 +15 0.78 0.90 +0.12

FED. HOME LOAN MORT. 3,217.0 +25 321.0 +10 0.42 0.43 +0.01

FIRST CHICAGO NBD NA NA 377.0 +199 1.15 1.15 --

FLEET FINANCIAL GROUP NA NA 303.0 NM 1.07 1.05 -0.02

HANNAFORD BROTHERS 764.7 +12 21.1 +25 0.49 0.50 +0.01

HILTON HOTELS 546.7 +19 6.0 -90 0.34 0.25* -0.09

MORGAN STANLEY GROUP 1,512.0 +29 236.0 +26 1.36 1.36 --

MORGAN (J. P.) 2,925.0 +12 419.0 +14 1.70 2.04 +0.34

NATIONSBANK NA NA 632.0 +24 2.10 2.14 +0.04

NORWEST NA NA 308.1 +19 0.81 0.81 --

PAINEWEBBER GROUP 1,469.5 +7 91.5 +56 0.70 0.86 +0.16

PNC BANK NA NA 271.9 NM 0.79 0.79 --

SALOMON 2,212.0 -7 228.0 +36 1.26 1.83 +0.57

SCHWAB (CHARLES) 600.5 +22 59.7 +40 0.33 0.33 --

SUNTRUST BANKS 1,037.8 +9 158.5 +9 0.71 0.72 +0.01

TRAVELERS GROUP 5,782.3 +36 643.5 +6 0.88 0.97 +0.09

USFREIGHTWAYS 342.0 +19 8.0 +19 0.41 0.35 -0.06

WELLS FARGO NA NA 123.0 -60 3.31 1.12 -2.19

TECHNOLOGY 69,919.3 +7 6,316.4 +75 1.06 1.11 +0.05

ADVANCED MICRO DEVICES 496.9 -17 -21.2 NM -0.16 -0.15 +0.01

APPLE COMPUTER * 2,129.0 -32 -120.0 NM -0.04 -0.96 -0.92

ASCEND COMMUNICATIONS 177.5 +189 41.1 +205 0.31 0.32 +0.01

BAY NETWORKS** 514.5 -5 -172.9 NM 0.26 0.10^ -0.16

COMPAQ COMPUTER 5,422.0 +15 462.0 +463 1.50 1.64 +0.14

COMPUTER ASS. INTL.*** 1,053.0 +5 -313.3 NM 0.75 0.75^ --

DIGITAL EQUIPMENT ** 3,357.7 -15 31.9 -79 0.11 0.15 +0.04

GENENTECH 230.3 +4 7.5 -71 0.15 0.06 -0.09

HONEYWELL 2,117.4 +10 153.2 +22 1.18 1.21 +0.03

IBM 23,143.0 +6 2,023.0 +18 3.90 3.93 +0.03

INTEL 6,440.0 +41 1,910.0 +120 1.71 2.13 +0.42

LUCENT TECHNOLOGIES * 7,938.0 +7 859.0 NM 1.32 1.35 +0.03

MICROSOFT ** 2,680.0 +22 741.0 +29 0.51 0.57 +0.06

MOTOROLA 7,685.0 +5 238.0 -45 0.43 0.39 -0.04

RAYCHEM ** 441.0 +7 52.4 +109 1.23 1.14 -0.09

RAYTHEON 3,367.0 0 177.4 -20 0.82 0.75 -0.07

SUN MICROSYSTEMS ** 2,081.6 +19 178.3 +41 0.42 0.46 +0.04

U. S. ROBOTICS * 645.4 +77 69.0 +66 0.73 0.72 -0.01

UTILITIES & TELECOM 36,687.1 +9 3,640.1 +210 0.74 0.73 -0.01

AMERITECH 3,884.0 +10 570.0 +38 0.99 1.04 +0.05

AT&T 13,238.0 +3 1,242.0 NM 0.79 0.76 -0.03

BELL ATLANTIC 3,371.3 +7 345.6 -13 0.97 0.97^ --

NYNEX 3,330.3 +1 379.7 +61 0.94 0.86 -0.08

PACIFIC TELESIS 2,449.0 +7 191.0 -17 0.58 0.45 -0.13

PANENERGY 2,556.1 +94 93.4 +19 0.60 0.62 +0.02

SBC COMMUNICATIONS 3,768.4 +9 542.9 +5 0.91 0.90 -0.01

SOUTHERN 2,453.0 +6 161.4 -17 0.26 0.21 -0.05

UNICOM 1,637.0 +3 114.1 +96 0.34 0.44 +0.10

* First-quarter results

** Second-quarter results

*** Third-quarter results

NM = not meaningful

NA = not available

^ 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 INTERNATIONAL INC., NEW YORK, NY. I/B/E/S IS

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

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