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1997 Went Out Slow But Steady


News: Analysis & Commentary: CORPORATE PROFITS

1997 WENT OUT SLOW BUT STEADY

Not counting losses, earnings rose a not-so-shabby 9%

A statistical anomaly or sign of things to come? BUSINESS WEEK's flash earnings report--an early sampling of fourth-quarter results from 80 companies reporting through Jan. 21--came out flat. Revenues rose 6%, while earnings held steady, vs. a 47% jump in flash profits a year earlier. Results were skewed by some large one-time losses: Unisys and Eastman Kodak each took more than $1 billion in charges. But Apple Computer and Computer Associates International returned to profitability after losses in 1996. General Electric and the Big Three carmakers are expected to have strong quarters, but further charges from the likes of Boeing could keep the tally low.Return to top

TABLE

An Early Look at Fourth-Quarter Profits

CURRENT QTR.

QTR. SALES PROFITS

(millions) % CHG. (millions) % CHG.

INDUSTRIALS 101,866.2 0 4,619.0 -22

ABBOTT LABORATORIES 3,118.1 +4 566.7 +11

ALCOA 3,298.6 +1 210.3 +55

BOISE CASCADE 1,444.9 +14 7.2 +238

BOWATER 401.0 +8 30.1 +62

BURLINGTON RESOURCES 541.0 -8 36.0 -74

CATERPILLAR 5,193.0 +16 451.0 +18

CHAMPION INTERNATIONAL 1,482.9 +4 -520.2 NM

COCA-COLA ENTERPRISES 3,049.0 +44 -19.0 NM

COLTEC INDUSTRIES 359.0 +20 26.3 +21

CONAGRA^^ 6,433.6 -2 210.7 +12

CONSOLIDATED PAPERS 509.7 +40 35.8 -4

EASTMAN KODAK 3,779.0 -12 -744.0 NM

EXXON 34,495.0 -8 2,500.0 0

GLOBAL MARINE 319.3 +45 58.8 -47

INTERNATIONAL PAPER 5,100.0 0 132.0 NM

JOHNSON & JOHNSON 5,630.0 +2 630.0 +13

LOCKHEED MARTIN 7,878.0 +3 371.0 -20

MONSANTO 1,820.0 +26 5.0 NM

NIKE^^ 2,255.3 +7 141.0 -20

PARKER HANNIFIN^^ 1,114.9 +15 71.3 +36

PFIZER 3,496.0 +11 558.0 +11

PHELPS DODGE 865.9 -11 32.0 -69

PPG INDUSTRIES 1,846.0 +5 159.0 +5

REYNOLDS METALS 1,767.0 +2 -17.0 NM

TRW 2,799.0 +14 -411.0 NM

WEYERHAEUSER 2,870.0 +4 98.0 0

SERVICES 49,700.6 +20 8,674.5 +15

AMR 4,636.0 +7 208.0 -44

BANKAMERICA NA NA 812.0 +9

BANKBOSTON NA NA 234.0 +16

BEAR STEARNS^^ 1,993.1 +28 160.2 -9

BOISE CASCADE OFF. PRODS. 718.5 +29 17.7 +23

CAPITAL ONE FINANCIAL 519.6 +13 58.2 +18

CHASE MANHATTAN NA NA 874.0 +5

CITICORP NA NA 1,061.0 +7

CSX 2,727.0 +1 215.0 -15

DELTA AIR LINES^^ 3,433.0 +7 190.0 +52

ENRON 5,872.0 +45 169.0 +29

FEDERAL EXPRESS^^ 3,299.2 +16 107.0 +3

FIRST CHICAGO NBD NA NA 382.0 +1

FLEET FINANCIAL GROUP NA NA 335.0 +11

FREDDIE MAC 3,795.0 +17 372.0 +16

HILTON HOTELS 1,339.0 +29 -5.0 NM

KEYCORP NA NA 248.0 +64

MBNA NA NA 188.3 +26

McKESSON^^^ 4,670.8 +34 42.0 NM

MERRILL LYNCH 8,123.0 +23 466.0 +5

MORGAN (J. P.) NA NA 271.0 -35

MORG. STANLEY,DEAN WITTER 3,732.0 +22 810.0 +79

NATIONSBANK NA NA 818.0 +29

NORTHWEST AIRLINES 2,491.3 +6 114.7 +341

PIER 1 IMPORTS^^^ 262.8 +16 16.8 +58

SCHWAB (CHARLES) 768.4 +28 63.1 +6

SLM HOLDING 884.7 -3 133.7 +22

USFREIGHTWAYS 435.2 +27 14.7 +85

WELLS FARGO NA NA 298.0 +142

TECHNOLOGY 69,694.6 +5 5,502.2 0

ADVANCED MICRO DEVICES 613.2 +23 -12.3 NM

APPLE COMPUTER^ 1,578.0 -26 47.0 NM

BAY NETWORKS^^ 644.9 +25 59.5 NM

BIOGEN 124.0 +42 31.7 +286

COMPAQ COMPUTER 7,323.0 +23 667.0 +37

COMPUTER ASSOC. INTL.^^^ 1,239.0 +18 339.9 NM

DIGITAL EQUIPMENT^^ 3,324.5 -1 74.8 +135

HONEYWELL 2,325.8 +10 178.1 +16

IBM 23,723.0 +3 2,093.0 +3

INTEL 6,507.0 +1 1,743.0 -9

MICROSOFT^^ 3,585.0 +34 1,133.0 +53

MOTOROLA 8,278.0 +8 321.0 +35

ROCKWELL INTERNATIONAL^ 1,979.0 +7 89.0 -42

SEAGATE TECHNOLOGY^^ 1,673.3 -30 -183.2 NM

SUN MICROSYSTEMS^^ 2,450.2 +18 149.4 -16

TEXAS INSTRUMENTS 2,428.0 -1 -263.0 NM

UNISYS 1,898.6 +5 -965.7 NM

UTILITIES & TELECOM 30,459.2 +10 3,042.9 +11

AMERITECH 4,147.0 +7 610.0 +7

BELL ATLANTIC 7,695.7 +4 940.0 +27

EDISON INTERNATIONAL 2,329.4 +6 149.3 +16

FPL GROUP 1,477.7 +3 94.7 +4

GPU 1,032.4 +10 95.8 +28

LUCENT TECHNOLOGIES^ 8,724.0 +10 792.0 -8

PUBLIC SERVICE ENT. GROUP 1,746.0 +11 155.1 +18

SOUTHERN 3,307.0 +36 206.0 +30

EST.

EPS REPORTED

(11/17) EPS DIFF.

INDUSTRIALS 0.59 0.60 +0.01

ABBOTT LABORATORIES 0.74 0.74 --

ALCOA 1.32 1.23 -0.09

BOISE CASCADE -0.07 0.02 +0.09

BOWATER NA 0.72 NA

BURLINGTON RESOURCES 0.65 0.60* -0.05

CATERPILLAR 1.12 1.22 +0.10

CHAMPION INTERNATIONAL 0.34 0.34* --

COCA-COLA ENTERPRISES -0.07 -0.05 +0.02

COLTEC INDUSTRIES 0.38 0.39 +0.01

CONAGRA^^ 0.46 0.46 --

CONSOLIDATED PAPERS 0.83 0.80 -0.03

EASTMAN KODAK 0.77 0.76* -0.01

EXXON 0.74 0.89* +0.15

GLOBAL MARINE 0.48 0.34 -0.14

INTERNATIONAL PAPER 0.46 0.44 -0.02

JOHNSON & JOHNSON 0.47 0.47 --

LOCKHEED MARTIN NA 1.83 NA

MONSANTO 0.14 0.01 -0.13

NIKE^^ 0.57 0.48 -0.09

PARKER HANNIFIN^^ 0.64 0.64 --

PFIZER 0.43 0.44 +0.01

PHELPS DODGE 1.67 0.84* -0.83

PPG INDUSTRIES 0.93 0.89 -0.04

REYNOLDS METALS 0.92 -0.23 -1.15

TRW 1.06 1.12* +0.06

WEYERHAEUSER 0.56 0.49 -0.07

SERVICES 0.78 0.76 -0.02

AMR NA 2.33 NA

BANKAMERICA NA 1.12 NA

BANKBOSTON NA 1.56 NA

BEAR STEARNS^^ 1.05 1.11 +0.06

BOISE CASCADE OFF. PRODS. 0.27 0.27 --

CAPITAL ONE FINANCIAL 0.73 0.89 +0.16

CHASE MANHATTAN NA 1.94 NA

CITICORP NA 2.20 NA

CSX 1.16 0.98 -0.18

DELTA AIR LINES^^ NA 2.40 NA

ENRON 0.51 0.55 +0.04

FEDERAL EXPRESS^^ 1.07 0.91 -0.16

FIRST CHICAGO NBD NA 1.28 NA

FLEET FINANCIAL GROUP 1.24 1.28 +0.04

FREDDIE MAC 0.51 0.51 --

HILTON HOTELS 0.37 0.25* -0.12

KEYCORP 1.13 1.13 --

MBNA 0.35 0.37 +0.02

McKESSON^^^ 0.43 0.45 +0.02

MERRILL LYNCH NA 1.17 NA

MORGAN (J. P.) 1.98 1.44 -0.54

MORG. STANLEY,DEAN WITTER NA 1.30 NA

NATIONSBANK NA 1.12 NA

NORTHWEST AIRLINES NA 1.06 NA

PIER 1 IMPORTS^^^ NA 0.23 NA

SCHWAB (CHARLES) 0.28 0.24 -0.04

SLM HOLDING 0.71 0.77 +0.06

USFREIGHTWAYS 0.53 0.57 +0.04

WELLS FARGO 3.43 3.40 -0.03

TECHNOLOGY 0.81 0.82 +0.01

ADVANCED MICRO DEVICES -0.09 -0.09 --

APPLE COMPUTER^ -0.06 0.37 +0.43

BAY NETWORKS^^ 0.25 0.28 +0.03

BIOGEN 0.38 0.43 +0.05

COMPAQ COMPUTER 0.42 0.44 +0.02

COMPUTER ASSOC. INTL.^^^ 0.59 0.62 +0.03

DIGITAL EQUIPMENT^^ 0.59 0.45 -0.14

HONEYWELL 1.40 1.41 +0.01

IBM 2.17 2.16 -0.01

INTEL 0.91 1.07 +0.16

MICROSOFT^^ 0.82 0.93 +0.11

MOTOROLA 0.71 0.54 -0.17

ROCKWELL INTERNATIONAL^ 0.68 0.43 -0.25

SEAGATE TECHNOLOGY^^ 0.34 0.08* -0.26

SUN MICROSYSTEMS^^ 0.54 0.40 -0.14

TEXAS INSTRUMENTS 0.65 0.55* -0.10

UNISYS 0.29 0.25* -0.04

UTILITIES & TELECOM 0.91 0.85 -0.06

AMERITECH 1.10 1.12 +0.02

BELL ATLANTIC 1.26 1.21 -0.05

EDISON INTERNATIONAL 0.33 0.37 +0.04

FPL GROUP 0.53 0.52 -0.01

GPU 0.63 0.77 +0.14

LUCENT TECHNOLOGIES^ 1.52 1.23 -0.29

PUBLIC SERVICE ENT. GROUP 0.59 0.66 +0.07

SOUTHERN 0.34 0.28 -0.06

^ First-quarter results

^^Second-quarter results

^^^Third-quarter results

*EPS adjusted for special items

NM = not meaningful, NA = not available

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