Singer Co. reported that its fourth-quarter net...
Singer Co. reported that its fourth-quarter net income rose 45% from the same period a year earlier. The firm’s full-year profit was more than double what it reported for all of 1983. The Stamford, Conn.-based aerospace and consumer products company said its revenue for the quarter and full year ended last Dec. 31 was slightly above 1983. Joseph B. Flavin, Singer’s chairman and chief executive, said all three of the company’s business groups contributed to the performance but that its aerospace electronics operations posted record revenue and income.
Hilton Hotels Corp. reported that fourth-quarter earnings rose by 83.3%, but the bulk of the increase came from the sale of $33 million in Avco Corp. stock. The Beverly Hills-based company said results from the latest quarter included an after-tax gain of $17.9 million from the sale of securities and property. For the full year, the company’s earnings were up 1.2% from a year earlier.
San Francisco-based Amfac Inc. reported that it narrowed its fourth-quarter loss from the like 1983 quarter. The company reported that an expensive reorganization of its hotels and resort operation and an increase in reserves for slow-moving and obsolete inventories contributed to the 1984 losses. A $40-million pretax charge related to the reorganization was reflected in the loss, the company said. “The write-downs associated with the company’s yearlong corporate restructuring are now behind us, along with a difficult transition period,” a spokesman for the company said.
Lexington , Mass.-based Raytheon Co. reported that 1984 earnings rose 10% from a year earlier on a 6.5% increase in revenue. Raytheon Chairman Thomas L. Phillips said the company’s electronics segment, which accounted for 56.7% of all 1984 revenue, was particularly strong. Sales of the government electronic systems unit continued to grow. At year-end, Raytheon’s total backlog was $6.350 billion, with funded U.S. government orders accounting for $4.124 billion of the total.
Although revenue at McKesson Corp. reached new highs in the third quarter and nine months ended last Dec. 31, profit was flat, the San Francisco-based firm reported. Three of the company’s four operating groups--drug and health care, beverage and development--showed increases in operating profit for both periods. The company’s largest business, the distribution of drugs and hospital supplies, reported its greatest sales volume and most profitable quarter ever. However, the results were offset by an operating loss of $2.1 million in the chemical distribution business, due largely to relocation and severance expenses related to a reorganization of that unit.
