AMR Corp., the parent of American Airlines,...

AMR Corp., the parent of American Airlines, reported that it earned $60.2 million in the first quarter of 1985, just below the record $60.3 million posted a year earlier. However, the company said its operating income fell 6.7% in the quarter, a period of promotional fare cuts by airlines. AMR said its revenue was up 9% for the quarter. American Airlines said its revenue for each mile flown by a passenger fell 7% in the first quarter from a year earlier. But the number of miles flown by each paying passenger rose by 17.1% to a record 9.8 billion miles.

W.R. Grace & Co. said its first-quarter profit fell 23% as the strong dollar, a weaker-than-expected economy and competitive pressures took a toll on its chemical businesses. The results in both periods included proceeds from new stock sales in companies in which Grace owns a majority of the stock. The 1985 results included $33.7 million from the offering of stock in its Herman’s Sporting Goods unit, while the 1984 results included $11.1 million from the offering of stock in its El Torito Restaurants.

Coca-Cola, the nation’s leading soft-drink manufacturer, reported that its first-quarter profit edged up 2.3%. The company said unit volume in its soft-drink operations outside North America increased an average of 8% during the quarter, including a 15% volume increase in Europe and Africa. Coca-Cola USA achieved an 8% increase in syrup and concentrate shipments, a significant part of which was due to volume increases in diet Coke and Sprite, two of the company’s soft drinks. Coca-Cola’s entertainment division, which includes Columbia Pictures Industries, reported a “very strong increase” in operating income during the quarter.

Northwest Industries, which agreed last week to merge with a division of Farley Industries, said that it lost $11.4 million in the first quarter, in part because of costs related to the proposed merger. The loss came on revenue of $318 million and included a $10.1-million loss by Northwest’s Lone Star Steel subsidiary. Earnings declined in each of the company’s four divisions, which include consumer products such as Union underwear, automobile batteries, chemicals and electrical equipment.

Reynolds Metals reported that its first-quarter net income and revenue declined 68% and 14%, respectively. Results of the latest quarter included an after-tax gain of $2.5 million from settlement of certain legal actions involving the company. David P. Reynolds, chairman and chief executive, said results for the period were adversely affected by a worldwide oversupply of metal that has depressed the price of aluminum ingots and in recent months eroded prices of fabricated products.

Crown Zellerbach, the target of a hostile takeover bid by British industrialist Sir James Goldsmith, reported that its first-quarter net income dropped by 10% from a year ago despite a sales increase. The major paper, packaging and forest products manufacturer blamed the drop on lower gains on land sales, a recently concluded strike at one of its two printing-paper mills and other factors.

Storer Communications narrowed its first-quarter losses to $5.8 million, compared to a loss of $14.6 million last year. The Miami-based company said its costly cable-TV construction program is nearing completion and noted that it sold certain cable-TV systems in California and Florida for a total of $34 million in the first quarter. Storer, the nation’s fifth-largest cable-TV operator, said first-quarter income from its cable operations increased 437% while income from the TV broadcasting division increased 6%.

Southwestern Bell reported a 29% increase in net income for the first quarter of 1985 over the same period a year ago. Revenue for the three months ended March 31 totaled $1.9 billion, up about $200 million from a year earlier. Zane Barnes, chairman and chief executive of Southwestern Bell, said revenue increased because of a steady rise in the number of customers. He also cited federal regulations that increased access charges paid to Southwestern Bell by long-distance companies.

Maxicare Health Plans, an operator of health maintenance organizations in California and nine other states, reported that its net income rose 83% in the first quarter ended March 31. The firm attributed the improvement to continued growth by its HMOs.

For detailed data and results of other companies, please see accompanying tables.