Allied Corp. posted record net income of...
Allied Corp. posted record net income of $152 million for the second quarter, a 17% jump over the same period last year. The sale of 50% of Allied’s oil and gas business resulted in a non-recurring after-tax gain of $241 million during the second quarter, but that was partly offset by $222 million in after-tax charges covering the shutdown of its chrome business and a Syracuse, N.Y., synthetic soda ash plant.
NCR Corp. reported that its second-quarter net income was down 13% from last year despite a 3% rise in revenues. NCR Chairman President Charles E. Exley Jr. attributed the drop to the strength of the U.S. dollar in world markets, a weakness in semiconductors and general-purpose terminals, and higher expenses for an expanding sales force.
Golden West Financial said it earned $36.1 million in the quarter ended June 30, nearly double the $19.2 million it made in the second quarter of 1984. Golden West, parent company of World Savings & Loan Assn., said its six-month profits rose to $61.9 million from $40.9 million a year ago. The S&L; holding company said the improved figures resulted from declining interest rates and tighter expense controls.
Hilton Hotels, which earlier this year fended off a takeover bid by Las Vegas-based casino operator Golden Nugget, reported net income rose 12.7% in the second quarter and 16.7% for first half. For the three months ended June 30, the hotel and casino operator said it earned $27.6 million on revenue of $185.7 million compared to a year earlier when it earned $24.5 million on revenue of $173.5 million. For the six months, the company earned $51 million on revenue of $358.9 million compared to a year earlier when it earned $43.7 million on revenue of $337.5 million. Hilton credited the higher earnings mostly to its Nevada gambling properties, whose operating income rose by 45% in the second quarter and 31% for the half.
Kaiser Cement Corp. said its second-quarter income was $7.1 million, up from a loss of $972,000 in the year-ago quarter, on revenue that rose nearly 7%. The company reported an after-tax gain of $5.2 million from the sale of its Hawaii cement plant and distribution facilities in May, including a $1.7 million extraordinary tax credit. Also credited were increased first-half shipments and cost reductions.
Consolidated Rail Corp. reported that its second quarter profits declined 13% from the like 1984 quarter. Conrail did not pay industry scale wages in the second quarter of 1984. If it had, its earnings would have been below this year’s. L. Stanley Crane, Conrail’s chairman and chief executive officer, noted that the results reflect declines in carloadings of freight. In 1985’s first half, Conrail restored most employees to industry-scale wage levels while also making lump sum payments of $53 million for retroactive wage increases for the full second half of 1984.
Potlatch Corp. reported that net earnings for the second quarter declined 33.9% from the same quarter of 1984. Net earnings for the first half of this year declined 22.8% from a year earlier. Revenues for the quarter were down slightly. The San Francisco-based Potlatch is a diversified forest products company.
For detailed data and results of other companies, please see accompanying tables.
