Earnings
American Express Co. said its second-quarter profit edged up 0.7% from a year earlier. It said that all of the company’s operating units except its Fireman’s Fund property-liability business showed increased earnings. However, insurance services had a loss of $72 million in the quarter.
Dart & Kraft, a multinational consumer and commercial products company, reported that its second-quarter earnings rose a slight 1.6% from last year. Rvenue for the quarter totaled $2.44 billion, down about $20 million from a year earlier.
McDonald’s Corp. said its earnings rose 8% to $117 million in the second quarter, when it added 136 restaurants to its system for a total of 8,503 worldwide. Revenue for the 12 weeks ended June 30 were up 8%. The company attributed the improved results to increased customer counts around the world.
Computer Sciences Corp. had a 12% profit gain on 8% higher revenue for its fiscal first quarter. The El Segundo-based firm said its earnings were aided by the higher revenue and the profitable operations of the Information Network Services Group, which posted a loss in the year-ago quarter.
Borg-Warner reported that a previously announced special after-tax charge of $56 million contributed to a 61% drop in its second-quarter earnings. The special charge was recorded by the company’s financial-services subsidiary due to estimated losses on loans made to White Farm Equipment companies.
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