Standard Oil Co. (Ohio) said its profit...

Standard Oil Co. (Ohio) said its profit fell 14.8% in the second quarter as a result of falling crude oil prices, a doubling of exploration expenses and higher interest expenses. Sohio said the decline was partially offset by a tripling in operating income from refining and marketing, helped by higher gasoline prices and the acquisition of former Gulf Corp. service stations in the Southeast.

Textron announced that its second-quarter net income rose 79% from last year, the highest second-quarter earnings in the company’s history. Revenue for the three months more than doubled. The company cited its aerospace-technology and financial-services businesses for the increases.

Martin Marietta Corp., citing an unusual gain, said its second-quarter profit jumped 65% over last year. The Bethesda, Md.-based defense and technology company said the latest period included a one-time pretax gain of about $100 million from the sale of its master builders division, which compared to an $18 million pretax gain from asset sales in the same quarter of 1984.

Delta Air Lines reported that its profit jumped 17% in the latest quarter, while another major airline company, Piedmont Aviation posted a 40.8% gain. But NWA Inc., the parent company of Northwest Airlines, said its profit fell 10.9% in the latest quarter compared to a year ago. And East Coast discount pioneer People Express said its second-quarter profit soared to $13 million from $3 million a year ago. Delta attributed the improved results to higher passenger revenue, lower aircraft fuel costs, a reduction in interest expense and a 29-day strike at United Airlines. Piedmont said the United strike did little to affect its results and traced its improved performance to selective growth, cost containment and an improved capital structure. NWA said its latest results were helped by the strike at United but said its profit fell from a year ago because last year’s results included a $19-million gain from the sale of three DC-10 airplanes. Newark, N.J.-based People Express attributed its best-ever results to a number of factors, including cost-control measures, revenue yield increases and traffic gained from the United strike.

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