AFG Industries Expects Record 1985 Net Income

AFG Industries Inc. said it expects record net income and revenue for 1985, with continued strong sales in the fourth quarter that should boost 1985 net income 15% to $21 million, compared with a 1984 net from continuing operations of $18.1 million. The Newport Beach-based glass manufacturer said revenue also is expected to increase 15% to $325 million, compared with $284 million for 1984.

For the fourth quarter, net income is expected to total $6.3 million, compared with net income of $5.2 million for the same period last year. Revenue for the fourth quarter is expected to reach $90 million, compared with $76 million for the same period a year ago.

“Demand across the board has remained strong,” said Gary Miller, treasurer.

For the first nine months, AFG posted net income of $14.7 million, up 14% from net income of $12.9 million for the same period a year earlier. Revenue for the nine months was $235 million, compared to $207 million for the first nine months of 1984.

AFG has reported 19 consecutive record quarters and company officials said Chairman R.D Hubbard said that “all indications point to another record performance in 1986.”