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GE, Westinghouse Profits Increase in 1st Quarter

General Electric reported a first-quarter profit gain of 5% over a year ago, while Westinghouse Electric said its earnings in the same period rose 4.2%.

GE, based in Fairfield, Conn., reported first-quarter net of $537 million on 5% lower sales of $5.88 billion. In the first quarter of 1985, GE earned $511 million on $6.2 billion in sales.

In Pittsburgh, Westinghouse reported that its first-quarter earnings for 1986 increased to $135.2 million on revenue of $2.55 billion, compared to 1985 first-quarter earnings of $129.7 million on revenue of $2.3 billion.

GE said the 1986 results include additional charges against earnings for corporate restructuring costs.

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Spokesman Larry Vaber said the company was not disclosing the amount; in all of 1985, GE took a $447-million charge for the restructuring of its businesses.

The earnings improvement came despite a monthlong strike against the company by about 7,500 workers in three Massachusetts cities.

However, Robert W. McCoy Jr., a securities analyst with Kidder, Peabody & Co., estimated the cost of the strike at about $20 million before taxes.

Westinghouse’s first-quarter results met expectations, according to Chairman Douglas D. Danforth. “Our operating margins continue to reflect cost-improvement efforts as well as ongoing productivity and quality gains,” he said.

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Higher first-quarter sales were recorded this year by the energy and advanced technology, the industries and the broadcasting and cable segments, the company said. Sales of the commercial group were even with the 1985 level.

For detailed data and results of other companies, please see tables, Page 14.


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