Greyhound Net Climbs to $46 Million in 2nd Period

Greyhound Corp. on Friday reported net income of $46.6 million for the second quarter of 1986, up from $38.9 million for the same period a year ago.

The net income amounted to 99 cents per common share, compared to 80 cents in the second quarter of 1985, according to John Teets, Greyhound chairman and chief executive.

The April-June, 1986, returns included non-recurring items that led to a net gain of $22.8 million, or 49 cents per common share, the company said. Those items included an after-tax gain of $89.5 million on the sale of Conagra Inc. stock and the payment of $14.8 million in severance pay and other expenses for the conversion of 123 company-owned terminals to independent commission agencies.

In addition, the company said it had $43.8 million in losses on European shipping loans.

Greyhound said it anticipated an $8.1-million after-tax loss for placing Pine Top Insurance Co. under the control of the Illinois Department of Insurance for rehabilitation.

Without considering the non-recurring items, Teets said the second-quarter net income was $23.8 million, or 50 cents per common share.

Greyhound said its consolidated revenue for the quarter totaled $685 million, compared to $727 million during the same period in 1985.

Net income for the first half of 1986 was $56.8 million, or $1.20 a share, compared to $57.9 million, or $1.19 a share, during the first half of 1985. Revenue for the first half of 1986 was $1.3 billion, essentially even with last year, Teets said.