2 GM Subsidiaries Post Mixed Earnings in Quarter

General Motors reported that its computer services subsidiary Electronic Data Systems Corp. had sharply higher fourth-quarter profits, while earnings for GM’s Hughes Electronics Corp. declined.

The companies report their profits separately, because GM has two classes of stock--Class E for EDS and Class H for Hughes Electronics--whose dividends are tied to the profits of the subsidiaries.

Dallas-based EDS reported that its net income rose 24.4% to $71.5 million in the three months ending Dec. 31, from $57.4 million in the corresponding period a year earlier. Revenue for the quarter rose 7% to $1.15 billion from $1.08 billion a year earlier.

For all of 1986, EDS reported that net income rose 37.5% to $260.9 million from $189.8 million. Annual revenue rose 27.1% to $4.38 billion from $3.44 billion.

General Motors paid H. Ross Perot $700 million on Dec. 1 to buy out his holdings in EDS following the billionaire’s mounting criticism of GM.

General Motors had bought EDS for $2.5 billion in 1984. The payment to Perot was not reflected in EDS profits because it was paid for by the parent company.

Hughes, which makes electronics for the defense and automotive industries, reported net income, excluding a purchase accounting adjustment, fell 20.1% to $107 million in the fourth quarter, from $134 million a year earlier.

Revenue for the quarter rose about 8% to $2.6 billion from $2.4 billion a year earlier.

For all of 1986, net income, excluding a purchase accounting adjustment, rose 21% to $594 million from $489 million in 1985. Annual revenue rose 9.9% to $10.4 billion from $9.5 billion a year earlier.

Hughes Electronics’ profits were increased by $68 million for the year because of adoption of a new accounting standard for pensions, but were reduced by $30 million because of the disallowance of some investment tax credits.