AFG Reports $12.1 Million in Net Profit for Quarter

Buoyed by a strong market for its glass products, AFG Industries of Irvine said its earnings increased 25% to $12.1 million for the third quarter, from $9.7 million in the same period in 1986. Quarterly sales rose 14% to $127 million, from $112 million a year earlier.

Net income for the first nine months of 1987 totaled $45.9 million, including a $24.8 million pretax gain from the sale of the company’s stake in GenCorp. The 1987 earnings compare with $24.9 million for the first nine months of 1986. Sales for the period increased 23% to $360 million in 1987 from $293.5 million in 1986.

AFG said its new automotive replacement glass business, started in April, contributed to third-quarter sales, although the 70-store network is now operating at a loss. It is expected to break even during the first quarter of 1988, the company said.

Another anticipated source of income in 1988 is Ford Glass, the Canadian glassmaking subsidiary of Ford Motor Co. If the Canadian government approves, AFG will assume ownership of Ford Glass in January, 1988.