Fluorocarbon’s First-Half Profit Tops Any Full Year

Citing increased demand for virtually all of its products and a surge in exports, Fluorocarbon Co. on Tuesday reported record quarterly results and said it earned more in the first half of 1988 than during any full year in its history.

The Laguna Niguel rubber and plastic products manufacturer recorded second-quarter sales of $60.2 million, up 37% from $44 million for the same quarter last year. Earnings were $2.5 million, a 91% increase from $1.3 million in the second quarter of 1987.

For the first six months, Fluorocarbon reported sales of $120.7 million, a 69% increase over $71.4 million in the same period last year. Earnings were $5.6 million, up 112% from $2.6 million in the comparable 1987 period.

In a prepared statement, Chairman Peter Churm said sales to aircraft, heavy truck and chemical processing markets contributed significantly to Fluorocarbon’s sales gains.

Churm said exports accounted for 14% of Fluorocarbon’s sales during the first half, up from 8% a year earlier. He attributed the increase in part to the decline of the dollar against foreign currencies, which makes American products more competitive overseas.

The company’s earnings for the first half of 1988 include a $1-million, one-time gain from the sale of a 50% interest in a joint venture, the Nitta Moore Co. of Osaka, Japan.

The company said its recent acquisition of Reynolds & Taylor, a Santa Ana plastic components maker, is expected to add about $10 million a year to sales.