Merck Profit Dives 73% on Restructuring Charge
<i> Times Wire Services</i>
Pharmaceuticals giant Merck & Co., blaming a $775-million restructuring charge, Tuesday reported a 73% drop in profit for the second quarter.
The Rahway, N.J.-based firm said earnings plunged to $172.6 million from a year ago, including the $775-million restructuring charge to streamline operations.
The company’s earnings came to 15 cents a share, compared to $643.7 million, or 56 cents a share, during the second quarter of 1992.
Excluding the charge, earnings increased 9% to $693.6 million, or 61 cents a share.
Sales in the quarter gained 8% to $2.57 billion from $2.37 billion.
