Solid Demand Boosts Intel Revenue 31%
Intel, saying personal computer demand appears solid, on Monday reported a slight increase in first-quarter profit and a 31% jump in revenue.
Intel, the world’s largest chip maker, earned $894 million, or $1.02 a share, in the quarter ended March 30. It earned $889 million, or $1.02 a share, in the same period a year ago. Revenue was $4.64 billion, up from $3.56 billion a year ago.
The performance slightly exceeded expectations of Wall Street analysts, who had forecast a profit of 99 cents a share.
Sun Microsystems said its fiscal third-quarter profit rose 33% as sales of workstations and other computers continued to be strong.
The Mountain View, Calif.-based supplier of workstations earned $143.3 million, or 73 cents a share, in the three months ending March 31, up from 54 cents a share in the same period a year ago.
Financial analysts had forecast a profit of about 70 cents.
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Merrill Lynch, Paine Webber Group and Smith Barney said the first quarter was the best ever for Wall Street earnings, as revenue from commissions, trading and investment banking surged. Merrill’s earnings rose 80% from 1995, Paine Webber’s almost tripled and Smith Barney’s more than doubled, surpassing analysts’ forecasts.
Merrill, the nation’s largest brokerage, said earnings rose to a record $409 million, or $2.03 a share, from $228 million, or $1.08, a year earlier, exceeding analysts’ average forecast of $1.58 a share.
Earnings at Smith Barney rose to $223.9 million from $99.6 million. Smith Barney’s results helped its parent Travelers Group post a rise in profit of 42% to $479.6 million, or $1.42 a share, from $338 million, or $1.01. That exceeded analysts’ forecasts of $1.28 a share.
Paine Webber’s earnings rose 193% to $100.5 million, or 96 cents a share, from $34.3 million, or 27 cents a share, in the year-earlier period.
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At a Glance:
Federal Home Loan Mortgage said first quarter net income increased to $301 million, or $1.60 a share, from $258 million, or $1.34, in the year-ago period. . . . Oakland-based Golden West Financial, which operates World Savings, the third-largest U.S. thrift, said its first-quarter earnings climbed to $75.5 million, or $1.28 a share, from $50.9 million, or 87 cents, a year earlier. . . . NationsBank earned $513 million, or $1.70 a share, in the first three months of 1996, compared with $443 million, or $1.60 a share, a year ago. . . . Woodland Hills-based 20th Century Industries reported first-quarter earnings of $25.6 million, or 35 cents a share, contrasted with a loss of $1.4 million, or 12 cents, in the year-ago period.
TRW reported record first quarter earnings of $117.0 million, or $1.73 a share, versus earnings of $114.8 million, or $1.72 a share, a year earlier. . . . Eli Lilly said first-quarter earnings rose to $389.2 million, or 71 cents a share, compared with profit from continuing operations of $374.8 million, or 65 cents, in the year-earlier quarter. . . . Archer-Daniels-Midland reported its profit fell nearly 17% in the third quarter to $163.3 million, or 31 cents a share, from $195.7 million, or 36 cents a share, a year ago, matching Wall Street expectations. . . . Gannett, owner of newspapers including USA Today, earned $89.4 million, or 64 cents a share, compared with $86.2 million, or 62 cents a share in the first quarter of 1995.
Food maker CPC International said its first-quarter net income rose to $122.4 million, or 82 cents a share, from $111 million, or 73 cents, a year earlier. . . . Clorox said its fiscal third-quarter earnings rose to $59.6 million, or $1.15 a share, from $54 million, or $1.02, a year earlier. . . . Pasadena-based Jacobs Engineering Group reported second-quarter earnings of $9.8 million, 38 cents a share, compared with $7.5 million, or 30 cents, in the year-ago period.
