Pacific Enterprises Posts $51-Million Profit for 1st Quarter
Pacific Enterprises on Monday posted earnings of $51 million, or 57 cents a share, for the first quarter ended March 31, compared with $45 million, or 51 cents, for the same period a year ago.
“This solid performance is all the more gratifying considering that we are in the midst of evolving from a utility holding company to an energy services company,” said Willis B. Wood Jr., chairman and chief executive of the Los Angeles-based parent of Southern California Gas Co.
Wood said the earnings continue to reflect the improving results of SoCal Gas, which benefited from a one-time litigation settlement in the first quarter of 1996. Absent the settlement, the utility’s results would have been about even with the results of a year ago, Wood said.
Consolidated first-quarter earnings included net income of $54 million from SoCal Gas, compared with SoCal Gas net income of $48 million for the first quarter of 1995.
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Warnaco Group reported a 43% increase in first-quarter earnings and said it plans to buy French maker of intimate apparel Lejaby and to stop making Hathaway men’s shirts.
The New York-based maker of men’s and women’s underwear said it decided to drop Hathaway after an extensive evaluation and that it will try to sell the division rather than close it. Warnaco said it will take a second-quarter charge of $65 million on Hathaway. The company said net income for the quarter ended April 6 rose to $15.2 million, or 29 cents a share, from $10.6 million, or 26 cents, a year ago.
At a Glance:
Infinity Broadcasting said its earnings for the first quarter ended March 31 more than tripled to $1.67 million, or 1 cent a share, from $505,000, or break-even, for the year-ago quarter.
Louisiana-Pacific reported a loss of $3.6 million, or 3 cents a share, for the quarter ended March 31, contrasted with a profit of $54.3 million, or 50 cents, a year earlier.
Masco said profit for the first quarter ended March 31 fell 11% to $62 million, or 39 cents a share, compared with profit of $69.9 million, or 44 cents, a year earlier.
