Income at McDonnell Douglas Up Slightly for 3rd Quarter

McDonnell Douglas Corp. on Thursday reported slightly higher third-quarter earnings despite a 99-day machinists strike against it.

The St. Louis-based aerospace giant posted gains in its military aircraft unit, paced by the C-17 cargo plane and Longbow Apache helicopter programs, as well as its commercial aircraft division.

The company earned $195 million, or 90 cents per share, during the three months ended Sept. 30, up from $192 million, or 85 cents a share, a year ago.

The company’s military profit rose 6.7%, and its commercial business turned last year’s loss into a $23-million gain.

The results were in line with analysts’ expectations.

The strike by the machinists union, which ended Sept. 16, was not expected to have a big impact on financial results, the company said. Delayed deliveries are expected to be mostly made up in 1997.

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Union Pacific, which completed its $5.4-billion merger with Southern Pacific last month, said earnings rose 16% in the third quarter, in line with expectations on Wall Street.

The nation’s biggest railroad, which also just completed the spinoff of its energy operations, said net income rose to $275 million, or $1.30 a share, in the quarter, from $237 million, or $1.15, in the 1995 period.

At a Glance:

Great Western Financial said that as a result of a special one-time pretax charge to recapitalize the federal deposit insurance fund, it reported a third-quarter loss of $39.9 million, or 31 cents per share, contrasted with earnings of $68.5 million, or 45 cents, for the third quarter of 1995.

Golden West Financial said profit, before several one-time tax and accounting benefits, rose 11% to $71.1 million, or $1.23 a share, from net income of $63.8 million, or $1.08, in the third quarter of 1995.

Allstate said its earnings fell in the third quarter due to losses from Hurricane Fran, contributions to the California Earthquake Authority and efforts to strengthen its reserves. Profit fell to $292 million, or 65 cents a share, compared with $446 million, or $1 a share, a year earlier.

Northwest Airlines said third-quarter earnings rose 9.9% to $253.9 million, or $3.15 a share, up from $231.1 million, or $2.27, a year ago.

Occidental Petroleum reported net income of $194 million, or 53 cents per share, for the third quarter of 1996, compared with net income of $139 million, or 36 cents, for the same quarter last year.

Nabisco Holdings said its third-quarter profit climbed 35% to $70 million, or 26 cents a share, compared with $52 million, or 20 cents, a year earlier.

Silicon Graphics reported slightly lower-than-expected fiscal first-quarter profit of $18 million, or 7 cents a share, compared with net income of $58 million, or 33 cents, in the year-ago quarter.

Iomega said its third-quarter net income jumped sixfold to $12.8 million, or 9 cents a share, from $2.03 million, or 2 cents, in the same quarter a year ago.

20th Century Industries reported a third-quarter net profit of $24.3 million, or 33 cents per share, compared with $30.1 million, or 44 cents, for the period last year.

Maytag said third-quarter earnings rose 5.7% to $42.2 million, or 42 cents a share, from $39.9 million, or 37 cents, a year earlier.

Tandy profit dropped about 50% in the third quarter to $22.3 million, or 35 cents a share, compared with $44.9 million, or 66 cents, in the same quarter last year.

Mirage Resorts said third-quarter earnings rose 8% to $48.7 million, or 25 cents a share, from $45.2 million, or 23 cents, in the year-earlier period.

IBP reported a 53% drop in profit in the third quarter, blaming tight supplies and a food safety scare in Japan for earnings of $40.5 million, or 42 cents a share, compared with $85.4 million, or 88 cents, in the year-ago quarter.

Reebok International reported net income for the third quarter of $50.6 million, or 75 cents per share, compared with $76.2 million, or 96 cents, in the third quarter of 1995.

Gillette reported a 19% increase in third-quarter earnings to $241.5 million, or 54 cents per share, compared with $202.2 million, or 46 cents, a year earlier.

Duracell International said its fiscal first-quarter profit rose 9.8% to $63.8 million, or 53 cents a share, from $58.1 million, or 48 cents, a year earlier.

First USA said fiscal first-quarter profit, after an after-tax charge, was $64.1 million, or 95 cents a share, up from $54.9 million, or 83 cents, a year ago.

Colgate-Palmolive said its third-quarter net income rose 35% to $160.9 million, or $1.06 a share, compared with $119 million, or 78 cents, a year earlier.

Bankers Trust said third-quarter profit rose 14% to $176 million, or $1.99 per share, up from $155 million, or $1.72, a year ago.