Unocal’s Profit Triples in Third Quarter
Unocal Corp. on Wednesday said third-quarter profit tripled because of increased natural gas production, higher petroleum prices and improved profit from West Coast refining and marketing.
The El Segundo-based company’s profit from operations rose to $153 million, or 61 cents a share, from $50 million, or 17 cents, in the year-ago quarter.
Wall Street expected Unocal to earn 58 cents a share, according to the average estimate of analysts.
In the latest quarter, $52 million in gains from asset sales and $34 million in charges for litigation and environmental costs resulted in net income of $171 million, or 69 cents a share.
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Fort Lauderdale, Fla.-based Republic Industries said third-quarter net income quadrupled on the strength of more than 30 acquisitions engineered by Chairman and Chief Executive H. Wayne Huizenga in the last year.
The company also named Steven Berrard co-chief executive and president, indicating the growing importance of Republic’s used-car superstore unit. Berrard, a longtime associate of billionaire Huizenga, currently runs Auto-Nation USA, the planned chain of used-car lots that Republic is buying for $250 million.
Republic said net income rose to $16 million, or 7 cents a share, from $3.89 million, or 3 cents, a year earlier.
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Avery Dennison, citing strong sales of its office products and growth in its venture businesses, including self-adhesive postage stamps for the U.S. Postal Service, posted record third-quarter earnings.
The Pasadena-based company reported net income of $46.6 million, or 89 cents per share, compared with $35.8 million, or 67 cents, for the same period last year.
Chairman and Chief Executive Charles D. Miller said he intends to recommend a 2-for-1 stock split and a 13.4% dividend increase to the company’s board at its meeting today.
At a Glance:
Electronic Data Systems
said profit rose 8.4% in the first full quarter of operations since the company split off from General Motors in June. EDS said it earned $266.4 million, or 55 cents per share, compared with $245.7 million, or 51 cents, a year ago.
HFS said third-quarter earnings more than doubled to $61.1 million, or 44 cents per share, from $27.1 million, or 24 cents, in the year-ago quarter.
Unisys earned $14.2 million in the third quarter after a loss of $32.2 million a year ago. The results amount to a loss of 9 cents per share, up from a loss of 36 cents last year.
AirTouch Communications said third-quarter net income rose a better-than-expected 26% to $58.9 million, or 10 cents a share, from $46.7 million, or 9 cents, a year earlier.
K2 said third-quarter income from continuing operations rose 18% to $7.1 million, or 43 cents per share, compared with $6 million, or 36 cents, in the 1995 quarter.
Greyhound Lines’ third-quarter earnings rose 27% to $19.4 million, or 33 cents a share, from $15.3 million, or 27 cents, a year ago.
AlliedSignal said third-quarter earnings rose 17% to $253 million, or 90 cents a share, from $217 million, or 77 cents, in the 1995 quarter.
Sunbeam reported a third-quarter loss wider than analysts expected: $18.1 million, or 22 cents a share, contrasted with net income of $9 million, or 11 cents, in the same period a year ago.
US West Communications Group’s third-quarter profit rose 2% to $282 million, or 59 cents a share, from $276 million, or 59 cents, in the year-ago quarter.
United Technologies’ third-quarter earnings rose 21% to $254 million, or $1.94 a share, up from $210 million, or $1.60, in the 1995 quarter.
Anheuser-Busch said its third-quarter earnings rose 9.7% to $377.2 million, or 75 cents a share, from $343.9 million, or 67 cents, in the year-earlier quarter.
Sara Lee said its fiscal first-quarter earnings rose 11% to $206 million, or 41 cents a share, from $186 million, or 37 cents, in the year-earlier period.
DuPont said third-quarter earnings rose 35% to $945 million, or $1.68 a share, from $702 million, or $1.26, in the year-ago quarter.
Conoco said third-quarter profit rose 47% to $256 million from $174 million a year ago.
