Word: first-half
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Biggest Loss in History. The cost was enormous. Last week Gross announced that Lockheed wrote off losses of $67,569,000 in the first half. When charged against first-half earnings, the write-off left Lockheed with a six-month net loss of $55,409,000, biggest in the aircraft industry's history. But by writing off "all our present, past and future losses," Gross hopes to speed Lockheed's profit recovery.* For the past six weeks, Lockheed has been operating profitably, hopes to cut its overall loss to $45 million by year's end. With...
Compact Pangs. U.S. motorists found the new compacts just their size, and auto sales boomed. G.M. racked up an alltime record for the industry in the first half, with sales of $7.1 billion, earnings of $2.15 per share v. $2.08 in the first half of 1959. Though Chrysler's first-half sales were up 14% to $1.75 billion, earnings thudded from 1959's $6.65 per share to $2.69. The principal reason, explained Chrysler Chairman Lester Lum ("Tex") Colbert, who was also deep in other troubles (see below), was "lower profit margins on the economy-type cars." Ford felt...
...fast recovery from the steel strike led steel users to overbuild inventories in the first quarter, had a bad second quarter as orders fell off and production dropped below 50% capacity. Earnings of U.S. Steel were $3.35 per share in the first half of 1960, down from $4.50 last year. But Big Steel Chairman Roger Blough predicted a "modest and gradual rise" in output for the rest of the year, forecast that the mills would operate at 55% of capacity in the third quarter. Jones & Laughlin first-half earnings were $3.24 v. $5.31 in 1959. Bethlehem earnings dropped 92? from...
...Press Products Inc. and the Bonan Corp., both Chrysler suppliers. The rattles show no sign of going away. Company auditors were investigating just about everyone in Chrysler's top echelon in search of financial links to Chrysler's suppliers. Irate stockholders, spurred on by the poorest first-half earnings of the big three automakers, threatened to sue the company. Tipsters-often ex-employees with imaginary gripes against Chrysler-flooded the front office with charges against dozens of executives. Moaned one Chrysler official: "The jackals are after...
...second-quarter earnings reports began to come out last week, many a company reported record sales and earnings. For others, the news about profits was less gay. They complained about the cost-price squeeze and increased competition. Companies with higher and in some cases record first-half earnings per share were: 1960 1959 IBM $4.19 $3.51 Westinghouse Electric $1.14 $ .96 Allied Chemical $1.55 $1.40 Scott Paper $1.66 $1.48 Parke, Davis $1.02 $ .93 P. R. Mallory $1.32 $1.30 Heyden Newport Chemical...