Word: first-half
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...industry reported a highly profitable six months, helped account for a sizable part of the 6% profit gain over 1956's first half chalked up by 741 U.S. corporations in a survey by the First National City Bank of New York. Profits of Standard Oil Co. (New Jersey) reached a record $463 million for the year's first half, $38 million more than an early estimate. Cities Service President W. Alton Jones announced record first-half profits of $36,315,490, and its wholly owned subsidiary, Dhofar-Cities Service Petroleum Corp., announced a second oil strike...
...buyers are no longer living off accumulated stocks, instead are building up inventories again. In the first quarter businessmen slashed inventories at a rate of $800 million annually, but in the second quarter they reversed course, started adding to inventories at a yearly clip of $1.5 billion. With steel operations up 2% last week to 81% of capacity, the industry predicted a steadily rising market through summer. As matters stood, Bethlehem Steel, Republic Steel, Youngstown Sheet & Tube already had the highest first-half sales and profits in history. The steelmen's best customers, Detroit's automakers, were doing...
...industry's biggest corporations stepped up last week to report sales and earnings for 1957's second quarter and first half. The results provided more evidence of the nation's economic health. From General Electric's President Ralph J. Cordiner came news of first-half profits of $127.8 million, the highest of any half year in G.E.'s history, a sales gain of 8% to $2.1 billion. International Business Machines' President Thomas J. Watson Jr. announced quarterly earnings of $21.3 million for another alltime peak, and more than the company's total annual...
...were often as much to blame as the inflationary cost squeeze. Union Carbide Corp. laid part of its 2% profit cut (to $34,147,267 for the quarter) to a 15-week strike in some of its oxygen-producing plants. Continental Can Co. said it had anticipated a 5% first-half earnings decline because of stockpile buying in anticipation of a steel strike and the early maturing of some crops. General Foods Corp. suffered a profit slump because of a drop in the price of coffee and frozen foods...
...uniformly lower earnings. International Paper Co. dipped from $21.4 million in 1956's second quarter to about $16.5 million in the same period this year; Brown Co. and Mead Corp. were down 5% and 10% respectively. Devoe & Raynolds Co., Air Reduction Corp. and Grace (W.R.) & Co. reported that first-half earnings were lower than last year's levels...