Word: first-half
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Enough aircraft makers had reported their second-quarter 1941 earnings by last week to prove one startling fact: despite the industry's terrific production pace, its first-half profits rose less than run-of-the-mill industrials. Five top-flight plane builders (Curtiss-Wright, Douglas, Martin, North American, United) netted $27,229,000 in the first six months, only 21% over 1940. But a cross section of U.S. industry (135 motors, steels, oils, etc.) was able to boost profits 30% (TIME...
...United Aircraft increased its first-half gross 210% over 1940 to a record $121,830,000; net-before-taxes to $25,883,000, also a record. Then it whacked off 80% of this for Federal taxes, thus cut net to $5,583,000 v. $6,228,000 in the first half of 1940 (when taxes were computed at 22%). Under existing or proposed tax law, the 1941 write-off looked as if it discounted the moon...
...Although June quarter sales of General Motors rose 50% over 1940 to a record $699,898,000, taxes almost tripled (to $93,208,000), thus held profits to $53,-580,000, 15% above 1940. Truck maker White Motor Co. had a similar experience: first-half sales rose 71%, profits 6%. But price-cutting Nash-Kelvinator, its June quarter sales up almost 75%, lifted profits from $902,000 to $2,607,000-best in over a decade...
...more than it may need from now on to carry and pay off the $92,000,000 RFC is planning to lend it. Republic Aviation Corp. earned $842,161 compared with a $524,781 deficit for all of last year. Airlines continued their uptrend. United turned a 1939 first-half deficit of $202,962 into a $288,554 net profit; Eastern in creased net 102% to $733,926. But T. W. A., its pockets emptied buying Stratoliners, had a $390,680 deficit...
...Allis-Chalmers' at $625 (last year Allis introduced another at $345). During the 1938 recession (when the rest of the industry raised prices) Allis-Chalmers introduced a $495 tractor, priced $200 under the market, which turned out to be no mean factor in raising it's first-half 1938 farm implement sales 10% over the boom first half of 1937 while competitors were...