ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Tuesday, April 23, 1996 TAG: 9604230122
SECTION: BUSINESS PAGE: B-7 EDITION: METRO
GM strike creates big earnings drop
DETROIT - General Motors Corp. reported a 52 percent drop in first-quarter earnings Monday, largely due to the 17-day strike in March at two parts plants that idled most of the automaker's North American operations.
Still, earnings for the world's largest automaker were better than Wall Street had anticipated. GM posted earnings of $1.02 billion, or 94 cents a share, for the three-month period, compared with profits of $2.10 billion, or $2.44 a share, in 1995's first quarter. Revenue was down 4.1 percent to $41.66 billion.
GM said the work stoppage cost it $900 million in profits, or $1.20 a share, as it lost production of 240,000 vehicles at 26 of 29 assembly plants.
GM is the last of the Big Three automakers to report first-quarter earnings. Ford Motor Co.'s earnings were off 58 percent to $653 million as it was hit by high costs for new models. Chrysler Corp.'s profits doubled to $1 billion on strong sales of minivans and trucks. |-Associated Press
American Electric Power Co.
1st qtr. ended 3-31 1996 1995
Revenues $1.52 billion $1.42 billion
Net Income $180 million $147.9 million
Share earnings 96 cents 80 cents
American Electric Power Co. is a Columbus, Ohio-based electric utility that has extensive operations in Western Virginia, where it formerly operated as Appalachian Power Co.
Bedford Bancshares Inc.
2nd qtr. ended 3-31 1996 1995
Net Interest Income $2.3 million $2.0 million
Net Income $398,000 $363,000
Share earnings 35 cents 31 cents
six months
Net Interest Income $4.5 million $3.9 million
Net Income $753,000 $720,000
Share earnings 67 cents 61 cents
Dominion Resources Inc.
1st. qtr. ended 3-31 1996 1995
Revenues $1.24 billion $1.13 billion
Net Income $150.2 million $108.5 million
Share earnings 85 cents 63 cents
Dominion Resources Inc. is the Richmond-based parent of Virginia Power Co.
Hershey Foods Corp.
1st qtr. ended 3-31 1996 1995
Revenues $931.5 million $867.4 million
Net Income $59.4 million $60.6 million
Share earnings 77 cents 70 cents
Hershey, Pa.-based Hershey operates a chocolate plant at Stuarts Draft and a pasta plant at Winchester.
Roanoke Gas Co.
2nd qtr. ended 3-31 1996 1995
Revenues $29.6 million $18.9 million
Net Income $1.95 million $1.8 million
Share earnings $1.35 $1.28
Roanoke Gas Co. provides natural gas service and propane deliveries in the Roanoke Valley and Bluefield, W.Va. areas. The company did not provide six months earning figures.
Sears, Roebuck and Co.
1st qtr. ended 3-30 1996 1995
Revenues $8.0 billion $7.46 billion
Net Income $151 million $124 million
Share earnings 36 cents 30 cents
Hoffman Estates, Ill.-based Sears operates more than 800 department stores and 1,500 off-the-mall stores nationwide.
United States Cellular Corp.
1st qtr. ended 3-31 1996 1995
Revenues $148 million $99.7 million
Net Income $29.4 million $23.6 million
Share earnings 34 cents 29 cents
United States Cellular Corp. of Chicago, Ill., provides cellular phone service in much of Virginia.
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