Sears, Roebuck & Co., Hoffman Estates, Ill.: net income down 6% to $363.5 million; revenue up 4% to $13.2 billion. Profit problems were attributed largely to increased claims at the Allstate Insurance Group relating to the California earthquake. Sears Merchandise Group earnings were up 24% to $196.9 million. Year to date: net income down 60% to $769 million; revenue up 6% to $38.5 billion.
Time Warner, New York: third quarter loss of $32 million, vs. $133 million loss for year-ago period; revenue up 27% to $1.9 billion. Cable operations hurt results. YTD: $103 million loss, vs. $171 million loss last year; revenue up 11% to $5.1 billion.
McDonald's Corp., Oak Brook, Ill.: net income up 13% to $349.8 million; revenue up 15% to $2.2 billion. In McDonald's record results, business outside of U.S. represented half the operating income for the quarter. YTD: net income up 12% to $915.5 million; revenue up 10% to $6 billion.
The New York Times Co.: net income at $120.6 million, vs. $3 million net loss a year ago; revenues up 18% to $527.2 million. The company said including revenues from The Boston Globe, bought late last year, offset the revenue loss divesting its women's magazines unit and U.K. golfing titles. YTD: net income to $172.7 million from $30.3 million, including pre-tax gain on selling off some magazines; revenue up 29% to $1.8 billion.
Tribune Co., Chicago: net income up 24% to $47.9 million; revenue up 6% to $513.3 million. Baseball strike reined in results for the owner of the Chicago Cubs and superstation WGN. YTD: net income up 33% to $172.9 million; revenue up 9% to $1.57 billion.
Philip Morris Cos., New York: net income up 24% to $1.2 billion; revenue up 10% to $16.7 billion. U.S. retail share for Marlboro cigarettes reached an all-time high, 29.1%, in August. Operating revenues for Kraft General Foods' North American business was flat but operating income rose 6.4%. YTD: net income up 29% to $3.6 billion; revenue up 5% to $48.6 billion.
Coca-Cola Co., Atlanta: net income up 20% to $708 million; revenue up 23% to $4.5 billion. YTD: net income up 16% to $2 billion; revenues up 15% to $12.2 billion.
AT&T, New York: little change in third quarter profit due to its recent acquisition of McCaw Cellular Communications. Net income at $1.1 billion; revenue up 8.3% to $18.7 billion. Without merger, profits would have hit $1.12 billion, helped by growth in long-distance division. YTD: net income of $3.4 billion (with McCaw); revenue up 7% to $54 billion.
MCI Communications Corp., Washington: net income up 26% to $220 million, revenue up 10% to $3.4 billion. YTD: net income up 36% to $644 million; revenue up 13% to $9.9 billion.
Sprint Corp., Westwood, Kan.: net income up 88% to $230.1 million; revenue up 10% to $3.2 billion. The surge in profits was due in part to lower results last year because of restructuring and debt charges, but Sprint's long-distance unit's performance has also been strong in recent months. YTD: net income at $677.1 million, vs. $134.2 million loss a year ago; revenue up 12% to $9.4 billion.
AMR Corp., Fort Worth, Texas: net income up 74% to $205 million; revenue up 0.8% to $4.23 billion. These results came despite a 5% drop in capacity at American Airlines. The company cited the strength of its marketing programs, its extensive route network and employee performance. YTD: net income to $351 million from $143 million; revenue down 0.8 to $12.1 billion.