Companies report earnings

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Knight-Ridder, Miami, said third-quarter net income was down 82.3% from last year to $6.6 million, with total operating revenue down only 0.7%. The company attributes the dip to losses resulting from the strike against Detroit Newspapers that began July 13. Despite the strike, total newspaper ad revenue for the company was $377.8 million, similar to figures for the same quarter last year.

Coca-Cola Co., Atlanta, reported a 13% increase in third-quarter net income on a 10% increase in sales. Unit volume rose 8% in the U.S. and 7% worldwide. The company said it achieved sales gains on core brands such as Coke Classic and Diet Coke, as well as on newer products such as Fruitopia and Powerade.

Schering-Plough Corp., Madison, N.J., said 1995 third-quarter earnings from continuing operations grew 15% on income of $252.6 million. Third-quarter sales from continuing operations of $1.26 billion were 15% higher. Sales for Schering-Plough HealthCare Products declined 2% compared with the 1994 third quarter. The decrease was largely due to lower sales of OTC allergy/cold and female health products, the company said.

Bristol-Myers Squibb Co., New York, reported record sales and earnings for the third quarter and nine months ended Sept. 30. Sales for the third quarter increased 16% to $3.4 billion. For the third quarter, earnings before income taxes increased 10% to $958 million, and for the nine months, earnings before income taxes increased 11% to $2,752 million. Third quarter sales of the company's consumer products business increased 26%, due in part to 1994 acquisitions. Sales of analgesics increased primarily due to the strong performance of Excedrin in the U.S., Bufferin in Japan and Efferalgan in Europe.

Warner-Lambert Co., Morris Plains, N.J., reported profit before tax increased 33% to $296 million on a 6% sales gain for the third quarter. In the consumer healthcare segment, the largest of the company's three main lines of business, worldwide sales increased 8% to $870 million in the third quarter. In the U.S., consumer health care sales of $443 million were up 2%. Outside the U.S., segment sales jumped 15% to $427 million.

American Home Products Corp., Madison, N.J., said net sales of $3.258 billion and $10.1 billion for the 1995 third quarter and first nine months were 44% and 57% above 1994 levels. It said the increase was due primarily to the sales of American Cyanamid Co., which was acquired in the fourth quarter of 1994.

BellSouth Corp. reported net income of $558.5 million for the third quarter, up from $499.5 million in the same quarter a year ago--the highest quarterly profit in the company's history. Revenues of $4.43 billion increased 5.6%. Its cellular customers surpassed three million, up about 32% from a year earlier.

Copyright October 1995 Crain Communications Inc.

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