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WESTINGHOUSE REPORTS SECOND QUARTER AND FIRST HALF RESULTS

 PITTSBURGH, July 14 /PRNewswire/ -- Westinghouse Electric Corporation's (NYSE: WX) net income decreased in the second quarter of 1993 compared to the same period of last year, the company announced today in reporting unaudited results for the second quarter and first six months of 1993.
 The corporation also reported that it reduced its total debt by $2.3 billion during the first half due to accelerated asset sales in its financial services business.
 Income from Continuing Operations for the second quarter of 1993 was $84 million or 20 cents per share. This compares to income from Continuing Operations for the second quarter of 1992 of $103 million or 30 cents per share. Revenues from Continuing Operations for the second quarter of 1993 were $1.981 billion compared to $2.179 billion for the same period last year.
 Income from Continuing Operations for the first six months of 1993 was $148 million or 35 cents per share. This compares to income from Continuing Operations for the first six months of 1992 of $168 million or 48 cents per
share. Revenues from Continuing Operations for the first half of 1993 were $3.840 billion compared to $4.033 billion for the first half of 1992.
 Second quarter of 1993 operating profit from Continuing Operations was $176 million compared to $209 million reported in the same quarter of last year. Operating profit margins were 8.9 percent for the second quarter of 1993 compared to 9.6 percent for the second quarter of 1992.
 For the first half of 1993, operating profit from Continuing Operations was $321 million compared to last year's first half operating profit of $357 million. The operating profit margin for the first half of 1993 was 8.4 percent versus 8.9 percent in the first half of 1992.
 Total debt declined $2.3 billion from $9.9 billion at Dec. 31, 1992, to $7.6 billion as of June 30, 1993. As part of this reduction, the company paid down its revolving credit facility by $1.6 billion, reducing its total borrowings under the revolver to $3.9 billion as of June 30, 1993, from $5.5 billion at Dec. 31, 1992. In addition, during the second quarter of 1993 Westinghouse redeemed $105 million of Westinghouse Credit Corporation preferred stock.
 "The 1993 second quarter earnings were below our expectations primarily because of the performance of the environmental segment. Its business has been impacted by weakness in the U.S. environmental remediation market and the poor European economies," said Gary M. Clark, president.
 Westinghouse sold $2.3 billion in assets, for cash, from its financial services business during the second quarter of 1993 and more than $3 billion for the first half of the year. This essentially eliminates the company's exposure from commercial real estate assets. The proceeds from the sales were in excess of the reserved values for the assets sold and reduced the company's financial services portfolio investments net of reserves to approximately $2.1 billion as of June 30, 1993, down from $5.3 billion at the end of 1992. These balances include leasing portfolio investments of $1.2 billion as of Dec. 31, 1992, and June 30, 1993.
 Michael H. Jordan, newly elected chairman and chief executive officer, said: "I'm pleased with the success in asset sales by our financial services business unit. As a result, the corporation was able to significantly reduce its debt, which is our primary goal for 1993.
 "Westinghouse is a company in the midst of a great transformation. I'm encouraged with the solid progress that's been made to date in recovering from the financial services problems. While we have a long way to go, I believe the company is headed in the right direction.
 "During the next several months I plan to closely examine all of our business operations and am looking forward to working with our employees to rebuild this great company," Jordan said.
 Second Quarter Segment Information
 Broadcasting's revenues were flat while operating profit was down for the second quarter compared to the second quarter of last year primarily due to lower revenues in its West Coast television market and volume at Group (W) Productions. Revenues and operating profit were about even for the first six months of 1993 compared with the same period of last year.
 Revenues and operating profit in the Electronic Systems segment were down substantially for the second quarter and first half of 1993 compared to the same periods last year due to the divestiture of two units in 1992 and lower revenue on Department of Defense contracts.
 Revenues in the Environmental segment were slightly lower for the second quarter and for the first half of 1993 compared to 1992 due to lower volume in the remediation services and hazardous waste incineration businesses and the continued weak economic conditions in Europe. Operating profit was down substantially for both the second quarter and for the first six months of 1993 compared to the same periods of last year primarily due to reduced prices in the waste incineration business and lower award fees at some facilities operated for the U.S. government.
 Revenues for the Industries segment were down for the second quarter and first half of the year compared to the same periods of 1992. Operating profit was higher for the second quarter and approximately the same as the first half of 1992 due primarily to improvements in industry products and services.
 Revenues for the Power Systems segment were down substantially in the second quarter compared to the same period of 1992 due to lower project sales and service revenues. Revenues were essentially flat for the first six months of 1993 compared to the same period of last year. Operating profit was down substantially in the second quarter of 1993 compared to the same period of a year ago. Operating profit for the first six months of 1993 was higher compared to the same period of 1992 primarily due to the impact of the recognition of revenue on a percentage of completion basis in the nuclear fuel business.
 WESTINGHOUSE ELECTRIC CORPORATION
 Earnings Information
 Second Quarter 1993
 (unaudited)
 (in millions except per-share data)
 Three Months Ended Six Months Ended
 June 30 June 30
 1993 1992 1993 1992
 Sales and operating revenues $1,981 $2,179 $3,840 $4,033
 Operating costs and expenses (1,805) (1,970) (3,519) (3,676)
 Operating profit 176 209 321 357
 Operating profit margin 8.9pct. 9.6pct. 8.4pct. 8.9pct.
 Other income and expenses, net 3 (5) 7 (5)
 Interest expense (44) (49) (88) (99)
 Income before income taxes and
 minority interest 135 155 240 253
 Income taxes (48) (50) (86) (83)
 Effective tax rate 36.0pct. 31.7pct. 36.0pct. 32.8pct.
 Minority interest (3) (2) (6) (2)
 Income from Continuing Operations $84 $103 $148 $168
 Discontinued Operations, net of income taxes:
 Income (loss) from Discontinued
 Operations -- 19 -- 46
 Cumulative effect of changes in accounting
 principles:
 Other postretirement benefits -- -- -- (742)
 Income taxes -- -- -- 404
 Net Income (loss) $84 $122 $148 ($124)
 Dividend requirements for Series B
 preferred stock 13 -- 25 0
 Net income applicable to
 common stock $71 $122 $123 ($124)
 Average shares outstanding 352 354 352 349
 Earnings (loss) per common share:
 Continuing Operations $0.20 $0.30 $0.35 $0.48
 Discontinued Operations $0.00 $0.05 $0.00 $0.13
 Cumulative effect of changes in
 accounting principles $0.00 $0.00 $0.00 ($0.96)
 Earnings (loss) per
 common share $0.20 $0.35 $0.35 ($0.35)
 /delval/
 -0- 7/14/93
 /CONTACT: Jay McCaffrey of Westinghouse, 412-642-3366/
 (WX)


CO: Westinghouse Electric Corporation ST: Pennsylvania IN: CPR ARO SU: ERN

DM -- PG013 -- 1517 07/14/93 14:50 EDT
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Date:Jul 14, 1993
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