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WESTINGHOUSE REPORTS SECOND QUARTER RESULTS

 WESTINGHOUSE REPORTS SECOND QUARTER RESULTS
 PITTSBURGH, July 14 /PRNewswire/ -- Operating profit of the


Westinghouse Electric Corp. (NYSE: WX) remained unchanged for the second quarter and increased by 9 percent for the first six months of 1992 compared to the same period of 1991 while net income decreased, Chairman Paul E. Lego announced today.
 Second quarter operating profit was $252,000,000, the same as that reported in the second quarter of the previous year. Operating profit margin was 8.0 percent for the second quarter of 1992 and 7.9 percent for the same period in 1991. Excluding Financial Services, operating profit margin was 8.6 percent for the second quarter of 1992 and 8.2 percent for the same quarter last year.
 For the first half, operating profit increased to $446,000,000 from last year's first half operating profit of $409,000,000. The operating profit margin for the first half of 1992 was 7.5 percent compared to 6.9 percent in 1991. Excluding Financial Services, operating profit margin was 8.0 percent for the first half of 1992 and 7.0 percent for the first half of 1991.
 Second quarter 1992 net income was $122,000,000 or 35 cents per share on revenues of $3,146,000,000 compared to net income of $127,000,000 or 41 cents per share on revenues of $3,174,000,000 for the second quarter of 1991.
 Interest expense increased for the quarter and for the first six months due to the expense associated with the revolving credit facility.
 Net income for the first six months of 1992, prior to the effect of the adoption in the first quarter of two new accounting standards, was $214,000,000 or 61 cents per share on revenues of $5,972,000,000. This compares to net income of $225,000,000 or 75 cents per share on revenues of $5,951,000,000 for the first half of 1991. A comparable figure for 1991, adjusted for additional shares issued and for fees associated with the revolving credit facility, was 60 cents per share.
 Including the effects of the new accounting standards, the corporation reported a net loss in the first six months of 1992 of $124,000,000 or 35 cents per share.
 "I am pleased with the actions we have taken to strengthen our balance sheet, including the successful sale of the PERCS and the issuance of $350 million of long-term debt," Lego said.
 "While our operating profit has increased, orders for many of our operations continue to be at recessionary levels."
 -- Segment Information
 Broadcasting's revenues were flat for the quarter and for the first six months compared to the same period of 1991. Operating profit was up for the same periods due primarily to the impact of cost reductions.
 Revenues in the Electronic Systems segment were about even and operating profit was down for the second quarter compared to the same period last year due to an unfavorable sales mix. Revenues and operating profit were up for the first six months.
 In the Environmental segment, revenues and operating profit were down for the quarter. Revenues were down in the first half while operating profit was up from last year due to higher operating results at the government-owned facilities.
 Financial Services reported revenues and operating profit that were down substantially in the quarter and first half, as expected. Asset sales continue at Financial Services in support of the downsizing strategy.
 Revenues for the Industries segment were up slightly and operating profit was up significantly for the quarter and first half because of cost improvements and a stronger domestic truck and trailer market in the transport refrigeration business.
 The Knoll Group's revenues and operating profit were down substantially for the quarter and first half due to continued weak domestic and European market conditions.
 Revenues for the Power Systems segment were up in the quarter and first six months of 1992. Operating profit was down slightly for the quarter and flat for the first half because of an unfavorable sales mix.
 WESTINGHOUSE ELECTRIC CORPORATION
 Earnings Information
 Second Quarter 1992 (unaudited)
 (in millions except per-share data)
 Three Months Ended Six Months Ended
 June 30 June 30
 1991 1992 1991 1992
 Sales and operating revenues
 Products & services $2,840 $2,909 $5,296 $5,466
 WFSI 334 237 655 506
 3,174 3,146 5,951 5,972
 Operating costs and expenses
 Products & services (2,620) (2,668) (4,956) (5,058)
 WFSI, including interest (302) (226) (586) (468)
 (2,922) (2,894) (5,542) (5,526)
 Operating profit 252 252 409 446
 Oper. profit margin (pct.) 7.9 8.0 6.9 7.5
 Operating profit without the Financial
 Services portion of WFSI 236 252 379 446
 Operating profit margin without the
 Financial Services portion
 of WFSI (pct.) 8.2 8.6 7.0 8.0
 Other income & expenses, net (14) (8) 27 (1)
 Interest exp., excluding WFSI (57) (67) (114) (133)
 Income before income taxes and
 minority interest 181 177 322 312
 Income taxes (51) (49) (90) (86)
 Effective tax rate (pct.) 28.0 27.5 28.0 27.5
 Minority interest (3) (6) (7) (12)
 Inc. bef. cumulative effect of
 changes in accounting
 principles 127 122 225 214
 Cumulative effect on prior years
 of changing to a new method of
 accounting for:
 Other postretirement
 benefits -- -- -- (742)
 Income taxes -- -- -- 404
 Net Income 127 122 225 (124)
 Average shares outstanding 300 354 300 349
 Earnings per share:
 Inc. bef. cumulative effect of
 changes in accounting
 principles $0.41 $0.35 $0.75 $0.61
 Cumulative effect on prior years of
 changing to a new method of
 accounting for:
 Other postretirement
 benefits -- -- -- ($2.13)
 Income taxes -- -- -- $1.16
 Earns. per shr. on net inc. $0.41 $0.35 $0.75 ($0.35)
 -0- 7/14/92
 /CONTACT: Ronald E. Hart of Westinghouse Electric, 412-642-3373/
 (WX) CO: Westinghouse Electric Corp. ST: Pennsylvania IN: TLS CPR SU: ERN


DM -- PG002 -- 8964 07/14/92 09:07 EDT
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Date:Jul 14, 1992
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