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WESTINGHOUSE REPORTS THIRD QUARTER RESULTS

 PITTSBURGH, Oct. 12 /PRNewswire/ -- Westinghouse Electric Corporation (NYSE: WX) announced today that its net income decreased for the third quarter of 1993 compared to the same period of last year.
 Income from continuing operations for the third quarter of 1993 was $65 million or 15 cents per share on revenues of $2.060 billion compared to $91 million or 22 cents per share on revenues of $2.268 billion for the third quarter of 1992.
 Income from continuing operations for the first nine months of 1993 was $208 million or 48 cents per share on revenues of $6.234 billion compared to $278 million or 77 cents per share on revenues of $6.693 billion for the first nine months of 1992.
 Third quarter operating profit from continuing operations was $143 million compared with $213 million for the same quarter last year. Operating profit margin was 6.9 percent for the third quarter of 1993 compared to 9.4 percent for the third quarter of 1992.
 For the first nine months, operating profit from continuing operations was $474 million compared to last year's operating profit for the first nine months of $613 million. The operating profit margin for the first nine months of 1993 was 7.6 percent compared to 9.2 percent in the first nine months of 1992.
 "Obviously, the third quarter's financial results are disappointing," said Michael H. Jordan, chairman and chief executive officer.
 During the third quarter of 1993 the corporation's net debt declined approximately $500 million. For the nine months, net debt declined $2.5 billion from $8.4 billion at Dec. 31, 1992, to $5.9 billion as of Sept. 30, 1993. As part of this reduction, the corporation paid down its revolving credit facility by $765 million during the third quarter of 1993, reducing its total borrowings under the revolver to $3.155 billion as of Sept. 30, 1993.
 "The corporation is making excellent progress in reducing its debt," said Jordan. "Implementation of the strategic divestiture plan continues with the finance unit's asset sales ahead of schedule and progress being made on the sale of the Distribution and Control Business Unit. Asset dispositions have already exceeded our objective for the year."
 Third Quarter Segment Information
 Broadcasting's operating profit was down for the quarter and down for the first nine months compared to the same period of last year due to poor performance in a weak West Coast television market. In addition, 1992 benefitted from advertising revenues from the Olympics and the political campaigns. Revenues for the quarter and first nine months were about even with the same periods last year.
 Revenues and operating profit in the Electronic Systems segment were down substantially in the third quarter and first nine months of 1993 compared to the same periods last year due to lower revenue on Department of Defense contracts. In addition, the first nine months of 1992 included revenues from two units that were divested in 1992.
 Revenues in the Environmental segment were down substantially for the quarter and down for the first nine months 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 third quarter and first nine months of 1993 compared to the same periods of last year primarily due to lower volumes and reduced prices in the waste incineration business.
 Revenues for the Industries segment were down slightly in the third quarter and first nine months compared to the same periods of 1992. Operating profit was up substantially for the quarter and up for the first nine months due to improvements in transport temperature control and in industry products and services.
 Revenues for the Power Systems segment were down for the third quarter and flat for the first nine months of 1993 compared to the same periods of 1992. Operating profit was down substantially for the quarter compared to the same period last year due to reduced shipments, an unfavorable product mix in the Power Generation Business Unit and the effect of the recognition of revenue on a percentage of completion basis in the nuclear fuel business. Operating profit for the nine-month period was also down substantially due to reduced shipments and an unfavorable product mix in the Power Generation Business Unit, offset by the effect of the recognition of revenue on a percentage of completion basis in the nuclear fuel business.
 Knoll revenues were down substantially for the third quarter and the first nine months of the year. The operating loss was flat in the third quarter of 1993 compared to the same period last year while the operating loss for the first nine months of 1993 was substantially greater compared to 1992. Declines were due to lower shipments and reduced prices in the domestic market and poor economic conditions in Europe.
 Revenues at Westinghouse Communities were down for the third quarter of 1993 and the first nine months of 1993 compared to the same periods last year. Operating profit was down substantially for the third quarter and first nine months of 1993 compared to 1992 primarily due to weak market conditions in California.
 WESTINGHOUSE ELECTRIC CORPORATION
 Earnings Information
 Third Quarter 1993
 (unaudited)
 (in millions except per-share data)
 Three Months Ended Nine Months Ended
 Sept. 30 Sept. 30
 1993 1992 1993 1992
 Sales and operating
 revenues $2,060 $2,268 $6,234 $6,693
 Operating costs and
 expenses (1,917) (2,055) (5,760) (6,080)
 Operating profit $143 $213 $474 $613
 Operating profit
 margin (pct.) 6.9 9.4 7.6 9.2
 Other income and
 expenses, net 1 (4) 9 (1)
 Interest expense (52) (53) (157) (171)
 Income before income taxes and
 minority interest 92 156 326 441
 Income taxes (24) (63) (110) (159)
 Effective tax
 rate (pct.) 26.7 40.7 33.8 36.1
 Minority interest (3) (2) (8) (4)
 Income from Continuing
 Operations $65 $91 $208 $278
 Discontinued Operations, net of income taxes:
 Income (loss) from
 Discontinued Operations 0 (77) 0 (50)
 Cumulative effect of changes in accounting
 principles:
 Other postretirement
 benefits -- -- -- (742)
 Income taxes -- -- -- 404
 Net Income (loss) $65 $14 $208 ($110)
 Dividend requirements for Series B
 preferred stock 13 13 38 15
 Net income applicable
 to common stock $52 $1 $170 ($125)
 Average shares
 outstanding 354 347 352 345
 Earnings (loss) per common share:
 Continuing Operations $0.15 $0.22 $0.48 $0.77
 Discontinued
 Operations $0.00 ($0.22) $0.00 ($0.15)
 Cumulative effect of changes in
 accounting principles $0.00 $0.00 $0.00 ($0.98)
 Earnings (loss) per
 common share $0.15 $0.00 $0.48 ($0.36)
 /delval/
 -0- 10/12/93
 /CONTACT: Jay A. McCaffrey of Westinghouse, 412-642-3366/
 (WX)


CO: Westinghouse Electric Corporation ST: Pennsylvania IN: ARO OIL TLS SU: ERN

CD-DM -- PG006 -- 0968 10/12/93 09:32 EDT
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Date:Oct 12, 1993
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