Westinghouse income falls local unit's profits slide Earnings

July 15, 1992|By Ted Shelsby | Ted Shelsby,Staff Writer

Westinghouse Electric Corp. reported yesterday a drop in income during the second quarter and a lackluster performance at its big defense complex in Linthicum.

The company said it earned $122 million, or 35 cents a share, in the quarter, nearly 15 percent less than a year ago. Revenues fell to $3.15 billion from $3.17 billion.

Operating profits for Westinghouse's Electronic Systems Group, which has most of its operations next to Baltimore-Washington International Airport, posted a decline, and revenues were flat, said Ronald E. Hart, a company spokesman.

He said that was mostly because much of the group's work was in the developmental stage rather than the more profitable production stage. Revenues and operating profits were up for the first six months of 1992.

The main culprit in the company's weak performance, however, was its financial-services division. In a separate statement yesterday, the Pittsburgh-based company noted that its Westinghouse Credit Corp. subsidiary had second-quarter income of $2.1 million and revenues of $172.2 million.

During the second quarter of 1991, income was $19.5 million and revenues were $264 million.

On the plus side, Westinghouse reported revenues for its industries segment rose slightly and operating profits increased significantly for the second quarter and first half because of cost cuts and a stronger domestic truck and trailer market in the transport refrigeration business.

Westinghouse posted an operating profit of $252 million in the second quarter, the same as last year. Operating profits for the six months amounted to $446 million, up from $409 million in first half of 1991.

Three months ended 6/30/92

.. .. .. .. .. Revenue .. .. .. .. ..Net .. .. .. .. .. .. Share

'92 .. .. .. .3,146,000,000 .. .. ...122,000,000 .. .. ..0.35

'91 .. .. .. .3,174,000,000 .. .. ...127,000,000 .. .. ..0.41 RTC % change .. .. .. .. . --0.9 .. .. .. .. ... --3.9 .. ... --14.6

Six months ended 6/30/92

.. .. .. .. .. Revenue .. .. .. .. .. Net .. .. .. .. .. .. Share

'92 .. .. .. .5,972,000,000 .. .. ..(124,000,000) .. .. .(0.35)

'91 .. .. .. .5,951,000,000 .. .. ..225,000,000 .. .. .. ..0.75

% change .. .. .. .. . +0.3 .. .. .. .. .. .. . -- .. .. .. .. --

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