Salomon reports surprise dip in quarterly earnings

October 23, 1992|By New York Times News Service

NEW YORK -- In an announcement that caught Wall Street by surprise, Salomon Inc. said yesterday that its third-quarter earnings plunged.

Salomon said its earnings plunged 93 percent, to $6 million from $85 million in the corresponding period in 1991.

There was a per-share loss for the most recent quarter after preferred dividends were paid. Revenues, after interest expenses, totaled $636 million, down from $880 million in last year's third quarter.

By the close of trading yesterday, Salomon's stock was down $4.25 a share, to $33.75, on the New York Stock Exchange.

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