Chrysler Corp.With a new line of cars and a fresh dose of...


April 20, 1993

Chrysler Corp.

With a new line of cars and a fresh dose of cost-cutting taking hold, Chrysler Corp. reported a strong first-quarter gain yesterday.

Profits from Chrysler's operations reached $530 million, a healthy performance obscured by a $4.7 billion one-time cost to account for future retiree health benefits.

The noncash accounting charge, which all companies have to record, resulted in a loss of $4.15 billion, or $12.81 a share, for the No. 3 automaker. Before the accounting change, Chrysler's per share earnings were $1.57.

Primerica Corp.

Primerica Corp. said it earned $190.3 million, or $1.09 a share, for the first quarter after special accounting charges and strong performances by its insurance and brokerage units.

Primerica, parent of brokerage Smith Barney, Harris Upham & Co. and Commercial Credit Co., said the results compare with first quarter 1992 earnings of $192.1 million, or $1.13 a share, which benefited from $66.9 million in one-time investment gains and a special charge of $28.1 million for changes in income tax accounting.

Unisys Corp.

Computer maker Unisys Corp. reported yesterday a five-fold rise in first-quarter earnings, due mostly to a one-time net gain of $230 million.

Unisys reported profits of $260.6 million, or $1.39 a share, in the first three months of the year, compared with $48.3 million, or 11 cents a share, a year earlier.

Chase Manhattan Corp.

Chase Manhattan Corp. said yesterday that profits rose to $153 million, or 74 cents a share, from $141 million, or 81 cents a share, a year earlier, as accounting gains were offset by heavy losses to pay for the sale of real estate.

Chase said it was selling $2 billion worth of commercial real estate and taking a charge of $884 million against first-quarter earnings to pay for the move.

Capital Cities/ABC Inc.

Capital Cities/ABC Inc., operator of the ABC television and radio networks, reported stronger profits for the latest quarter.

Capital Cities/ABC, citing slightly improved advertising revenues, said it earned $58 million on revenues of $1.18 billion in the quarter. In the 1992 period, it had a net loss of $101 million due to the adoption of required accounting changes.

Time Warner Inc.

Time Warner Inc., still carrying heavy debts from a 1989 merger, reported a net loss yesterday of $124 million in the latest quarter, an improvement over its $150 million in red ink the same period a year ago.

But the entertainment giant said its operating earnings showed strong gains, and it expressed optimism over future earnings prospects.

The Travelers Corp.

The Travelers Corp. reported a $195 million profit yesterday for the first quarter, due largely to a strong performance in its investment portfolio and improvements in its core businesses.

The results compare with restated earnings of $224 million for the same period last year, which included $170 million in one-time gains for income tax accounting changes and retiree benefits.

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