U.S. Healthcare Inc., the East Coast HMO company, said yesterday its first-quarter profits fell 14 percent due to expenses associated with its pending buyout by Aetna Life & Casualty Inc. The company reported earning $82 million, or 53 cents per share, for the three months ending March 31, compared with $94 million, or 59 cents per share, for the same period last year.
U.S. Healthcare said it incurred $20.5 million, or 13 cents per share, in after-tax costs in the $8.9 billion sale to Aetna, which is still subject to approval by shareholders of both companies and federal and state regulators.
Exxon Corp.
Exxon, the nation’s largest oil company, said net earnings rose 13.6 percent to $1.89 billion in the quarter, or $1.51 a share, from $1.66 billion, or $1.33 a share — its best first quarter since oil prices jumped during the Gulf War. Sales rose 4.8 percent to
$31.21 billion from $29.78 billion.
Amoco Corp.
Amoco said it had record profits of $728 million in the quarter, up 39.2 percent from $523 million in the 1995 period. Earnings per share jumped to $1.47 from $1.05 and revenues rose 9 percent to $8.21 billion from $7.56 billion.
Amoco chairman and chief executive H. Laurance Fuller said the first-quarter results were bolstered by a strong performance in the exploration and production sector. The results also included a gain of $56 million on the sale of assets in Canada.
Chevron Corp.
Chevron said earnings jumped 34.2 percent to $616 million from $459 million, which included $63 million in one-time gains. Earnings per share rose to 94 cents from 70 cents.
Sales grew 14 percent to $10.34 billion from $9.04 billion. Although Chevron’s refining and marketing operations turned an million profit after a $102 million loss a year ago, chairman and CEO Ken Derr said the 1 percent return on capital was poor.
Mobil Corp.
Mobil said earnings rose by $100 million, to $736 million, in the first quarter, while earnings per share were $1.83 vs. $1.57 a year ago.
Revenues at Mobil rose to $18.7 billion from $17.6 billion a year earlier.
Texaco Inc.
Texaco said first quarter earnings rose 30 percent to $386 million from $297 million a year earlier. Earnings per share increased to $1.42 from $1.08. Revenues rose to $10.3 billion from $9.1 billion.
Union Carbide Corp.
Union Carbide Corp. reported a 32 percent drop in first-quarter profits, citing lower prices for some key products and weather-related problems that affected operations.
Net income was $157 million, or $1.11 per share, in the three months ending March 31, compared with $230 million, or $1.57 per share, in the same period a year ago. Sales increased 3 percent to $1.5 billion from $1.45 billion a year ago.
Knight-Ridder Inc.
Knight-Ridder Inc. posted a 17 percent drop in first-quarter profits despite higher revenues, mainly due to a strike at its Detroit newspaper and higher newsprint costs.
Knight-Ridder earned $23.5 million, or 48 cents a share, in the three months ending March 31, compared with $28.4 million, or 55 cents a share, in the same quarter last year. Revenue was up 3 percent, to $698 million from $675 million.
Continental Airlines
Continental Airlines, once the bankrupt black sheep of the airline industry, yesterday reported record profit for the first quarter after a loss in the 1995 period, and said it was becoming a “normal company.”
The Houston-based airline said net income reached $88 million, or $2.36 a share, on revenue of $1.38 billion despite the worst winter weather in recent memory. In the first quarter of 1995, Continental had a net loss of $30 million, or $1.21 a share, on revenue of $1.24 billion.
The 1996 results included a gain of $12.5 million, or 32 cents a share, on the sale of 1.4 million shares of America West Airlines, which reduced Continental’s stake in its Phoenix-based rival to 1 percent.
Pub Date: 4/23/96
