Word: pretax
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Last week's news was also disconcerting. Bache & Co., the second largest brokerage house, announced an $8.7 million pretax loss for last year. Goodbody & Co. reportedly had a $1.5 million operating loss in the first two months of this year. Hayden, Stone took a $17.5 million loan from a group of investors in Oklahoma. And Kleiner, Bell & Co. announced that it was getting out of the brokerage business, but will continue as an investment banker...
...aerospace industry, the nation's largest manufacturing employer. Last week sixth-ranking Lockheed Aircraft Corp. announced a $32.6 million net loss for 1969, against a profit of $44.5 million the year before. Because of a contract dispute with the Defense Department, the company wrote off $150 million against pretax income. Now it has asked the Pentagon for a $600 million cash advance. Without the money, said Lockheed Chairman Daniel J. Haughton, the company will have to stop work on four major military programs: its C-5A cargo jets, Cheyenne helicopters, missile engines and ships. All four programs involve disputes...
...some businesses that had seemed almost impervious to economic slowdown also reported earnings declines. IBM, for example, showed the first quarterly earnings dip in ten years, causing a pronounced decline in the stock and general disenchantment with other "glamour" shares. Early reports leave little doubt that overall corporate pretax profits dipped from the third quarter to the last quarter of 1969, probably about 1% on a seasonally adjusted basis. Standard & Poor's forecasts a significant decline in the first quarter of 1970, and Chase Manhattan Bank expects the drop to continue through the third quarter...
Economists are reluctant to predict the profit picture for all of 1970, but early estimates call for a drop of between 8% and 10% in pretax profits. President Nixon's budget message assumes that pretax profits this year will be $89 billion, down 5.6% from an estimated $94.3 billion in 1969. The earnings picture seems worst for auto, chemical, sulfur mining, metal fabricating and television manufacturing companies. On the other hand, companies in cosmetics, food, soft drinks, brewing, office equipment and nonferrous metals are believed to have good prospects...
...Legal fees and other campaign costs drained away another $3 million. A strike at Northwest's Lone Star Steel Co. and continuing problems-short hauls, frustrated merger plans-at its Chicago & North Western Railway have also helped to cripple profits. In the first nine months of the year, pretax earnings fell to $11.6 million-a 72% decline...