Word: profitted
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Dates: during 1950-1959
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Reflecting the oil-industry bonanza caused by the Suez Canal's closing, Gulf Oil Corp. reported profits up from $2.43 to $3.20 a share, Texas Co. up from $1.27 to $1.57, Shell Co. up from $1.16 to $1.37, Standard Oil Co. (New Jersey) up from $1.04 to $1.20. And in the steel industry, where there have been some production cuts, several big companies came in with substantial profit gains. Republic Steel Corp. had the highest first-quarter sales and earnings ($1.81 a share v. 1956's $1.62) in its history. Profits were also up for Bethlehem Steel Corp...
Leaders in other industries made equally good showings. Westinghouse Electric Corp. reported profits of 82? a share on record first-quarter sales after suffering a loss in the strike-idled first quarter of 1956. General Dynamics Corp. showed a profit rise of 103% (from 56? to $1.13 a share) on a sales increase of 93%. The Union Pacific Railroad Co. increased its profits from 67? a share to 73?, and Northern Pacific Railway profits rose from 54? to 73?. Earnings of Mack Trucks, Inc. rose 33% above the 1956 first-quarter level (from 89? to $1.18 a share...
Spiraling Costs. Not all companies were spared the profit squeeze. Earnings of Eastern Air Lines, Inc. and National Airlines, Inc. were down, reflecting the spiraling costs that have hit many airlines...
...Split. Until 1950, Aramco paid Saudi Arabia about 20% royalty on all oil profits. Then, vexed that the U.S. was getting more in income taxes on Aramco profits than Saudi Arabia got in royalties, and spurred by a 50-50 oil-profit split in Venezuela, King Saud decided that Saudi Arabia should get 50% of the oil profits. But instead of increasing royalties, Saudi Arabia passed an income tax which, together with royalties, would take half of Aramco's profits...
Treasury Approval. Aramco says that changing conditions forced it to accept the Saudi Arabian income tax. King Saud insisted on an income tax instead of a royalty, the company maintains, because he wanted to get more money, yet give Aramco incentive to grow in Saudi Arabia by leaving its profit return untouched. Aramco points out that the U.S. still derives substantial benefit from taxes levied on the company's declared dividends and on dividends to stockholders of the four U.S. companies that own Aramco...