Profit Rises 18 percentMADISON, N.J. - Schering-Plough Corp.'s third-quarter net income rose 18 percent to $73.8 million, or 63 cents a share, from $62.3 million, or 50 cents a share, in the same period a year ago.
Sales in the third quarter increased 11 percent to $664.2 million from $600.6 million last year.
Robert P. Luciano, chairman and chief executive officer, said that third quarter results were achieved by executing sound strategies, which include the company's policies for acquisitions, divestitures and licensing agreements.
The company noted that its share-repurchase program announced June 23 has resulted in the repurchase of approximately $125 million worth of Schering- Plough common stock as of Sept. 22.
The buy-back program, which was suspended on that date, has been reinstituted this week and authorizes the repurchase of an additional $200 million worth of stock, resulting in a total of $325 million worth of shares for the expanded program.
Olin Net Jumped
73 percent in Quarter
STAMFORD, Conn. - Olin Corp.'s third quarter net income climbed 73 percent to $14.9 million, or 64 cents a share, from $8.6 million, or 40 cents a share, in the comparable quarter last year.
Sales in the third quarter rose 14 percent to $468.5 million from $411.7 million in 1986.
Third quarter earnings reflect continuing strong results in chemicals, partly offset by delayed shipments of military ammunition and a higher effective tax rate, said John W. Johnstone Jr., president and chief executive officer.
During the quarter, commodity chemical prices continued to increase and Olin's price index turned positive for the first time since 1984, he said.
Chemicals revenues rose 12 percent compared with the third quarter last year, while profits reached a record for any third period in the last decade. Positive pricing trends and strong volumes in urethane chemicals and electrochemicals accounted for the majority of the year-to-year improvement, he said.
Within the chemicals segment, Olin Hunt Specialty Products revenues continued ahead of last year by over 20 percent, while profit performance was alone significantly ahead of last year, he said.
Olin Corp.'s business is primarily in chemicals, metals and applied physics, with special emphasis on electronic materials and services, aerospace/defense and water quality management.
Squibb Posts Rise
In Quarterly Net
PRINCETON, N.J. - Squibb Corp.'s net income for the third quarter rose to $109.2 million, or $1.04 a share, from $83.9 million, or 78 cents a share, in the same period of 1986.
Sales for the third quarter rose 22 percent to $561.3 million from $460.5 million last year.
The third quarter marked a continuation of Squibb's record growth in sales and earnings, led by the strong performance of our cardiovascular product line, diagnostic imaging agents and ConvaTec ostomy and wound management products," said Richard M. Furlaud, chairman and chief executive.
"These results also reflect the favorable effects of foreign exchange rates on the year-to-year comparisons and were achieved despite the impact of heavy expenditures in support of Capoten and our product launches of Azactam and Isovue, he said.
Mr. Furlaud said research spending in 1987 will be about $225 million - up 35 percent over 1986 - and is projected to be about $300 million in 1988, another increase of approximately 35 percent.
He noted that the amounts do not include the capital required for the substantial expansion in research facilities which will be undertaken next year.
Scott Paper Posts
53 percent Jump in Net
PHILADELPHIA - Scott Paper Co.'s net income for the third quarter soared 53 percent to $58.5 million, or $1.52 a share, from $38.2 million, or $1.02 a share, in the same period a year before.
Sales in the third quarter increased 26 percent to $1.03 billion from $819.7 million in 1986.
The company's record sales and earnings reflect sharply higher sales volume and earnings for the S.D. Warren printing and publishing paper operation, strong increases in unit sales for our Scott Worldwide personal care and cleaning business and continued higher sales and earnings from our pulp, forest products and minerals businesses, said Philip E. Lippincott, chairman and chief executive officer.
Last year's third quarter earnings were depressed substantially by a nine- week strike at Scott's Mobile, Ala., facility, he said.
Scott Paper is estimated as the seventh largest U.S. company in the pulp, paper and packaging industry with reported 1986 earnings of $3.44 billion.
Union Camp Net
Rose in Quarter
WAYNE, N.J. - Union Camp Corp. announced third-quarter net income of $56.5 million, or 77 cents a share, compared with $36.4 million, or 50 cents a share, in the 1986 quarter.
Sales for the period rose 13 percent to $583.3 million from $515.9 million in the third quarter of 1986.
Commenting on the results, Gene Cartledge, chairman and chief executive, said, "In the third quarter we saw a further strengthening in the trends that have prevailed since the start of the year: strong demand for paper and packaging, high operating rates in our paper and board mills and improving prices in many product areas. Our ongoing cost containment efforts and our capital programs, which increase efficiency and productive capacity, also had a positive impact."
Earnings Are Up
MORRIS TOWNSHIP, N.J. - Allied-Signal Inc. reported 1987 third quarter net income of $174 million, or $1.02 a share, compared to $164 million, or 91 cents a share, in the same period last year.
Sales for the third quarter were $2.70 billion, compared to $2.40 billion in 1986.
Edward L. Hennessy Jr., chairman and chief executive, said operating income and marginswere up in the company's engineered materials and automotive businesses despite substantial investments in development programs.
Strong performances in the high-density polyethylene, hydrofluoric acid and home furnishing fibers businesses contributed to a 33 percent increase in net income for the engineered materials sector.