Mack Reports Increase
In Quarterly IncomeALLENTOWN, Pa. - Mack Trucks Inc. reported net income of $5.1 million, or 17 cents a share, on sales of $484.7 million for the first quarter of 1988.
This compares with earnings of $4.6 million, or 16 cents a common share, on sales of $440.9 million the truck maker reported in the same quarter a year earlier.
Mack also said that extraordinary income, resulting from carry forward tax benefits, amounted to $530,000 in the 1988 quarter and $2.05 million in the 1987 quarter.
The company's operating results for the 1988 quarter continued to be adversely affected by the start-up of its new Winnsboro facility, said John B. Curcio, Mack's chairman and chief executive officer.
Lower Net in Quarter
PALO ALTO, Calif. - Consolidated Freightways Inc. reported that net income in the first quarter declined 4.7 percent to $16.8 million, or 45 cents a share, from the year-earlier $17.6 million, or 46 cents a share.
Revenues in the first quarter totaled $616.8 million, a 16.3 percent increase from $530.2 million in 1987.
Rate discounting in the company's trucking and air-freight markets led to a continuation of low margins in operating divisions, Raymond F. O'Brien, chairman, said.