APC PROFIT DECLINED
IN SECOND QUARTEROAKLAND, Calif. - American President Cos. earned $1.5 million in the second quarter, on revenue of $511 million.
In the comparable 1989 quarter, APC earned $5.7 million, or 14 cents a share, on $530 million revenue.
After reflecting preferred stock dividends, there were no earnings attributable to common stock in the second quarter of 1990.
For the first half of 1990, the company lost $1 million on revenue of $1.1 billion, compared with earnings of $11.5 million, or 27 cents a share, on revenue of $1.1 billion in the comparable 1989 period.
W.B. Seaton, APC chairman, said the company's transportation operations had pretax losses of $900,000 and $12.1 million for the second quarter and first half of 1990, respectively, compared with pretax income of $1.6 million and $9.5 million for the same periods a year earlier.
A decline in international volumes, continuing rate pressures in the intra- Asia market, a decline in margins in the company's intermodel freight brokerage operations and increased equipment costs drove the decline, the company said.
SANTA FE PACIFIC POSTS
$1.3 MILLION LOSS
CHICAGO - Santa Fe Pacific Corp., parent of Atchison, Topeka and Santa Fe Railway Co., reported a second-quarter loss of $1.3 million on revenue of $660.7 million.
In the same quarter a year earlier, Santa Fe Pacific earned $2.7 million, or 2 cents a share, on revenue of $722.2 million.
Santa Fe Railway's quarterly income fell to $29.2 million, from $53.9 million, while revenue dropped 8.4 percent to $513.2 million. Santa Fe Pacific blamed the loss on sluggish transportation and natural resource business.
POSTS RISE IN EARNINGS
FORT WORTH, Texas - Burlington Northern Inc. earned $71 million, or 92 cents a share, in the second quarter. That compares with income of $56 million, or 74 cents a share, in the comparable 1989 quarter.
BNI, which owns Burlington Northern Railroad Co., had operating income of $177 million in the quarter on revenue of $1.17 billion, compared with $147 million on revenue of $1.16 billion in the same quarter in 1989.
Traffic volume, as measured in ton miles, increased 7 percent over the prior year. Mix changes resulted in a longer average length of haul and lower revenue and cost per ton mile, the company said.
PACCAR REPORTS DROP
IN QUARTERLY EARNINGS
BELLEVUE, Wash. - Paccar Inc. earned $18.8 million, or 54 cents a share, in the second quarter. That compares with income of $47.5 million, or $1.36 a share, in the 1989 second quarter.
Revenue fell to $632 million from $850.2 million a year earlier.
Sales and worldwide backlogs for large heavy-duty trucks remain well below last year's levels, the company said. BN said it is accruing funds for personal injury claims and for the possible outcome of labor negotiations under national handling.
MATLACK SYSTEMS INC.
POSTS IMPROVED RESULTS
WILMINGTON, Del. - Matlack Systems Inc., parent of bulk truck hauler Matlack Inc., reported net income of $505,000, or 9 cents a share, on revenue of $56.6 million in the company's third fiscal quarter.
In the same period a year earlier, Matlack earned $130,000, or 3 cents a share, on revenue of $57.1 million.
Matlack said a cost reduction program, implemented earlier in the fiscal year, enabled it to record improved results.
ILLINOIS CENTRAL REPORTS
SHARP RISE IN EARNINGS
CHICAGO - Illinois Central Corp., parent of Illinois Central Railroad Co., reported second-quarter net income of $11.1 million, or 47 cents a share, on revenue of $137.6 million.
In the same quarter a year earlier, the company earned $3 million, or 3 cents a share, on revenue of $132.9 million.
An improved commodity mix, primarily an increase in long-distance grain traffic, boosted revenue, the company said.