AMR reports profits triple
AMR Corp., the parent of American Airlines, said second-quarter profits more than tripled from a year ago, driven by a sharp rise in earnings from its airline operations.
The airline holding company reported earnings of $153 million, or $1.77 a share, compared with earnings of $47 million, or 39 cents a share, for the same quarter last year.
AMR shares closed at $61.375, down $1.50
Sears profits up in 2nd quarter
Sears, Roebuck & Co. posted a positive earnings surprise yesterday for the second quarter as the recovering retailer benefited from a sweeping store overhaul program and strength at its Allstate Insurance unit.
The nation's third-largest retailer had net income of $503.4 million, or $1.27 a share, in the quarter that ended July 2. Excluding a $635.1 million gain last year from its sale of 20 percent of Allstate to the public, Sears earned $458.5 million, or $1.19 a share, in the same period last year.
Sears shares closed at $46, down 62.5 cents.
Bell Atlantic earnings rise 3%
Bell Atlantic Corp. said yesterday that its second-quarter profit rose 3 percent, fueled by a 54 percent increase in cellular customers.
Bell Atlantic, the parent company of Bell Atlantic-Maryland, posted second-quarter net income of $415.4 million, or 95 cents a share, compared with profit excluding special charges of $402.5 million, or 92 cents a share, in the year-ago period.
Also yesterday, Bell Atlantic said it expects to increase its stake in Grupo Iusacell SA, a Mexican telecommunications company, to 42 percent in the second half of 1994 from its current 21 percent.
Bell Atlantic shares closed at $56, up 50 cents.
MCI profits exceed estimates
MCI Communications Corp. said yesterday its second-quarter profit rose 21 percent, slightly exceeding Wall Street estimates.
The No. 2 provider of long-distance services posted net income of $215 million, or 37 cents a share, compared with profit from operations of $178 million, or 28 cents, a year ago. Revenue grew 13 percent, to $3.31 billion.
MCI shares closed at $23.75, up 50 cents.
PEPCO allowed as party to case
A Maryland Public Service Commission hearing examiner yesterday ruled that the Potomac Electric Power Co. (PEPCO) can become a party to a case about the financial relationship between the Baltimore Gas and Electric Co. and its merchandise and service subsidiary.
PEPCO, which supplies electricity to Washington and its Maryland suburbs, said that it wanted to participate because its subsidiaries might be affected by the outcome of the case.