Philip Morris’ Net Income Climbs 15.6%

Philip Morris Cos. said Wednesday that its profit climbed 15.6% in the fourth quarter, propelled by an industry-leading tobacco business led by the top-selling Marlboro brand.

The New York conglomerate, which also owns the growing Kraft food business and the struggling Miller Brewing operation, also said its earnings rose 15.7% for all of last year compared with 1995.

It cited market research that estimated its cigarette brands accounted for nearly one of every two cigarettes sold in the U.S. in 1996, with its Marlboro brand alone capturing a third of the market.

Philip Morris said net income rose to $1.47 billion, or $1.81 a share, from $1.27 billion, or $1.53, in the year-earlier period. That matched the average estimate of Wall Street analysts.

Shares rose $2 to close at $116.375 on the New York Stock Exchange.

*

Sunbeam Corp. reported a fourth-quarter loss and said it wrapped up the cost-cutting part of its massive restructuring plan.

The maker of Sunbeam and Oster brand toasters and blenders reported a loss from continuing operations of $190.5 million, or $2.27 a share, contrasted with profit from operations of $1.7 million, or 2 cents, in the year-ago period.

The most recent quarter includes pretax charges of $134.8 million related to its restructuring.

Under Chairman and Chief Executive Al Dunlap, who joined the home appliance maker six months ago, the company has undergone a restructuring to cut costs by $225 million a year by firing workers, closing plants and shedding unprofitable divisions.

In the most recent quarter, a loss from discontinued operations of $11.8 million, or 14 cents a share, and an estimated loss from the sale of discontinued operations of $32.4 million, or 38 cents, resulted in a final loss of $234.7 million, or $2.79.

The Delray Beach, Fla.-based company had been expected to lose 1 cent a share, based on a survey of analysts.

At a Glance:

Avery Dennison Corp. reported record fourth-quarter net income of $47.7 million, or 46 cents per share, up 27% from fourth-quarter 1995 earnings of $37.7 million, or 35 cents. The Pasadena-based company is a leading maker of adhesive and office automation products.

Wang Laboratories Inc. said its earnings dropped 35% to $4.5 million, or 3 cents per share, in the fourth quarter. In the year-ago quarter, Wang earned $6.9 million, or 9 cents.

Pacific Enterprises reported fourth-quarter net income of $57 million, or 56 cents per share, equal to its net income for the year-ago quarter.

Western Atlas Inc. reported fourth-quarter net income of $36.6 million, or 67 cents per share, compared with $27.2 million, or 50 cents, a year ago.

CompUSA Inc. reported a 27% increase in fiscal second-quarter earnings of $23.7 million, or 25 cents per share. That was up from $18.7 million, or 20 cents, a year ago.

Sport Chalet Inc. reported fiscal third-quarter net income of $1.7 million, or 26 cents per share, compared with $1.0 million, or 16 cents, a year ago.

Polaroid Corp. said its fourth-quarter earnings rose less than expected to $37 million, or 81 cents a share, contrasted with a loss from operations of $500,000, or 1 cent, a year ago.

Viad Corp. said fourth-quarter earnings rose 20% to $19.1 million, or 21 cents a share, compared with $15.9 million, or 18 cents, a year earlier.

Bausch & Lomb Inc. said weak sales of sunglasses in the U.S. dragged down its fourth-quarter operating profit by 66% to $15.85 million, or 29 cents a share, contrasted with a loss of $3.36 million, or 4 cents, a year ago.

DuPont Co. said its fourth-quarter earnings rose 21% to $858 million, or $1.52 a share, compared with profit from operations of $710 million, or $1.28 a share, in the year-ago quarter.

DuPont’s wholly owned unit Conoco Inc. said fourth-quarter profit rose 72% to $213 million, compared with $124 million a year earlier.

Asarco Inc. reported fourth-quarter earnings of $24.3 million, or 57 cents a share, contrasted with a loss of $11.3 million, or 27 cents, for the 1995 quarter.

Knight-Ridder Inc. said fourth-quarter profit more than doubled to $69.1 million, or 72 cents a share, from $31 million, or 32 cents, a year ago.

Bethlehem Steel Corp. said fourth-quarter profit from operations tumbled 27% to $23.5 million, or 12 cents a share, compared with $32.4 million, or 20 cents, in the year-earlier quarter.

ITT Industries Inc said its fourth-quarter profit more than doubled to $71.2 million, or 59 cents a share, from year-earlier profit from operations of $33.4 million, or 28 cents.

Estee Lauder Cos. reported a better-than-expected 19% increase in fiscal second-quarter earnings of $69.9 million, or 54 cents a share, from $58.5 million, or 45 cents, a year earlier.

Boston Chicken Inc. reported a 77% rise in fourth-quarter net income to $18.1 million, or 27 cents a share, from $10.2 million, or 19 cents, a year earlier.

Washington Mutual Inc. reported a fourth-quarter net loss of $87.9 million, or 81 cents a share, related to its merger with Keystone Holdings Inc., contrasted with net income of $83.7 million, or 75 cents, in the year-ago period.

Associates First Capital Corp. said fourth-quarter earnings rose 20% to $234.3 million, or 68 cents a share, from $194.8 million, or 56 cents, a year earlier, when it was still wholly owned by Ford Motor Co.

Excel Communications Inc. said fourth-quarter earnings rose 60% to $31 million, or 28 cents a share, from $19.4 million, or 21 cents, on fewer shares a year ago.

McGraw-Hill Cos. said fourth-quarter profit from operations rose 14% to $62.3 million, or 62 cents a share, from $54.5 million, or 54 cents, in the year-earlier quarter.

Hershey Foods Corp. said fourth-quarter profit rose 11% to a record $114.0 million, or 74 cents a share, from $103.9 million, or 67 cents, a year ago.

Naturade Inc. reported fiscal first-quarter earnings of $277,900, or 10 cents per share, contrasted with a net loss of $19,400, or 1 cent, a year ago.