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Archive for Wednesday, October 18, 2000

Briefcase

October 18, 2000

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Telecommunications

Sprint earnings up

Third-quarter net earnings at Westwood-based Sprint rose 7 percent, helped by increased earnings from its long-distance and local operations.

Net income for the three months ended Sept. 30 was $384 million, or 43 cents per share, up from $359 million, or 41 cents per share, in the year-ago period, the company said Tuesday.

The results for the quarter include investment losses of $32 million, or 4 cents per share, while the 1999 third-quarter numbers include a loss of $60 million from discontinued operations.

Sprint PCS, the wireless operation split into a separate business in 1998, posted a loss of $394 million, or 41 cents per share, compared with a net loss of $615 million, or 65 cents a share, in the year-ago period. Revenue nearly doubled to $1.67 billion from $844 million.




Economy

Dropping mine output slows production gains

Industrial production at the nation's factories, mines and utilities moderated in September, wrapping up a third quarter that posted the slowest growth in manufacturing output since early 1999.

The Federal Reserve reported Tuesday that output rose 0.2 percent last month, down from a 0.4 percent increase a month earlier. Production gains for a variety of consumer goods, automobiles and replacement tires were tempered by a sharp drop in output at mines.

Many analysts had expected industrial production to decline by 0.1 percent.




Manufacturing

Honeywell earnings slip

Third-quarter net income at high-tech manufacturer Honeywell International Inc. fell 49 percent, in part due to planned divestitures.

The results met analysts' expectations.

The company's third-quarter profit fell to $282 million, or 35 cents per share, compared with $554 million, or 68 cents per share, a year earlier, the company said Tuesday.

Excluding one-time charges for a brakes recall and several divestitures of noncore businesses, Honeywell earned $613 million, or 76 cents per share, meeting the expectations of analysts surveyed by First Call/Thomson Financial.

Honeywell has an avionics plant in Lawrence.




Celebration

Free State Credit Union to mark celebration

Free State Credit Union in Lawrence will celebrate International Credit Union Day on Thursday.

The credit union, located inside the Community Mercantile Co-op at 901 Miss., plans to note its status as a not-for-profit, member-owned, not-for-profit organization by welcoming visitors and serving refreshments.

The credit union celebrated its 25th anniversary in May.

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