Westinghouse Sheds 3 Divisions; 3rd-Quarter Profit Quadruples
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Westinghouse Electric Corp. reported Tuesday that third-quarter earnings more than quadrupled from year-earlier levels, largely due to the company’s shedding of unprofitable businesses.
For the three months ended Sept. 30, Pittsburgh-based Westinghouse earned $65 million, or 15 cents per share, compared to $14 million and no per-share earnings in the same period of 1992. Revenue fell 9% to $2.06 billion from $2.27 billion.
Income from continuing operations fell nearly 29% from $91 million in the year-earlier quarter.
Results for the 1992 third quarter reflected $77 million in losses from three discontinued divisions.
In New York Stock Exchange trading Tuesday, Westinghouse shares rose 12.5 cents to $13.50.
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