Good Cheer & Bad

The first big batch of annual reports for 1952 came out last week. Most made good reading for stockholders. But there were some companies, caught by high costs and taxes, which sold more goods only to make less money. And a comparative few were deep in the red. A synopsis:

Automobiles. General Motors, nudged out by Standard Oil of New Jersey in 1951 as the biggest corporate moneymaker, was back in first place. Rolling up the largest sales ever reported by any company ($7.6 billion), G.M.'s net earnings were up 10% to $559 million, third highest in G.M.'s history. Studebaker, the biggest independent automaker, rounded out its 100th year with record sales, boosted its net 13% to $14.3 million.

Airlines. United's operating income soared 24% to the highest ($159 million) in its 27 years; its net climbed 25% to $10.7 million.

Railroads. Baltimore & Ohio's net highballed to $10 million, $4,100,000 more than in 1951, despite a 6.93% drop in coal traffic. Santa Fe's gross revenues topped $600 million for the first time, but earnings fell $2,600,000 to $70.7 million.

Oil. Standard Oil of New Jersey estimated that it would net $10 million less (about $518 million) than in 1951. Shell, with gross sales of $1,142,632,000, joined the select Billion Dollar Club for the first time, but its earnings fell 6% (to $90.9 million).

Metals. Phelps Dodge, the second biggest domestic copper producer, piled up the biggest sales in its history ($262.9 million), but netted 18% less ($35 million). Reynolds Metals' sales increased 9%, but net fell 7% to $14.7 million.

Steel. Hard hit by strikes, which cost 6,900,000 ingot-tons production, U.S. Steel's sales fell 11% (to $3.1 billion), and profits dropped from $184.3 to $143.6 million. Jones & Laughlin's earnings fell from $30.9 to $19.5 million.

Rubber. Goodyear Tire and Rubber Co., biggest of the tiremakers, saw its sales top $1 billion for the second successive year, and its net bounce from $36.6 to $39 million.

Textiles. On 17.8% less sales, Celanese's net skidded from $24.8 to $9,200,000. Bigelow-Sanford's carpet business grossed 13% less ($67.3 million), and for the second year in a row it wound up in the red, though the loss had been cut from $2,300,000 in 1951 to $1,250,000.

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