FMC Corp.`s net income in the third quarter rose 3.3 percent from a year earlier, helped by two acquisitions and higher sales by its defense, chemical and equipment divisions.
However, Robert H. Malott, chairman, expressed concern over what he called ”the steady deterioration in commercial-machinery backlog and the general slowness of the economy.”
The Chicago-based firm`s net income in the quarter rose to $59 million, or $2.27 a share, from $57.1 million, or $2.07 a share, in the year-earlier period. The 1984 quarter`s earnings were after a loss of $5.6 million from discontinued operations.
Net income in the first nine months of 1985 totaled $157.5 million, or $6.05 a share, down 4 percent from $164.3 million, or $5.24 a share, a year earlier. The 1984 results were after a loss of $12.2 million from discontinued operations.
Sales in the third quarter from continuing operations increased to $767.8 million from $747.8 million a year earlier. Nine-month sales were $2.4 billion, down from $2.5 billion.
Santa Fe Southern Pacific Corp. posted third-quarter net income of $151.4 million, or 87 cents a share, up from $137.4 million, or 73 cents a share, a year earlier.
Revenues slipped to $1.65 billion from $1.67 billion in the year-earlier period.
Quarterly operating income rose 17 percent to $261.5 million from a year earlier. The company attributed the upturn to increased land sales, including the sale of several California properties.
The company`s transportation group contributed operating income of $83.4 million, down from $102.6 million. The downturn resulted primarily from a decline in operating profits at Santa Fe Railway to $45.6 million from $71.6 million. Santa Fe experienced an 8 percent drop in carloadings and 2 percent lower revenue per carload.
Southern Pacific Transportation Co. reported operating profits of $14.9 million, nearly double the $7.5 million of a year earlier.
Santa Fe Railway and Southern Pacific each took $8.7 million charges related to a voluntary program of job buyouts aimed at reducing their work force.
In the nine months, Santa Fe Southern Pacific`s net income totaled $332.3 million, or $1.88 a share, down from $387.4 million, or $2.04 a share, a year earlier.
