IC Industries Inc. said Tuesday the strong performances of its four companies pushed overall sales and earnings to record levels in the second quarter.
The Chicago-based company`s earnings for the quarter increased 32 percent, to $34.6 million, or 32 cents a share, from $26.3 million, or 23 cents a share, a year earlier.
Consolidated sales and revenues increased 18 percent, to $857.7 million from $729 million.
The company`s overall results have been reclassified to reflect IC`s Illinois Central Gulf Railroad and Pneumo-Abex Corp., an aerospace and defense products firm, as discontinued operations. Including their results, IC`s net income increased 21 percent, to $55.8 million, or 52 cents a share, from $46 million, or 41 cents a share.
The railroad, pending government approval, is being spun off to IC shareholders. The sale of the Boston-based Pneumo-Abex to a joint-venture group is expected to close in August.
”Our sales and earnings increases reflect the very strong performances of the four companies,” said IC spokesman Charles H. Connolly.
The companies are Pet Inc., a food concern based in St. Louis; Pepsi-Cola General Bottlers Inc., based in Chicago; Midas International Corp., a Chicago- based auto service firm; and Hussmann Corp., a food equipment manufacturer based in Bridgeton, Mo.
