Earnings: Better Than '55

As industry released the first batch of 1956 first-quarter earnings reports last week, it was apparent that, for the first three months, 1956 looked better even than record-breaking 1955. Steel led the field. Pittsburgh Steel turned in a $2,469,-624 net, 171% ahead of the same period last year, and Allegheny Ludlum earned $4,572,608, a handsome 92% better. Lukens Steel reported a 370% profit hike to $1,361,641, and President Charles Lukens Huston Jr. predicted that 1956 would bring the best sales and earnings in the company's 146-year history.

Containers were bursting with good news: a 25% profit hike to $4,420,000 at the Container Corp., a 56% net increase at National Container Corp.

International Business Machines netted $15,323,000, a record and 34% better than a year ago; St. Regis Paper also set a high, hiking its net 49% to $6,212,000, and announced capital expenditures of $43 million v. $11 million last year. Giant American Telephone & Telegraph set a record of $148,170,000 v. $128,618,653 in '55 and announced first-quarter capital expenditures of $470 million, 36% greater than last year.

In almost every industry there were similar bright reports. National Biscuit earned $4,678,974, up 17.3% above last year, and Sunshine Biscuits estimated a "quite substantial" gain in the year's first two months. Philip Morris estimated a 40% profit rise over 1955's first-quarter $1,849,992, and Kroger's cash registers rang up $3,908,872, for 41% more profit than last year. United Airlines revenues rose 11% over the $50,381,000 of a year ago, and President W. A. Patterson prophesied that revenues would rise 50% in the next five years. Chemicals reacted unevenly. While preliminary reports from Du Pont and Monsanto indicated profit declines, Dow Chemical's net advanced 38% to $14,282,841, and General Aniline's rose 90% to $1,450,000. Western Union reported a profit of $3,207,000, its best earnings in a quarter century.

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