Newspaper article THE JOURNAL RECORD

Merrill Lynch's Profit Soars despite Poor Third Quarter

Newspaper article THE JOURNAL RECORD

Merrill Lynch's Profit Soars despite Poor Third Quarter

Article excerpt

NEW YORK (AP) - Merrill Lynch & Co. announced its profit soared 146 percent in the first nine months of the year even though its third-quarter income totaled less than half of the amount earned in the same 1984 period.

In a separate financial statement, PaineWebber Group Inc. said its earnings for the fiscal year ended Sept. 30 grew to $33.8 million, up significantly from $13 million the prior year.

For the third quarter, which covered 13 weeks ended Sept. 27, Merrill Lunch, the worldwide financial services firm reported after-tax earnings of $38.4 million, or 38 cents a share, down from $80 million, or 87 cents a share a year earlier.

But last year's results benefited from the sale of the building housing Merrill Lynch headquarters in the Wall Street financial district.

Sale of the One Liberty Plaza building added $46 million, or 50 cents a share to third quarter 1984 net income. A gain of $9 million, or 10 cents a share, stemming from tax law changes was also added to last year's third quarter income.

Without those one-time gains, Merrill Lynch would have earned $25 million, or 27 cents a share, in the third 1984 quarter.

Revenue in the third quarter grew to $1.75 billion from $1.66 billion the year before.

Chairman William A. Schreyer and President Daniel P. Tully said Merrill Lynch has improved its financial posture this year but will still strive to keep costs under control.

""Eliminating the special factors that affected last year's results, our operations show improvement over the difficult period of a year ago,'' they said in a joint statement. But they added that ""cost control must be an ongoing undertaking, and it will remain one of our highest priorities. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.