American Home Products Posts Record 2nd Qtr Profit
NEW YORK (AP) _ American Home Products Corp. reported Thursday that its profit for the second quarter increased 9 percent to a record level over last year against strong sales, particulary in its packaged medicines segment.
Net income for the three months ended June 30 was $181.29 million, or $1.20 per share, compared to $167.04 million, or $1.09 per share, in the second quarter of 1985. Second-quarter sales totaled a record $1.19 billion, an 8 percent rise over sales of $1.11 billion a year ago.
Earnings for the first half of the year also reached a record, the company said.
For the first six months, American Home Products had net earnings of $378.17 million, a 9 percent increase over last year’s $347.92 million profit. Sales were $2.46 billion for the period, compared with $2.32 billion in 1985.
Chairman John W. Culligan said sale increases were posted in all segments of American Home Products, which produces consumer products and packaged drugs, including Chef Boy-Ar-Dee and Dristan.
Culligan said sales were especially strong in the company’s packaged medicines segment, posting a 24 percent increase.