wsj_0760.xml
WSJ891027-0135
WSJ891027-0135
=
891027
=
891027
891027-0135
.
891027-0135
.
Norton
Net
Declined
@
6
%
in
Third
Quarter
Norton
Net
Declined
@
6
%
in
Third
Quarter
10/27/89
10/27/89
10/27/89
WALL
STREET
JOURNAL
(
J
)
WALL
STREET
JOURNAL
(
J
)
NRT
NRT
EARNINGS
(
ERN
)
INDUSTRIAL
EQUIPMENT
,
MACHINE
TOOLS
(
IND
)
EARNINGS
(
ERN
)
INDUSTRIAL
EQUIPMENT
,
MACHINE
TOOLS
(
IND
)
WORCESTER
,
Mass.
WORCESTER
,
Mass.
Norton
Co.
said
net
income
for
the
third
quarter
fell
6
%
to
$
20.6
million
,
or
98
cents
a
share
,
from
$
22
million
,
or
$
1.03
a
share
.
Operating
profit
for
the
abrasives
,
engineering
materials
and
petroleum
services
concern
was
$
19.2
million
,
or
91
cents
a
share
,
up
3
%
from
$
18.7
million
,
or
87
cents
a
share
.
The
company
had
a
tax
credit
of
$
1.4
million
.
In
the
year-earlier
quarter
,
the
tax
credit
was
$
3.3
million
.
Sales
rose
8
%
to
$
368.5
million
from
$
340.7
million
.
Operating
profit
in
the
company
's
abrasives
segment
rose
16
%
while
operating
profit
in
the
engineering
materials
segment
rose
2
%
.
However
,
the
company
's
petroleum
services
segment
,
while
profitable
,
was
hurt
by
high
financing
costs
associated
with
the
company
's
buy-out
of
a
50
%
stake
in
Eastman
Christensen
Co.
from
Texas
Eastern
Corp.
last
June
.
Norton
and
Texas
Eastern
had
each
held
a
50
%
stake
in
Eastman
in
a
joint
venture
.
Norton
announced
earlier
this
month
that
it
was
exploring
the
possible
sale
of
all
or
part
of
Eastman
Christensen
.
For
the
nine
months
,
Norton
had
net
of
$
81.2
million
,
or
$
3.87
a
share
,
and
a
tax
credit
of
$
4.4
million
.
In
the
year-earlier
period
,
the
company
had
net
of
$
77.2
million
,
or
$
3.68
a
share
,
and
a
tax
credit
of
$
7.7
million
.
Norton
had
operating
profit
of
$
76.8
million
,
or
$
3.66
a
share
,
up
11
%
from
$
69.5
million
,
or
$
3.31
a
share
.
Sales
rose
8
%
to
$
1.15
billion
from
$
1.06
billion
.