BINDLEY WESTERN CONTINUES IMPRESSIVE QUARTERLY EARNINGS ADVANCES WITH A 45.1% PROFIT JUMP IN THIRD QUARTER; OWENS & MINOR SALES UP 13.8% IN MEDICAL SURGICAL DIV.
Executive Summary
Bindley Western continued its string of impressive quarterly earnings advances in the third quarter of 1984, as the whslr. reported a 45.1% profit jump to $1.04 mil. compared to $723,000 last year. Volume during the period was up 21.9% to $141.2 mil., from $115.9 mil. a year ago. For the nine months, Bindley volume was $406.1 mil., up 16.5% over last year's $348.6 mil. Nine months net earnings were 60.2% ahead of profit during the same period last year ($3.3 mil. vs. $2.1 mil.). Owens & Minor reported third quarter sales up 19.5% to $78.4 mil. from $65.6 mil. the same period in 1983. Net income advanced 13.8% to $901,000 compared to $792,000 the year before. Owens & Minor President and CEO G. Gilmer Minor, III, noted that sales in the Medical/Surgical Div. "increased 13.8% in the third quarter, but due to accelerated pricing pressure taking place within the Hospital Supply Industry . . . gross margins declined more than expected." Parke-Davis' U.S. drug business helped Warner-Lambert third quarter earnings advance to $56.6 mil. from $50.3 mil. in the same period a year ago. In announcing three and nine months results for the period ended Sept. 30, Warner-Lambert said that "strong performances by its domestic ethical pharmaceutical and confectionary businesses" plus an improvement in its tax rate were responsible for the profit growth. For the nine months, net income was up 14% to $173 mil. from $152 mil. a year ago. Worldwide corporate sales of $798.5 mil., "which continued to be adversely affected by the strong U.S. dollar, increased 3% from $773 mil. in the third quarter of last year," Warner-Lambert said. Nine month volume was marginally higher at $2.37 bil. vs. $2.32 bil. a year ago. Chart omitted
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