Friday, October 08, 1999
TRISTATE BUSINESS SUMMARY
Evendale contributes to large GE profits
Operating profit at Evendale's GE Aircraft Engines jumped 28 percent to $535 million in the third quarter from $417 million a year ago, parent General Electric Co. reported Thursday.
GEAE revenues rose 3 percent to $2.61 billion in the three months ended Sept. 30 from $2.53 billion a year ago.
Corporate-wide, GE reported record third-quarter earnings of $2.65 billion, or 80 cents a share, up 16 percent from $2.28 billion, or 69 cents, a year ago. GE's third-quarter revenues increased 13 percent to $27.2 billion from $24.14 billion a year ago.
New engine passes initial flight tests
GE Aircraft Engines said 95 hours of flight tests have been successfully completed on its GE90-94B engine, slated to enter service on the new Boeing 777-200 extended range jet next year.
The GE90-94B, rated at 94,000 pounds of takeoff thrust, will begin ice testing in December at GEAE's Peebles, Ohio, test operation.
To date, the new engine has completed more than 600 hours of ground and flight testing, GEAE said.
Floyd damage hurts Ohio Casualty Corp.
Ohio Casualty Corp. warned Thursday that it expects losses caused by Hurricane Floyd to reduce the company's third-quarter earnings by $18 million to $20 million.
The Hamilton-based property and casualty insurer said it will incur those losses in seven states. Ohio Casualty said most of the losses were concentrated in New Jersey and North Carolina.
Severe weather is expected to cost the company about $40 million this year.
Convergys signs up another customer
Convergys Corp., the Cincinnati supplier of customer care and billing services, has signed a 10-year agreement to provide services to Nicor Energy LLC, a Midwest natural gas and services company.
Convergys will provide billing and customer care for Nicor customers in Chicago and northern Indiana. Nicor Energy is Convergys' eighth energy utility client.
Prozac is approved for use by elderly
Eli Lilly & Co., maker of the world's best-selling antidepressant Prozac, on Thursday said U.S. regulators approved the drug for elderly patients, making it the first depression medicine cleared for geriatric use.
Prozac already was designated for treating depression in adults. The new Food and Drug Administration approval applies to prescriptions of the drug for patients 65 and older.
Prozac is facing increased competition from newer drugs such as Celexa, a drug that Warner-Lambert Co. and Forest Laboratories Inc. introduced in the United States last year.
Honda consolidating two Ohio operations
Honda of America Manufacturing plans to move its motorcycle engine production into the same plant where the motorcycles are put together.
The move of engine production from Honda's engine plant in Anna in west-central Ohio to the motorcycle assembly plant in Marysville, about an hour east, should allow the company to install an engine built for a specific motorcycle within minutes, instead of hours, said Honda spokesman Roger Lambert.
$4.83B fen-phen deal proposed
Gas prices start to settle down
Brothers celebrate Skyline Chili's 50th year
Kroger, union resume talks today
Symposium focuses on innovation
Next: E-mail that self-destructs
Retailers' joy: September
UPS stops delivering handguns by ground
TRISTATE BUSINESS SUMMARY
INDUSTRY NOTES: MANUFACTURING
TRISTATE MARKET SPOTLIGHT