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EARNINGS DECLINE IN 4Q: FIRMS REPORT LOWEST GROWTH SINCE 1993.
Crain's Detroit Business, March, 1999 by ROUSH, MATT
Uh-oh. Is that an economic slowdown ahead? Fourth-quarter profits fell at the 42 Detroit area publicly held companies that had reported earnings as of last Wednesday. The companies, which exclude the automakers, showed aggregate net income of $609.9 million in the quarter, down 9.3 percent from $672.6 million in the fourth quarter of 1997.
The reason for the decline was a huge charge at a single company: Lear Corp. (NYSE: LEA), which posted a $133 million charge ($92.5 million after taxes) for plant closings, layoffs and other restructuring. But even with the one-time Lear charge backed out of the figures, profit growth was thin, at just 4.7 percent, to $702.4 million. That's the lowest quarterly profit growth reported by Crain's since 1993....
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