With the fast recovery of the economy, profits of many a corporation were snapping back faster than anybody had hoped. The upsurge was charted last week in the first batch of year-end reports:
¶ Budd Co. (automobile brake drums, wheels, etc.) will move out of the red and show a 1958 profit because of a "greatly improved fourth quarter."
¶ Maytag will show earnings for 1958 at least 25% higher than the $6,633,292 (or $3.78 a share) it netted in 1957.
¶ RCA's Chairman David Sarnoff reported estimated fourth-quarter profits of 74¢ a share v. 68¢ last year.