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Westinghouse sales in 1935 footed up to $122,000,000, an increase over the previous year of 33%. Last week in a preliminary report General Electric showed 1935 sales of $208,000,000, an increase of 27%. From the 1929 peak to Depression's low Westinghouse sales declined 69%, GE sales 67%. And while Westinghouse was unable to make any money for three years, GE managed to show a $13,000,000 profit even in 1933. GE's profit for last year was $27,000,000, inspiring a boost in quarterly dividend payments on its 28,800,000 shares from 20¢ to 25¢.
Other notable 1935 earnings:
American Sugar, despite the highest sugar prices in years, made $3,571,000 in 1935, a considerable slide from the $4,877,000 profit in 1934. Chairman Earl D. Babst loudly blamed the company's loss of business on Government quotas, declared that import allowances for refined sugar from Cuba, Puerto Rico and the Philippines had made refineries hum on those islands while "domestic refineries are working at half capacity."
International Harvester's 1935 sales of $217,500,000 were 57% better than the year before, reflecting higher farm purchasing power. Profits rose from $3,900,000 in 1934 to $19,600,000, leaving something applicable to the common stock after preferred dividends for the first time since 1930.
U.S. Rubber continued to recover under du Pont management, reporting net income of $2,200,000, a notable improvement over the $544,000 deficit reported the previous year, an incalculable improvement over the $40,000,000 in deficits accumulated early in Depression.
* Only corporate connection between Westinghouse Electric and Westinghouse Air Brake is their common founder.