Bell Atlantic’s Profit Up 11%

Bell Atlantic Corp. said its third-quarter profit rose 11%, helped by the sale of an investment the company made when it merged with Metro Mobile earlier this year.

Bell Atlantic said it earned $386.6 million, or 90 cents per share, compared to profit of $331.5 million, or 78 cents per share, in the same quarter of 1991. Revenue for the quarter was $3.17 billion, compared to $3.15 billion a year ago.

Current results reflect a one-time gain of 8 cents a share from the sale of a non-operating investment acquired in the company’s merger with Metro Mobile.

Bell Atlantic is one of the nation’s biggest cellular carriers.

U S West, another regional telephone company, reported a third-quarter earnings increase of 5.2% over the same period last year, but suffered a decline in revenue for the three-month period.

The Englewood, Colo., telephone company reported third-quarter earnings of $283.4 million, or 69 cents per share, compared to $269.3 million, or 66 cents per share, in the corresponding quarter of 1991.

Revenue fell 2.1% to $2.56 billion, from $2.61 billion the same period a year ago.

Weyerhaeuser Co. of Tacoma, Wash., attributed higher prices for wood products and more efficient operations for a sharp increase in third-quarter earnings.

Weyerhaeuser reported net earnings of $107.2 million, or 53 cents a share, for the 13 weeks ending Sept. 27, up 149% from earnings of $43 million, or 21 cents a share, reported for the same period a year earlier.

The earnings included $25 million from partial settlement of a lawsuit for the refund of federal income taxes.

The company said it had sales of $2.3 billion in its 1992 third quarter, a 4.5% increase over the $2.2 billion reported a year earlier.

Hospital Corp. of America said that problems with its psychiatric division led to a $268-million loss in the third quarter. The company said its loss amounted to $1.72 per share for the quarter ended Sept. 30. Last year’s earnings of $19.4 million were reported while HCA was privately held.

The Nashville, Tenn., hospital chain said it set aside $333 million after taxes to cover costs stemming from a previously announced restructuring of the psychiatric division. Excluding the charge, the company’s profit came to $64.6 million for the quarter.

Revenue was $1.27 billion, up from the $1.23 billion in the third quarter of 1991.

Dole Food Co., Westlake Village, reported a 17% drop in quarterly profit, with lower results from table grapes, bananas and real estate more than offsetting higher earnings from fresh vegetables.

In the third quarter ended Oct. 3, Dole said it earned $21.3 million, or 36 cents per share, compared to $25.8 million, or 43 cents per share, during the same period in 1991. Revenue rose 7% to $957 million from $898 million.

Unisys Corp. posted its fourth straight profitable quarter, with net income of $68.3 million, or 23 cents per share, for the third quarter.

In the same quarter of 1991, the Pennsylvania-based computer company had a net loss of $75.8 million, or 66 cents a share.

Revenue, boosted by currency rates, was $2.07 billion, compared to $1.97 billion in the year-ago quarter.

Unisys said growth in commercial computer systems and services revenue was partially offset by a slight decline in revenue from its Paramax defense-contractor subsidiary.

Debt was reduced by nearly $275 million in the quarter.