EARNINGS : Seagram Net Hits $189 Million
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MONTREAL — Seagram Co. Ltd. today reported third-quarter earnings of $189 million, or $2.01 a share, up 11% from $170 million, or $1.77 a share, a year earlier.
Revenues at the beverage company increased to $1.49 billion from $1.36 billion in the third quarter of 1989.
At the end of nine months, Seagram’s earnings rose to $581 million, or $6.16 a share, from $565 million, or $5.84 a share, in 1989. Revenues increased to $4.19 billion from $3.89 billion in 1989.
Edgar Bronfman Jr., president and chief operating officer, said the third-quarter results reflected a strong performance by the company’s international division, currency translations, operating income advances with the Europe and global markets group divisions and lower orange juice costs.
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