Norton Co. said net income for the third quarter fell 6% to $20.6 million, or 98 cents a share, from $22 million, or $1.03 a share. 

Operating profit for the abrasives, engineering materials and petroleum services concern was $19.2 million, or 91 cents a share, up 3% from $18.7 million, or 87 cents a share. 

The company had a tax credit of $1.4 million.
In the year-earlier quarter, the tax credit was $3.3 million.
Sales rose 8% to $368.5 million from $340.7 million. 

Operating profit in the company's abrasives segment rose 16% while operating profit in the engineering materials segment rose 2%.
However, the company's petroleum services segment, while profitable, was hurt by high financing costs associated with the company's buy-out of a 50% stake in Eastman Christensen Co. from Texas Eastern Corp. last June.
Norton and Texas Eastern had each held a 50% stake in Eastman in a joint venture. 

Norton announced earlier this month that it was exploring the possible sale of all or part of Eastman Christensen. 

For the nine months, Norton had net of $81.2 million, or $3.87 a share, and a tax credit of $4.4 million.
In the year-earlier period, the company had net of $77.2 million, or $3.68 a share, and a tax credit of $7.7 million. 

Norton had operating profit of $76.8 million, or $3.66 a share, up 11% from $69.5 million, or $3.31 a share. 

Sales rose 8% to $1.15 billion from $1.06 billion.