[clari.biz.finance.earnings] ARCO reports fourth-quarter results

clarinews@clarinet.com (01/19/90)

	NEWTOWN SQUARE, Pa. (UPI) -- ARCO Chemical Co. reported 1989
fourth-quarter earnings of $75 million, or 78 cents a share, down 44
percent from 1988's earnings of $134 million, or $1.39 a share,
officials of the diversified chemical manufacturer announced Thursday.
	Revenues for the fourth quarter fell to $606 million from $745
million in 1988.
	For all of 1989, ARCO reported earnings of $405 million, or $4.22 a
share, compared with $494 million, or $5.00 a share in 1988.
	Revenues for the 12 months were $2.66 billion, down from $2.7
billion in the previous year.
	ARCO president Harold Sorgenti attributed the year's sales and
earnings slide to ``a slowdown in key U.S. housing, automobile and
durable goods markets.''
	``Partially offsetting these declines were margin improvements in
the company's core businesses other than styrene,'' Sorgenti said,
adding that lower styrene margins caused by a ``balancing'' of worldwide
supply and demand for the product cut into the company's gross profits
for the year.