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.