Arco Expects Lower Earnings: Atlantic Richfield Co.,...
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From Times Staff and Wire Reports
Arco Expects Lower Earnings: Atlantic Richfield Co., citing a drop in natural gas prices and several other factors, said it expects first-quarter earnings to decline from year-ago levels. Arco Chairman Lodwrick M. Cook, speaking to securities analysts in New York, did not disclose the specific level of profit expected for the quarter. Arco earned $547 million on sales of $4.22 billion in the first quarter of 1990. Cook also said Arco’s capital spending over the five-year period ending in 1995 would total $18.6 billion.
