Earns-LTV,0290CLEVELAND (AP) - LTV Corp., which makes steel products and oilfield equipment, said Friday its earnings slipped in the fourth quarter due to a decline in shipments and weaker prices.
LTV earned $34.5 million, or 32 cents a share, in the quarter ended Dec. 31, down from $34.8 million, or 32 cents per share, in 1995.
Sales fell 3 percent to $1.01 billion in the quarter from $1.04 billion in 1995.
The impact of lower shipments and selling prices was partially offset in the quarter by improved productivity and onetime items that added $6 million to earnings before taxes.
In trading on the New York Stock Exchange, LTV shares were up 37 1/2 cents at midday to $12.50.
For the year, LTV said its earnings fell 41 percent to $109.2 million, or $1.01 per share, from $184.8 million, or $1.71 per share, in 1995.
Annual sales fell 3 percent to $4.13 billion from $4.28 billion in 1995.
Shipment levels for the year were the highest since 1988. But prices remained weak, said David Hoag, chairman and chief executive.
``Although we were able to implement three spot market price increases during 1996, prices did not recover to the levels of the first half of 1995,'' he said.
LTV is the parent company of LTV Steel Co. and Continental Emsco Co.
LTV Steel, based in Cleveland, makes flat rolled steel for automotive, appliance, service center and electrical equipment markets. The company also makes welded steel pipe and tubing and tin mill products.
Continental Emsco, based in Garland, Texas, is a manufacturer of oilfield equipment and a distributor of industrial supplies for the energy industry.
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