Westinghouse Electric Corp. and International Business Machines Corp., two of the nation's largest companies, said today that they lost money in 1991. Neither report was a surprise, because the companies have announced corporate restructurings, including layoffs in Maryland.
Westinghouse Chairman Paul E. Lego blamed the loss on its troubled financial services unit.
In 1991, Westinghouse lost $1.09 billion, or $3.46 a share, on revenues of $12.8 billion. In 1990, the company had a $268 million profit, or 91 cents per share, on revenues of $12.9 billion.
The company also said operating profit for its Linthicum-based Electronic Systems division fell substantially in the quarter and for the year, due to poor sales and costs associated with expanding the non-defense business.