Westvaco Corp.Income for this New York-based paper and...

EARNINGS

November 18, 1992

Westvaco Corp.

Income for this New York-based paper and chemical maker dropped by 31 percent in its fourth fiscal quarter as the result of intense competition among paper companies, particularly in the printing and writing paper market. But the company says it's better off than its competitors because of aggressive product innovations and cost-reduction efforts.

"We have thus far achieved better stability of earnings against our pre-recession earnings peak than virtually all of our major North American competitors," said John A. Luke Jr., president and chief executive officer.

NB The company operates a paper mill in Luke in Western Maryland.

Three months ended 10/31

. ...... .......Revenue..... ....... Net.. ...... ..... Share

........614,458,000. ....... 32,852,000... .....0.50

91...... ..... 605,368,000.........47,602,000.... ....0.73

% change..... .........+1.5.. .. .... ....-31.0... .....-31.5

Eastern Stainless Corp.

This Baltimore-based unit of Armco Inc. lost less money in the third quarter as the result of productivity improvements and cost reductions, the company announced.

Armco is the majority shareholder of Eastern Stainless and its results are reflected in Armco's financial statements. In the third quarter, Armco, based in Parsippany, N.J., lost $25.2 million, or 26 cents a share, compared with a $26.9 million loss, or 33 cents a share, for the 1991 third quarter.

Three months ended 9/30

... ..... ...... Revenue..... ..... ... Net..... ........ ... Share

92.. ..... .....31,929,000...... .....(2,524,000)...... ........NA

91...... .......35,385,000.... ...... (4,478,000)....... .......NA

% change...... ........-9.8..... ... .... .....NA..... .... .....NA

Nine months ended 9/30

.. ..... .... .....Revenue... .... ..... Net..... ..... .... Share

92.... ..... .....101,229,000.... .....(4,304,000)....... .....NA

91... ...... ....125,846,000... .......(6,470,000)... ..... ...NA

% change... ....... ....-19.6..... ....... .....NA...... .......NA

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