Bethlehem Steel Corp. reported a net loss of $38 million, or 37 cents per diluted share, for the fourth quarter of 1999, compared with a net loss of $23 million or 26 cents per diluted share, a year earlier. Loss from operations rose to $35 million, up from a loss of $14 million for the fourth quarter of 1998. Sales were flat at $1.01 billion.
Occidental Petroleum Corp., which has a chemical plant in Niagara Falls, said it had a fourth-quarter profit of $192 million on higher chemical, oil and natural gas prices, and cost cutting. The company said profit from operations was $192 million, or 52 cents a share, compared with a loss of $35 million, or 11 cents, a year earlier.
McDonald's Corp. reported a 9 percent gain in fourth-quarter earnings of $486.2 million, or 35 cents a share. That compared with year-ago earnings of $348.5 million, or 25 cents a share, excluding costs of $146 million for the Made For You computerized cooking program and a one-time charge of $160 million.
Visteon Automotive Systems, the automotive parts unit that Ford Motor Co. will spin off, earned $95 million in the fourth quarter, down 26 percent from $129 million a year earlier. Sales rose to $4.93 billion from $4.56 billion a year earlier.
Bausch & Lomb Inc. took a $56.7 million charge to consolidate its contact-lens business and posted a 33 percent jump in fourth-quarter profits. Excluding one-time charges, earnings from continuing operations rose to $51.4 million, or 88 cents a share, from $37.5 million, or 66 cents a share, in the same period a year ago. Sales rose 9 percent to $466.6 million from $428.5 million. When one-time charges and discontinued operations are included, the firm posted a net profit of $17.2 million, or 29 cents a share, compared with a loss of $43.1 million, or 76 cents a share, a year earlier.