Reynolds Metals Co., the nation’s second-largest aluminum...

Reynolds Metals Co., the nation’s second-largest aluminum producer, posted sales of $3.72 billion for the year ended Dec. 31, compared to $3.34 billion in 1983. Net income was $137.3 million after a loss of $99.1 million the year before. For the fourth quarter, sales totaled $839.6 million, compared to $846.6 million. Net income hit $38.4 million after reaching $12.3 million in 1983.

The strong earnings recovery in 1984 was attributed to the company’s ongoing cost reduction efforts and its diverse high value-added product mix, according to David P. Reynolds, chairman and chief executive.

“Revenue per pound shipped in 1984 increased by 14% compared to the prior year, with products other than primary aluminum accounting for 89% of shipments and 95% of sales,” Reynolds said.

Pacific Gas & Electric Co. said its profit rose 47% in the fourth quarter and 24% for the year.

The San Francisco-based utility said earnings in the quarter ended Dec. 31 totaled $241.3 million, compared to $164.3 million a year ago. Total operating revenues rose to $2.11 billion from $1.63 billion.

For the full year, net income rose to $974.9 million from $788 million in 1983. Total operating revenues rose to $7.83 billion from $6.65 billion a year ago.

Frederick W. Mielke Jr., PG&E; chairman and chief executive, said the improved yearly results reflected “continuing rigorous cost controls . . . and the fact that 1983 earnings were greatly depressed by non-recurring accounting adjustments.”

Ralston Purina Co., including the first quarter of Continental Baking Co. acquired in October, 1984, said its first quarter ended Dec. 31 resulted in sales of $1.57 billion, compared to $1.32 billion a year earlier. Net income hit $82.8 million, compared to $80.8 million in 1983.

The firm said assuming the acquisition of Continental had occurred on Oct. 1, 1983, the pro forma combined net sales would have been $1.71 billion and net earnings would have been $83.3 million.