LTV Corp.: The manufacturing company reported a...

LTV Corp.: The manufacturing company reported a third-quarter profit of $85.7 million for 1989 on sales of $1.51 billion, a major upturn from the $1.24-billion net loss on sales of $1.71 billion reported a year ago. The Dallas firm said the 1988 loss resulted primarily from Chapter 11-related special charges. The decline in sales for the most recent quarter reflected the exclusion of results for the company’s steel bar division, which is pending divestiture. The firm is involved in steel, aerospace and energy products. Company officials reported that the steel business suffered because of higher prices for materials and lower production levels. The aerospace and defense units continued to incur increased costs associated with two fixed-price contracts. Third-quarter sales for the aircraft products business declined 30.7% from a year ago to $149 million. Level sales and lower earnings were recorded in the energy products business. Changes in accounting procedures were also cited for diminished performance.