Declining demand depleted third-quarter profits of two big Richmond firms, Reynolds Metals Co. and Robertshaw Controls Co., giving Reynolds a $11.6 million loss and Robertshaw 36 percent lower earnings.
Reynolds had revenues of $759.3 million in the quarter, compared with $902.7 million a year ago. This time last year, the aluminum maker had profits of $29.5 million ($1.50 a share).
For nine months, Reynolds had profits of $27.5 million ($1.34), down sharply from $107.8 million ($5.52) last year. Nine-month revenues are $2.3 billion compared with $2.7 billion last year.
Robertshaw earned $1.4 million (39 cents a share) compared with $2.2 million (62 cents) last year. Revenues dipped to $77.8 million from $87.4 million.
The thermostat-maker posted profits of $3.4 million (95 cents) for nine months compared with $6.2 million ($1.77). Sales slipped to $51.2 million from $54.3 million last year.
Maryland National Corp., holding company for the state's largest bank, posted earnings of $10.2 million ($1.27) compared with $9.5 million ($1.24) last year. Nine-month net income was $29.8 million ($3.74) compared with $29.3 million ($3.83). More average shares were outstanding in the current reporting period.
On Sept. 30, Maryland National had assets of $4.7 billion, $2.9 billion in deposits and loans of $2.6 billion.
United Virginia Bankshares, holding company for United Virginia Banks, had third-quarter net income of $11.4 million ($2.03 a share) compared with $8.1 million ($1.46). Nine-month earnings were $29.7 million ($5.25) compared with $26.6 million ($4.88) last year.