STEWART & STEVENSON ANNOUNCES FINANCIAL RESULTS
STEWART & STEVENSON ANNOUNCES FINANCIAL RESULTS HOUSTON, March 18 /PRNewswire/ -- Stewart & Stevenson Services, Inc.
(NASDAQ: SSSS), a leading manufacturer of diesel and gas turbine powered equipment, today announced record sales and earnings for the fiscal year ended Jan. 31, 1992.
Annual sales totaled $686,363,000 as compared to sales of $645,766,000 a year ago. Net earnings for the year were $35,703,000 or 21.5 percent above the prior year's $29,384,000. The company earned $2.36 per share during 1991 compared to $1.97 per share during 1990, which represents a 19.8 percent increase. Sales and earnings comparisons for the final three months of the year were very favorable. Sales totaled $185,625,000 compared to $168,537,000 for the prior year. Fourth quarter net earnings increased 55 percent, totaling $10,055,000 or $.65 per share compared to $6,485,000 and $.43, respectively, a year ago. Products as well as market diversification played key roles in this year's improved performance. Diesel and gas turbine driven equipment sold by the company's engineered power systems segment had a very positive year-to-year comparison, while the distribution segment experienced only moderate improvement. The company expects this trend to continue into 1992. The growth of engineered power systems combined with sales of the company's new tactical vehicle systems segment should result in another successful year. STEWART & STEVENSON SERVICES, INC. Comparative Consolidated Results (In thousands, except per-share data) Three months ended Jan. 31 1992 1991 Sales $185,625 $168,537 Earnings before income taxes 14,567 8,739 Net earnings 10,055 6,485 Net earnings per share $.65 $.43 Average shares outstanding 15,448 14,949 Fiscal year ended Jan. 31 1992 1991 Sales $686,363 $645,766 Earnings before income taxes 52,259 43,152 Net earnings 35,703 29,384 Net earnings per share $2.36 $1.97 Average shares outstanding 15,112 14,923 -0- 3/18/92 /CONTACT: David R. Stewart of Stewart & Stevenson Services, 713-868-7657/ (SSSS) CO: Stewart & Stevenson Services Inc. ST: Texas IN: SU: ERN
CK -- NY032 -- 9178 03/18/92 11:06 EST
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|Date:||Mar 18, 1992|
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