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STEWART & STEVENSON SERVICES, INC. ANNOUNCES FIRST QUARTER RESULTS

 HOUSTON, May 18 /PRNewswire/ -- Stewart & Stevenson Services, Inc. (NASDAQ: SSSS), a leading manufacturer of diesel and gas turbine powered equipment, today reported a 21 percent increase in revenues and a 36 percent increase in net earnings for the first quarter of 1993 as compared to the prior year.
 Net earnings were $12,092,000, or $.37 per share, on revenues of $220,153,000 for the first quarter of fiscal 1993, compared to $8,903,000 before reflecting cumulative effect of accounting change, or $.28 per share on revenues of $181,917,000 in the first three months of fiscal 1992.
 The company's engineered power systems segment, as well as its distribution segment, contributed to this quarter's strong performance. Sales of engineered power systems were up 29 percent, while distribution sales increased 14 percent over the same period a year ago.
 The company's tactical vehicle segment completed production of the first 25 trucks under its FMTV contract. Truck deliveries will increase each month, with approximately 800 units scheduled for delivery during the current year.
 STEWART & STEVENSON SERVICES, INC.
 Comparative Consolidated Results
 (In thousands, except per-share data)
 1993 1992
 Sales $220,153 $181,917
 Earnings before income taxes 17,851 12,984
 Earnings before accounting change 12,092 8,903
 Cumulative effect of accounting change -- (9,300)
 Net earnings 12,092 (397)
 Earnings per share before
 accounting change $.37 $.28
 Cumulative effect of accounting change -- (.29)
 Net earnings per share .37 (.01)
 Average shares outstanding 32,789 32,455
 -0- 5/18/93
 /CONTACT: David R. Stewart, director-investor relations of Stewart & Stevenson Services, Inc., 713-868-7657/
 (SSSS)


CO: Stewart & Stevenson Services, Inc. ST: Texas IN: SU: ERN

CK -- NY082 -- 9813 05/18/93 13:06 EDT
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Publication:PR Newswire
Date:May 18, 1993
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