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STEWART & STEVENSON SERVICES, INC. ANNOUNCES QUARTERLY RESULTS

 HOUSTON, Aug. 19 /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 quarter ending July 31, 1993. Sales for the period increased 29 percent, while net earnings were up 32 percent over the prior year. Net earnings totaled $13,789,000 or $.42 per share on revenues of $257,936,000 for the quarter. These results compare to net earnings of $10,456,000 or $.32 per share on revenues of $199,977,000 for the same period one year ago.
 Earnings for the first six months increased over 33 percent, totaling $25,881,000 or $.79 per share on revenues of $478,089,000 compared to revenues of $381,894,000 and net income of $19,359,000 or $.60 per share before the cumulative effect of accounting changes for the first half of 1992.
 Turbine and diesel powered products, both components of the company's Engineered Power Systems segment, increased over 22 and 79 percent, respectively, during the first six months. Distribution sales for the first half totaled $151 million representing a 16 percent year- to-year increase. Sales of the Tactical Vehicle segment were up 20 percent. Based on scheduled deliveries, this segment should have improved sales comparisons during the final half of the year.
 Consolidated operating results for the three and six months ended July 31 were as follows:
 STEWART & STEVENSON SERVICES, INC.
 (Dollars in thousands, except per share data)
 Three Months Ended July 31 1993 1992
 Sales $257,936 $199,977
 Earnings before Income Taxes 20,072 15,267
 Net Earnings 13,789 10,456
 Net Earnings per Share .42 .32
 Total Shares Outstanding 32,843 32,471
 Six Months Ended July 31
 Sales $478,089 $381,894
 Earnings before Income Taxes 37,923 28,251
 Earnings before Accounting Change 25,881 19,359
 Cumulative effect of Accounting Change -- (9,300)
 Net Earnings 25,881 10,059
 Earnings per Share before Accounting
 Change .79 .60
 Cumulative Effect of Accounting Change -- (.29)
 Net Earnings per Share .79 .31
 Total Shares Outstanding 32,813 32,464
 -0- 8/19/93
 /CONTACT: David R. Stewart, manager, investor relations of Stewart & Stevenson Services, Inc., 713-868-7657/
 (SSSS)


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

PS -- NY033 -- 4291 08/19/93 11:45 EDT
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Publication:PR Newswire
Date:Aug 19, 1993
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