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SUNDSTRAND ANNOUNCES FIRST QUARTER RESULTS

 ROCKFORD, Ill., April 14 /PRNewswire/ -- Sundstrand Corporation (NYSE: SNS) today reported first quarter 1993 sales of $340.7 million, compared with first quarter 1992 sales of $337.5 million, First quarter 1993 sales included $20.1 million from the Electrical Systems Division (ESD), which was acquired during the second quarter of 1992. Results of Sundstrand's Data Control division have been disaggregated for 1993 and the company's total results have been restated for 1992 to reflect this division as a discontinued operation.
 First quarter 1993 net earnings of $24.5 million, or $.68 per share, included a loss from the discontinued operation of $.7 million, or $.02 per share. Comparable net earnings for the first quarter of 1992 were $.50 per share, adjusted for a change of $205.0 million, or $5.68 per share, for the cumulative effect of adopting SFAS No. 106. First quarter 1993 earnings from continuing operations of $.70 per share were higher than the adjusted 1992 earnings per share.
 Harry C. Stonecipher, chairman, president and chief executive officer, said, "We are very pleased with the excellent results of the first quarter, however, we remain cautious about the state of the commercial airline business for the remainder of the year. Our industrial businesses, whose sales were flat quarter over quarter, have recently begun showing encouraging domestic order activity."
 Overall aerospace sales in the first quarter of 1993 increased by 2 percent over the first quarter of 1992. Sales were up in all of the company's aerospace market segments except commercial aftermarket, where they were down moderately. First quarter 1993 aerospace sales included $20.1 million from the acquired ESD operations.
 Excluding new orders of $8.2 million contributed by the ESD acquisition, incoming orders in the aerospace segment declined to $116.3 million in 1993 from $185.5 million in 1992. In the industrial segment, incoming orders declined to $161.1 million in the first quarter of 1993 from $169.5 million in the first quarter of 1992.
 Total unfilled orders on March 31, 1993, were $858.9 million, compared with $883.3 million on March 31, 1992, and $914.0 million on Dec. 31, 1992.
 Stonecipher said, "We are very pleased with the way our people are managing their operations in relation to the level of business available to them, as evidenced by the outstanding overall operating margin of almost 16 percent generated in the first quarter of 1993."
 In February, the board of directors authorized the repurchase of up to four million shares of Sundstrand common stock. Through the close of business on April 14, the company had repurchased 874,900 shares of its common stock in the open market.
 The company's annual meeting of stockholders will be held at 11 a.m. Eastern Time on Tuesday, April 20, in the St. Regis Roof Ballroom at The St. Regis in New York.
 Sundstrand Corporation, with 1992 sales from continuing operations of $1,479.1 million, is an international market leader in the design, manufacture and sale of a variety of proprietary, technology-based components and subsystems for aerospace (57 percent of 1992 sales) and industrial (43 percent of 1992 sales) markets. Sundstrand's common stock is listed in the New York, Midwest and Pacific stock exchanges under the symbol SNS.
 SUNDSTRAND CORPORATION AND SUBSIDIARIES (SNS)
 Condensed Consolidated Statement of Earnings
 (Unaudited, Amounts in Millions Except Per Share Data)
 Periods Ended March 31,
 Three Months 1993 1992 (restated)
 Net sales (A) $ 340.7 $ 337.5
 Costs, expenses and other income:
 Costs of products sold 213.0 211.7
 Marketing and administration (B) 79.1 88.1
 Interest expense 11.0 15.4
 Interest income (1.4) (6.0)
 Other, net .3 .3
 Total 302.0 309.5
 Earnings from continuing operations
 before income taxes and cumulative
 effect of accounting change 38.7 28.0
 Income taxes 13.5 10.2
 Earnings from continuing operations
 before cumulative effect of
 accounting change 25.2 17.8
 Discontinued operations:
 Earnings (loss) from discontinued
 Data Control operations, prior to the
 discontinuance, net of income taxes (.7) .2
 Earnings from discontinued Data Control
 operations, subsequent to the
 discontinuance, net of income taxes -- --
 Earnings before cumulative effect of
 accounting change 24.5 18.0
 Cumulative effect on prior years change
 in method of accounting for
 postretirement benefits other than
 pensions, net of income taxes -- (205.0)
 Net earnings (loss) 24.5 (187.0)
 Weighted average number of
 common shares outstanding 36.1 36.1
 Earnings (loss) per share:
 Earnings from continuing operations $ .70 $ .50
 Loss from discontinued operations
 prior to the discontinuance (.02) --
 Earnings from discontinued operations
 subsequent to the discontinuance -- --
 Earnings before cumulative effect of
 accounting change .68 .50
 Cumulative effect of change in
 accounting for postretirement
 benefits other than pensions -- (5.68)
 Net earnings (loss) $.68 $(5.18)
 Cash dividends per common share $.30 $.275
 Incoming orders (C) $285.6 $355.0
 1993 amounts have been disaggregated and 1992 amounts have been restated to reflect the company's Data Control business as a discontinued operation. In addition, the 1992 amounts reflect the adoption of Statement of Financial Accounting Standards No. 106 "Accounting for Postretirement Benefits Other Than Pensions," which the company adopted in the second quarter of 1992, retroactive to the beginning of the year.
 (A) Net sales in 1993 included sales of $20.1 million for the acquisition of the former Westinghouse Electrical Systems Division (ESD).
 (B) "Marketing and administration" included nonrecurring charges of $2.7 million for the quarter ended March 31, 1992, associated with reductions in employment levels.
 (C) Incoming orders in 1993 included new orders of $8.2 million from the acquisition of ESD.
 -0- 4/14/93
 /CONTACT: Gary Hedges of Sundstrand Corporation, 815-226-6245/
 (SNS)


CO: Sundstrand Corporation ST: Illinois IN: ARO SU: ERN

LD-TM -- NY118 -- 5956 04/14/93 20:12 EDT
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