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SUNDSTRAND ANNOUNCES SECOND QUARTER RESULTS

 ROCKFORD, Ill., July 15 /PRNewswire/ -- Sundstrand Corporation (NYSE: SNS) today reported second quarter 1993 sales of $341.8 million, compared with second quarter 1992 sales of $363.8 million. Results of Sundstrand's Data Control division for 1993 have been disaggregated and the company's total results for 1992 have been restated to reflect this division as a discontinued operation.
 Second quarter 1993 earnings from continuing operations were $19.3 million, or $.54 per share. Earnings from continuing operations in the second quarter of 1992 were $18.0 million, or $.49 per share, after adjustment for a charge of $20.4 million, or $.57 per share, for restructuring in the continuing operations of the company's aerospace segment.
 Harry C. Stonecipher, chairman, president and chief executive officer, said, "While second quarter earnings were favorable compared with 1992, we are disappointed with the overall level of our earnings momentum. Continued softness in the commercial aerospace OEM and aftermarket segments combined with no sustained recovery in industrial activity are limiting our capacity to achieve our earnings expectations for the full year. We expect continued market weakness at least into early 1994."
 In the first six months of 1993, Sundstrand reported sales of $682.5 million, and earnings from continuing operations of $44.5 million, or $1.24 per share. In the first six months of 1992, sales were $701.3 million. Earnings from continuing operations in the first half of 1992 were $35.8 million, or $.99 per share, after the restructuring adjustment.
 Incoming orders in the aerospace segment were $134.0 million in the second quarter of 1993 compared with $166.4 million in the second quarter of 1992, excluding unfilled orders from the acquisition of the former Westinghouse Electrical Systems Division. In the industrial segment, incoming orders were $160.1 million in the second quarter of 1993 compared with $160.6 million in the second quarter of 1992.
 Total unfilled orders on June 30, 1993, were $811.2 million, compared with $960.1 million on June 30, 1992, and $914.0 million in Dec. 31, 1992.
 In February, the board of directors authorized the repurchase of up to 4 million shares of Sundstrand common stock. Through the close of business on July 14, the company had repurchased 1,132,400 shares of its common stock in the open market.
 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 on 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)
 Period ended Three months Six months
 June 30 1993 1992 1993(A) 1992(A)
 (restated) (restated)
 Net sales $341.8 $363.8 $682.5 $701.3
 Costs, expenses and other income:
 Costs of products sold 226.1 238.5 439.1 450.2
 Marketing & administration(B) 75.2 84.2 154.3 172.3
 Restructuring of aerospace
 segment -- 32.2 -- 32.2
 Interest expense 9.8 15.5 20.8 30.9
 Interest income (1.0) (5.4) (2.4) (11.4)
 Other, net 2.0 2.6 2.3 2.9
 Total 312.1 367.6 614.1 677.1
 Earnings (loss) from
 continuing operations
 before income taxes and
 cumulative effect
 of accounting change 29.7 (3.8) 68.4 24.2
 Income taxes 10.4 (1.4) 23.9 8.8
 Earnings (loss) from continuing
 operations before cumulative
 effect of accounting change(C)19.3 (2.4) 44.5 15.4
 Discontinued operations:
 Earnings (loss) from
 discontinued operations,
 prior to discontinuance,
 net of taxes -- 2.2 (.7) 2.4
 Earnings from discontinued
 operations, subsequent to
 discontinuance, net of taxes .5 -- .5 --
 Earnings (loss) before cumulative
 effect of accounting change 19.8 (.2) 44.3 17.8
 Cumulative effect on prior
 years of change in method
 of accounting for postretirement
 benefits other than pensions,
 net of income taxes -- -- -- (205.0)
 Net earnings (loss) 19.8 (.2) 44.3 (187.2)
 Weighted average number of
 common shares outstanding 35.9 36.1 35.9 36.1
 Earnings (loss) per share:
 Earnings (loss) from
 cont. opers. (C) .54 (.08) 1.24 .42
 Earnings (loss) from discont.
 opers. prior to the
 discontinuance -- .07 (.02) .07
 Earnings from discontinued
 operations subsequent to the
 discontinuance .01 -- .01 --
 Earnings (loss) before cumulative
 effect of accounting change .55 (.01) 1.23 .49
 Cumulative effect of change
 in accounting -- -- -- (5.68)
 Net earnings (loss) .55 (.01) 1.23 (5.19)
 Cash dividends per common share .30 .30 .60 .575
 Incoming orders(D) 294.1 440.5 579.7 795.5
 Nineteen hundred and ninety three amounts have been disaggregated and 1992 amounts have been restated to reflect the company's Data Control business as a discontinued operation.
 (A) Net sales included sales for the acquisition of the former Westinghouse Electrical Systems Division (ESD) of $38.8 million and $14.8 million for the six months ended June 30, 1993 and 1992, respectively.
 (B) "Marketing and administration" included non-recurring charges of $2.7 million for the six months ended June 30, 1992, associated with reductions in employment levels.
 (C) Earnings (loss) from continuing operations included non- recurring charges of $20.4 million, or $.57 per share, for the quarter and six months ended June 30, 1992, associated with restructuring in the company's aerospace segment.
 (D) Incoming orders for the quarter and six months ended June 30, 1992, included unfilled orders of $113.5 million from the acquisition of ESD.
 -0- 7/15/93
 /CONTACT: Gary Hedges of Sundstrand Corporation, 815-226-6245/
 (SNS)


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

LG-OS -- NY030 -- 1945 07/15/93 12:13 EDT
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Date:Jul 15, 1993
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