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SUNDSTRAND FOURTH QUARTER EARNINGS UP 45 PERCENT

 SUNDSTRAND FOURTH QUARTER EARNINGS UP 45 PERCENT
 ROCKFORD, Ill., Jan. 31 /PRNewswire/ -- Sundstrand Corporation


(NYSE: SNS) today reported record fourth quarter 1991 net earnings of $1.36 per share, up 44.7 percent from fourth quarter 1990 net earnings of $.94 per share. Total year 1991 net earnings were $3.02 per share, compared to total year 1990 net earnings of $3.11 per share.
 Harry C. Stonecipher, Sundstrand's chairman, president and chief executive officer, said, "The company had an excellent year considering the difficult economic environment in which we operated."
 Fourth Quarter Results
 Fourth quarter 1991 sales were $453.7 million, an increase of 3.3 percent over fourth quarter 1990 sales of $439.1 million. The acquired Milton Roy operations added $36.0 million to fourth quarter 1991 sales and did not dilute earnings.
 Net earnings in the fourth quarter of 1991 were $49.0 million, compared to fourth quarter 1990 net earnings of $33.9 million. The increase in earnings for the fourth quarter of 1991 was the result of higher aerospace margins primarily due to lower operating costs and reduced charges related to loss contracts. Earnings also benefited from the reimbursement of approximately $3 million after taxes in development costs from a joint venture partner.
 Total Year Results
 Sales for the total year were $1,669.2 million, an increase of 4.3 percent over 1990 sales of $1,599.8 million. In 1991, sales for the company's aerospace segment were $1,023.2 million (61 percent), and sales for the company's industrial segment were $646.0 million (39 percent). In 1990 sales for the company's aerospace segment were $1,062.9 million (66 percent), and sales for the company's industrial segment were $536.9 million (34 percent). The acquired Milton Roy operations added $140.8 million in sales and did not dilute earnings for the total year 1991.
 Total year 1991 net earnings were $108.8 million, compared to total year 1990 net earnings of $114.3 million. Net earnings for the total year 1991 included net nonrecurring charges of $7.6 million for reductions in employment levels and the relocation of the company's Global Wulfsberg operation. Net earnings for 1990 included previously disclosed nonrecurring net charges of $6.2 million. Excluding the nonrecurring items in both years, net earnings were $116.4 million in 1991 compared to $120.5 million in 1990.
 Total unfilled orders on Dec. 31, 1991, were $1,008.2 million, including $18.0 million for Milton Roy, compared to $1,183.5 million on Dec. 31, 1990.
 Sundstrand Corporation is an international market leader in the design, manufacture and sale of a variety of proprietary, technology- based components and subsystems for aerospace and industrial markets. Sundstrand's common stock is listed on the New York, Midwest and Pacific stock exchanges under the symbol SNS.
 SUNDSTRAND CORPORATION AND SUBSIDIARIES
 Condensed Consolidated Statement of Earnings (Unaudited)
 (Amounts in millions, except per share data)
 Periods ended Three Months Year
 Dec. 31 1991(A)(B)(D) 1990 1991(A)(C)(E) 1990(F)(G)
 Net sales $453.7 $439.1 $1,669.2 $1,599.8
 Costs, expenses and
 other income:
 Costs of product
 sold 272.5 285.0 1,042.5 1,021.9
 Marketing and
 administration 92.5 84.4 404.5 341.1
 Interest expense 17.2 22.8 76.7 95.5
 Interest income (8.0) (11.6) (34.9) (51.9)
 Shareholder
 derivative
 settlement -- -- -- (6.6)
 Other, net 1.1 4.0 6.4 10.3
 Total 375.3 384.6 1,495.2 1,410.3
 Earnings from
 cont. opers.
 before income
 taxes 78.4 54.5 174.0 189.5
 Income taxes 29.4 21.4 65.2 73.9
 Earnings from
 cont. opers. 49.0 33.1 108.8 115.6
 Discont. opers:
 Earnings (loss)
 from discont.
 heat transfer
 business, net of
 income taxes -- .8 -- (1.3)
 Net earnings
 available for
 common shares $ 49.0 $ 33.9 $ 108.8 $ 114.3
 Wtd. avg. no. of
 common shares
 outstanding 36.0 36.1 36.0 36.8
 Earnings (loss)
 per share:
 Earnings from
 cont. opers. $1.36 $.92 $3.02 $3.15
 Earnings (loss)
 from discont.
 operations -- .02 -- (.04)
 Net earnings $1.36 $.94 $3.02 $3.11
 Cash dividends
 per common share $.275 $.275 $1.10 $1.10
 Incoming orders $354.9 $443.3 $1,493.9 $1,633.2
 (A) -- Net sales in 1991 included sales of $36.0 million and $140.8 million for the quarter and year ended Dec. 31, 1991, respectively, for the Milton Roy acquisition in January 1991.
 (B) -- "Marketing and administration" included net nonrecurring gains of $2.8 million, equivalent to $.05 per share for the quarter ended Dec. 31, 1991, associated with reductions in employment levels.
 (C) -- "Marketing and administration" included net nonrecurring charges of $9.0 million for the year ended Dec. 31, 1991, associated with reductions in employment levels. "Other, net" included nonrecurring charges of $3.2 million for the year ended Dec. 31, 1991, associated with the relocation of an aerospace business unit. These nonrecurring charges reduced net earnings by $.21 per share for the year ended Dec. 31, 1991.
 (D) -- Incoming orders included new orders of $34.7 million for the Milton Roy acquisition.
 (E) -- Incoming orders included new orders of $135.1 million and unfilled orders of $23.7 million from the Milton Roy acquisition.
 (F) -- Net earnings for the year ended Dec. 31, 1990, included nonrecurring charges of $2.8 million or $.08 per share, related to the closure of the company's Signatron operation.
 (G) -- Net earnings for the year ended Dec. 31, 1990, included a loss of $7.4 million or $.20 per share due to unfavorable economic conditions in Brazil.
 -0- 1/31/92
 /CONTACT: Gary Hedges of Sundstrand, 815-226-6245/
 (SNS) CO: Sundstrand Corporation ST: Illinois IN: ARO SU: ERN


GK-KO -- NY049 -- 5707 01/31/92 15:08 EST
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