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Harmon Industries, Inc. NASDAQ: HRMN For Immediate Release |
Charles M. Foudree (816) 229-3345 |
Harmon Announces Third Quarter Results
BLUE SPRINGS, Mo. (Monday, October 30, 1995) -- Harmon Industries, Inc., a leading supplier of signal and train control products to railroads and transit systems throughout North America and the world, today announced results for the third quarter ended September 30, 1995.
For the three months ended September 30, sales increased 29 percent to a third-quarter record of $38 million compared with $29.4 million in 1994. Net earnings increased six percent to $2.3 million for the quarter, compared with $2.2 million in 1994. Earnings per share were $0.33 in the third quarter, the same as they were for the same period in 1994.
For the nine months ended September 30, sales increased 15 percent to $100.3 million from $87.5 million in 1994. Net earnings were $5 million compared with $6.0 million in 1994. Earnings per share were $0.74 in the first nine months, compared with $0.91 in the same period last year.
Orders throughout third quarter of 1995 are up 27 percent from the same period in 1994 and the backlog entering the fourth quarter is $44.5 million. Orders have been strong in train control systems, signal products and systems and carborne equipment. Freight orders have increased 25 percent and transit orders have increased 50 percent compared to 1994.
Third quarter margins decreased primarily due to large projects with pass through sales, increased research and development and the added cost of integrating a recent acquisition, according to Harmon President and Chief Executive Officer Björn Olsson.
"We have been able to achieve significant increases in sales despite the extremely competitive situation in the railroad industry," Olsson said. "While the industry is undergoing some rationalization that is temporarily impacting purchasing patterns, Harmon is maintaining a strong order rate in both the freight and transit segments."
Harmon Industries, Inc., is traded on the Nasdaq Stock Market under the symbol "HRMN." For further information, please contact Charles M. Foudree, executive vice president-finance and chief financial officer, Harmon Industries, Inc., 1300 Jefferson Court, Blue Springs, MO 64015. The telephone number is (816) 229-3345.
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