Sperry Corp. Reports $187.9-Million Loss
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Sperry Corp. said it lost $187.9 million during its fiscal second quarter ended Sept. 30, compared to profits of $99.5 million in the comparable 1984 period.
The business equipment manufacturer blamed the reversal on a loss of $230.6 million from its discontinued farm equipment business. An agreement to sell the Sperry New Holland business to Ford Motor was signed two weeks ago.
Revenue for the quarter rose to $1.3 billion from $1.06 billion.
Despite the losses, Sperry Chairman Gerald Probst said the company’s profits from continuing computer operations rose during the quarter, and full-year results should about equal the $286.7 million earned in fiscal 1985.
Second-quarter profits before the loss on the farm equipment business were $42.7 million, compared to $97.3 million in the 1984 quarter. But the 1984 figure included a $64-million gain from a tax decision in Sperry’s favor.
The company said its commercial computer business has continued to perform well, with revenue up 30% in the latest quarter from 1984 levels.
Revenue from Sperry’s defense and aerospace business rose 14% during the latest period.
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