Sundstrand Corp. said that its fourth-quarter profit declined 20 percent and that it won’t make the 1993 level of earnings predicted earlier, because of a slowdown in the commercial aerospace industry.
Rockford-based Sundstrand said net income fell to $39.2 million, or $1.09 a share, from $49 million, or $1.36 a share, a year earlier, as airlines delayed or canceled deliveries of new planes that use components and subsystems made by Sundstrand.
In the full year, Sundstrand swung to a loss of $121.7 million, or $3.37 a share, compared with net income of $108.8 million, or $3.02 a share, in 1991.
In 1992 the company adopted new accounting procedures for post-retirement benefits. It took restructuring charges in both years for its aerospace operations. Without those items, Sundstrand said, it would have had 1992 earnings of $120 million, or $3.33 a share, compared with $116.4 million, or $3.23 a share, a year earlier.
Sales in 1992 were nearly flat at $1.67 billion.
