$59-Million Net Best Since 1980 for Harvester

International Harvester reported profits of $59 million in the quarter ended April 30, its best quarterly result since the fourth quarter of 1980.

Harvester said a 7% increase in shipments of medium- and heavy-duty trucks contributed to the improved results.

Revenue for the period--the second quarter of Harvester’s fiscal year--rose to $915 million. In the same period of 1984, Harvester lost $1 million on revenue of $857 million.

The year-earlier results were restated to include a loss of $55 million related to its discontinued farm-equipment manufacturing operations. Harvester sold that business to Houston-based Tenneco earlier this year and now is only a truck manufacturing company.

Harvester said it earned $31 million from continuing operations in the quarter, unchanged from last year.

For the first six months of the current fiscal year, Harvester lost $475 million on revenue of $1.75 billion. A year earlier, the company lost $56 million on revenue of $1.53 billion.

Income from continuing operations for the first six months was $53 million, up from $26 million a year earlier. The results included a previously reported loss of $479 million related to the disposition of the farm-equipment operations.

Hewlett-Packard’s Profits Off 12% in the 2nd Quarter

Hewlett-Packard reported a 12% decrease in net earnings for the second quarter ended April 30.

Net earnings totaled $129 million, compared to net earnings of $147 million during the second quarter of 1984.

Revenue was $1.6 billion, compared to $1.5 billion for the same quarter last year.

“Our results reflect the general sluggishness being experienced by business throughout the country,” said John Young, president of the Palo Alto-based company. “It’s our view that the current economic slowdown will be with us for several more months,” he added.

For detailed data and results of other companies, please see tables, Page 12.