International Harvester said it earned $54 million...

International Harvester said it earned $54 million in its third fiscal quarter, a sharp turnaround from a $7-million loss a year earlier. Revenue for the period was $885 million, compared to $864 million in the year-ago quarter. The company said the higher revenue resulted from an increase in shipment of its heavy- and medium-duty trucks. For the first nine months, however, Harvester lost $421 million on sales of $2.64 billion. The nine-month results included a $479-million loss as the result of the sale of the company’s agricultural equipment business to Tenneco and a $97-million loss from the agricultural equipment operations. Harvester now is only a truck manufacturer.

Fairchild Industries reported a net loss in the second quarter of $82.3 million, compared to a $7.3-million profit in the second quarter of 1984. Sales for the quarter from continuing operations were $196.8 million, down slightly from 1984. The company said the loss in the quarter was principally the result of an additional $85-million reserve established on the Saab-Fairchild 340 program and a $21-million reserve for the Air Force T-46A trainer aircraft program. Fairchild said it has received a waiver until Sept. 15 from compliance with certain financial covenants in its bank agreements and is continuing talks to amend the agreements.

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