April 19, 2005: Headlines: Figures: COS - Peru: Business: PR Newswire: Fred Poses' American Standard Achieves Record Sales and Earnings
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April 19, 2005: Headlines: Figures: COS - Peru: Business: PR Newswire: Fred Poses' American Standard Achieves Record Sales and Earnings
Fred Poses' American Standard Achieves Record Sales and Earnings
Fred Poses' American Standard Achieves Record Sales and Earnings
American Standard Achieves Record Sales and Earnings
- Sales grow 7 percent to $2.34 billion
- Earnings per diluted share increase 50 percent, up 24 percent on adjusted basis
- Company reaffirms full-year earnings estimate
PISCATAWAY, N.J., April 19 /PRNewswire-FirstCall/ -- American Standard today announced record first-quarter sales, net income and earnings per diluted share. Earnings were 57 cents per diluted share in accordance with Generally Accepted Accounting Principles (GAAP), up 50 percent from 38 cents a year ago.
First-quarter earnings included a benefit from several tax items of 17 cents per diluted share, which was partially offset by operational consolidation expenses of $20 million or 7 cents per diluted share. Excluding the tax items and operational consolidation expenses, earnings were a record 47 cents per diluted share, 24 percent higher than first quarter last year. For the quarter, sales were $2.34 billion, up 7 percent from a year ago. Net income rose to $124.9 million, up 48 percent on a GAAP basis and up 22 percent excluding the tax items and operational consolidation expenses.
"Volume and productivity drove our increased earnings from operations, overcoming continued pressure from commodity cost escalations, which we partially offset by price increases," said Fred Poses, chairman and chief executive officer. "We achieved these results despite short-term production issues that affected Bath and Kitchen sales and costs in Europe.
"We continue to invest in marketing and our new product pipeline, which we believe will produce results this year and even greater benefits going forward," said Poses. "In addition, we're encouraged by the order and pricing trends for air conditioning equipment. Although commodity cost escalations have outpaced price realization, we're increasingly closing the gap. With this expected improvement in the largest part of our business and strength in the rest of our company, we're confident of our ability to deliver strong growth in sales, earnings, margin and cash flow for the entire year.
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Story Source: PR Newswire
This story has been posted in the following forums: : Headlines; Figures; COS - Peru; Business
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