2006.10.17: October 17, 2006: Headlines: Figures: COS - Peru: Business: MarketWatch: Fred Poses' American Standard posts a decline in third-quarter earnings
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2006.10.17: October 17, 2006: Headlines: Figures: COS - Peru: Business: MarketWatch: Fred Poses' American Standard posts a decline in third-quarter earnings
Fred Poses' American Standard posts a decline in third-quarter earnings
American Standard said third-quarter net profit slipped to $150.9 million, or 74 cents a share, from $159 million, or 74 cents a share, a year earlier. Excluding one-time items, the company earned 82 cents a share. Sales rose 13% to $2.97 billion. Businessman Fred Poses, the President of American Standard Co., served as a Peace Corps Volunteer in Peru in the 1960's.
Fred Poses' American Standard posts a decline in third-quarter earnings
American Standard posts lower profit, warns
By Shawn Langlois, MarketWatch
Last Update: 4:06 PM ET Oct 17, 2006
SAN FRANCISCO (MarketWatch) - American Standard Cos. on Tuesday posted a decline in third-quarter earnings, as rising commodity costs and consolidation expenses slammed the diversified manufacturer's bath and kitchen business.
American Standard said third-quarter net profit slipped to $150.9 million, or 74 cents a share, from $159 million, or 74 cents a share, a year earlier. Excluding one-time items, the company earned 82 cents a share. Sales rose 13% to $2.97 billion.
The average estimate of analysts polled by Thomson First Call was for earnings of 82 cents a share on revenue of $2.84 billion.
Sales in the air conditioning group jumped 15% to $1.84 billion, while its vehicle control systems business sales rose 16% to $504.6 million.
Revenue in the bath and kitchen unit gained 5.1% to $620.2 million, but a profit of $21.3 million a year ago turned to a loss of $18.9 million in the latest quarter.
American Standard lowered its earrings forecast for the year to a range of $2.65 to $2.70 a share, including stock-option expenses and excluding other items. The company cited uncertainty about divestitures and possible continued restructuring of its bath and kitchen divisions
Chairman and Chief Executive Fred Poses said he's looking for another good showing from the air conditioning group.
"The strength in commercial markets will more than offset the challenging year-over-year comparisons caused by last year's particularly high sales of residential products in the fourth quarter as the industry prepared for new energy efficiency regulations in January 2006," he said.
Poses added that vehicle control systems should see another improved quarter, while slower-than-expected progress in the bath and kitchen group will remain the primary headwind. End of Story
Shawn Langlois is a reporter for MarketWatch, and the editor of its community message boards.
When this story was posted in October 2006, this was on the front page of PCOL:
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Story Source: MarketWatch
This story has been posted in the following forums: : Headlines; Figures; COS - Peru; Business
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