United Technologies Corp. (Hartford, CT) reports an 18% increase in third quarter diluted earnings per share to $0.98 versus $0.83 in 1999, before the restructuring charge in the prior year's quarter. Net income was $496 million, 14% above the $436 million reported in 99, also before prior year restructuring. Revenues for the quarter were $6.5 billion, 6% above last year.
American Standard Companies Inc.(Piscataway, NJ) announces record third quarter sales, operating margin, and earnings. Revenues from continuing operations rose 4% year-over-year to $1.96 billion, 8% excluding foreign exchange effects. Operating margin grew 0.6 percentage points to 11.8% and diluted per share earnings increased 15% to $1.23.
A.O. Smith Corp. (Milwaukee, WI) announces third quarter earnings from continuing operations of $7.3 million or $0.31 per share. The earnings were in line with current estimates. Influenced by lower demand in a number of key domestic markets, earnings were approximately 42% lower than the $12.5 million or $0.52 per share earned in 1999. Sales for the quarter were $282 million, $5 million lower than the $287 million of sales in 99.
Ingersoll-Rand Co.(Woodcliff Lake, NJ) reports net earnings of $251.9 million, or diluted earnings per share (DEPS) of $1.55, for the third quarter. Adjusted net earnings from continuing operations, excluding one-time gains and charges, were $139.6 million, or DEPS of $0.86. These results were in line with expectations and compare to 1999 third-quarter net earnings from continuing operations of $132.8 million, or DEPS of $0.80. Net revenues from continuing operations were $2,255.9 million, an increase of 22% compared to $1,846.1 million last year.
AAON, Inc. (Tulsa, OK) announces that it has been listed in the October 30 issue of Forbes Magazine as one of the “200 Best Small Companies.” AAON achieved a ranking of 52nd and was highlighted as one of the “eleven to watch.” The list was attained by meeting certain criteria such as five years of consistent sales and earnings per share growth, as well as four consecutive quarters of net income surpassing $1 million.
P & F Industries, Inc.(Farmingdale, NY) has been ranked number 161 in the Forbes list of the “200 Best Small Companies” and among 10 value play investment ideas. Forbes reported the company’s last 12 months' sales growth at 27% and earnings per share at 25%. Return on equity for the past 12 months was reported at 16%.
Johns Manville Corp. (Denver, CO) reports net income of $56.1 million, or $0.38 per share, in the third quarter, down 4% from $58.5 million, or $0.39 per share, in 1999. Net income in the quarter was $46.3 million compared with $73.2 million a year ago. Earnings per share were $0.31 compared with $0.49 last year.
Chase Industries Inc. (Montpelier, OH) announces third quarter diluted earnings per share of $0.27 compared with $0.28 per share in the third quarter of 1999. Year-to-date diluted earnings per share were $0.96 compared with $0.90 per share last year.