The CES Group (Chaska, MN) announces the opening of its new custom hvac manufacturing facility in St. Leonard d’Aston Quebec, PQ, Canada.
Research Products Corp. (Madison, WI) has named Larry Olsen president and chief operating officer.
Tomkins Industries, Inc. (Dayton, OH) announces the consolidation of Penn Ventilation (Philadelphia, PA) and Lau Industries (Dayton, OH). As part of the consolidation, Penn will be moving its headquarters from Philadelphia, PA to Lau’s headquarters in Dayton, OH.
Watsco, Inc. (Miami, FL), announces that sales for the first quarter were $278 million, including a 3% increase in same-store sales in the company’s primary residential-commercial hvac business. Distributor shipments increased 1% through February 2001, according to data published by the Air-Conditioning & Refrigeration Institute. Sales growth in the company’s primary hvac business was offset by a 27% same-store sales decline in the company’s manufactured housing operations (7% of first quarter’s sales). Gross profit increased 1% to $68.2 million as gross selling margins increased to 24.6% from 23.6% a year ago. Operating profit was $6.7 million for the first quarter.
Carrier Corp. (Syracuse, NY) parent company United Technologies Corp. (Hartford, CT) reported a 16% increase in first-quarter diluted earnings per share to $0.86 vs. $0.74 in 2000. Net income was $440 million, 17% above the $377 million reported in the first quarter of 2000. Revenues for the quarter were $6.7 billion, 4% higher than the prior year. Operating profit at Carrier rose 7% on a 13% increase in revenue. According to UTC, Carrier’s performance benefited from growth in international operations, last year’s acquisition of Specialty Equipment Companies, and “moderate growth in a declining North American residential market, partially offset by weakness in the commercial refrigeration business and new product investments.”
CFM Majestic Inc. (Mississauga, ON, Canada), a manufacturer of hearth and heating products, announces record results for its second quarter ended March 31, 2001. Sales for the period rose 16% to $75 million from $65 million last year. Earnings per share increased 33% to $0.08 for the quarter, compared to $0.06 for last year. A 32.7% gross margin in the quarter compares to 35.9% in the previous year. Earnings before interest, taxes, depreciation and amortization (EBITDA) for the quarter were $8.8 million, up 11% from the prior year. EBIDTA margins were 11.7% for the quarter and 17.7% for six months.
Riello Corp. of America (Hingham, MA) will offer a five-year parts warranty on its residential 40 Series oil burners that have a manufacturing date of Jan. 1, 1998, or later. This warranty will apply to all burners purchased as part of an oem package, as well as field replacement units purchased from an authorized Riello distributor, and will take effect May 1, 2001.
Heil Heating and Cooling Products (Lewisburg, TN) has made its resources available on the Internet for free. Dealers who actively sell Heil products may now have access to resources they need 24-hours a day, seven days a week.
Publicayion date: 04/30/2001
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Paula Liegl is the News and legislation/regulations editor248/244-6454.