Manufacturers: McQuay International, United Technologies, Honeywell International, Manitowoc, A.O. Smith, and Ingersoll-Rand.
United Technologies Corp. (Hartford, CT) reports an 18% increase in second quarter diluted earnings per share to $1.00 versus $0.85 in the prior year, excluding last year’s one-time gain from the UT Automotive divestiture. Net income was $509 million, 19% above the $427 million reported in 99 also excluding the one-time gain. At the company’s Carrier unit, operating profit rose 34% in the quarter on 24% revenue growth.
Honeywell International Inc. (Morris Township, NJ) announces second-quarter earnings per share of $0.75, up 14% compared to 1999 second-quarter earnings of $0.66 (excluding one-time items in both periods). Sales grow 6% to a record $6.3 billion.
Manitowoc Co., Inc. (Manitowoc, WI) reports record financial results for the second quarter. Net earnings for the quarter increased 7.7% to $22.6 million, or $0.91 per diluted share, from $21 million, or $0.80 per diluted share, for the second quarter of 1999. Also, the board of directors declared its regular quarterly common stock dividend of 71¼2 cents per share, payable on September 7 to shareholders of record on September 1.
A.O. Smith Corp. (Milwaukee, WI) reports second quarter earnings from continuing operations of $17.6 million or $0.74 per share compared with second quarter 1999 earnings of $14.2 million or $0.60 per share.
Ingersoll-Rand Co. (Woodcliff Lake, NJ), owner of Hussmann, announces a strong rise in second-quarter profits. Second-quarter earnings from continuing operations rose to $183.4 million, or $1.13 per share, from $156.2 million, or 93 cents a share, a year earlier. However, the company said third-quarter earnings would fall short of expectations.