The results are consistent with the company’s July guidance, which forecast earnings of $1.50-$1.60 per diluted share. Net income rose 27% to $114 million.
Fred Poses, chairman and chief executive officer, noted that the company had strong sales growth in each of its product segments, including air conditioning.
“Our diversified businesses, strong global market positions, and successful productivity initiatives are helping us weather a difficult industrial economy that has affected each of our segments, particularly the commercial equipment part of our air conditioning business,” stated Poses.
American Standard Companies’ HVAC brands include Trane and American Standard.
Publication date: 10/14/2002