American Standard Announces Third Quarter Results
October 28, 2004
American Standard Companies Inc. recently announced record third quarter earnings of 71 cents per diluted share, up 29% from the third quarter last year. Third quarter sales were $2.396 billion, up 7% from a year ago, and net income rose 27% to $156 million. Third quarter earnings include operational consolidation expenses of $7 million or 2 cents per diluted share net of taxes, primarily for Bath and Kitchen, as well as a benefit from a tax item of 8 cents per diluted share. Excluding those items, diluted EPS was a record 65 cents or 18% higher than third quarter last year. "We delivered another good quarter of growth, with particularly nice progress in our Bath and Kitchen and Vehicle Control Systems businesses," said Fred Poses, chairman and chief executive officer. "We benefited from the performance of our new products and our marketing initiatives, even as we felt the impact of the unseasonably cool summer on our air conditioning business."