American Standard Companies Inc. recently announced record first quarter sales, net income and diluted earnings per share. Earnings were $1.14 per diluted share, up 31% from the first quarter last year. In March, the company had raised its first quarter earnings range to $1.09-$1.15 per diluted share, up from the $1.02-$1.12 range announced in January. Sales were $2.185 billion, up 12% from a year ago, and net income rose to $84.6 million, up 33%. "We started 2004 with a strong quarter and are well positioned to deliver solid growth in sales, earnings, margins and cash flow for the entire year," said Fred Poses, chairman and chief executive officer. "All three business segments contributed to our first-quarter results. Our earnings benefited from productivity initiatives, along with volume growth and improved mix, which were driven by better markets and new product introductions, as well as from favorable foreign exchange."
Related financial charts, reconciliation between GAAP and non-GAAP financial measures, and certain other information discussed during a recent conference call are available under the heading "American Standard's First Quarter 2004 Results" at http://www.americanstandard.com.