American Standard's results lead to job cuts
The company¿s third quarter earnings were about the same as last year¿s, while sales were down 4%.
¿The weakened economy, worsened by the impact of the tragic Sept. 11 events, produced a revenue shortfall, which primarily reflected delays in purchases and installations of commercial air conditioning equipment,¿ Fred Poses, chairman/CEO said in a statement.
Sales of plumbing products for the third quarter ended Sept. 30 were $453 million, up 1% from last year. Segment income of $43 million was up 8%. Margin increased 0.6 percentage points to 9.5%. The improved segment income was attributed to increased sales in U.S. retail markets and improved productivity, especially in Europe.