Net sales were led by double-digit increases in the Global Applied and UPG businesses, according to the company. Overachieved targeted benefits from the 2003 restructuring, the success of new products, volume leverage, and productivity gains were offset by significant material cost increases, inefficiencies from the deployment of YORKConnect, and increased investments in IT infrastructure.
“For 2005, we expect stable to improving markets, with the exception of Europe,” said C. David Myers, president and CEO. “We are seeing lower levels of quoting activity in Europe as a result of deteriorating macroeconomic indicators in this region. We anticipate strong growth in China and the Middle East and modest growth in the Americas and in the North American Unitary industry.”