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[July 2001]
American Standard - 2nd Quarter Earnings Up 10%
American Standard Companies Inc reported on 18 July 2001 record second quarter earnings of US$1.63 per diluted share, up 10% from US$1.48 a year ago. Net income increased by 11%.
"We continue to deliver strong performance," said Frederic Poses, Chairman and CEO. "We produced continued margin expansion, sales growth in local currencies and solid cash flow generation, which is especially satisfying under current economic conditions."
Revenues were US$2.04 billion, flat compared with the record-setting quarter a year ago. In local currencies, revenues for the quarter rose 3% over the previous year. Operating margin for the quarter increased 0.5 percentage points to a record 13.3%. Free cash flow was US$31 million in the quarter and US$70 million for the first half - US$47 million more than the first half of last year.
Plumbing Products second quarter sales were US$464 million, down 3% (up 1% in local currencies). Segment income was US$43 million, a decrease of US$7 million or 14%. In local currencies, segment income decreased by US$4 million. Margin was 9.3%, or a decrease of 1 percentage points.
Plumbing Products launched a number of new products and product lines in Europe, including the expansion of the Armitage Shanks and Dolomite brands. Increasing its presence in China, the company fitted out more than 100 new retail outlets and conducted more than 80 of its popular road shows to introduce and sell products.
ENDS