American Standard reports record Q2 sales
American Standard, maker of kitchen and bath fixtures and Trane air conditioners, saw net earnings fall 8.2 percent to $176 million from $191.7 million last year.
Still, the company had record second quarter sales, up 10.6 percent to $2.62 billion from $2.37 billion last year.
Those sales figures do not include income generated from bath and kitchen sales, a business segment American Standard is in the process of selling. That segment is now listed as a “discontinued operation” by the company.
We continue to be very encouraged by bath and kitchen's improving performance, despite challenging consumer market conditions,” said Fred Poses, chairman and CEO of American Standard. "We announced our separation plans on Feb. 1, and we're very pleased with our progress so far. The bath and kitchen sales process is moving ahead nicely, and we're confident of a successful outcome.”
Additionally, American Standard announced it would spin-off its WABCO vehicle control systems business on July 31, ahead of a previously announced fall spin-off date.
In its air conditioning business segment, American Standard saw sales rise 9.6 percent, while kitchen and bath segment sales rose 6.4 percent. Vehicle control systems sales were up 13.9 percent for the quarter.
Piscataway, N.J.-based American Standard manufactures kitchen and bath products under the American Standard and Ideal standard brands; and air conditioning under the Trane and American Standard brands.