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.
Universal Forest Products sees weaker Q2
Universal Forest Products, maker of engineered wood and building materials, had lower sales and earnings in the second quarter, due to lower lumber prices tied to a weak housing market.
Earnings for the second quarter fell to $16.8 million from $27.3 million in last year’s second quarter, a 38.5 percent decline. Sales fell 6.5 percent, to $773.1 million from $826.8 million last year.
The company saw a 30 percent drop in revenue from its site-built construction business, while other markets saw sales growth, including retail, industrial and manufactured housing.
“We’re disappointed with any decrease in performance, but these results also underscore the strength of our balanced business model,” said president and CEO Michael Glenn.
Universal Forest Products, based in Grand Rapids, Mich., markets, manufactures and engineers wood and wood products.
Acacia Research Corp., a developer of computer technologies including those related to fraud protection, said it has entered into a license agreement with Lowe’s.
Terms of the deal were not disclosed.
Acacia will provide credit card fraud protection technology through its subsidiary, Financial Systems Innovation LLC.
The agreement will provide for a computerized system for protecting consumers using credit, debit or check cards in a transaction.
Newport Beach, Calif.-based Acacia provides a variety of computer-based services, including credit card protection, database management, broadcast data retrieval and more.