Goodman: 2006 Results Exceeded the Industry Mar 20, 2007

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Goodman Global, Inc. (Houston, Texas, U.S.) reported earnings per share of U.S. $0.16 and net sales of $392.4 million for the fourth quarter ended Dec. 31, 2006.

For the year ended Dec. 31, 2006, the HVAC OEM reported adjusted pro-forma earnings per share of $1.10, a 34-percent increase from the prior year. Net sales for 2006 were $1.79 billion, a 15-percent increase over 2005 net sales of $1.57 billion.

Goodman said sales growth consistently exceeded the industry throughout 2006 in all major product categories: split systems air-conditioning, furnaces, air handlers, coils, PTAC (packaged terminal air-conditioners), and flexible ducting. Net income for the year 2006 was $64.2 million, compared to $24.9 million for the prior year.

"We expect to improve on this in 2007," said President and CEO Charles A. Carroll, "with another year of sales growth and increased operating leverage. We anticipate a slow start to the year due to the challenging residential new construction market and the initial mild winter weather. Thereafter, we expect improving sales and earnings growth as we leverage our market opportunities and cost management capabilities and benefit from the anticipated moderation in commodity costs to deliver superior earnings and cash flow from our business."
 

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