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York International Corporation today reported its results for the second quarter of 2003. Income from operations in the second quarter was U.S. $36.5 million and net income was $19.2 million, or $0.48 per share. This included $35.0 million in pre-tax expenses related to restructuring actions. Excluding the impact of these expenses, the company had income from operations of $71.5 million and net income of $47.4 million, or $1.19 per share. Overall working capital decreased $40 million from June of 2002. Second quarter sales were $1,084.4 million, an increase of 3.9 percent from the second quarter of 2002. According to the company, the improvement was due to the favorable impact of the strengthening Euro and increased sales in Asia and UPG, partially offset by reduced shipments of Bristol Compressors and large commercial equipment.
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