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York International Posts 3Q Loss
Oct 23, 2003
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York International Corp, maker of air-conditioning, heating and ventilating equipment, posted a loss for the third quarter, due to restructuring, accounting and pension related charges.

The York, PA, U.S.-based company posted a third-quarter loss of U.S. $5.4 million, or $0.13 a share. Excluding one-time items, the company had profit of $0.74 a share, up from $0.65 a share a year ago.

Quarterly sales rose 6.6 percent to just more than $1 billion, boosted by a strengthening euro, increased sales in Asia and growth in the global service businesses.

For the full year 2003, the company expects income before the effect of an accounting change to be about $0.15 per share, including charges for cost-cutting and pension changes.

Excluding the special items, the company reiterated its full-year outlook of $2.50 per share, plus $0.6 per share of income tax benefit realized in the third quarter.

"We have not seen a market recovery and we continue to see very little short-term change in capital spending or investment patterns that would alleviate volume and pricing pressures in the large equipment markets," the company said in a statement.

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