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Fedders Reports Q2 Results
Jul 23, 2004
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HVAC products manufacturer Fedders Corporation reported sales of U.S. $196.0 million for the second quarter of fiscal year 2004, an increase of 5 percent from sales of $186.7 million in the prior fiscal year period.

For the second quarter, sales in the HVACR reporting segment were $185.7 million, an increase of 4 percent compared to $178.5 million in the prior-year period. Sales increased despite a decline in sales of room air-conditioners in North America caused by cooler than normal weather conditions and lower prices. Sales gains in the HVACR segment were the result of improving sales for residential central air-conditioners in the Americas and sales of all HVAC/R products in Asia, the company said.

Sales in the Engineered Products reporting segment for the second quarter were $10.3 million, an increase of 26 percent from sales of $8.2 million in the prior-year period. The company said the sales improvement was due to increased sales in Asia and North America of industrial air cleaners.

For the second quarter, consolidated gross profit was $34.4 million or 17.60 percent of sales, compared to $44.0 million or 23.6 percent of sales in the prior-year period. Gross profit and margin percentage in the quarter were adversely affected by higher component and raw material costs due to increases in commodity prices, Fedders said.

Operating income for the second quarter was $15.2 million, compared to $26.0 million in the prior year period. The HVAC company said selling, general, and administrative expenses increased during the quarter mainly due to higher selling expenses as a result of increased sales activity globally and higher warehousing costs to support seasonal inventory requirements and a broader product range.

Net income for the quarter was $6.0 million compared to $15.3 million in the prior-year quarter. Net income applicable to common stockholders was $5.0 million, or $0.16 per diluted share, compared to net income applicable to common stockholders of $15.1 million in the prior-year quarter, or $0.51 per diluted share.

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