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York International Corporation, a global provider of heating, ventilating, air-conditioning, and refrigeration (HVAC&R) products and services, reported a net loss of U.S. $9.2 million, or $0.22 per share, for the first quarter of 2005. Net sales increased 10.1 percent from the first quarter of 2004 to $1.0 billion. Americas, Asia, and UPG delivered strong double-digit increases over the first quarter of 2004. Loss from operations was $2.8 million in the first quarter of 2005, and reflects weakness in Europe, the impact of increased material costs and inefficiencies in the service operations in North America. Included in the first quarter results is $1.2 million of restructuring costs associated with changes in the EMEA organization.
Net interest expense in the first quarter of 2005 increased to $11.5 million as compared to $10.9 million in the first quarter of 2004, primarily as a result of higher average borrowing rates. The income tax benefit in the first quarter of 2005 was $3.8 million.
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