Home
Global Supplier Directory
APPLIANCE Engineer
Supplier Solutions
APPLIANCE Line
Whitepaper Library
Calendar of Events
Association Locator
Contents Pages
Market Research
Subscription Center


 
Daily News

Fedders Files 2004 Year-End Results
Oct 3, 2005
 Printable format
 Email this Article
 Search

HVAC manufacturer Fedders Corporation filed its Annual Report for the year ended Dec. 31, 2004 and for the 4-month transition period ended Dec. 31, 2003.

Net sales for the year ended Dec. 31, 2004 of U.S. $413.0 million decreased 3.5 percent from sales of $428.0 million for the 12 months ended Dec. 31, 2003.

Net sales in the HVAC/R segment of $372.0 million in 2004 decreased 5.8 percent from $394.8 million in 2003 due to a cooler than normal summer in North American markets, which not only prevented in-season sales re-orders but also resulted in customer returns. Partially offsetting the lower sales of room air-conditioners in North America was the sales growth of residential air conditioner products globally and sales of all air conditioner products in Asia.

Gross profit declined to $60.2 million, or 14.6 percent of net sales, compared to $91.2 million, or 21.3 percent of net sales in 2003. Gross profit and margin percentage were adversely affected by higher component and raw material costs due to increases in commodity prices, the decrease of value-added tax (VAT) rebates of approximately $9.2 million, and by unabsorbed manufacturing costs of $5.0 million associated with the transfer of production from several U.S. factories to China.

Sales in the 2004 fourth quarter of $46.4 million increased 18.4 percent from $39.2 million in the prior-year quarter as a result of higher sales of commercial HVAC/R equipment and engineered products. Gross profit in the 2004 fourth quarter was $2.0 million, or 4.3 percent of net sales, compared to $3.7 million, or 9.4 percent of net sales, in the prior-year period.

On August 26, 2003, Fedders changed its fiscal year from August 31 to Dec. 31. Results for the fourth quarter and fiscal year ended Dec. 31, 2003 are unaudited and are presented for comparison purposes.

Back to Daily News

 

Daily News

...........................................................

Sep 19, 2014: Builder confidence at highest level since Nov. 2005

Sep 19, 2014: Builders Show, Kitchen/Bath Show, and 3 other events converge for 2015 Design & Construction Week

Sep 19, 2014: GE Appliances supporting Susan G. Komen

Sep 18, 2014: AHRI at White House unveils $5 billion refrigerant R&D plan

Sep 18, 2014: Solar microinverter market could break $1 billion by 2018

More Daily News>>

RSS Feeds
.........................................................
Appliance Industry
Market Research

...........................................................

March 2014: Market Research - 62nd Annual U.S. Appliance Industry Forecast
February 2014: Appliance Magazine Market Insight: December 2013
January 2014: Market Research - Appliance Historical Statistical Review: 1954-2012
January 2014: Appliance Magazine Market Insight: November 2013




 
Contact Us | About Us | Subscriptions | Advertising | Home
UBM Canon © 2014  

Please visit these other UBM Canon sites

UBM Canon Corporate | Design News | Test & Measurement World | Packaging Digest | EDN | Qmed | Plastics Today | Powder Bulk Solids | Canon Trade Shows