American Standard Companies, Inc. announced third-quarter income from continuing operations (Trane Air Conditioning Systems and Services) of US$0.63 per diluted share, up 5% from a year ago. Adjusted income from continuing operations was $0.65 per diluted share, up 8% from a year ago. Sales from continuing operations were $1.982 billion, up 7.7%.
The company generated $201.1 million in net cash provided by operating activities and $130.4 million in free cash flow. During the quarter, the company paid a quarterly cash dividend of 16 cents per share of common stock and repurchased 12.7 million shares of its common stock.
"We delivered a good third quarter, driven by strength in the commercial part of our air-conditioning business," said Fred Poses, chairman and CEO. "It more than offset weakness in the residential part of our business. We're particularly pleased with the continued growth in global commercial parts, services, and solutions that represented 30% of our business during the quarter."
"For the rest of the year, we see continued strength in commercial air-conditioning equipment systems, parts, services, and solutions with better-than-expected performance," he said.