Goodman Global, Inc. announced third quarter 2007 financial results. Record net sales of US$565.5 million were 9% greater than the prior year's third quarter net sales of $517.2 million. Net income grew by 34% to $43.1 million from $32.2 million for the prior year's third quarter. Earnings per share increased 33% to $0.61 from the prior year's third quarter earnings per share of $0.46.
Net sales for the first nine months of 2007 increased 8% to $1.51 billion from net sales of $1.40 billion for the first nine months of 2006. The increase in net sales was driven by the continued shift to higher efficiency products, the prior year's price increases, and an increase in market share, the company said.
For 2008, Charles Carroll, President and CEO, said "Residential replacement demand is expected to continue to drive our growth despite the prolonged slowdown in residential new construction. We expect to achieve continued profitable growth by leveraging our market position as the value leader with a low-cost structure, maintaining our focus on dealer recruitment and development programs, and through further improvements in operating efficiencies."