York International Corporation commented on its expectations for the third and fourth quarters of 2002. The company expects its third quarter earnings to be approximately U.S. $0.62-$0.65 per share compared to $0.66 per share in the third quarter of 2001. During the third quarter, the Company's results were more adversely impacted than expected by continued economic deterioration in Latin America and integration activities at the Bristol, VA, U.S. facility. In addition, the Company had unanticipated production cost overruns in the European Refrigeration business and inventory variances in the Engineered Systems Group. The Company's Unitary Products Group experienced a strong residential market and exceeded third quarter expectations.
Michael R. Young, president and CEO said, "Our balance sheet performance continues to be strong and we expect to exceed our debt reduction targets of $120 million for the full year of 2002. During the fourth quarter, we will continue to face poor economic conditions and increasing pricing and cost pressures. As a result, we expect fourth quarter earnings to be in the range of $0.50 to $0.60 per share compared to $0.63 per share in the fourth quarter of 2001."
Results for 2002 exclude the amortization of goodwill resulting from the adoption of FAS 142. Actual third quarter results will be released on Tuesday, Oct. 22, 2002 and the company will provide additional comments at that time.
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