Showing the impact of this year's surge in room air conditioner demand, both in the U.S. and overseas, Fedders reported record fiscal third-quarter results and strongly improved nine-month sales and earnings.
For the three months to May 31 the room air conditioner manufacturing specialist posted a net of $18.1 million, up 14% from the year-earlier $15.9 million. Sales, at $175.6 million, increased just 2%.
For the first nine months Fedders had a net of just under $16 million, and sales were up 12.6% to $260.2 million.
In the same period last year Fedders had a net loss of $1.61 million, after a $16.8 million pre-tax restructuring charge. Excluding that, net from operations was up 71%.
Fedders said its sales to overseas customers rose 15% for the quarter.