American Standard Reports Earnings
American Standard Cos. Inc. reported lower fourth-quarter earnings, weighed down by the additional costs of cutting 700 more jobs than the 1,000 facing elimination under a plan announced in October. The Piscataway, NJ-based company said it expected a weak first quarter followed by a stronger second half. American Standard said fourth-quarter net income fell to $20 million, or 27 cents per share, from $59 million, or 82 cents, a year ago. The company said it took a fourth-quarter charge of $53 million, or 49 cents a share, to cover the elimination of 1,700 jobs.