, a diversified industrial manufacturing company, said its third-quarter earnings declined 21.8% from a year-ago period, as slowdown in U.S. housing market affected its sales.
The company earned $34.84 million, or 34 cents a share, in the quarter, compared with $44.53 million, or 43 cents a share, a year ago. Earnings from continuing operations for the third quarter were 33 cents a share.
Earnings also included one-time costs of $17 million, or 11 cents a share, related to severance costs in the water group and at corporate, and increased reserves for accounts receivable, inventory, and warranty in the pool and spa business.
Analysts were expecting the company to earn 30 cents a share.
Third-quarter revenue rose 8.6% from a year ago period to $778.02 million as against analysts' expectation of $763.38 million.
The company reiterated its earnings guidance of $1.72 to $1.76 a share for the full year 2006 and expects to earn $2.00 to $2.15 a share for the full year 2007.
The low end of the 2007 guidance assumes a sustained weakness in housing markets that would affect both its pump and pool businesses, while the high end of the range represents some moderation of housing markets and continued strength in other markets, the company added.
Analysts are expecting earnings of $1.73 a share in 2006 and $2.08 a share in the full year 2007.
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