You choose, we deliver
If you are interested in this story, you might be interested in others from The Journal Gazette. Go to www.journalgazette.net/newsletter and pick the subjects you care most about. We'll deliver your customized daily news report at 3 a.m. Fort Wayne time, right to your email.

Business

  • Macy's to settle racial-profile case
    ALBANY, N.Y. – Macy’s will pay $650,000 to settle allegations of racial profiling at its flagship store in Manhattan’s Herald Square.
  • Nook gets tablet redesign
    NEW YORK – Barnes & Noble and Samsung have un­veiled a reading-focused tab­let that will replace the book­seller’s own Nook tablets.
  • Apple stock hits new high
    SAN FRANCISCO – Apple’s stock touched a new high Wednesday, reflecting investors’ renewed faith in CEO Tim Cook’s ability to outwit the competition and expand the technological hit factory built by the late Steve
Advertisement

WaterFurnace quarterly earnings fall 38%

WaterFurnace Renewable Energy Inc. on Friday reported third-quarter earnings of $2.88 million, or 24 cents per share, a 38 percent drop from the $4.63 million, or 38 cents a share, posted for the same three months of 2011.

The Fort Wayne-based maker of geothermal heat pumps blamed the soft economy, weak consumer confidence and low natural gas and propane prices for the results, which were reported after markets closed.

Tom Huntington, president and CEO, said WaterFurnace maintained focus on business investments, product innovation and market share during the quarter. Although sales declined 18 percent, to $29.5 million, the company’s market share increased, the company said.

In July, WaterFurnace signed a joint venture agreement with Chinese company Ningbo Shenglong Group Co. Ltd. to form WaterFurnace Shenglong HVACR Climate Solutions Ltd., also a Chinese company.

The deal allows the company access to customers and raw materials in the Chinese market. The joint venture started operations this week.

Advertisement