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A.O. Smith Corporation (NYSE: AOS) stands as one of the global leaders in the production of residential and commercial water heaters and boilers. Founded in 1874 and headquartered in Milwaukee, Wisconsin, the company has expanded its footprint to over 60 countries. A.O. Smith employs approximately 16,100 individuals across its operations in the United States, Canada, Mexico, China, India, the United Kingdom, the Netherlands, and Turkey, ensuring a global reach to meet diverse customer needs.
The company’s primary product offerings include residential and commercial gas, gas tankless, and electric water heaters, along with condensing and non-condensing boilers and water system tanks. A.O. Smith operates through two segments: North America, which accounts for the majority of its revenue, and the Rest of the World, predominantly focusing on Asian markets. The company's products are known for their innovative technology and energy-efficient solutions.
Recent milestones highlight the company's financial growth and strategic initiatives. A.O. Smith reported a 7% year-over-year increase in third-quarter 2023 sales, totaling $938 million. The company also raised its 2023 outlook, expecting sales growth of 2% compared to 2022 and adjusted EPS between $3.70 and $3.80. On the governance front, the board approved a 7% increase in the quarterly dividend rate to $0.32 per share, reflecting confidence in the company's stable demand and focus on shareholder returns.
In terms of innovation, A.O. Smith continues to enhance its product portfolio with new developments, particularly in China and India. The company recently introduced kitchen appliance products in China, contributing to a 6% local currency sales increase. India operations also saw significant growth with a 13% local currency sales increase.
Financial stability remains a cornerstone for A.O. Smith, with a strong balance sheet and robust cash flows. As of the third quarter of 2023, the company boasted cash and marketable securities of $341.8 million and a leverage ratio of 6.4%. The company’s commitment to returning capital to shareholders includes repurchasing approximately 2.4 million shares for $161.4 million in the first nine months of 2023.
Looking ahead, A.O. Smith projects continued growth, underpinned by resilient demand in North America and expanding markets in Asia. The company’s strategic focus remains on new product development, global expansion, and maintaining a strong financial position to support its growth ambitions.
A. O. Smith (NYSE: AOS) reported its 2024 results with sales of $3.8 billion, showing a 1% decrease primarily due to lower sales in China. Net earnings were $533.6 million with diluted EPS of $3.63, down 2% year-over-year. The company faced challenges from a weak Chinese economy and soft North America water heater demand in the second half of 2024.
Notable highlights include an 8% increase in North American boiler sales, $496 million returned to shareholders through dividends and share repurchases, and the acquisition of Pureit in Q4. The company implemented restructuring measures, including $11.3 million in severance expenses in China and $6.3 million in North America water treatment business improvements.
For 2025, A. O. Smith projects consolidated sales to be flat to up 2% compared to 2024, with EPS guidance between $3.60 and $3.90. The company expects flat water heater industry unit volumes in North America and continued double-digit sales growth in India, while anticipating a single-digit sales decline in China.
A. O. Smith (NYSE: AOS) has announced its regular quarterly cash dividend for Q4 2024. The company's Board of Directors has declared a dividend of $0.34 per share on both Common Stock and Class A Common Stock. The dividend will be paid on February 18, 2025, to shareholders of record as of January 31, 2025.
A. O. Smith (NYSE: AOS) has announced its upcoming fourth quarter 2024 financial results release, scheduled for Thursday, January 30, 2025, before market opening. The company will host an investor conference call at 10:00 a.m. Eastern Daylight Time on the same day.
Investors and interested parties can access the live call through the company's website at www.aosmith.com. For those unable to attend the live event, an audio replay will be made available on the website's 'Investors' page under the 'Fourth Quarter Conference Call' section.
A. O. Smith (NYSE: AOS) has released its 2024 Sustainability Report, marking its fourth sustainability publication in six years. The company announced its first public water goal, targeting an annual water savings of 40 million gallons by 2030. Key achievements include surpassing their greenhouse gas emissions reduction goal by 17% and donating over $1.75 million to 199 nonprofit organizations in 2023.
The report, coinciding with the company's 150th anniversary, outlines progress in water heating and treatment technologies, policy advocacy, and employee development. A. O. Smith made significant strides in sustainability through administrative controls, process optimization, and water recycling technologies while maintaining leadership in energy and water efficiency standards.
A. O. Smith (NYSE: AOS) has completed the acquisition of Pureit, a Unilever water purification business, for approximately $120 million. Pureit, launched in 2004 in Chennai, India, offers residential water purification solutions across India, Bangladesh, Sri Lanka, Vietnam, and Mexico. The acquisition strengthens A. O. Smith's premium water treatment portfolio and distribution footprint, particularly in e-commerce channels. The company notes that the acquisition will not materially impact earnings in the first year.
A. O. Smith (NYSE: AOS) reported its third quarter 2024 results with sales of $903 million, a 4% decrease year-over-year, driven by lower sales in China and reduced water heater volumes in North America. Net earnings decreased 11% to $120 million, with diluted earnings per share (EPS) at $0.82, down 9%. The company reaffirmed its revised 2024 EPS outlook of $3.70 to $3.85.
Key highlights include:
- 6% increase in dividend, marking 32 consecutive years of increases
- Pureit acquisition on track to close by end of 2024
- North America segment sales declined 1% to $703.3 million
- Rest of World segment sales decreased 10% to $210.3 million
- Cash and marketable securities totaled $255.6 million as of September 30, 2024
- 2.9 million shares repurchased at a cost of $237.1 million in the first nine months of 2024
A. O. Smith (NYSE: AOS) announced preliminary third quarter results and revised full year guidance for 2024. Key points include:
- Preliminary Q3 sales of $903 million, down 4% year-over-year due to lower sales in China and North America water heating
- Preliminary Q3 earnings per share (EPS) of $0.82, a 9% decrease
- Preliminary cash from operations of $360 million and free cash flow of $283 million in the first nine months of 2024
- Lowered full year EPS guidance to $3.70-$3.85 from previous $3.95-$4.10
The company faced challenges in China with a 17% decline in local currency sales, and weaker-than-expected North American water heater orders. Despite this, A. O. Smith maintains strong customer relationships and improved lead times. The company expects quarter-over-quarter improvement in North America water heater volumes in Q4 but anticipates continued softness in China.
A. O. Smith (NYSE: AOS) has announced a 6% increase in its quarterly cash dividend to $0.34 per share. The board of directors approved this increase on October 7, 2024, affecting both Common Stock and Class A Common Stock. The dividend will be payable on November 15 to shareholders of record as of October 31, 2024.
Kevin J. Wheeler, chairman and CEO, emphasized that this increase aligns with the company's capital allocation strategy of consistently returning capital to shareholders. He highlighted that A. O. Smith has maintained a five-year compound annual growth rate of approximately 8% for its dividend rate and has increased its dividend annually for over 30 years.
A. O. Smith (NYSE: AOS) has announced its upcoming third quarter 2024 financial results release and investor conference call. The company will release its financial results before the market opens on Tuesday, October 22, 2024. This will be followed by an investor conference call at 10:00 a.m. Eastern Time on the same day.
Investors and interested parties can listen to the call live on the company's website at www.aosmith.com. For those unable to attend the live event, an audio replay of the call will be made available on the company's website after the event concludes. To access the archived audio replay, visitors should navigate to the 'Investors' page on the website and select the 'Third Quarter Conference Call' link.
A. O. Smith (NYSE: AOS) reported record sales of $1 billion in Q2 2024, a 7% increase year-over-year. The company achieved diluted earnings per share (EPS) of $1.06, up 2% from the previous year and 5% compared to adjusted EPS. Key highlights include:
- North America segment sales increased 9% to $790.7 million
- Rest of World segment sales remained flat at $244.8 million
- Reaffirmed 2024 sales outlook of 3% to 5% growth
- Narrowed EPS guidance to $3.95-$4.10
- Announced acquisition of Pureit, expected to close by end of 2024
The company's performance was driven by higher water heater volumes in North America and growth in commercial boilers. A. O. Smith maintains a strong balance sheet with $233.3 million in cash and marketable securities.
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