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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) has announced its agreement to acquire Pureit, a leading water purification business in South Asia, from Unilever for approximately USD $120 million in cash. Pureit, with annual sales of about USD $60 million primarily in India, offers a broad range of residential water purification solutions. The acquisition is expected to be completed by the end of 2024 and is not anticipated to have a material impact on earnings in the first year.
This strategic move aims to strengthen A. O. Smith's leadership position in the global water treatment market and double its market penetration in South Asia. The acquisition aligns with the company's corporate strategy to enhance its premium product portfolio and distribution capabilities in the region.
A. O. Smith (NYSE: AOS) has announced a quarterly cash dividend of $0.32 per share on its Common and Class A Common Stock. This dividend is scheduled for payment on August 15, 2024, to shareholders recorded as of July 31, 2024.
Celebrating its 150th year, A. O. Smith is a global leader in innovative technology and energy-efficient solutions, specializing in residential and commercial water heating equipment and water treatment products. Headquartered in Milwaukee, Wisconsin, the company is listed on the New York Stock Exchange under the ticker AOS.
A. O. Smith (NYSE: AOS) will report its second quarter 2024 financial results on July 23, 2024, before the market opens. Subsequently, the company will host an investor conference call at 10:00 a.m. Eastern Time. The call will be available live on the company's website, www.aosmith.com, and an audio replay will be accessible on the same site, under the 'Investors' section, post-event.
A. O. Smith announced the retirement of Mark Petrarca, the senior vice president of human resources and public affairs, after 25 years of service. Curt Selby has been named as his successor, bringing valuable experience in human resources and public affairs to continue driving the company's global business growth. Petrarca's contributions to the company's human resources strategy and public affairs management have been instrumental in shaping A. O. Smith's development into a leading entity in water heating and treatment.
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