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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 Corporation reported its first quarter 2023 results, highlighting sales of
A. O. Smith Corporation (NYSE: AOS) has announced a quarterly cash dividend of $.30 per share on its Common and Class A Common Stock. This dividend will be distributed on May 15, 2023, to shareholders recorded by April 28, 2023. A. O. Smith, based in Milwaukee, is a global leader in manufacturing innovative water heating solutions and treatment products, serving both residential and commercial markets.
A. O. Smith Corporation (NYSE: AOS) will announce its first quarter 2023 financial results before the market opens on April 27, 2023. An investor conference call is scheduled for 10:00 a.m. EDT on the same day. The live audio of the call will be available on the company's website, and a replay will be accessible afterward. A. O. Smith is a global leader in manufacturing residential and commercial water heating equipment and treatment products.
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