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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.
On July 11, 2022, A. O. Smith Corporation (NYSE: AOS) declared a quarterly cash dividend of $.28 per share on its Common and Class A Common Stock. The dividend will be paid on August 15, 2022, to shareholders on record as of July 29, 2022. A. O. Smith is a global leader in innovative technology and energy-efficient solutions for residential and commercial water heating equipment and boilers, with headquarters in Milwaukee, Wisconsin.
A. O. Smith Corporation (NYSE: AOS) will announce its second quarter 2022 financial results before market open on July 28, 2022. An investor conference call is scheduled for 10:00 a.m. EDT on the same day to discuss the results. Investors can listen to the call live on the company’s website, with an audio replay available afterward. A. O. Smith, based in Milwaukee, is a leading manufacturer of water heating equipment and treatment products globally.
A. O. Smith Corporation (NYSE: AOS) has acquired Atlantic Filter Corporation, a Florida-based water treatment company, in an all-cash transaction. The deal, terms undisclosed, strengthens A. O. Smith's North American Water Treatment business, adding to previous acquisitions. This move aims to enhance capabilities in Florida and beyond, aligning with the company's strategy to deliver innovative water solutions. Atlantic Filter has a strong industry reputation and will continue to operate under its existing leadership in West Palm Beach.
A. O. Smith Corporation (NYSE: AOS) announced that Jim Stern has been appointed president of the Water Quality Association (WQA) as of May 9, 2022. Stern, previously the executive vice president and general counsel, aims to advance the industry's knowledge and professionalism while increasing public awareness about water quality. Since joining A. O. Smith in 2010, he has been instrumental in the company's expansion into water treatment, leading the acquisition of six firms in North America. Chairman Kevin Wheeler highlighted these efforts as pivotal in transforming A. O. Smith into a global water technology leader.
A. O. Smith Corporation (NYSE: AOS) reported strong first quarter results for 2022, with net sales of $978 million, a 27% increase year-over-year. Net earnings rose to $119.8 million (23% YoY), leading to earnings per share of $0.76 (+27%). Adjusted earnings reached $122 million, yielding an adjusted EPS of $0.77 (+31%). The company reaffirmed its 2022 EPS guidance at $1.56 to $1.76. Despite challenges like supply chain issues and rising material costs, A. O. Smith remains focused on profitable growth through innovative products.
A. O. Smith Corporation (NYSE: AOS) has declared a quarterly cash dividend of $.28 per share on its Common Stock and Class A Common Stock. This dividend is set to be paid on May 16 to shareholders of record by April 29, 2022. A. O. Smith is a leader in innovative and energy-efficient water heating solutions, manufacturing products for both residential and commercial markets worldwide. The company emphasizes its commitment to technology and sustainability in its operations.
A. O. Smith Corporation (NYSE: AOS) will announce its first quarter 2022 financial results on April 28, 2022, before market opening. An investor conference call is scheduled for 10:00 a.m. EDT on the same day. The call will be accessible via the company's website, where an audio replay will also be available post-event. A. O. Smith is recognized for its innovative energy-efficient solutions in water heating and treatment products. For further details, visit www.aosmith.com.
A. O. Smith reported record sales of $3.5 billion for 2021, driven by inflation-related pricing actions and strong global demand. Net earnings rose 41% to $487.1 million, with earnings per share (EPS) increasing 42% to $3.02. Operating cash flow improved by 14% to $641.1 million. For 2022, the company anticipates a sales increase of 16% to 18% and EPS between $1.56 and $1.76, despite potential impacts from the Omicron variant and planned pension plan termination expenses.
A. O. Smith Corporation (NYSE: AOS) has declared a quarterly cash dividend of $.28 per share on its Common and Class A Common Stock. This dividend is scheduled for payment on February 15, 2022 to shareholders of record by January 31, 2022. The company, headquartered in Milwaukee, is recognized as a global leader in the manufacture of energy-efficient water heating equipment and water treatment products, showcasing its innovative technology.
A. O. Smith Corporation (NYSE: AOS) will announce its fourth quarter 2021 financial results on January 27, 2022, before market opens. An investor conference call is set for 10:00 a.m. EST on the same day. Interested parties can access the call via the company’s website, with an audio replay available afterward. A. O. Smith is a leading manufacturer of water heating equipment and water treatment products, headquartered in Milwaukee, Wis.
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