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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 record Q3 2021 sales of $914.6 million, marking a 20% increase year-over-year, driven by inflation-related pricing actions and high demand. Net earnings rose 25% to $131.6 million, with EPS up 26% at $0.82. The company raised its full-year outlook for sales to grow between 20% and 21% and EPS to $2.86 to $2.90. Free cash flow reached $331.5 million, a 13% increase, supported by strong earnings despite rising costs. Key segments showed significant sales growth, particularly in North America and China.
A. O. Smith Corporation (NYSE: AOS) has acquired Giant Factories, Inc., a Canadian water heater manufacturer, for approximately USD 192 million in cash, enhancing its market presence in North America. With trailing sales of USD 105 million, the deal is anticipated to be accretive to EPS in the first full year post-closing. A tax benefit of USD 6.5 million is expected from the asset purchase structure. This acquisition supports A. O. Smith's corporate strategy and decarbonization efforts, as Giant operates in a low-carbon energy grid.
A. O. Smith Corporation (NYSE: AOS) announced an 8% increase in its quarterly cash dividend, raising it to $0.28 per share. This dividend will be payable on November 15 to shareholders of record as of October 29. The company highlighted a 17% compound annual growth rate in its dividend over the past five years and its history of annual increases for more than 25 years. The CEO emphasized the confidence in the stable demand for their products as a reason for the dividend hike.
A. O. Smith Corporation (NYSE: AOS) will release its third quarter 2021 financial results before the market opens on October 28. Following this, an investor conference call is scheduled at 10:00 a.m. EDT. The call will be accessible live on the company's website, with an audio replay available later. A. O. Smith is renowned for its energy-efficient water heating equipment and related products globally. For further details, visit www.aosmith.com.
A. O. Smith Corporation (NYSE: AOS) launched an analytical tool aimed at helping states, policymakers, and consumers achieve greenhouse gas (GHG) reduction goals, as detailed in its new white paper titled "Electrification of Water and Space Heating in Buildings". The tool quantifies energy use and environmental impacts, focusing on states like California and New York. A. O. Smith is committed to reducing GHG emissions by 10% by 2025 and emphasizes affordable and innovative water heating technologies to drive consumer adoption.
A. O. Smith Corporation (NYSE: AOS) announced record second quarter earnings, with earnings per share increasing due to a 30% rise in sales compared to Q2 2020. North America segment sales rose to $603.6 million, up 26%, and earnings increased by 34% to $141.7 million, boosted by higher volumes and price hikes to counteract rising material costs. The Rest of World segment saw a 39% sales increase, primarily from China. The company upgraded its full-year earnings guidance to $2.70-$2.76 per share despite ongoing supply chain challenges.
A. O. Smith Corporation (NYSE: AOS) has acquired Master Water Conditioning Corporation, a Pennsylvania-based water treatment company, in an undisclosed all-cash deal. This acquisition aims to enhance A. O. Smith's North American water treatment presence, joining previous acquisitions like Aquasana and Hague Quality Water. Master Water, established in 1967, specializes in residential and commercial water systems. D. Samuel Karge, A. O. Smith's president of North American Water Treatment, highlighted Master Water's strong market reputation and innovative products as key benefits of the acquisition.
A. O. Smith Corporation (NYSE: AOS) has declared a regular quarterly cash dividend of $.26 per share on its Common Stock and Class A Common Stock. This dividend will be payable on August 16, 2021, to shareholders on record as of July 30, 2021. A. O. Smith is a leader in innovative technology and energy-efficient solutions in residential and commercial water heating, water treatment, and air purification products.
A. O. Smith Corporation (NYSE: AOS) will announce its second quarter 2021 financial results on July 29, 2021, before market opening. Following this announcement, an investor conference call will take place at 10:00 a.m. EDT. The call can be accessed live through the company's website, where an audio replay will be available afterward. A. O. Smith is a global leader in energy-efficient water heating solutions, with products sold worldwide. For more information, visit www.aosmith.com.
A. O. Smith Corporation (NYSE: AOS) reported a strong Q1 2021, with sales reaching $769.0 million, a 21% increase from Q1 2020, and net earnings of $97.7 million, up 89%. The record EPS of $0.60 reflects an 88% rise year-over-year. Guidance for the year has been upgraded to a sales growth of 14-15% and EPS of $2.55 to $2.65, indicating a robust demand despite supply chain challenges. Cash flow from operations improved to $104.4 million, boosting liquidity as the company repurchased shares and renewed its credit facility.
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