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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 has announced a quarterly cash dividend of $.26 per share for its Common Stock and Class A Common Stock. The dividend, reflecting the company's commitment to returning value to shareholders, is payable on May 17 to shareholders on record as of April 30, 2021.
As a leader in the water heating and treatment industry, A. O. Smith continues to demonstrate its financial stability and growth potential in the market.
A. O. Smith Corporation (NYSE: AOS) will announce its first quarter 2021 financial results before market opens on April 29. 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 is a leading global manufacturer specializing in water heating equipment, water treatment, and air purification solutions.
A. O. Smith Corporation (NYSE: AOS) has nominated Victoria M. Holt and Michael M. Larsen to its board of directors, replacing retiring members Paul W. Jones and William P. Greubel, effective April 13, 2021. Holt, former CEO of Proto Labs, brings experience in digital manufacturing, while Larsen, CFO of Illinois Tool Works, has a strong financial background. Their addition aims to enhance the board's strategic capabilities. The annual meeting for board member election is scheduled for April 13, 2021.
A. O. Smith Corporation (AOS) reported 2020 sales of $2.9 billion, down 3% from $3.0 billion in 2019, due to pandemic-related impacts, particularly in China. Net earnings reached $344.9 million or $2.12 per share, a decline from $370.0 million or $2.22 in 2019. The fourth quarter saw record sales of $834.5 million, an 11% increase from 2019, driven by high residential water heater demand. The company anticipates 2021 earnings between $2.40 and $2.50 per share, a 13% increase year-over-year. Cash on hand totaled $689.6 million as of December 31, 2020.
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 is set to be paid on February 16 to shareholders of record as of January 29, 2021. A. O. Smith is a global leader in innovative technology and energy-efficient solutions in water heating equipment, boilers, and water treatment products.
A. O. Smith Corporation will announce its fourth quarter 2020 financial results on January 28, 2021, before market opening. An investor conference call is scheduled for 10:00 a.m. EST on the same day. The call will be accessible live on the company's website, and an audio replay will be available post-event. A. O. Smith is recognized as a leader in manufacturing water heating equipment, boilers, and water treatment products, and aims to provide innovative energy-efficient solutions worldwide.
A. O. Smith Corporation (NYSE-AOS) reported third quarter net earnings of $105.4 million or $0.65 per share, up from $87.3 million in 2019. Sales reached $760.0 million, a 4% increase year-over-year. Adjusted earnings were $106.7 million, around 22% higher than the same period last year. The North America segment saw 6% sales growth, driven by increased residential water heater volumes and a 19% rise in water treatment product sales. The company raised its full-year earnings forecast to $1.91-$1.94 per share.
On October 12, 2020, A. O. Smith Corporation (NYSE: AOS) announced an 8% increase in its quarterly cash dividend, raising it to $0.26 per share, payable on November 16 to shareholders of record by October 30. The company's CEO, Kevin Wheeler, emphasized a five-year compound annual growth rate of over 22% for dividends, reflecting A. O. Smith's commitment to rewarding its investors. This increase demonstrates the company's financial stability and confidence in future growth amidst challenging market conditions.
A. O. Smith Corporation (NYSE: AOS) will announce its third quarter 2020 financial results before the market opens on October 29, 2020. Following the release, an investor conference call is scheduled for 10:00 a.m. (EDT). Investors can access the call live through the company's website, with an audio replay available afterward. A. O. Smith, headquartered in Milwaukee, is a leading manufacturer of water heating equipment, boilers, and water treatment products, focused on innovative technology and energy-efficient solutions.
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