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Filed by A. O. Smith Corporation pursuant to Rule 425 under the Securities Act of 1933, as amended, and
deemed filed pursuant to Rule 14a-12 under the Securities Exchange Act of 1934, as amended
Subject Company: A. O. Smith Corporation
Subject Companys Commission File No. 1-475
January 22, 2009
A. O. Smith announces 2008 earnings of $2.70 per share;
forecasts 2009 earnings of $2.40 to $2.60 per share
Milwaukee, Wis.A. O. Smith Corporation (NYSE:AOS), one of the worlds leading manufacturers of energy-efficient residential and commercial water heating equipment and electric motors, today announced results for its fiscal fourth quarter and full year 2008.
The company reported full year sales of $2.3 billion, essentially flat compared to 2007, and net earnings of $81.9 million or $2.70 per share, approximately seven percent lower than the record $88.2 million or $2.85 per share last year. Earnings included after-tax restructuring and other charges of $5.6 million or $.19 per share in 2008. In 2007, earnings included restructuring and other charges of $.33 per share and tax benefits of $.16 per share.
Fourth quarter sales of $508.6 million were approximately 11 percent lower than fourth quarter 2007 sales of $569.9 million. A. O. Smith earned $6.6 million in the fourth quarter or $.22 per share, compared with the $17.0 million or $.55 per share earned during the same period in 2007. Earnings included after-tax restructuring and other charges of $2.1 million or $.07 per share in the fourth quarter of 2008 compared with $.26 per share in the fourth quarter of 2007. In addition, fourth quarter 2007 earnings also included tax benefits of $.06 per share.
2008 was a solid year for our business, in spite of the rapid deterioration of the global economy in the fourth quarter, Paul W. Jones, chairman and chief executive officer, observed. The volatility of steel and copper prices throughout 2008, coupled with the continuing weakness in the domestic residential housing market, made 2008 a very challenging year. If you add to that the precipitous volume declines in the fourth quarter, 2008 changed from an unfavorable business climate into one of the worst in recent memory.
The following information was filed by Smith A O Corp (AOS) on Thursday, January 22, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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