Please wait while we load the requested 10-K report or click the link below:
January 26, 2010
A. O. Smith reports record earnings per share for 2009
Milwaukee, Wis.A. O. Smith Corporation (NYSE:AOS) today announced the achievement of record earnings per share in 2009 in spite of lower revenues caused by the lingering housing crisis, a weak commercial construction market, and the global recession. Sales in 2009 were $2.0 billion, 14 percent lower than 2008 sales of $2.3 billion.
For the year, the company earned $81.3 million or $3.39 per share. Non-GAAP earnings, adjusted for the effect of the Smith Investment Company transaction which closed in April 2009, were $89.7 million, or $2.96 per share, 10 percent higher than non-GAAP earnings of $81.9 million or $2.70 per share earned in 2008. Growth in higher-margin China sales, aggressive cost management, lower raw material costs, and lower restructuring costs contributed to the improved results. Additionally, the company generated record cash flow from operations in 2009 of $267.6 million.
The company earned $22.7 million or $.74 per share in the fourth quarter of 2009 compared with non-GAAP earnings of $6.7 million or $.22 per share earned in the same period last year. Fourth quarter 2009 sales were $509.6 million, essentially flat compared with 2008 fourth quarter sales of $508.6 million.
Our company and our employees performed extremely well under difficult circumstances last year, Chairman and Chief Executive Officer Paul W. Jones said. We recognized the onset of the global recession early, made the difficult decisions necessary to address the expected impact on the company, and then stuck by those decisions. The expense reduction and cash conservation programs we put in place had the desired effect, helping us maintain our profitability and generate significant cash flow throughout the year.
Our employees deserve a lot of credit for finding countless ways to reduce expenses and generate cash while remaining focused on our customers, Jones added.
The following information was filed by Smith A O Corp (AOS) on Tuesday, January 26, 2010 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.
View differences made from one year to another to evaluate Smith A O Corp's financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Smith A O Corp.