Please wait while we load the requested 10-K report or click the link below:
January 25, 2011
A. O. Smith announces record earnings for 2010 and provides 2011 guidance
Milwaukee, Wis.A. O. Smith Corporation (NYSE:AOS) reported 2010 earnings from continuing operations of $57.3 million or $1.24 per share on sales of $1.49 billion, which included an after-tax charge of $21.6 million, or $0.47 per share, associated with the flooding that impacted the companys Ashland City, Tenn., facility in May. The discontinued Electrical Products operations earned $54.4 million or $1.18 per share on sales of $705.8 million.
The combined businesses earned a record $111.7 million, or $2.42 per share, in 2010. Earnings for 2009 were $81.3 million or $2.36 per share. Non-GAAP earnings for 2009, excluding the impact of the SICO transaction, were $89.7 million or $1.97 per share. In the fourth quarter, the combined businesses earned $32.2 million or $0.69 per share in 2010 compared with $22.7 million or $0.50 per share in 2009.
Both businesses remain focused on reducing costs, improving operational efficiencies and growing their business, Paul Jones, chairman and chief executive officer, observed.
Our excellent overall performance took place in spite of continued weakness in the U.S. housing and commercial construction markets and the disruptions caused by the May flood in our largest water heater facility. This ongoing concentration on the fundamentals has had a strong impact on our overall performance and led us to report record earnings in four of the last five years, Jones noted.
Water Products Company (continuing operations)
Water Products sales increased by more than eight percent to $1.49 billion in 2010 compared with $1.38 billion in 2009, driven by a 30 percent increase in China water heater sales and a full year of sales from A. O. Smith (Shanghai) Water Treatment Products Co. Ltd., a business acquired in late 2009.
The following information was filed by Smith A O Corp (AOS) on Tuesday, January 25, 2011 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.