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January 27, 2012
A. O. Smith continuing operations achieve record sales and earnings for 2011 driven by acquisitions and organic growth
Milwaukee, Wis.A. O. Smith Corporation (NYSE-AOS) today announced sales of $1.71 billion and earnings of $111.2 million, or $2.39 per share, from continuing operations for 2011.
Sales for 2011 grew 15 percent from $1.49 billion recorded in 2010. The recently acquired Lochinvar business added $75.9 million to sales, and sales of A. O. Smith branded products in China grew 29 percent to approximately $370 million for the year. Higher commercial water heater volumes in North America also contributed to higher sales.
Earnings from continuing operations for 2011 of $111.2 million, or $2.39 per share, included an after-tax gain of $12.9 million, or $.28 per share, related to shares of Regal Beloit Corporation (NYSE: RBC) hedged with an equity collar, a legal settlement with a component supplier and an increase to a warranty reserve associated with a similar component in Canada. The Lochinvar business contributed $.07 per share to full-year earnings, which included interest expense and $.10 per share from non-recurring professional fees related to the acquisition and purchase accounting charges. Earnings from continuing operations in 2010 were $57.1 million, or $1.24 per share, and included flood costs of $21.6 million or $.47 per share.
In the fourth quarter, the company earned $31.5 million or $.68 per share on sales of $475.8 million. Earnings from continuing operations for the same three-month period in 2010 were $20.5 million or $.44 per share on sales of $370.2 million.
The A. O. Smith team did an excellent job of achieving this record performance in a less than ideal economy, Paul W. Jones, chairman and chief executive officer, observed. Our acquisition of Lochinvar is achieving all that we expected, our growth in China continued at the high end of our expectations, and we are delighted with the acceptance of our products and growth in India. As a result, we were able to overcome global economic headwinds to achieve record earnings from continuing operations for the fifth time in the last six years.
The following information was filed by Smith A O Corp (AOS) on Friday, January 27, 2012 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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