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January 28, 2014
A. O. Smith achieves record sales and earnings in 2013; announces 2014 guidance and increases 2015 aspirations
Milwaukee, Wis.Water technology company A. O. Smith Corporation (NYSE-AOS) today announced record sales of $2.15 billion and record earnings from continuing operations of $169.7 million, or $1.83 per share, for 2013 compared with $162.6 million, or $1.75 per share last year.
Sales for 2013 grew 11 percent from the $1.94 billion achieved in 2012. Sales of A. O. Smith branded products in China grew 26 percent to approximately $565 million for the year.
Adjusted 2013 earnings from continuing operations of $191.2 million or $2.06 per share excluded after-tax costs of $16.4 million related to the transfer of residential water heater manufacturing from the companys Fergus, Ontario plant, an after-tax gain of $6.8 million related to a settlement with a supplier, and after-tax non-operating pension costs of $11.9 million. Adjusted earnings from continuing operations in 2012 were $145.1 million or $1.56 per share.
In the 2013 fourth quarter, the company earned $42.4 million or $.46 per share on sales of $558.9 million compared with earnings from continuing operations of $43.2 million or $.46 per share in the fourth quarter 2012. Fourth quarter 2013 adjusted earnings from continuing operations of $48.0 million or $.52 per share excluded after-tax costs of $2.7 million related to the plant rationalization and after-tax non-operating pension costs of $2.9 million. Adjusted earnings from continuing operations for the same three-month period in 2012 were $43.2 million or $.46 per share on sales of $524.3 million. Improved adjusted earnings in the fourth quarter 2013 were due to higher profits in North America and a lower tax rate than the same period one year ago.
The following information was filed by Smith A O Corp (AOS) on Tuesday, January 28, 2014 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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