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January 27, 2015
A. O. Smith achieves solid earnings growth on record 2014 sales
Milwaukee, Wis. A. O. Smith Corporation (NYSE-AOS) today announced record sales of $2.36 billion and net earnings of $207.8 million, or $2.28 per share, for 2014 compared with $169.7 million, or $1.83 per share the previous year.
Sales for 2014 grew nine percent from the $2.15 billion achieved in 2013. Sales in China grew 18 percent to approximately $695 million for the year.
Adjusted 2014 earnings of $221.0 million or $2.43 per share increased 16 percent compared with adjusted 2013 earnings of $191.2 million or $2.06 per share.
In the fourth quarter, the company earned $53.2 million or $.59 per share on sales of $626.8 million compared with net earnings of $42.4 million or $.46 per share in the fourth quarter 2013 on sales of $558.9 million. Fourth quarter 2014 adjusted earnings were $57.5 million or $.64 per share. Adjusted earnings for the same three-month period in 2013 were $48.0 million or $.52 per share.
Our 140th anniversary year was another record-setting year for A. O. Smith, Ajita G. Rajendra, chairman and chief executive officer, observed. Our U. S. water heater and boiler results benefited from the strengthening U. S. economy. Our sales in China continued to grow faster than two times that countrys GDP thanks to an improved water heater product mix and an increase in water heater and water treatment volumes, including growth of our online sales which surpassed $50 million in 2014.
The following information was filed by Smith A O Corp (AOS) on Tuesday, January 27, 2015 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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