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April 27, 2017
A. O. Smith reports 19 percent earnings growth on 16 percent increase in sales
Milwaukee, Wis.Water technology company A. O. Smith Corporation (NYSE-AOS) today announced record first quarter net earnings of $87.7 million or $.50 per share on record first quarter sales of $740.0 million. First quarter 2016 net earnings were $73.5 million or $.41 per share. This is the fifth consecutive year the company has achieved record first quarter sales and earnings performance.
Sales in the quarter ended March 31 grew approximately 16 percent compared with sales of $636.9 million during the same period in 2016. Sales in China grew 20 percent during the first quarter 2017 or grew 27 percent when excluding the impact from the stronger U.S. dollar.
The strength of both the U.S. water heater industry and our consumer product demand in China is encouraging, noted Chairman and Chief Executive Officer Ajita G. Rajendra. With double digit sales growth in both operating segments in the quarter, A. O. Smith is starting the year on solid footing.
North America segment
First quarter sales for the North America segment increased to $487.3 million compared with first quarter 2016 sales of $423.9 million. The increase in sales was primarily due to higher volumes of residential and commercial water heaters in the U.S. and Canada as well as pricing actions in August 2016 related to steel cost increases and inflationary pressure on other costs. The Aquasana water treatment business, which was acquired in August 2016, added $10.3 million to the companys North America segment sales.
Segment operating earnings of $104.2 million were approximately 13 percent higher than the $91.9 million earned in the year ago quarter. The favorable impact from higher volumes of water heaters and higher prices was partially offset by higher steel and other input costs.
The following information was filed by Smith A O Corp (AOS) on Thursday, April 27, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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