Please wait while we load the requested 10-Q report or click the link below:
July 26, 2017
A. O. Smith reports record second quarter net earnings on nearly 11 percent increase in sales
Milwaukee, Wis.Water technology company A. O. Smith Corporation (NYSE-AOS) today announced record second quarter net earnings of $92.4 million or $.53 per share on second quarter sales of $738.2 million. Net earnings per share grew eight percent compared with second quarter 2016 net earnings per share of $.49.
Sales in the quarter ended June 30 grew almost 11 percent compared with sales of $667.0 million during the same period in 2016. Sales increased over 12 percent when adjusted for the impact from the stronger U.S. dollar against the Chinese currency.
We continued to see solid demand for our premium products in China with sales growth in local currency of 20 percent, led by water treatment and air purification, commented Ajita G. Rajendra, chairman and chief executive officer. Sales of our commercial water heaters and boilers in North America continued to be strong.
North America segment
Second quarter sales for the North America segment, which include U.S. and Canadian water heaters, boilers and water treatment products, increased nearly nine percent to $470.7 million compared with second quarter 2016 sales of $432.8 million. The increase in sales was primarily due to higher volumes of commercial water heaters and boilers in the U.S. and pricing actions in August 2016 related to higher steel costs and inflationary pressure on other costs. Aquasana, acquired in August 2016, added $13 million to the companys North America segment sales.
North America segment earnings of $109.2 million were approximately five percent higher than the $104.2 million in the second quarter last year. The favorable impact to profits from higher sales of commercial water heaters and boilers and the August 2016 pricing actions were partially offset by higher steel costs.
The following information was filed by Smith A O Corp (AOS) on Wednesday, July 26, 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.
View differences made from one quarter to another to evaluate Smith A O Corp's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Smith A O Corp.