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October 25, 2017
A. O. Smith reports record third quarter net earnings on 10 percent increase in sales
Milwaukee, Wis.Water technology company A. O. Smith Corporation (NYSE-AOS) today announced record third quarter net earnings of $93.7 million or $0.54 per share. Earnings per share grew 15 percent compared with third quarter 2016 earnings per share of $0.47.
Sales in the quarter ended Sept. 30 increased nearly 10 percent to $749.9 million compared with sales of $683.9 million during the same period in 2016.
We saw double digit sales growth in the third quarter due to strong demand for our Lochinvar branded boilers and mid-single digit growth in residential water heater volumes in the U.S., noted Chairman and Chief Executive Officer Ajita G. Rajendra. Sales of our consumer products in China, particularly water treatment and air purification, contributed to our growth, as well.
In early September, we welcomed the Hague team to the A. O. Smith family, through our acquisition of the U.S. water softener company. Hague fits squarely in our acquisition strategy to expand our global water treatment platform. We look forward to growing the business together and pursuing the global opportunities that we believe Hagues innovative and high quality products bring to A. O. Smith, Rajendra stated.
North America segment
Third quarter sales for the North America segment, which include U.S. and Canadian water heaters, boilers and water treatment products, increased eight percent to $486.0 million compared with third quarter 2016 sales of $450.8 million. The increase in sales was primarily due to increased sales of boilers, higher volumes of residential water heaters and pricing actions related to higher steel costs.
The following information was filed by Smith A O Corp (AOS) on Wednesday, October 25, 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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