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April 25, 2018
A. O. Smith reports double digit earnings growth on record first quarter sales
Milwaukee, Wis.A. O. Smith Corporation (NYSE:AOS) today announced net earnings of $98.8 million or $0.57 per share on record sales of $788.0 million for the first quarter of 2018. Sales were 6.5 percent higher than sales of $740.0 million reported in the same quarter of 2017. Net earnings in 2017 were $87.7 million, or $0.50 per share.
Adjusted net earnings of $103.8 million or $0.60 per share were over 18 percent higher than the first quarter of 2017 and excluded $5.0 million or $.03 per share of after-tax restructuring and impairment charges related to the closing of the companys commercial water heater plant in Renton, Wash., and transfer of production to plants in Tennessee and South Carolina.
A. O. Smith is providing non-GAAP measures (adjusted net earnings, adjusted earnings per share and adjusted segment earnings) for 2018 that exclude the restructuring and impairment charges related to the plant closing. Reconciliations to measures on a GAAP basis are provided in the financial information included with this press release.
Earlier in the month, A. O. Smith announced it was named the primary supplier of water treatment products to all Lowes home improvement stores in the U.S. The transition to the A. O. Smith brand at Lowes will take place beginning in August. The company expects sales of approximately $15 million and a small loss due to start-up and transition costs from the new business in 2018.
The key fundamentals of our business: organic growth, stable replacement demand, innovation and new products with features and benefits that consumers want and can afford continued to remain in place. We are pleased to deliver solid performance in the face of higher costs, particularly higher steel prices, Chairman and Chief Executive Officer Ajita Rajendra noted. We established a noteworthy start to 2018.
The following information was filed by Smith A O Corp (AOS) on Wednesday, April 25, 2018 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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