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July 25, 2018
A. O. Smith reports double-digit sales and earnings growth in second quarter
Milwaukee, Wis.Global water technology company A. O. Smith Corporation (NYSE:AOS) today announced a 24 percent increase in net earnings on record second quarter sales.
Net earnings for the quarter ended on June 30 were $114.5 million or $.66 per share compared with second quarter 2017 net earnings of $92.4 million or $.53 per share. Second quarter sales of $833.3 million were 13 percent higher than sales of $738.2 million during the same period last year.
Our North American business performed solidly in the second quarter with sales of residential and commercial water heaters and boilers all increasing, Chairman and Chief Executive Officer Ajita G. Rajendra commented. Our operations are doing an excellent job of managing through a volatile materials pricing environment.
The team is preparing for next months launch of A. O. Smith-branded water treatment products at all Lowes U.S. locations, Rajendra continued. We are excited about the prospects for this business. We believe we offer innovative products and a simplified decision process to customers interested in the quality and safety of their homes water.
North America segment
Second quarter sales for the North America segment increased more than 13 percent to $534.2 million compared with second quarter 2017 sales of $470.7 million. Increased volumes of boilers and water heaters, and pricing actions in response to increased steel prices contributed to the sales increase. Sales of water treatment products in North America added an incremental $7 million to sales compared with the same period last year.
The following information was filed by Smith A O Corp (AOS) on Wednesday, July 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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