A.O. Smith sees increase in earnings, sales

Special to The Freeman

April 22, 2014

MILWAUKEE – A.O. Smith Corp. on Tuesday reported an increase in its first-quarter earnings.

The Milwaukee-based water technology company said sales for the first quarter grew to $552.2 million, from $509.6 million in the same three-month period last year.

"Our business in China got off to a strong start this year, with sales growing 25 percent over the same period last year," said chairman and chief executive Ajita Rajendra. “The team in China has excelled at innovating, manufacturing and marketing products with features and benefits that meet consumers' needs in that region.”

For the first quarter, net earnings rose to $46.7 million, or $0.51 per share, from $39 million, or $0.42 per share, a year earlier.

Excluding certain one-time items, quarterly earnings rose to $49.7 million, or 54 cents per share, from $44.7 million, or 48 cents, a year earlier.

Sales for the period grew to $552.2 million from $509.6 million, the company said.

For the full year 2014, the company increased its earnings outlook to $2.06 to $2.21 per share, an increase from the previously projected $2.01 to $2.16 per share.