A.O. Smith reports increase in 2Q earnings

Special to The Freeman

July 22, 2014

MILWAUKEE A.O. Smith Corp. said Tuesday its second-quarter net income rose 36 percent to $57.3 million, or 63 cents a share, from $42.1 million, or 45 cents, a year earlier.

Sales increased 8.4 percent to $595.4 million, the Milwaukee-based water technology company said.

"A. O. Smith enjoyed excellent performance in the second quarter thanks to strong contributions from our China business, with sales up 17 percent and operating profit up significantly in the quarter," said Chairman and Chief Executive Officer Ajita G. Rajendra. "Our U. S. water heater and boiler sales continue to drive our domestic growth."

The company raised its earnings outlook for the full year to between $2.20 and $2.26 a share. For 2015, the company is anticipating earnings of $2.60 a share.