North American sales grow 12% for A.O. Smith

Freeman Staff

April 24, 2015

MILWAUKEE During the first quarter of 2015, A.O. Smith Corporation saw sales grow 15 percent in China and 12 percent in North America due to higher water heater and commercial boiler sales.

The Milwaukee-based water technology company announced Friday it had record first quarter net earnings of $58.4 million or $.65 per share on record first quarter sales of $618.5 million. First quarter 2014 net earnings were $46.7 million or $.51 per share, which included after-tax non-operating pension costs of $3 million or $.03 per share.

New government regulations under the National Appliance Energy Conservation Act that mandate increasing the minimum energy efficiency standards for residential water heaters in the U. S., commonly referred to as NAECA III, went into effect earlier this month on April 16.

First quarter sales for the North America segment, which includes U.S. and Canadian water heaters and boilers, increased 10 percent to $429.2 million compared with first quarter 2014 sales of $388.5 million.