Water heating equipment maker A. O. Smith Corp. (AOS) reported second-quarter net earnings of $35.0 million or $0.75 per share, down from last year's $50.3 million or $1.08 per share.
The company noted that the prior year earnings from continuing operations included several non-operating items resulting in a net pre-tax gain of $8.3 million, or $.11 per share. Excluding these items from last year results, earnings per share from continuing operations for the recent quarter increased 47 percent over the same period last year.
On average, 12 analysts polled by Thomson Reuters expected the company to report earnings of $0.67 per share. Analysts' estimates typically exclude special items.
Net sales grew to $484.2 million from $405.3 million in the prior-year quarter. Analysts estimated revenues of $475.25 million.
Growth in net sales was driven by contributions from Lochinvar, which was acquired in August 2011, double digit growth of A. O. Smith branded sales in China and higher U.S. residential and commercial volumes ahead of a previously announced price increase effective in June.
Looking forward, due to the historically seasonally strong second half of the year which the company expects from Lochinvar's boilers for space heating, the company will raise the bottom of its estimate of 2012 earnings to a range of $2.80 to $2.90 per share. Analysts expect the company to earn $2.88 per share for full year.
Previously, the company anticipated earnings to be in a range of $2.75 and $2.90 per share.
For comments and feedback contact: editorial@rttnews.com
Business News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.