A.O. Smith Q1 Profit Increases, Beats Estimates; Confirms Annual Guidance - Update

(Adds Outlook)

A.O. Smith Corp (AOS) released earnings for its first quarter that increased from the same period last year and beat the Street estimates.

The company's bottom line totaled $119.8 million, or $0.76 per share. This compares with $97.7 million, or $0.60 per share, in last year's first quarter.

Excluding items, A.O. Smith Corp reported adjusted earnings of $122.0 million or $0.77 per share for the period.

Analysts on average had expected the company to earn $0.75 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 27.1% to $977.7 million from $769.0 million last year.

Looking forward, A. O. Smith reiterated its fiscal 2022 EPS guidance of $1.56 to $1.76, and adjusted earnings guidance of $3.35 to $3.55 per share.

13 analysts polled by Thomson-Reuters expect the company to report earnings of $3.41 for the full year. Analysts' estimates typically exclude one-time items.

A.O. Smith Corp earnings at a glance (GAAP) :

-Earnings (Q1): $119.8 Mln. vs. $97.7 Mln. last year.
-EPS (Q1): $0.76 vs. $0.60 last year.
-Analyst Estimate: $0.75
-Revenue (Q1): $977.7 Mln vs. $769.0 Mln last year.

Full year EPS guidance: Adj; $3.35 to $3.55

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