(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.
-Guidance:
Full year EPS guidance: Adj; $3.35 to $3.55
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