A. O. Smith Corp. (AOS) reported first-quarter net income of $39.0 million or $0.84 per share, compared to $47.5 million or $1.02 per share last year. Sales were $509.6 million, compared to $468.6 million last year. First-quarter adjusted earnings was $44.7 million or $0.96 per share.
On average, ten analysts polled by Thomson Reuters expected the company to report profit of $0.77 per share for the quarter. Analysts' estimates typically exclude special items. Analysts expected revenue of $504.78 million for the quarter.
The company increased its guidance for 2013. A. O. Smith expects to achieve full-year GAAP earnings of between $3.00 and $3.16 per share and, adjusted earnings of between $3.40 and $3.56 per share. Analysts expect the company to report fiscal 2013 profit per share of $3.43 on revenue of $2.09 billion.
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