AO Smith Corp. (NYSE: AOS), a leading manufacturer of water heaters, boilers, and air purification products, has reported preliminary results for the third quarter of 2024 and revised its full-year guidance.
- In Q3, net sales decreased 4% year-over-year to $903 million, due to lower sales in China and a dip in water heating sales in North America
- In North America, sales declined modestly to $703 million in Q3 from $710 million in the prior-year period
- Pricing benefits and higher boiler and water treatment volumes were offset by lower volumes of residential and commercial water heaters in the North American market.
- In the rest of the world, sales declined 10% annually to $210 million; local currency third-party sales in China decreased 17%, while sales grew 12% in local currency in India amid continued strong demand
- On a per-share basis, net income decreased 9% annually to $0.82 during the three months
- In the first nine months of 2024, preliminary cash provided by operations was $360 million, while free cash flow totaled $283 million
- The management Lowered its full-year EPS guidance to $3.70 -$3.85 from the prior forecast of $3.95 to $4.10
- Earlier this month, the company’s board approved a 6% increase in the dividend rate, resulting in a five-year compound annual dividend growth rate of 8%
Listen to the conference calls as they happen. Don't miss a beat! With AlphaStreet Intelligence, you can listen to live calls and interviews as they happen, so you never have to worry about missing out on important information.
Most Popular
INTU Earnings: Intuit reports higher Q3 revenue and profit; results beat
Financial technology company Intuit Inc. (NASDAQ: INTU) on Thursday reported stronger-than-expected revenue and adjusted earnings for the third quarter of 2025. The Mountain View-headquartered company’s third-quarter revenue was $7.75 billion,
Against a challenging backdrop, Lowe’s (LOW) is focusing on these two pillars of its strategy
Shares of Lowe’s Companies, Inc. (NYSE: LOW) were down over 1% on Thursday. The stock has dropped 8% over the past three months. The company saw sales and earnings decline
Earnings Preview: Can Salesforce regain its growth momentum this year?
Salesforce, Inc. (NYSE: CRM) has constantly innovated its products and services after successfully adopting the SaaS business model years ago. The company's growth has slowed in recent quarters, and its
