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Mar 31, 2024
A O Smith Q1 2024 Earnings Report
A. O. Smith reported a strong first quarter performance driven by higher sales of commercial high efficiency water heaters and lower steel costs in North America.
Key Takeaways
A. O. Smith's first quarter 2024 showed a 1% increase in sales to $979 million and a 19% increase in EPS to $1.00. The company reaffirmed its 2024 outlook, projecting a sales increase of 3% to 5% and an EPS range of $3.90 to $4.15.
Sales increased by 1% to $979 million.
Earnings per share increased 19% year-over-year to $1.00.
Operating cash flow was strong at $107 million, with free cash flow at $85 million.
The company reaffirmed its 2024 outlook with sales expected to increase by 3% to 5% and EPS between $3.90 and $4.15.
A O Smith
A O Smith
A O Smith Revenue by Segment
A O Smith Revenue by Geographic Location
Revenue by Segment
North America Revenue
CapyFin.comRest of World Revenue
CapyFin.comRevenue by Geographic Location
North America Revenue
CapyFin.com Forward Guidance
A. O. Smith reaffirmed its 2024 sales projection of an increase between 3% and 5% year-over-year and its full-year EPS guidance of a range of between $3.90 and $4.15, a 6% year-over-year increase at the mid-point.
Positive Outlook
- The water heater industry shipment levels in early 2024 were as expected and included some pull forward of demand ahead of the March 1 price increases.
- Company expects to continue to benefit from resilient replacement demand.
- An improved outlook for residential new home construction.
- Pleased with the growth achieved in the Rest of World segment in the quarter, particularly in China, where economic challenges persist.
- Expects the mid-teens growth in India to continue.
Revenue & Expenses
Visualization of income flow from segment revenue to net income