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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.
Revenue by Segment
Revenue by Geographic Location
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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