US Market News
2週前
A. O. Smith Announces Retirement of Charles T. Lauber and Appointment of Carrie L. Anderson as Executive Vice President and Chief Financial OfficerMay 19, 2026 4:15 PM
PR Newswire (US) MILWAUKEE, May 19, 2026 /PRNewswire/ -- A. O. Smith Corporation (NYSE: AOS), a leader in water heating and water treatment, announced today that Carrie L. Anderson will become the company's next executive vice president and chief financial officer on July 1. She succeeds Charles T. Lauber, who will retire from the company after serving in different senior leadership capacities for over 26 years. He will remain at the company through Sept. 30 to ensure continuity during the transition. Anderson will serve as a key member of A. O. Smith's executive leadership team and lead the company's finance organization responsible for strategic financial planning, capital allocation, treasury, controllership, tax and investor relations. Anderson brings extensive experience across global industrial, manufacturing and technology companies. She most recently served as executive vice president and chief financial officer of The Campbell's Company (NASDAQ: CPB). Prior to Campbell, she served as executive vice president and chief financial officer at Integra LifeSciences, a leading global medical technology company. She previously held senior finance leadership roles at Dover Corporation and Delphi Corporation. Anderson began her career as an engineer with General Motors.Anderson earned her Bachelor of Science in Chemical Engineering from Purdue University and a Master of Business Administration from Ball State University. She serves on the board of directors of Embecta Corp. and is a member of its Audit and Nominating & Governance committees."We are pleased to welcome a leader with Carrie's depth of experience across complex industrial and manufacturing organizations," said Steve Shafer, president and chief executive officer. "Her capabilities in strategic execution, corporate development and operational excellence will be instrumental as we advance our long-term growth and transformation objectives."Lauber was named executive vice president and chief financial officer of the company in May 2019. He joined A. O. Smith as corporate director of tax and audit in December 1999. He was named vice president and controller of the former Electrical Products Company division in 2001 and was named vice president, global finance for Electrical Products in 2004. In 2006, he was promoted to senior vice president and group chief financial officer for the former Water Products Company division. Prior to his current role as executive vice president and chief financial officer, Lauber served as senior vice president, strategy and corporate development for six years. He serves on the board of directors of the National Association of Manufacturers (NAM) and H.B. Fuller.Shafer continued, "On behalf of everyone at A. O. Smith, I want to thank Chuck for his leadership and contributions over the past 26 years. He has helped lead the company through significant changes and strengthened our leadership position in water technology. We wish Chuck all the best in his well-earned retirement."About A. O. Smith
A. O. Smith Corporation, headquartered in Milwaukee, Wisconsin, is a global leader applying innovative technology and energy-efficient solutions to products manufactured and marketed worldwide. Listed on the New York Stock Exchange (NYSE: AOS), the company is one of the world's leading manufacturers of residential and commercial water heating equipment and boilers, as well as a manufacturer of water treatment products. For more information, visit www.aosmith.com. View original content to download multimedia:https://www.prnewswire.com/news-releases/a-o-smith-announces-retirement-of-charles-t-lauber-and-appointment-of-carrie-l-anderson-as-executive-vice-president-and-chief-financial-officer-302776733.htmlSOURCE A. O. Smith Corporation Original: A. O. Smith Announces Retirement of Charles T. Lauber and Appointment of Carrie L. Anderson as Executive Vice President and Chief Financial Officer
US Market News
1月前
A. O. Smith Reports First Quarter 2026 Results and Lowers Full Year 2026 OutlookApril 30, 2026 6:55 AM
PR Newswire (US)
First Quarter 2026 Highlights
(Comparisons are year-over-year ("YoY"), unless otherwise noted)Sales of $946 million; net earnings of $118 million and diluted earnings per share (EPS) of $0.85North America segment sales of $753.4 million increased 1% with the addition of Leonard Valve and pricing benefits offsetting softer water heater industry volumes and weather-related production and shipping constraintsRest of World segment sales of $200.7 million decreased 11% due to continued challenges in the consumer appliance market in ChinaNet earnings decreased primarily as a result of lower volumes and transaction-related expenses recognized in the quarter for the Leonard Valve acquisitionStrong growth in operating cash flow and free cash flow to $129 million and $119 million, respectivelyPrimarily due to continued challenging conditions in China, 2026 full year EPS guidance lowered to:Diluted EPS of between $3.60 and $3.90Adjusted EPS of between $3.70 and $4.00MILWAUKEE, April 30, 2026 /PRNewswire/ -- Global water technology company A. O. Smith Corporation ("the Company") (NYSE: AOS) today announced its first quarter 2026 results.
Key Financial Metrics First Quarter
(in millions, except per share amounts)
Q1 2026Q1 2025% Change YoYNet sales$ 945.6$ 963.9-2 %Net earnings$ 118.0$ 136.6-14 %Diluted earnings per share$ 0.85$ 0.95-11 %Chief Executive Officer Steve Shafer commented, "Our team executed with focus and agility in the first quarter, continuing to support our customers well in the face of a continued soft macro environment. As we anticipated, softer demand in China impacted results. In North America, results were impacted by residential water heater industry demand that was modestly below our expectations, compounded by temporary weather-related disruptions at our Ashland City, Tennessee facility. Separately, in April, we took another step in our business simplification and margin enhancement efforts within our North America water treatment business by announcing a targeted restructuring plan that will be recognized in the second quarter. We believe these actions are an important step in advancing a stronger business model to achieve a higher level of profitable growth."Segment-level PerformanceNorth AmericaFirst quarter sales of $753.4 million increased 1% relative to a difficult 2025 comparison as the benefits of carryover pricing actions and the $16 million sales contribution from the newly acquired Leonard Valve business were largely offset by lower residential water heater volumes. The first quarter of 2026 was negatively impacted by weather-related production and shipping constraints, particularly as a direct result of storm damage at the Company's Ashland City, Tennessee plant. The first quarter of 2025 benefited from incremental volume from the pull forward of water heater and boiler sales ahead of tariff and other cost-related price increases.Segment earnings were $175.4 million and segment margin was 23.3% in first quarter of 2026 compared to first quarter of 2025 segment earnings of $185.2 million and segment margin of 24.7%. The year-over-year decrease in segment earnings and segment margin was primarily due to lower residential water heater volumes which more than offset the earnings contribution from Leonard Valve. The first quarter of 2025 benefited from a stronger mix toward higher efficiency products as certain customers bought ahead of an announced price increase.Rest of WorldRest of World sales of $200.7 million decreased 11% compared to the prior year period and included a favorable currency translation impact of $8 million primarily related to sales in China. China sales decreased 17% in local currency due to continued weak consumer demand.Segment earnings were $12.4 million and segment margin was 6.2% in the first quarter of 2026, compared to segment earnings of $19.7 million and segment margin of 8.7% in the same period of 2025. The lower segment earnings and segment margin compared to the prior year were primarily due to lower sales volumes that were partially offset by continued cost management in China.Balance Sheet, Liquidity and Capital AllocationAs of March 31, 2026, cash and marketable securities balances totaled $203.9 million and debt totaled $615.8 million, resulting in a leverage ratio of 24.7% as measured by total debt-to-total capitalization. The increased leverage ratio compared to 2025 was due to cash borrowed under a new term loan used to acquire Leonard Valve in January 2026.Cash provided by operations was $129.4 million and free cash flow was $118.9 million in the first three months of 2026, both higher than the same period in 2025, primarily driven by diligent working capital management and the timing of customer payments that more than offset lower earnings.As part of its commitment to return capital to shareholders, the Company repurchased 0.7 million shares at a cost of $51.3 million in the first three months of 2026. As of March 31, 2026, authority remained to repurchase approximately 5.1 million additional shares. The Company projects that it will spend $200 million to repurchase shares in 2026.On April 13, 2026, the Company's board of directors approved a $0.36 per share dividend for shareholders of record on April 30, payable on May 15. For the full release, click here.Outlook2026 Outlook
(in millions, except per share amounts)
2025
2026 Outlook
Actual
Low EndHigh EndNet sales$ 3,830
$ 3,900$ 4,000Diluted earnings per share$ 3.85
$ 3.60$ 3.90Adjusted earnings per share$ 3.85
$ 3.701 $ 4.0011 Excludes announced North America water treatment pre-tax restructuring and impairment expenses of approximately $20 million to be recognized in the second quarter. See accompanying GAAP to Non-GAAP reconciliationsThe Company revised its full-year 2026 sales growth outlook to a range of 2% to 4%, lowering the high end compared to the previous range of 2% to 5%. The Company also lowered its full-year 2026 adjusted EPS outlook to be between $3.70 and $4.00, down from $3.85 to $4.15.Shafer concluded, "Primarily based on our latest view of our China business and partially due to increased uncertainty around regulatory changes scheduled to take effect later this year in North America, we have updated our full-year expectations. In China, we expect market conditions to remain challenging through the year and have identified several actions to improve performance. These actions are pending the conclusion of our assessment of the business. In North America, we remain confident in our competitive positioning and the underlying strength of the business despite a slower-than-expected start to the year driven by softer macro conditions." "We believe our strong balance sheet and free cash flow give us the flexibility to support organic growth, dividends and share repurchases while continuing to pursue strategic acquisitions to support our focus on portfolio management."The Company's guidance excludes the potential impacts from future acquisitions, any potential outcomes of the assessment of its China business and changes to tariffs after the date of this release.A. O. Smith will host a webcasted conference call at 10:00 a.m. (Eastern Daylight Time) today. The call can be heard live on the Company's website click here. An audio replay of the call will be available on the Company's website after the live event. To access the archived audio replay, go to the "Investors" page and select the First Quarter 2026 Earnings Call link.To provide improved transparency into the operating results of its business, the Company is providing non-GAAP measures. Free cash flow is defined as cash provided by operations less capital expenditures. Adjusted EPS excludes the impact of restructuring and impairment charges. Reconciliations from GAAP measures to non-GAAP measures are provided in the financial information included in this news release.Forward-looking StatementsThis release contains statements that the Company believes are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the use of words such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe," "forecast," "continue," "guidance," "outlook", "confident" or words of similar meaning. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated as of the date of this release. Important factors that could cause actual results to differ materially from these expectations include, among other things, the following: further weakening in North American residential or commercial construction or instability in the Company's replacement markets; failure to realize the expected benefits of acquisitions or expected synergies; difficulties in predicting results of operations of an acquired business; negative impact to the Company's businesses from international tariffs, including any new or increased tariffs that could also trigger retaliatory responses from other countries, as well as trade disputes and geopolitical differences, including the conflicts in Ukraine and the Middle East; further softening in U.S. residential and commercial water heater demand; negative impacts to the Company, particularly the demand for its products, resulting from global inflationary pressures or a potential recession in one or more of the markets in which the Company participates; the Company's ability to continue to obtain commodities, components, parts and accessories on a timely basis through its supply chain and at expected costs, including the recent volatility in fuel and other material prices; inability of the Company to implement or maintain pricing actions; inconsistent recovery of the Chinese economy or a further decline in the growth rate of consumer spending or housing sales in China; the availability, timing or effects of China stimulus programs; uncertain outcomes and costs and other potential impacts of the Company's assessment relating to the Company's China business; the failure to realize the expected benefits of restructuring actions; further weakening in the high-efficiency gas boiler segment in the U.S.; substantial defaults in payment by, material reduction in purchases by or the loss, bankruptcy or insolvency of a major customer; foreign currency fluctuations; failure to realize the expected benefits, timing and extent of regulatory changes; competitive pressures on the Company's businesses, including new technologies and new competitors; the impact of potential information technology or data security breaches; negative impact of changes in government regulations or regulatory requirements; the inability to respond to secular trends toward decarbonization and energy efficiency; and adverse developments in general economic, political and business conditions in key regions of the world. Additional factors are discussed in the Company's filings with Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2025, quarterly reports on Form 10-Q and current reports on Form 8-K. Forward-looking statements included in this news release are made only as of the date of this release, and the Company is under no obligation to update these statements to reflect subsequent events or circumstances. All subsequent written and oral forward-looking statements attributed to the Company, or persons acting on its behalf, are qualified entirely by these cautionary statements.About A. O. Smith
A. O. Smith Corporation, with headquarters in Milwaukee, Wisconsin, is a global leader applying innovative technology and energy-efficient solutions to products manufactured and marketed worldwide. Listed on the New York Stock Exchange (NYSE: AOS), the Company is one of the world's leading manufacturers of residential and commercial water heating equipment and boilers, as well as a manufacturer of water treatment products. For more information, visit www.aosmith.com.A. O. SMITH CORPORATIONCondensed Consolidated Statement of Earnings(dollars in millions, except share data)(unaudited)
Three Months Ended
March 31,
2026
2025Net sales$945.6
$963.9Cost of products sold
579.9
588.5Gross profit
365.7
375.4Selling, general and administrative expenses
203.9
192.6Interest expense
7.1
2.9Other income, net
—
(1.2)Earnings before provision for income taxes
154.7
181.1Provision for income taxes
36.7
44.5Net earnings$118.0
$136.6Diluted earnings per share of common stock$0.85
$0.95Average common shares outstanding (000's omitted)
139,167
144,408 A. O. SMITH CORPORATIONCondensed Consolidated Balance Sheet(dollars in millions)
(Unaudited)
March 31,
2026
December 31,
2025ASSETS:
Cash and cash equivalents$185.2
$174.5Marketable securities
18.7
18.7Receivables
634.1
582.3Inventories
488.5
479.3Other current assets
41.9
36.7Total Current Assets
1,368.4
1,291.5Net property, plant and equipment
632.2
635.1Goodwill and other intangibles
1,518.6
1,072.9Operating lease assets
51.8
46.3Other assets
79.3
97.0Total Assets$3,650.3
$3,142.8LIABILITIES AND STOCKHOLDERS' EQUITY:
Trade payables$543.0
$504.1Accrued payroll and benefits
60.7
93.6Accrued liabilities
159.4
147.5Product warranties
73.4
75.0Debt due within one year
41.6
42.3Total Current Liabilities
878.1
862.5Long-term debt
574.2
112.7Pension liabilities
7.4
7.4Operating lease liabilities
40.7
37.1Other liabilities
272.0
265.1Stockholders' equity
1,877.9
1,858.0Total Liabilities and Stockholders' Equity$3,650.3
$3,142.8 A. O. SMITH CORPORATIONCondensed Consolidated Statement of Cash Flows(dollars in millions)(unaudited)
Three Months Ended
March 31,
2026
2025Operating Activities
Net earnings$118.0
$136.6Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation & amortization
23.9
20.7Share based compensation expense
6.6
6.1Deferred income taxes
18.3
(5.0)Net changes in operating assets and liabilities:
Current assets and liabilities
(43.2)
(125.3)Noncurrent assets and liabilities
5.8
5.6Cash Provided by Operating Activities
129.4
38.7Investing Activities
Capital expenditures
(10.5)
(21.3)Acquisitions
(470.0)
—Investment in marketable securities
—
(22.6)Net proceeds from sale of marketable securities
—
33.1Cash Used in Investing Activities
(480.5)
(10.8)Financing Activities
Proceeds from debt
564.4
240.5Repayments of debt
(101.1)
(164.0)Common stock repurchases
(51.3)
(120.6)Net payments from stock option activity
(0.5)
(1.8)Dividends paid
(50.2)
(49.2)Cash Provided by (Used in) Financing Activities
361.3
(95.1)Effect of exchange rate changes on cash and cash equivalents
0.5
0.6Net increase (decrease) in cash and cash equivalents
10.7
(66.6)Cash and cash equivalents - beginning of period
174.5
239.6Cash and Cash Equivalents - End of Period$185.2
$173.0 A. O. SMITH CORPORATIONBusiness Segments(dollars in millions)(unaudited)
Three Months EndedMarch 31,
2026
2025Net sales
North America$753.4
$748.7Rest of World
200.7
226.7Inter-segment sales
(8.5)
(11.5)
$945.6
$963.9Earnings
North America$175.4
$185.2Rest of World
12.4
19.7Inter-segment earnings elimination
—
—
187.8
204.9Corporate expense
(26.0)
(20.9)Interest expense
(7.1)
(2.9)Earnings before income taxes
154.7
181.1Provision for incomes taxes
36.7
44.5Net earnings$118.0
$136.6 A. O. SMITH CORPORATIONFree Cash Flow(dollars in millions)(unaudited)
The following is a reconciliation of reported cash flow from operating activities to free cash flow (non-GAAP):
Three Months EndedMarch 31,
2026
2025Cash provided by operating activities (GAAP)$129.4
$38.7Less: Capital expenditures
(10.5)
(21.3)Free cash flow (non-GAAP)$118.9
$17.4 A. O. SMITH CORPORATION2026 Adjusted EPS Guidance and 2025 EPS(unaudited)
The following is a reconciliation of diluted EPS to adjusted EPS (non-GAAP) (all items are net of tax):
2026Guidance
2025Diluted EPS (GAAP)$3.60-3.90
$3.85Restructuring and impairment expenses
0.10(1)
—Adjusted EPS (non-GAAP)$3.70-4.00
$3.85(1)Includes announced North America water treatment pre-tax restructuring and impairment expenses of approximately $20 million to be recognized in the second quarter
View original content to download multimedia:https://www.prnewswire.com/news-releases/a--o-smith-reports-first-quarter-2026-results-and-lowers-full-year-2026-outlook-302758076.htmlSOURCE A. O. Smith Corporation
Original: A. O. Smith Reports First Quarter 2026 Results and Lowers Full Year 2026 Outlook
US Market News
3月前
Ethisphere Names A. O. Smith Corporation One of the 2026 World's Most Ethical Companies® for the Third TimeMarch 18, 2026 11:13 AM
PR Newswire (US)
Company recognized for its commitment to robust ethics, compliance and governance programsMILWAUKEE, March 18, 2026 /PRNewswire/ -- A. O. Smith Corporation (NYSE: AOS), a leader in water heating and water treatment, announced today it has been recognized as a 2026 World's Most Ethical Company by Ethisphere, a global leader in defining and advancing the standards of ethical business practices.
A. O. Smith is one of only 13 honorees recognized in the industrial manufacturing category.A. O. Smith has been honored with this award for three consecutive years and is one of only 13 honorees in the industrial manufacturing category. In 2026, 138 honorees were recognized, spanning 17 countries and 40 industries."For 152 years, A. O. Smith has led the industry with integrity and accountability, guiding every decision we make," said President and CEO Steve Shafer. "This recognition reflects the strength of our culture and our employees' commitment to living our values and doing what's right — every day." The World's Most Ethical Companies assessment is grounded in Ethisphere's proprietary Ethics Quotient®, which requires companies to provide 240+ different proof points on practices that support robust ethics and compliance, governance, a culture of ethics, environmental and social impact, and initiatives that support a strong value chain. That data undergoes further qualitative analysis by a panel of experts who spend thousands of hours vetting and evaluating each year's group of applicants. This process serves as an operating framework to capture and codify best-in-class ethics and compliance practices from organizations across industries and from around the world."Congratulations to A. O. Smith for achieving recognition as one of the World's Most Ethical Companies," said Erica Salmon Byrne, Ethisphere's chief strategy officer and executive chair. "As we mark the 20th class of honorees, this group continues to raise the bar for business integrity by embedding ethics into everyday decision-making and long-term strategy. Companies with strong ethics, compliance, and governance programs are built for better long-term performance."To view the full list of this year's honorees, please visit the World's Most Ethical Companies website, https://worldsmostethicalcompanies.com/honorees. About A. O. Smith Corporation
A. O. Smith Corporation, with headquarters in Milwaukee, Wisconsin, is a global leader applying innovative technology and energy-efficient solutions to products manufactured and marketed worldwide. Listed on the New York Stock Exchange (NYSE: AOS), the company is one of the world's leading manufacturers of residential and commercial water heating equipment and boilers, as well as a manufacturer of water treatment products. For more information, visit www.aosmith.com.
View original content to download multimedia:https://www.prnewswire.com/news-releases/ethisphere-names-a-o-smith-corporation-one-of-the-2026-worlds-most-ethical-companies-for-the-third-time-302717607.htmlSOURCE A. O. Smith Corporation
Original: Ethisphere Names A. O. Smith Corporation One of the 2026 World's Most Ethical Companies® for the Third Time
iHub News
4月前
A.O. Smith beats Q4 profit expectations, unveils 2026 outlookJanuary 29, 2026 10:00 AM
IH Market News
A.O. Smith Corporation (NYSE:AOS) reported fourth-quarter results on Thursday that came in ahead of market expectations on earnings, even as revenue fell slightly short of forecasts.The water technology group delivered earnings per share of $0.90 for the quarter, topping the consensus estimate of $0.84 by six cents. Shares were little changed following the release.Quarterly revenue totaled $912.5 million, modestly below analysts’ expectations of $928.11 million. Sales were broadly flat year over year, but diluted EPS increased 20% compared with the same period last year, supported by pricing actions and improved profitability across both its North America and Rest of World businesses.“I am pleased with the resilience and focus our team showed through the fourth quarter. The continued improvement in profitability and strength in the commercial water heater and boiler markets helped contribute to our record EPS in 2025,” said Steve Shafer, chief executive officer.For the full year 2025, A.O. Smith reported record diluted earnings per share of $3.85, up 6% from 2024, while full-year revenue held steady at around $3.8 billion. Sales in North America edged higher, while revenue in the Rest of World segment declined 4%, largely reflecting weaker demand in China.Looking ahead, the company issued guidance for 2026, forecasting revenue in the range of $3.9 billion to $4.02 billion and EPS between $3.85 and $4.15. The midpoint of the earnings outlook implies roughly 4% growth compared with 2025.“We believe our strong balance sheet and free cash flow give us the flexibility to support organic growth, dividends and share repurchases while continuing to pursue strategic acquisitions to support our focus on portfolio management,” Shafer added.A.O. Smith returned $597 million to shareholders through dividends and share buybacks during 2025 and said it expects to allocate around $200 million to share repurchases in 2026.AO Smith stock price
Original: A.O. Smith beats Q4 profit expectations, unveils 2026 outlook
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