Third Quarter 2023 Highlights
(Comparisons are
year-over-year ("YoY"), unless otherwise noted)
- Sales of $938 million, an
increase of 7%
- North America increased
9%
- Rest of World increased 1%, an increase of 6% in local
currency
- Net earnings of $135.4 million
resulted in EPS of $0.90, an increase
of 27%
- Strong operating cash flow and free cash flow of $439 million and $396
million, respectively, driven by higher earnings and working
capital management
- 2023 Outlook raised to:
- Sales to grow approximately 2%, compared to 2022
- EPS of between $3.63 and
$3.73 and adjusted EPS between
$3.70 and $3.80
MILWAUKEE, Oct. 26,
2023 /PRNewswire/ -- Global water technology company
A. O. Smith Corporation ("the Company") (NYSE: AOS) today announced
its third quarter 2023 results.
Key Financial Metrics Third Quarter
(in millions, except per share amounts)
|
Q3 2023
|
Q3 2022
|
% Change
YoY
|
Net sales
|
$
937.5
|
$
874.2
|
7 %
|
Net earnings
|
$
135.4
|
$
109.8
|
23 %
|
Adjusted
earnings
|
$
135.4
|
$
106.61
|
27 %
|
Diluted earnings per
share
|
$ 0.90
|
$
0.71
|
27 %
|
Adjusted earnings per
share
|
$ 0.90
|
$
0.691
|
30 %
|
|
|
1
|
Excludes legal judgment
income, terminated acquisition-related expenses and non-operating
pension expense. See accompanying
GAAP to Non-GAAP
reconciliations for further details.
|
|
|
"A. O. Smith delivered strong performance in the third quarter
driven by continued strength in residential water heater demand and
lower year-over-year material costs in North America. While the economy remains
challenged in China, our sales
grew 9% in local currency driven by new product offerings and
improvement across most of our product lines. I am also pleased
with our performance in India
where we have delivered 17% local currency sales growth through
September," noted Kevin J. Wheeler,
chairman and chief executive officer. "Our global team remains
focused on serving our customers which led to our strong results
this quarter."
Segment-level Performance
North America
Third Quarter 2023
Third quarter sales of $709.9
million increased 9% compared to third quarter sales in the
prior year. Higher water heater volumes more than offset lower
boiler volumes.
Third quarter segment earnings were $170.0 million, an increase of 20%, and segment
operating margin was 23.9%, an increase of 220 basis points
compared to the prior year. Compared to third quarter 2022 adjusted
segment earnings and adjusted segment margin, which excluded a
pre-tax gain of $11.5 million due to
a judgment against a competitor related to patent infringement and
pre-tax non-operating pension expenses of $2.6 million, third quarter 2023 segment earnings
and segment margin increased by 27.9 percent and 350 basis points,
respectively. The higher segment earnings and segment operating
margin in the third quarter of 2023 were primarily driven by higher
residential water heater volumes and lower material costs,
partially offset by impacts of lower boiler volumes.
Rest of World
Third Quarter 2023
Rest of World sales of $233.4
million increased 1% year-over-year, including an
unfavorable currency translation impact of approximately
$11 million. In local currency,
segment sales increased by approximately 6% year-over-year. The
increase in sales was primarily driven by our recently introduced
kitchen appliance products in China. Sales in India increased 13% in local currency.
Segment earnings were $23.2
million in the third quarter of 2023, an increase of 6%, and
segment operating margin was 9.9% in the third quarter of 2023, an
improvement of 40 basis points compared to the prior year. The
higher segment earnings and segment margin were primarily driven by
sales of new products and favorable mix in China.
Balance Sheet, Liquidity and Capital Allocation
As of September 30, 2023, cash and
marketable securities balances totaled $341.8 million and debt totaled $129.6 million, resulting in a leverage ratio of
6.4% as measured by total debt-to-total capitalization.
Cash provided by operations was $439.0
million and free cash flow was $396.3
million in the first nine months of 2023, which increased
year-over-year driven by higher earnings and a more favorable
working capital contribution primarily related to lower inventory
levels and incentive payments.
As part of its commitment to return capital to shareholders, the
Company repurchased approximately 2.4 million shares at a cost of
$161.4 million in the nine months
ended September 30, 2023. As of
September 30, 2023, authority
remained to repurchase approximately 5.5 million additional shares.
The Company expects to spend $300
million repurchasing shares in 2023.
On October 9, 2023, the Company's
board of directors approved a 7% increase in the dividend rate,
resulting in a five-year annual dividend growth rate of 10%. For
the full release, click here.
Outlook
2023 Outlook
(in millions, except per share amounts)
|
2022
|
|
2023 Outlook
|
|
Actual
|
|
Low End
|
High End
|
Net sales
|
$
3,754
|
|
$
3,800
|
$
3,850
|
Diluted earnings per
share
|
$
1.51
|
|
$
3.63
|
$
3.73
|
Adjusted earnings per
share
|
$
3.14 2
|
|
$
3.70 3
|
$ 3.80 3
|
|
|
2
|
Excludes pension
settlement expense, legal judgment income, terminated
acquisition-related expenses and non-operating pension
expense. See accompanying GAAP to Non-GAAP reconciliations for
further details.
|
3
|
Excludes impairment
charge associated with the company's sale of its business in Turkey
and pension settlement income.
See accompanying GAAP to Non GAAP reconciliations for further
details.
|
|
|
"We are very pleased with our team's continued execution through
the third quarter, in particular, our margin performance. Our
strong results, resilience in North
America water heater demand and our current view of our
price cost relationship give us confidence to raise our full year
outlook," stated Wheeler. "Our revised outlook for the full year
2023 projects our sales to grow approximately 2% compared to last
year. We raised our expected full year adjusted EPS to be between
$3.70 and $3.80, a 19% year-over-year increase at the
mid-point."
The Company's guidance excludes the potential impacts from
future acquisitions.
A. O. Smith will host a webcasted conference call at
10 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 Third
Quarter 2023 Earnings Call link.
To provide improved transparency into the operating results of
its business, the Company is providing the following non-GAAP
measures: total segment earnings, free cash flow, adjusted
earnings, adjusted segment earnings and adjusted corporate
expenses. Free cash flow is defined as cash provided by operations
less capital expenditures. Adjusted earnings, adjusted EPS,
adjusted segment earnings and adjusted corporate expenses exclude
the impact of impairment charges, pension settlement income and
expenses, as well as legal judgment income, expenses associated
with terminated acquisition costs and non-operating pension
expenses. Reconciliations from GAAP measures to non-GAAP measures
are provided in the financial information included in this news
release.
Forward-looking Statements
This 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" 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: softening in U.S. residential 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; negative impacts to
demand for the Company's products, particularly commercial
products, as a result of the severity and duration of the lingering
effects of the COVID-19 pandemic; further weakening in U.S.
residential or commercial construction or instability in the
Company's replacement markets; inability of the Company to
implement or maintain pricing actions; inconsistent recovery of the
Chinese economy or further decline in the growth rate of consumer
spending or housing sales in China; negative impact to the Company's
business in China as a result of
future COVID-19-related disruptions there; negative impact to the
Company's businesses from international tariffs, trade disputes and
geopolitical differences, including the conflicts in Ukraine and the Middle East; potential 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; the Company's inability to successfully
integrate or achieve its strategic objectives resulting from
acquisitions; competitive pressures on the Company's businesses;
the impact of potential information technology or data security
breaches; 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. 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, Wis.,
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
water treatment products. For more information, visit
www.aosmith.com.
A. O. SMITH
CORPORATION Condensed Consolidated Statement of
Earnings (dollars in millions, except share data)
(unaudited)
|
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Net sales
|
$
937.5
|
|
$
874.2
|
|
$
2,864.7
|
|
$
2,817.8
|
Cost of products
sold
|
581.3
|
|
569.2
|
|
1,749.7
|
|
1,836.8
|
Gross profit
|
356.2
|
|
305.0
|
|
1,115.0
|
|
981.0
|
Selling, general and
administrative expenses
|
174.9
|
|
155.5
|
|
542.4
|
|
502.0
|
Impairment
expense
|
—
|
|
—
|
|
15.6
|
|
—
|
Interest
expense
|
2.4
|
|
2.4
|
|
10.9
|
|
6.0
|
Other expense (income),
net
|
2.5
|
|
2.4
|
|
(10.5)
|
|
6.4
|
Earnings before
provision for income taxes
|
176.4
|
|
144.7
|
|
556.6
|
|
466.6
|
Provision for income
taxes
|
41.0
|
|
34.9
|
|
137.3
|
|
110.8
|
Net earnings
|
$
135.4
|
|
$
109.8
|
|
$
419.3
|
|
$
355.8
|
Diluted earnings per share of common
stock(1)
|
$
0.90
|
|
$
0.71
|
|
$
2.77
|
|
$
2.27
|
Average common shares
outstanding (000's omitted)
|
151,210
|
|
155,075
|
|
151,548
|
|
156,663
|
|
(1) Earnings
per share amounts are calculated discretely and, therefore, may not
add up to the total due to rounding.
|
A. O. SMITH
CORPORATION Condensed Consolidated Balance
Sheet (dollars in millions)
|
|
|
(Unaudited)
September 30,
2023
|
|
December 31,
2022
|
ASSETS:
|
|
|
|
Cash and cash
equivalents
|
$
281.0
|
|
$
391.2
|
Marketable
securities
|
60.8
|
|
90.6
|
Receivables
|
587.4
|
|
581.2
|
Inventories
|
519.0
|
|
516.4
|
Other current
assets
|
56.3
|
|
54.3
|
Total Current Assets
|
1,504.5
|
|
1,633.7
|
Net property, plant
and equipment
|
581.1
|
|
590.7
|
Goodwill and other
intangibles
|
969.1
|
|
967.6
|
Operating lease
assets
|
33.3
|
|
29.8
|
Other
assets
|
112.1
|
|
110.5
|
Total Assets
|
$
3,200.1
|
|
$
3,332.3
|
LIABILITIES AND STOCKHOLDERS'
EQUITY:
|
|
|
|
Trade
payables
|
$
561.8
|
|
$
625.8
|
Accrued payroll and
benefits
|
86.7
|
|
75.7
|
Accrued
liabilities
|
175.2
|
|
159.1
|
Product
warranties
|
61.9
|
|
63.6
|
Debt due within one
year
|
10.0
|
|
10.0
|
Total Current Liabilities
|
895.6
|
|
934.2
|
Long-term
debt
|
119.6
|
|
334.5
|
Operating lease
liabilities
|
26.0
|
|
22.4
|
Other
liabilities
|
276.5
|
|
293.5
|
Stockholders'
equity
|
1,882.4
|
|
1,747.7
|
Total Liabilities and Stockholders'
Equity
|
$
3,200.1
|
|
$
3,332.3
|
A. O. SMITH
CORPORATION Condensed Consolidated Statement of Cash
Flows (dollars in millions)
(unaudited)
|
|
|
Nine Months
Ended
September 30,
|
|
2023
|
|
2022
|
Operating Activities
|
|
|
|
Net
earnings
|
$
419.3
|
|
$
355.8
|
Adjustments to
reconcile net earnings to net cash provided by (used in) operating
activities:
|
|
|
|
Depreciation & amortization
|
57.5
|
|
56.5
|
Stock based
compensation expense
|
10.1
|
|
10.4
|
Non-cash
impairment
|
15.6
|
|
—
|
Pension settlement
income
|
(6.0)
|
|
—
|
Pension settlement
income non-cash taxes
|
1.5
|
|
—
|
Net changes in
operating assets and liabilities:
|
|
|
|
Current assets and
liabilities
|
(44.6)
|
|
(212.6)
|
Noncurrent assets and
liabilities
|
(14.4)
|
|
4.6
|
Cash Provided by Operating
Activities
|
439.0
|
|
214.7
|
Investing Activities
|
|
|
|
Capital
expenditures
|
(42.7)
|
|
(50.9)
|
Acquisitions
|
(16.1)
|
|
(8.0)
|
Investment in
marketable securities
|
(63.1)
|
|
(35.3)
|
Net proceeds from sale
of marketable securities
|
91.1
|
|
152.5
|
Cash (Used in) Provided by Investing
Activities
|
(30.8)
|
|
58.3
|
Financing Activities
|
|
|
|
Long-term debt
(repaid) incurred
|
(214.9)
|
|
94.6
|
Common stock
repurchases
|
(161.4)
|
|
(282.0)
|
Net proceeds
(payments) from stock option activity
|
11.3
|
|
(1.6)
|
Dividends
paid
|
(135.7)
|
|
(131.1)
|
Cash Used in Financing
Activities
|
(500.7)
|
|
(320.1)
|
Effect of exchange
rate changes on cash and cash equivalents
|
(17.7)
|
|
(37.4)
|
Net decrease in cash
and cash equivalents
|
(110.2)
|
|
(84.5)
|
Cash and cash
equivalents - beginning of period
|
391.2
|
|
443.3
|
Cash and Cash Equivalents - End of
Period
|
$
281.0
|
|
$
358.8
|
A. O. SMITH
CORPORATION Business Segments (dollars in
millions)
(unaudited)
|
|
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Net sales
|
|
|
|
|
|
|
|
North
America
|
$
709.9
|
|
$
652.9
|
|
$
2,184.9
|
|
$
2,127.1
|
Rest of
World
|
233.4
|
|
230.2
|
|
696.7
|
|
716.1
|
Inter-segment
sales
|
(5.8)
|
|
(8.9)
|
|
(16.9)
|
|
(25.4)
|
|
$
937.5
|
|
$
874.2
|
|
$
2,864.7
|
|
$
2,817.8
|
Earnings
|
|
|
|
|
|
|
|
North
America(1)
|
$
170.0
|
|
$
141.8
|
|
$
557.7
|
|
$
453.5
|
Rest of
World(2)
|
23.2
|
|
21.8
|
|
56.8
|
|
64.7
|
Inter-segment earnings
elimination
|
—
|
|
—
|
|
—
|
|
(0.1)
|
|
193.2
|
|
163.6
|
|
614.5
|
|
518.1
|
Corporate
expense(3)
|
(14.4)
|
|
(16.5)
|
|
(47.0)
|
|
(45.5)
|
Interest
expense
|
(2.4)
|
|
(2.4)
|
|
(10.9)
|
|
(6.0)
|
Earnings before income
taxes
|
176.4
|
|
144.7
|
|
556.6
|
|
466.6
|
Provision for incomes
taxes
|
41.0
|
|
34.9
|
|
137.3
|
|
110.8
|
Net earnings
|
$
135.4
|
|
$
109.8
|
|
$
419.3
|
|
$
355.8
|
|
|
|
|
|
|
|
|
Additional
Information
|
|
|
|
|
|
|
|
(1) Adjustments: North
America
|
|
|
|
|
|
|
|
includes pension
settlement income of:
|
$
—
|
|
$
—
|
|
$
(5.0)
|
|
$
—
|
includes pension
expense of:
|
—
|
|
2.6
|
|
—
|
|
7.8
|
includes legal
judgment income of:
|
—
|
|
(11.5)
|
|
—
|
|
(11.5)
|
(2) Adjustments: Rest of
World
|
|
|
|
|
|
|
|
includes impairment
expense of:
|
—
|
|
—
|
|
12.5
|
|
—
|
(3) Adjustments: Corporate
expense
|
|
|
|
|
|
|
|
includes terminated
acquisition-related expenses of:
|
—
|
|
4.3
|
|
—
|
|
4.3
|
includes pension
settlement income of:
|
—
|
|
—
|
|
(1.0)
|
|
—
|
includes impairment
expense of:
|
—
|
|
—
|
|
3.1
|
|
—
|
includes pension
expense of:
|
—
|
|
0.4
|
|
—
|
|
1.1
|
A. O. SMITH
CORPORATION Adjusted Earnings and Adjusted Earnings Per
Share (dollars in millions, except per share data)
(unaudited)
|
|
The following is a
reconciliation of net earnings and diluted earnings per share to
adjusted earnings (non-GAAP) and adjusted
earnings per share (non-GAAP):
|
|
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Net Earnings (GAAP)
|
$
135.4
|
|
$
109.8
|
|
$
419.3
|
|
$
355.8
|
Impairment expense,
before tax
|
—
|
|
—
|
|
15.6
|
|
—
|
Pension settlement
income, before tax
|
—
|
|
—
|
|
(6.0)
|
|
—
|
Pension expense,
before tax
|
—
|
|
3.0
|
|
—
|
|
8.9
|
Legal judgment income,
before tax
|
—
|
|
(11.5)
|
|
—
|
|
(11.5)
|
Terminated
acquisition-related expenses, before tax
|
—
|
|
4.3
|
|
—
|
|
4.3
|
Tax effect on above
items
|
—
|
|
1.0
|
|
1.5
|
|
(0.4)
|
Adjusted Earnings (non-GAAP)
|
$
135.4
|
|
$
106.6
|
|
$
430.4
|
|
$
357.1
|
|
|
|
|
|
|
|
|
Diluted Earnings Per Share
(GAAP)(1)
|
$
0.90
|
|
$
0.71
|
|
$
2.77
|
|
$
2.27
|
Impairment expense per
diluted share, before tax
|
—
|
|
—
|
|
0.10
|
|
—
|
Pension settlement
income per diluted share, before tax
|
—
|
|
—
|
|
(0.04)
|
|
—
|
Pension expense per
diluted share, before tax
|
—
|
|
0.02
|
|
—
|
|
0.06
|
Legal judgment income
per diluted share, before tax
|
—
|
|
(0.07)
|
|
—
|
|
(0.07)
|
Terminated
acquisition-related expenses per diluted share, before
tax
|
—
|
|
0.03
|
|
—
|
|
0.03
|
Tax effect on above
items per diluted share
|
—
|
|
—
|
|
0.01
|
|
(0.01)
|
Adjusted Earnings Per Share
(non-GAAP)(1)
|
$
0.90
|
|
$
0.69
|
|
$
2.84
|
|
$
2.28
|
|
|
(1)
|
Earnings per share
amounts are calculated discretely and, therefore, may not add up to
the total due to rounding.
|
A. O. SMITH
CORPORATION Adjusted Segment Earnings (dollars in
millions)
(unaudited)
|
|
The following is a
reconciliation of reported earnings before provision for income
taxes to total segment earnings (non-GAAP)
and adjusted segment earnings
(non-GAAP):
|
|
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Earnings Before
Provision for Income Taxes (GAAP)
|
$
176.4
|
|
$
144.7
|
|
$
556.6
|
|
$
466.6
|
Add: Corporate
expense(1)
|
14.4
|
|
16.5
|
|
47.0
|
|
45.5
|
Add: Interest
expense
|
2.4
|
|
2.4
|
|
10.9
|
|
6.0
|
Total Segment Earnings
(non-GAAP)
|
$
193.2
|
|
$
163.6
|
|
$
614.5
|
|
$
518.1
|
|
|
|
|
|
|
|
|
North
America(2)
|
$
170.0
|
|
$
141.8
|
|
$
557.7
|
|
$
453.5
|
Rest of
World(3)
|
23.2
|
|
21.8
|
|
56.8
|
|
64.7
|
Inter-segment earnings
elimination
|
—
|
|
—
|
|
—
|
|
(0.1)
|
Total Segment Earnings
(non-GAAP)
|
$
193.2
|
|
$
163.6
|
|
$
614.5
|
|
$
518.1
|
|
|
|
|
|
|
|
|
Additional Information
|
|
|
|
|
|
|
|
(1)Corporate expense
|
$
(14.4)
|
|
$
(16.5)
|
|
$
(47.0)
|
|
$
(45.5)
|
Pension settlement
income, before tax
|
—
|
|
—
|
|
(1.0)
|
|
—
|
Impairment expense,
before tax
|
—
|
|
—
|
|
3.1
|
|
—
|
Pension expense,
before tax
|
—
|
|
0.4
|
|
—
|
|
1.1
|
Terminated
acquisition-related expenses, before tax
|
—
|
|
4.3
|
|
—
|
|
4.3
|
Adjusted Corporate
expense (non-GAAP)
|
$
(14.4)
|
|
$
(11.8)
|
|
$
(44.9)
|
|
$
(40.1)
|
|
|
|
|
|
|
|
|
(2)North America
|
$
170.0
|
|
$
141.8
|
|
$
557.7
|
|
$
453.5
|
Pension settlement
income, before tax
|
—
|
|
—
|
|
(5.0)
|
|
—
|
Pension expense,
before tax
|
—
|
|
2.6
|
|
—
|
|
7.8
|
Legal judgment income,
before tax
|
—
|
|
(11.5)
|
|
—
|
|
(11.5)
|
Adjusted North America
(non-GAAP)
|
$
170.0
|
|
$
132.9
|
|
$
552.7
|
|
$
449.8
|
|
|
|
|
|
|
|
|
(3)Rest of World
|
$
23.2
|
|
$
21.8
|
|
$
56.8
|
|
$
64.7
|
Impairment expense,
before tax
|
—
|
|
—
|
|
12.5
|
|
—
|
Adjusted Rest of World
(non-GAAP)
|
$
23.2
|
|
$
21.8
|
|
$
69.3
|
|
$
64.7
|
A. O. SMITH
CORPORATION
Free Cash Flow
(dollars in millions)
(unaudited)
|
|
The following is a
reconciliation of reported cash flow from operating activities to
free cash flow (non-GAAP):
|
|
|
Nine Months
Ended
September
30,
|
|
2023
|
|
2022
|
Cash provided by operating activities
(GAAP)
|
$
439.0
|
|
$
214.7
|
Less: Capital
expenditures
|
(42.7)
|
|
(50.9)
|
Free cash flow (non-GAAP)
|
$
396.3
|
|
$
163.8
|
A. O. SMITH
CORPORATION 2023 Adjusted EPS Guidance and 2022 Adjusted
EPS (unaudited)
|
|
The following is a
reconciliation of diluted EPS to adjusted EPS (non-GAAP) (all items
are net of tax):
|
|
|
2023
Guidance
|
|
|
2022
|
|
Diluted EPS (GAAP)
|
$ 3.63 -
3.73
|
|
|
$
1.51
|
|
Impairment
expense
|
0.10
|
(1)
|
|
—
|
|
Pension settlement
(income) expense
|
(0.03)
|
(2)
|
|
1.60
|
(3)
|
Pension
expense
|
—
|
|
|
0.06
|
(4)
|
Legal judgment
income
|
—
|
|
|
(0.05)
|
|
Terminated
acquisition-related expenses
|
—
|
|
|
0.02
|
|
Adjusted EPS (non-GAAP)
|
$ 3.70 -
3.80
|
|
|
$
3.14
|
|
|
|
(1)
|
Includes pre-tax
impairment expense of $12.5 million and $3.1 million, within the
Rest of World segment and Corporate
expenses, respectively.
|
(2)
|
Includes pre-tax
pension settlement income of $5.0 million and $1.0 million, within
the North America segment and
Corporate expenses, respectively.
|
(3)
|
Includes pre-tax
pension settlement expense of $346.8 million and $70.5 million,
within the North America segment and
Corporate expenses, respectively.
|
(4)
|
Includes pre-tax
pension expense of $9.7 million and $2.0 million, within the North
America segment and Corporate
expenses, respectively.
|
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SOURCE A. O. Smith Corporation