Second Quarter 2023 Highlights
(Comparisons are
year-over-year ("YoY"), unless otherwise noted)
- Sales of $961 million, a decrease
of 1%
-
- North America decreased
3%
- Rest of World increased 6%, an increase of 12% in local
currency
- Net earnings of $157.0 million
resulted in record EPS of $1.04, an
increase of 28%
- Adjusted earnings of $152.5
million exclude non-cash after-tax income of $4.5 million related to the finalization of our
pension settlement, resulting in record adjusted EPS of
$1.01
- Strong operating cash flow and free cash flow of $260.2 million and $236.0
million respectively, driven by higher earnings and working
capital management
- 2023 Outlook raised to:
-
- Sales flat, to up 2%, compared to 2022
- EPS of between $3.38 and
$3.53 and adjusted EPS between
$3.45 and $3.60
MILWAUKEE, July 27,
2023 /PRNewswire/ -- Global water technology
company A. O. Smith Corporation ("the Company") (NYSE:
AOS) today announced its second quarter 2023 results.
A. O. Smith Reports Record Earnings Per
Share
Key Financial Metrics
Second Quarter
(in millions, except per share amounts)
|
Q2 2023
|
Q2 2022
|
% Change YoY
|
Net sales
|
$
960.8
|
$ 965.9
|
-1 %
|
Net earnings
|
$
157.0
|
$ 126.2
|
24 %
|
Adjusted
earnings1
|
$
152.5
|
$ 128.5
|
19 %
|
Diluted earnings per
share
|
$ 1.04
|
$ 0.81
|
28 %
|
Adjusted earnings per
share1
|
$ 1.01
|
$ 0.82
|
23 %
|
|
|
1
|
Excludes pension
settlement income in 2023 and non-operating pension expense related
to the terminated pension plan in 2022. See accompanying GAAP to
Non-GAAP reconciliations for further details.
|
"A. O. Smith delivered record earnings performance in the second
quarter driven by lower year-over-year steel costs and continued
strength in demand for our North
America commercial and residential water heater products. We
saw improvement in consumer demand in China in the quarter, especially for our water
treatment products even as the Chinese economy remained
challenged," noted Kevin J. Wheeler,
chairman and chief executive officer. "I am pleased with the
outstanding execution of the global team to serve our customers and
deliver record results."
Second quarter adjusted earnings of $152.5 million and adjusted EPS of $1.01 exclude non-cash pre-tax income of
$6.0 million related to the company's
finalization of its pension settlement which occurred in
December 2022. Of the $6.0 million of pension settlement income,
$5.0 million was recorded in the
North America segment and
$1.0 million was recorded in
corporate expenses.
Segment-level Performance
North America
Second Quarter 2023
Second quarter sales of $722.3
million decreased 3% compared to second quarter sales in the
prior year. Higher water heater volumes were offset by lower boiler
volumes and pricing.
Segment earnings were $199.1
million, an increase of 25% compared to segment earnings in
the second quarter of last year. Segment operating margin was 27.6%
in the second quarter of 2023, an increase of 610 basis points
compared to the prior year. Adjusted segment earnings of
$194.1 million and adjusted segment
margin of 26.9% exclude $5.0 million
of pre-tax pension settlement income. Adjusted segment earnings of
$162.5 million and adjusted segment
margin of 21.8% in the second quarter of 2022 exclude pre-tax,
non-operating pension expenses of $2.6
million. The higher segment earnings and segment operating
margin in the second quarter of 2023 were primarily due to lower
material costs and higher volumes of commercial and residential
water heaters, partially offset by lower boiler volumes.
Rest of World
Second Quarter 2023
Rest of World sales of $244.2
million increased 6% year-over-year, including an
unfavorable currency translation impact of approximately
$14 million. In local currency,
segment sales increased by approximately 12% year-over-year. The
increase in sales was primarily driven by stronger consumer demand
in China, particularly for our
residential and commercial water treatment products, as well as
favorable product mix. Sales in India increased 15% in local currency.
Segment earnings were $28.3
million in the second quarter of 2023, an increase of 56%
compared to the same period last year. Segment operating margin was
11.6% in the second quarter of 2023 compared with 7.9% in the
second quarter of 2022. The higher segment earnings and segment
margin were primarily driven by higher volumes and favorable mix in
China.
Balance Sheet, Liquidity and Capital Allocation
As of June 30, 2023, cash and
marketable securities balances totaled $409.7 million and debt totaled $206.0 million, resulting in a leverage ratio of
9.8% as measured by total debt-to-total capitalization.
Cash provided by operations was $260.2
million and free cash flow was $236.0
million in the first half 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 1,075,000 shares at a cost of $69.6 million through June
30, 2023. As of June 30, 2023,
authority remained to repurchase approximately 6.8 million
additional shares. The Company expects to spend $300 million repurchasing shares in 2023.
On July 10, 2023, the Company's
board of directors approved a $0.30
per share dividend for shareholders of record on July 31, payable on August
15. 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
|
|
$
3,750
|
$
3,830
|
Diluted earnings per
share
|
$
1.51
|
|
$
3.38
|
$
3.53
|
Adjusted earnings per
share
|
$ 3.14 2
|
|
$ 3.45 3
|
$ 3.60 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 committed plan to sell 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 execution in the first half
of the year, in particular, our margin performance. We will face
higher steel costs in North
America in the back half of 2023; therefore, we will see
some margin pressure. However, our strong results in the second
quarter, 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 be flat, to up 2%, compared to last
year. We raised our expected full year adjusted EPS to be between
$3.45 and $3.60, a 12% 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 Second
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: further 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 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 conflict in Ukraine;
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
June 30,
|
|
Six Months
Ended
June 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Net sales
|
$
960.8
|
|
$
965.9
|
|
$
1,927.2
|
|
$
1,943.6
|
Cost of products
sold
|
576.1
|
|
631.5
|
|
1,168.4
|
|
1,267.6
|
Gross profit
|
384.7
|
|
334.4
|
|
758.8
|
|
676.0
|
Selling, general and
administrative expenses
|
180.3
|
|
166.7
|
|
367.5
|
|
346.5
|
Impairment
expense
|
—
|
|
—
|
|
15.6
|
|
—
|
Interest
expense
|
4.5
|
|
2.1
|
|
8.5
|
|
3.6
|
Other (income)
expense
|
(9.0)
|
|
0.3
|
|
(13.0)
|
|
4.0
|
Earnings before
provision for income taxes
|
208.9
|
|
165.3
|
|
380.2
|
|
321.9
|
Provision for income
taxes
|
51.9
|
|
39.1
|
|
96.3
|
|
75.9
|
Net earnings
|
$
157.0
|
|
$
126.2
|
|
$
283.9
|
|
$
246.0
|
Diluted earnings per share of common
stock(1)
|
$
1.04
|
|
$
0.81
|
|
$
1.87
|
|
$
1.56
|
Average common shares
outstanding (000's omitted)
|
151,541
|
|
156,632
|
|
151,719
|
|
157,470
|
|
|
(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)
June 30,
2023
|
|
December 31,
2022
|
ASSETS:
|
|
|
|
Cash and cash
equivalents
|
$
378.9
|
|
$
391.2
|
Marketable
securities
|
30.8
|
|
90.6
|
Receivables
|
588.9
|
|
581.2
|
Inventories
|
508.5
|
|
516.4
|
Other current
assets
|
54.2
|
|
54.3
|
Total Current Assets
|
1,561.3
|
|
1,633.7
|
Net property, plant
and equipment
|
576.8
|
|
590.7
|
Goodwill and other
intangibles
|
964.9
|
|
967.6
|
Operating lease
assets
|
32.6
|
|
29.8
|
Other
assets
|
113.2
|
|
110.5
|
Total Assets
|
$
3,248.8
|
|
$
3,332.3
|
LIABILITIES AND STOCKHOLDERS'
EQUITY:
|
|
|
|
Trade
payables
|
$
545.1
|
|
$
625.8
|
Accrued payroll and
benefits
|
74.1
|
|
75.7
|
Accrued
liabilities
|
169.8
|
|
159.1
|
Product
warranties
|
61.7
|
|
63.6
|
Debt due within one
year
|
10.0
|
|
10.0
|
Total Current Liabilities
|
860.7
|
|
934.2
|
Long-term
debt
|
196.0
|
|
334.5
|
Operating lease
liabilities
|
26.0
|
|
22.4
|
Other
liabilities
|
277.7
|
|
293.5
|
Stockholders'
equity
|
1,888.4
|
|
1,747.7
|
Total Liabilities and Stockholders'
Equity
|
$
3,248.8
|
|
$
3,332.3
|
A. O. SMITH
CORPORATION Condensed Consolidated Statement of Cash
Flows (dollars in millions)
(unaudited)
|
|
|
Six Months
Ended
June 30,
|
|
2023
|
|
2022
|
Operating Activities
|
|
|
|
Net
earnings
|
$
283.9
|
|
$
246.0
|
Adjustments to
reconcile net earnings to net cash provided by (used in) operating
activities:
|
|
|
|
Depreciation & amortization
|
38.1
|
|
38.3
|
Stock based
compensation expense
|
8.6
|
|
9.0
|
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
|
(66.4)
|
|
(233.9)
|
Noncurrent assets and
liabilities
|
(15.1)
|
|
(5.0)
|
Cash Provided by Operating
Activities
|
260.2
|
|
54.4
|
Investing Activities
|
|
|
|
Capital
expenditures
|
(24.2)
|
|
(30.7)
|
Acquisitions
|
—
|
|
(8.0)
|
Investment in
marketable securities
|
(14.7)
|
|
(16.9)
|
Net proceeds from sale
of marketable securities
|
72.7
|
|
96.5
|
Cash Provided by Investing
Activities
|
33.8
|
|
40.9
|
Financing Activities
|
|
|
|
Long-term debt
(repaid) incurred
|
(139.3)
|
|
101.7
|
Common stock
repurchases
|
(69.6)
|
|
(190.4)
|
Net proceeds
(payments) from stock option activity
|
8.3
|
|
(2.6)
|
Dividends
paid
|
(90.6)
|
|
(87.9)
|
Cash Used In Financing
Activities
|
(291.2)
|
|
(179.2)
|
Effect of exchange
rate changes on cash and cash equivalents
|
(15.1)
|
|
—
|
Net decrease in cash
and cash equivalents
|
(12.3)
|
|
(83.9)
|
Cash and cash
equivalents - beginning of period
|
391.2
|
|
443.3
|
Cash and Cash Equivalents - End of
Period
|
$
378.9
|
|
$
359.4
|
A. O. SMITH
CORPORATION Business Segments (dollars in
millions)
(unaudited)
|
|
|
Three Months
Ended
June 30,
|
|
Six Months
Ended
June 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Net sales
|
|
|
|
|
|
|
|
North
America
|
$
722.3
|
|
$
744.1
|
|
$
1,475.0
|
|
$
1,474.2
|
Rest of
World
|
244.2
|
|
229.9
|
|
463.3
|
|
485.9
|
Inter-segment
sales
|
(5.7)
|
|
(8.1)
|
|
(11.1)
|
|
(16.5)
|
|
$
960.8
|
|
$
965.9
|
|
$
1,927.2
|
|
$
1,943.6
|
Earnings
|
|
|
|
|
|
|
|
North
America(1)
|
$
199.1
|
|
$
159.9
|
|
$
387.7
|
|
$
311.7
|
Rest of
World(2)
|
28.3
|
|
18.1
|
|
33.6
|
|
42.9
|
Inter-segment earnings
elimination
|
—
|
|
—
|
|
—
|
|
(0.1)
|
|
227.4
|
|
178.0
|
|
421.3
|
|
354.5
|
Corporate
expense(3)
|
(14.0)
|
|
(10.6)
|
|
(32.6)
|
|
(29.0)
|
Interest
expense
|
(4.5)
|
|
(2.1)
|
|
(8.5)
|
|
(3.6)
|
Earnings before income
taxes
|
208.9
|
|
165.3
|
|
380.2
|
|
321.9
|
Provision for incomes
taxes
|
51.9
|
|
39.1
|
|
96.3
|
|
75.9
|
Net earnings
|
$
157.0
|
|
$
126.2
|
|
$
283.9
|
|
$
246.0
|
|
|
|
|
|
|
|
|
Additional
Information
|
|
|
|
|
|
|
|
(1) Adjustments: North
America
|
|
|
|
|
|
|
|
includes pension
settlement income of:
|
$
(5.0)
|
|
$
—
|
|
$
(5.0)
|
|
$
—
|
includes pension
expense of:
|
—
|
|
2.6
|
|
—
|
|
5.2
|
(2) Adjustments: Rest of
World
|
|
|
|
|
|
|
|
includes impairment
expense of:
|
—
|
|
—
|
|
12.5
|
|
—
|
(3) Adjustments: Corporate
expense
|
|
|
|
|
|
|
|
includes pension
settlement income of:
|
(1.0)
|
|
—
|
|
(1.0)
|
|
—
|
includes impairment
expense of:
|
—
|
|
—
|
|
3.1
|
|
—
|
includes pension
expense of:
|
—
|
|
0.4
|
|
—
|
|
0.7
|
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 June 30,
|
|
Six Months
Ended June 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Net Earnings (GAAP)
|
$
157.0
|
|
$
126.2
|
|
$
283.9
|
|
$
246.0
|
Impairment expense,
before tax
|
—
|
|
—
|
|
15.6
|
|
—
|
Pension settlement
income, before tax
|
(6.0)
|
|
—
|
|
(6.0)
|
|
—
|
Pension expense,
before tax
|
—
|
|
3.0
|
|
—
|
|
5.9
|
Tax effect on above
items
|
1.5
|
|
(0.7)
|
|
1.5
|
|
(1.4)
|
Adjusted Earnings (non-GAAP)
|
$
152.5
|
|
$
128.5
|
|
$
295.0
|
|
$
250.5
|
|
|
|
|
|
|
|
|
Diluted Earnings Per Share
(GAAP)(1)
|
$
1.04
|
|
$
0.81
|
|
$
1.87
|
|
$
1.56
|
Impairment expense per
diluted share, before tax
|
—
|
|
—
|
|
0.10
|
|
—
|
Pension settlement
income per diluted share, before tax
|
(0.04)
|
|
—
|
|
(0.04)
|
|
—
|
Pension expense per
diluted share, before tax
|
—
|
|
0.02
|
|
—
|
|
0.04
|
Tax effect on above
items per diluted share
|
0.01
|
|
(0.01)
|
|
0.01
|
|
(0.01)
|
Adjusted Earnings Per Share
(non-GAAP)(1)
|
$
1.01
|
|
$
0.82
|
|
$
1.94
|
|
$
1.59
|
|
|
(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 June 30,
|
|
Six Months
Ended June 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Earnings Before
Provision for Income Taxes (GAAP)
|
$
208.9
|
|
$
165.3
|
|
$
380.2
|
|
$
321.9
|
Add: Corporate
expense(1)
|
14.0
|
|
10.6
|
|
32.6
|
|
29.0
|
Add: Interest
expense
|
4.5
|
|
2.1
|
|
8.5
|
|
3.6
|
Total Segment Earnings
(non-GAAP)
|
$
227.4
|
|
$
178.0
|
|
$
421.3
|
|
$
354.5
|
|
|
|
|
|
|
|
|
North
America(2)
|
$
199.1
|
|
$
159.9
|
|
$
387.7
|
|
$
311.7
|
Rest of
World(3)
|
28.3
|
|
18.1
|
|
33.6
|
|
42.9
|
Inter-segment earnings
elimination
|
—
|
|
—
|
|
—
|
|
(0.1)
|
Total Segment Earnings
(non-GAAP)
|
$
227.4
|
|
$
178.0
|
|
$
421.3
|
|
$
354.5
|
|
|
|
|
|
|
|
|
Additional Information
|
|
|
|
|
|
|
|
(1)Corporate expense
|
$
(14.0)
|
|
$
(10.6)
|
|
$
(32.6)
|
|
$
(29.0)
|
Pension settlement
income, before tax
|
(1.0)
|
|
—
|
|
(1.0)
|
|
—
|
Impairment expense,
before tax
|
—
|
|
—
|
|
3.1
|
|
—
|
Pension expense,
before tax
|
—
|
|
0.4
|
|
—
|
|
0.7
|
Adjusted Corporate
expense (non-GAAP)
|
$
(15.0)
|
|
$
(10.2)
|
|
$
(30.5)
|
|
$
(28.3)
|
|
|
|
|
|
|
|
|
(2)North America
|
$
199.1
|
|
$
159.9
|
|
$
387.7
|
|
$
311.7
|
Pension settlement
income, before tax
|
(5.0)
|
|
—
|
|
(5.0)
|
|
—
|
Pension expense,
before tax
|
—
|
|
2.6
|
|
—
|
|
5.2
|
Adjusted North America
(non-GAAP)
|
$
194.1
|
|
$
162.5
|
|
$
382.7
|
|
$
316.9
|
|
|
|
|
|
|
|
|
(3)Rest of World
|
$
28.3
|
|
$
18.1
|
|
$
33.6
|
|
$
42.9
|
Impairment expense,
before tax
|
—
|
|
—
|
|
12.5
|
|
—
|
Adjusted Rest of World
(non-GAAP)
|
$
28.3
|
|
$
18.1
|
|
$
46.1
|
|
$
42.9
|
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):
|
|
|
Six Months
Ended June 30,
|
|
2023
|
|
2022
|
Cash provided by operating activities
(GAAP)
|
$
260.2
|
|
$
54.4
|
Less: Capital
expenditures
|
(24.2)
|
|
(30.7)
|
Free cash flow (non-GAAP)
|
$
236.0
|
|
$
23.7
|
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)
|
$ 3.38 -
3.53
|
|
|
$
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)
|
$ 3.45 -
3.60
|
|
|
$
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.
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/a-o-smith-reports-record-earnings-per-share-eps-in-the-second-quarter-2023-301886889.html
SOURCE A. O. Smith Corporation