Third Quarter 2024 Highlights
(Comparisons are year-over-year ("YoY"), unless otherwise
noted)
- Sales of $903 million, a decrease
of 4%, driven by lower sales in China and lower volumes of water heaters in
North America
- Net earnings of $120 million, a
decrease of 11%
- Diluted earnings per share (EPS) of $0.82, a decrease of 9%
- Reaffirm revised 2024 EPS outlook of $3.70 to $3.85
- 6% increase to our dividend; we have increased our dividend for
32 consecutive years
- Recently announced Pureit acquisition on track to close by the
end of 2024
MILWAUKEE, Oct. 22,
2024 /PRNewswire/ -- Global water technology company
A. O. Smith Corporation ("the Company") (NYSE: AOS) today announced
its third quarter 2024 results.
Key Financial Metrics
Third Quarter
(in millions, except per share amounts)
|
Q3 2024
|
Q3
2023
|
% Change
YoY
|
|
Net sales
|
$902.6
|
$ 937.5
|
-4 %
|
|
Net earnings
|
$120.2
|
$ 135.4
|
-11 %
|
|
Diluted earnings per
share
|
$ 0.82
|
$
0.90
|
-9 %
|
"As we announced in our October 11
press release, our China sales and
North America water heater volumes
were lower than we expected in the third quarter. Consumer
demand headwinds in China and
pre-buy and lead-time-driven order demand softness in North America persisted through the quarter
and led to lower than expected sales and profitability," noted
Kevin J. Wheeler, chairman and chief
executive officer. "While our China and North
America water heater businesses were challenged in the
quarter, I am pleased with the performance of other parts of our
business, particularly the double-digit sales growth in commercial
boilers and North America water
treatment."
Third Quarter 2024 Segment-level Performance
North America
2024 sales of $703.3 million
declined 1% compared to 2023 as higher boiler and water treatment
sales and pricing action benefits were more than offset by lower
residential and commercial water heater volumes.
Segment earnings were $162.5
million and segment margin was 23.1% in 2024 compared to
segment earnings of $170.0 million
and segment margin of 23.9% in 2023. The year-over-year decreases
in segment earnings and segment margin were largely a result of
lower water heater volumes more than offsetting higher volumes of
boilers and water treatment products and pricing actions.
Rest of World
Sales of $210.3 million declined
10% compared with prior year sales of $233.4
million. Local currency third-party sales in China decreased 17% in 2024, as weak consumer
demand resulted in lower volumes of our core water heater and water
treatment products. Sales in India
increased 12% year-over-year in local currency in 2024 as new
products continued to drive growth.
Segment earnings were $13.6
million and segment margin was 6.5% in 2024 compared to
segment earnings of $23.2 million and
segment margin of 9.9% in the prior year. The year-over-year
declines in segment earnings and segment margin were primarily due
to lower volumes that were partially offset by lower materials
costs that resulted from cost savings projects in China.
Balance Sheet, Liquidity and Capital Allocation
As of September 30, 2024, cash and
marketable securities balances totaled $255.6 million and debt totaled $119.7 million, resulting in a leverage ratio of
5.9% as measured by total debt-to-total capitalization.
Cash provided by operations was $359.9
million and free cash flow was $282.5
million in the first nine months of 2024, which decreased
year-over-year primarily as a result of higher inventories, higher
incentive payments associated with record sales and profits earned
in 2023, as well as lower trade receivable balances.
As previously announced, the Company signed an agreement earlier
this year to acquire Pureit from Unilever for $120 million, subject to customary adjustments.
For the full release, click here. Our acquisition of Pureit is on
track to close by the end of 2024.
As part of its commitment to return capital to shareholders, the
Company repurchased 2.9 million shares at a cost of $237.1 million in the first nine months of 2024.
As of September 30, 2024, authority
remained to repurchase approximately 2.7 million additional shares.
The Company expects to spend approximately $300 million repurchasing shares in 2024.
On Oct. 7, the Company's board of
directors approved a 6% increase in the dividend rate, resulting in
a five-year compound annual dividend growth rate of 8%. For the
full release, click here.
Outlook
2024 Outlook
(in millions except per share amounts)
|
2023
|
|
2024
Outlook
|
|
Actual
|
|
Low End
|
High End
|
|
Net sales
|
$
3,853
|
|
$ 3,800
|
$ 3,900
|
|
Diluted earnings per
share
|
$
3.69
|
|
$
3.70
|
$
3.85
|
|
Adjusted earnings per
share
|
$
3.811
|
|
$
3.70
|
$
3.85
|
|
|
1 Excludes restructuring
and impairment expenses. See accompanying GAAP to Non-GAAP
reconciliations
|
"Because we expect consumer demand to remain challenged in
China through the end of the year
and we are cautious about North
America residential and commercial water heater end-market
demand, we announced on October 11,
and reaffirm today, that we lowered our sales outlook for 2024 to
be approximately flat to last year. We also lowered our full year
EPS outlook to a range of between $3.70 and $3.85, a
year-over-year decline of 1% over 2023 adjusted EPS, at the
midpoint," stated Wheeler. "Our improved lead times are expected to
continue through the remainder of the year, and we have adjusted
our North America residential and
commercial water heater facilities to improve production
efficiencies at lower levels."
The Company's guidance excludes the potential impacts from
future acquisitions.
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 Third
Quarter 2024 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 earnings, adjusted EPS, adjusted segment
earnings and adjusted corporate expenses exclude the impact of
pension settlement income and impairment 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 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;
negative impacts to demand for the Company's products, particularly
commercial products, as a result of changes in commercial property
usage that followed the COVID-19 pandemic; further weakening in
North American 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 a further decline in the growth
rate of consumer spending or housing sales in China; the availability, timing or effects of
China stimulus programs; negative
impact to the Company's businesses from international tariffs,
trade disputes and geopolitical differences, including the
conflicts in Ukraine, the
Middle East and attacks on
commercial shipping vessels in the Red Sea; 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; the possibility that the parties will
fail to obtain necessary regulatory approvals or to satisfy any of
the other conditions to the proposed acquisition; failure to
realize the expected benefits of acquisitions or expected
synergies; 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, 2023,
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
Celebrating its 150th year of business, 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 water treatment products. For
more information, visit www.aosmith.com.
SOURCE: A. O. Smith Corporation
|
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,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Net sales
|
$
|
902.6
|
|
$
|
937.5
|
|
$
|
2,905.7
|
|
$
|
2,864.7
|
|
Cost of products
sold
|
|
565.3
|
|
|
581.3
|
|
|
1,787.7
|
|
|
1,749.7
|
|
Gross profit
|
|
337.3
|
|
|
356.2
|
|
|
1,118.0
|
|
|
1,115.0
|
|
Selling, general and
administrative expenses
|
|
176.6
|
|
|
174.9
|
|
|
557.3
|
|
|
542.4
|
|
Impairment
expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15.6
|
|
Interest
expense
|
|
1.5
|
|
|
2.4
|
|
|
4.3
|
|
|
10.9
|
|
Other expense (income),
net
|
|
2.6
|
|
|
2.5
|
|
|
0.5
|
|
|
(10.5)
|
|
Earnings before
provision for income taxes
|
|
156.6
|
|
|
176.4
|
|
|
555.9
|
|
|
556.6
|
|
Provision for income
taxes
|
|
36.5
|
|
|
41.0
|
|
|
132.0
|
|
|
137.3
|
|
Net
earnings
|
$
|
120.1
|
|
$
|
135.4
|
|
$
|
423.9
|
|
$
|
419.3
|
|
Diluted earnings per
share of common stock(1)
|
$
|
0.82
|
|
$
|
0.90
|
|
$
|
2.87
|
|
$
|
2.77
|
|
Average common shares
outstanding (000's omitted)
|
|
146,700
|
|
|
151,210
|
|
|
147,529
|
|
|
151,548
|
|
|
|
(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,
2024
|
|
December 31,
2023
|
|
ASSETS:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
219.3
|
|
$
|
339.9
|
|
Marketable
securities
|
|
36.3
|
|
|
23.5
|
|
Receivables
|
|
558.2
|
|
|
596.0
|
|
Inventories
|
|
554.9
|
|
|
497.4
|
|
Other current
assets
|
|
43.8
|
|
|
43.5
|
|
Total Current
Assets
|
|
1,412.5
|
|
|
1,500.3
|
|
Net property, plant
and equipment
|
|
624.6
|
|
|
597.5
|
|
Goodwill and other
intangibles
|
|
978.9
|
|
|
970.1
|
|
Operating lease
assets
|
|
32.4
|
|
|
37.3
|
|
Other
assets
|
|
105.8
|
|
|
108.7
|
|
Total
Assets
|
$
|
3,154.2
|
|
$
|
3,213.9
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY:
|
|
|
|
|
|
|
Trade
payables
|
$
|
555.9
|
|
$
|
600.4
|
|
Accrued payroll and
benefits
|
|
71.5
|
|
|
92.2
|
|
Accrued
liabilities
|
|
144.1
|
|
|
177.4
|
|
Product
warranties
|
|
62.7
|
|
|
65.3
|
|
Debt due within one
year
|
|
10.0
|
|
|
10.0
|
|
Total Current
Liabilities
|
|
844.2
|
|
|
945.3
|
|
Long-term
debt
|
|
109.7
|
|
|
117.3
|
|
Operating lease
liabilities
|
|
23.5
|
|
|
27.9
|
|
Other
liabilities
|
|
260.1
|
|
|
279.0
|
|
Stockholders'
equity
|
|
1,916.7
|
|
|
1,844.4
|
|
Total Liabilities
and Stockholders' Equity
|
$
|
3,154.2
|
|
$
|
3,213.9
|
|
A. O. SMITH CORPORATION
|
|
Condensed
Consolidated Statement of Cash Flows
|
|
(dollars in
millions)
|
|
(unaudited)
|
|
|
Nine Months Ended
September 30,
|
|
2024
|
|
2023
|
|
Operating
Activities
|
|
|
|
|
|
|
Net
earnings
|
$
|
423.9
|
|
$
|
419.3
|
|
Adjustments to
reconcile net earnings to net cash provided by (used in)
operating
activities:
|
|
|
|
|
|
|
Depreciation & amortization
|
|
59.5
|
|
|
57.5
|
|
Stock based
compensation expense
|
|
12.7
|
|
|
10.1
|
|
Deferred income
taxes
|
|
(0.9)
|
|
|
—
|
|
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
|
|
(121.3)
|
|
|
(44.6)
|
|
Noncurrent assets and
liabilities
|
|
(14.0)
|
|
|
(14.4)
|
|
Cash Provided by
Operating Activities
|
|
359.9
|
|
|
439.0
|
|
Investing
Activities
|
|
|
|
|
|
|
Capital
expenditures
|
|
(77.4)
|
|
|
(42.7)
|
|
Acquisitions
|
|
(21.3)
|
|
|
(16.1)
|
|
Investment in
marketable securities
|
|
(72.9)
|
|
|
(63.1)
|
|
Net proceeds from sale
of marketable securities
|
|
60.5
|
|
|
91.1
|
|
Cash Used in
Investing Activities
|
|
(111.1)
|
|
|
(30.8)
|
|
Financing
Activities
|
|
|
|
|
|
|
Long-term debt
repaid
|
|
(6.9)
|
|
|
(214.9)
|
|
Common stock
repurchases
|
|
(237.1)
|
|
|
(161.4)
|
|
Net proceeds from
stock option activity
|
|
17.2
|
|
|
11.3
|
|
Dividends
paid
|
|
(140.9)
|
|
|
(135.7)
|
|
Cash Used in
Financing Activities
|
|
(367.7)
|
|
|
(500.7)
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
|
(1.7)
|
|
|
(17.7)
|
|
Net decrease in cash
and cash equivalents
|
|
(120.6)
|
|
|
(110.2)
|
|
Cash and cash
equivalents - beginning of period
|
|
339.9
|
|
|
391.2
|
|
Cash and Cash
Equivalents - End of Period
|
$
|
219.3
|
|
$
|
281.0
|
|
A. O. SMITH CORPORATION
|
|
Business
Segments
|
|
(dollars in
millions)
|
|
(unaudited)
|
|
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Net sales
|
|
|
|
|
|
|
|
|
|
|
|
|
North
America
|
$
|
703.3
|
|
$
|
709.9
|
|
$
|
2,260.3
|
|
$
|
2,184.9
|
|
Rest of
World
|
|
210.3
|
|
|
233.4
|
|
|
682.0
|
|
|
696.7
|
|
Inter-segment
sales
|
|
(11.0)
|
|
|
(5.8)
|
|
|
(36.6)
|
|
|
(16.9)
|
|
$
|
902.6
|
|
$
|
937.5
|
|
$
|
2,905.7
|
|
$
|
2,864.7
|
|
Earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
North
America(1)
|
$
|
162.5
|
|
$
|
170.0
|
|
$
|
559.6
|
|
$
|
557.7
|
|
Rest of
World(2)
|
|
13.6
|
|
|
23.2
|
|
|
56.7
|
|
|
56.8
|
|
Inter-segment earnings
elimination
|
|
—
|
|
|
—
|
|
|
(0.4)
|
|
|
—
|
|
|
176.1
|
|
|
193.2
|
|
|
615.9
|
|
|
614.5
|
|
Corporate
expense(3)
|
|
(18.0)
|
|
|
(14.4)
|
|
|
(55.7)
|
|
|
(47.0)
|
|
Interest
expense
|
|
(1.5)
|
|
|
(2.4)
|
|
|
(4.3)
|
|
|
(10.9)
|
|
Earnings before income
taxes
|
|
156.6
|
|
|
176.4
|
|
|
555.9
|
|
|
556.6
|
|
Provision for income
taxes
|
|
36.5
|
|
|
41.0
|
|
|
132.0
|
|
|
137.3
|
|
Net earnings
|
$
|
120.1
|
|
$
|
135.4
|
|
$
|
423.9
|
|
$
|
419.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional
Information
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Adjustments: North America
|
|
|
|
|
|
|
|
|
|
|
|
|
includes pension
settlement income of:
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
(5.0)
|
|
(2)
Adjustments: Rest of World
|
|
|
|
|
|
|
|
|
|
|
|
|
includes impairment
expense of:
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12.5
|
|
(3)
Adjustments: Corporate expense
|
|
|
|
|
|
|
|
|
|
|
|
|
includes pension
settlement income of:
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.0)
|
|
includes impairment
expense of:
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3.1
|
|
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,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Net Earnings
(GAAP)
|
$
|
120.1
|
|
$
|
135.4
|
|
$
|
423.9
|
|
$
|
419.3
|
|
Impairment expense,
before tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15.6
|
|
Pension settlement
income, before tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6.0)
|
|
Tax effect on above
items
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.5
|
|
Adjusted Earnings
(non-GAAP)
|
$
|
120.1
|
|
$
|
135.4
|
|
$
|
423.9
|
|
$
|
430.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings Per
Share (GAAP)(1)
|
$
|
0.82
|
|
$
|
0.90
|
|
$
|
2.87
|
|
$
|
2.77
|
|
Impairment expense per
diluted share, before tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.10
|
|
Pension settlement
income per diluted share, before tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.04)
|
|
Tax effect on above
items per diluted share
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.01
|
|
Adjusted Earnings
Per Share (non-GAAP)(1)
|
$
|
0.82
|
|
$
|
0.90
|
|
$
|
2.87
|
|
$
|
2.84
|
|
|
|
(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,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Earnings Before
Provision for Income Taxes (GAAP)
|
$
|
156.6
|
|
$
|
176.4
|
|
$
|
555.9
|
|
$
|
556.6
|
|
Add: Corporate
expense(1)
|
|
18.0
|
|
|
14.4
|
|
|
55.7
|
|
|
47.0
|
|
Add: Interest
expense
|
|
1.5
|
|
|
2.4
|
|
|
4.3
|
|
|
10.9
|
|
Total Segment Earnings
(non-GAAP)
|
$
|
176.1
|
|
$
|
193.2
|
|
$
|
615.9
|
|
$
|
614.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North
America(2)
|
$
|
162.5
|
|
$
|
170.0
|
|
$
|
559.6
|
|
$
|
557.7
|
|
Rest of
World(3)
|
|
13.6
|
|
|
23.2
|
|
|
56.7
|
|
|
56.8
|
|
Inter-segment earnings
elimination
|
|
—
|
|
|
—
|
|
|
(0.4)
|
|
|
—
|
|
Total Segment Earnings
(non-GAAP)
|
$
|
176.1
|
|
$
|
193.2
|
|
$
|
615.9
|
|
$
|
614.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional
Information
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)Corporate
expense
|
$
|
(18.0)
|
|
$
|
(14.4)
|
|
$
|
(55.7)
|
|
$
|
(47.0)
|
|
Pension settlement
income, before tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.0)
|
|
Impairment expense,
before tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3.1
|
|
Adjusted Corporate
expense (non-GAAP)
|
$
|
(18.0)
|
|
$
|
(14.4)
|
|
$
|
(55.7)
|
|
$
|
(44.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)North
America
|
$
|
162.5
|
|
$
|
170.0
|
|
$
|
559.6
|
|
$
|
557.7
|
|
Pension settlement
income, before tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5.0)
|
|
Adjusted North America
(non-GAAP)
|
$
|
162.5
|
|
$
|
170.0
|
|
$
|
559.6
|
|
$
|
552.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)Rest of
World
|
$
|
13.6
|
|
$
|
23.2
|
|
$
|
56.7
|
|
$
|
56.8
|
|
Impairment expense,
before tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12.5
|
|
Adjusted Rest of World
(non-GAAP)
|
$
|
13.6
|
|
$
|
23.2
|
|
$
|
56.7
|
|
$
|
69.3
|
|
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,
|
|
2024
|
|
2023
|
|
Cash provided by
operating activities (GAAP)
|
$
|
359.9
|
|
$
|
439.0
|
|
Less: Capital
expenditures
|
|
(77.4)
|
|
|
(42.7)
|
|
Free cash flow
(non-GAAP)
|
$
|
282.5
|
|
$
|
396.3
|
|
A. O. SMITH CORPORATION
|
|
2024 EPS Guidance
and 2023 Adjusted EPS
|
|
(unaudited)
|
|
|
The following is a
reconciliation of diluted EPS to adjusted EPS (non-GAAP) (all items
are net of tax):
|
|
|
2024
Guidance
|
|
2023
|
|
|
Diluted EPS
(GAAP)
|
$
|
3.70 - 3.85
|
|
$
|
3.69
|
|
|
Restructuring and
impairment expense
|
|
—
|
|
|
0.12
|
(1)
|
|
Adjusted EPS
(non-GAAP)
|
$
|
3.70 - 3.85
|
|
$
|
3.81
|
|
|
|
|
(1)
|
Includes pre-tax
restructuring and impairment expenses of $15.7 million and $3.1
million, within the Rest of World segment and Corporate expenses,
respectively.
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/a-o-smith-reports-third-quarter-performance-302282384.html
SOURCE A. O. Smith Corporation