AO Smith Corp. (NYSE: AOS), a leading manufacturer of water heaters, boilers, and air purification products, has reported preliminary results for the third quarter of 2024 and revised its full-year guidance.

• In Q3, net sales decreased 4% year-over-year to $903 million, due to lower sales in China and a dip in water heating sales in North America
• In North America, sales declined modestly to $703 million in Q3 from $710 million in the prior-year period
• Pricing benefits and higher boiler and water treatment volumes were offset by lower volumes of residential and commercial water heaters in the North American market.
• In the rest of the world, sales declined 10% annually to $210 million; local currency third-party sales in China decreased 17%, while sales grew 12% in local currency in India amid continued strong demand
• On a per-share basis, net income decreased 9% annually to $0.82 during the three months
• In the first nine months of 2024, preliminary cash provided by operations was $360 million, while free cash flow totaled $283 million
• The management Lowered its full-year EPS guidance to $3.70 -$3.85 from the prior forecast of $3.95 to $4.10
• Earlier this month, the company’s board approved a 6% increase in the dividend rate, resulting in a five-year compound annual dividend growth rate of 8%

The post AOS Earnings: Highlights of AO Smith Corp.’s Q3 2024 report first appeared on AlphaStreet.