A. O. Smith Increases Adj. Earnings Guidance - Quick Facts

(RTTNews) - A. O. Smith Corp. (AOS) announced, for 2018, the company increased adjusted earnings guidance to a range of $2.55 to $2.61 per share. The company noted that the midpoint of the adjusted 2018 earnings guidance represents a 19 percent increase over 2017 adjusted earnings per share. A. O. Smith expects organic growth, supported by stable water heater replacement demand, will result in sales growth for the year between 10 and 10.75 percent.

First-quarter adjusted net earnings of $103.8 million or $0.60 per share were over 18 percent higher than the first quarter of 2017 and excluded $5.0 million or $0.03 per share of after-tax restructuring and impairment charges related to the closing of the company's commercial water heater plant in Renton, Wash., and transfer of production to plants in Tennessee and South Carolina. Sales were 6.5 percent higher than sales of $740.0 million reported in the same quarter of 2017.