A. O. Smith Q1 Earnings Advance, Beat Street - Quick Facts

(RTTNews) - A. O. Smith Corp. (AOS), a maker of water heaters and boilers, Tuesday reported a rise in earnings for the first quarter as higher sales in China resulted in record first-quarter sales. Earnings beat analysts' estimates by a penny.

"Our international business, especially in China, has continued to grow as a result of consumer demand for products with more robust features and benefits. Our investment in product development continues to play a key role in our success in China," says CEO Ajita Rajendra.

For the first quarter, net earnings advanced to $46.7 million or $0.51 per share, from $39 million or $0.42 per share a year earlier.

Excluding certain items, earnings for the 3-month period rose to $49.7 million or $0.54 per share from $44.7 million or $0.48 per share a year earlier. On average, 11 analysts polled by Thomson-Reuters estimated the company's earnings to be $0.53 for the quarter. Analysts' estimates typically exclude one-time items.

Sales for the 3-month period grew to $552.2 million from $509.6 million in the corresponding period last year. Analysts had expected revenues of $558.92 million for the quarter.

For the full year 2014, the company raised its earnings guidance to $2.06 to $2.21 per share from the previously projected $2.01 and $2.16 per share. A.O Smith also increased its expectations for 2014 adjusted earnings to $2.20 to $2.35 per share from the previously projected $2.15 to $2.30 per share. Analysts expect annual earnings of $2.30 per share.