A. O. Smith Q2 Profit Rises

(RTTNews) - Global water technology company A. O. Smith Corp. (AOS) reported that its second-quarter net earnings for the second-quarter ended on June 30 rose to $114.5 million or $0.66 per share from $92.4 million or $0.53 per share last year.

Quarterly sales were $833.3 million were 13 percent higher than sales of $738.2 million during the same period last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.62 per share and revenues of $809.52 million. Analysts' estimates typically exclude special items.

The company now expects total company sales growth between 9.5 and 10 percent in 2018. The impact of a weaker Chinese currency compared to its April forecast reduced its guidance for full year sales by $22 million.

The company increased its adjusted 2018 earnings guidance to a range of $2.59 and $2.63 per share. The midpoint of its adjusted 2018 earnings guidance represents a 20 percent increase over 2017 adjusted earnings per share, and it projects its second half earnings to be better than the first half. Analysts expect annual earnings of $2.6 per share.