A.O. Smith Q3 Profit Rises, Results Beat View; Lifts FY17 Outlook - Quick Facts

(RTTNews) - A.O. Smith Corp. (AOS) reported an increase in profit for the third quarter on double-digit growth in sales. Results for the quarter beat analysts' estimates. In addition, the company raised its financial outlook for fiscal 2017.

The company's third-quarter net earnings were $93.7 million or $0.54 per share, up from $83.2 million or $0.47 per share in the year-ago period.

Net sales for the quarter grew nearly 10 percent to $749.9 million from $683.9 million in the same period last year.

On average, analysts polled by Thomson Reuters expected the company to earn $0.53 per share for the quarter on revenues of $740.93 million. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2017, A.O. Smith now expects earnings per share between $2.12 and $2.14, excluding the impact from future acquisitions, and global sales to grow between 11 and 12 percent.

Earlier, the company forecast full-year 2017 earnings per share between $2.07 and $2.11, and global sales to grow between 10 and 11 percent.

The Street expects the company to earn $2.11 per share for the year on revenues of $2.98 billion.