A. O. Smith Reaffirms FY22 Earnings View; Lowers Sales Forecast - Update

(RTTNews) - A.O. Smith Corp (AOS) Thursday reaffirmed its fiscal 2022 earnings per share guidance of $1.56 to $1.76, and adjusted earnings guidance of $3.35 to $3.55 per share, an increase of 17 percent at the mid-point.

On average, 13 analysts polled by Thomson Reuters expect earnings of $3.50 per share for the year. Analysts' estimates typically exclude special items.

For the year, net sales is expected to be $3.96 billion to $4.04 billion, while analysts expect $4.04 billion.

Kevin Wheeler, chairman and chief executive officer, said, "Due to volume headwinds in the water heating business, we have lowered our sales outlook for 2022 to an increase between 12 percent and 14 percent year-over-year, including $100 million from Giant. The decrease in our sales outlook is offset by an expected improved price cost relationship across our North America segment through the remainder of 2022.."

In the year 2021, the company recorded earnings per share of $3.02, adjusted earnings per share of $2.96, and net sales of $3.54 billion.