A. O. Smith raises full-year adjusted profit forecast

A O Smith

27/07/2023 12:32

July 27 (Reuters) - A. O. Smith  AOS.N  on Thursday
raised its full-year adjusted profit forecast, helped by lower
cost of steel and strong demand for water heaters in North
America.
    The Milwaukee, Wisconsin-based company now expects an
adjusted profit of $3.45-$3.60 per share, compared with its
prior projection of $3.30-$3.50 per share.
    "We saw improvement in consumer demand in China in the
quarter, especially for our water treatment products even as the
Chinese economy remained challenged," Chief Executive Kevin
Wheeler said.
    Demand for water heaters have remained strong, driven by an
uptick in commercial and residential real estate activities. 
    The company earned $157 million, or $1.04 per share, for the
quarter ended June 30, compared with $126.2, or 81 cents per
share, a year earlier.
    

 (Reporting by Nathan Gomes in Bengaluru; Editing by Anil
D'Silva)
 ((Nathan.Gomes@thomsonreuters.com;))