Water heater maker A. O. Smith quarterly profit beats estimates

A O Smith

30/01/2024 13:19

Jan 30 (Reuters) - A. O. Smith  AOS.N  beat
fourth-quarter profit estimates on Tuesday, helped by strong
demand for its water heaters in North America. 
   The Milwaukee, Wisconsin-based company also benefited from a
shift towards energy efficient products, as more buildings are
now required to meet stricter energy regulations. 
    Sales from North America, which accounted for 74% of its
total sales in 2022, rose about 7% to $738 million in the fourth
quarter.
    Sales from other parts of the world, including China and
India, rose about 4% to $260.2 million. 
    The company reported adjusted earnings of 97 cents per share
for the fourth quarter, beating analysts' average estimate of 96
cents, according to LSEG data. 
    Revenue for the quarter came in at $988.1 million, above
analysts' average estimate of $985.4 million. 

 (Reporting by Kannaki Deka in Bengaluru; Editing by Shinjini
Ganguli)
 ((Kannaki.Deka@thomsonreuters.com;))