A. O. Smith Q1 sales up 27% to $978M; adjusted EPS $0.77, reaffirms FY adjusted EPS $3.35-$3.55

SMITH A O CORP

2022-Q1 EPS reported $0.76 revenue$977,700,000

Sales $978M (+27% YoY); net earnings $119.8M (+23%); diluted EPS $0.76 (+27%).
Adjusted EPS $0.77 (+31%); pension termination expected in Q4 2022 with $445M pre-tax non-cash charge.
North America segment sales $730M (+32%); Rest of World segment sales $256M (+15%).
Reaffirms 2022 adjusted EPS guidance $3.35-$3.55; GAAP EPS $1.56-$1.76 reflecting pension settlement.
Expects $400M in share repurchases in 2022; board declares $0.28 per share dividend, payable May 16.

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