A. O. Smith Q3 EPS $0.71 (-13% YoY); revenue down 4% to $874M; guides FY adj. EPS $3.05-$3.15

SMITH A O CORP

2022-Q3 EPS reported $2.27 revenue$2,817,800,000

Net sales $874.2M (-4% YoY) on residential water heater destocking; earnings $109.8M (-17%).
Adjusted EPS $0.69 (-15%); North America segment flat, Rest of World down 13% on China COVID lockdowns.
Reaffirms lowered FY 2022 EPS guidance $1.29-$1.39; adj. EPS $3.05-$3.15 (midpoint +5% YoY).
Board approved 7% dividend increase (5-year CAGR 15%); repurchased 4.47M shares for $282M in 9 months.
Pension plan termination in Q4 2022 will accelerate ~$445M non-cash pre-tax expense (≈$1.73 EPS).

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