A.O. Smith reports record Q2 sales of $1.02B; narrows 2024 EPS guidance

SMITH A O CORP

2024-Q2 EPS reported $2.05 revenue$2,003,100,000

Record Q2 sales of $1.02B (+7% YoY); diluted EPS $1.06 (+2% YoY), adjusted EPS $1.06 (+5% YoY).
North America sales $790.7M (+9% YoY) on higher water heater and boiler volumes; segment margin 25.1% vs 27.6%.
Rest of World sales flat at $244.8M; China local-currency +2%, India +16%; segment margin 10.6% vs 11.6%.
Full-year 2024 EPS guidance narrowed to $3.95-$4.10; sales outlook reaffirmed at 3%-5% growth.
Signed agreement to acquire Pureit from Unilever for $120M; expected close by end of 2024; doubles South Asia penetration.

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