MILWAUKEE, July 13 /PRNewswire-FirstCall/ -- A. O. Smith Corporation today announced its Board of Directors has approved a 2.6 percent increase in the company's quarterly cash dividend to a rate of $.195 per share.
The increased dividend will apply to both Common Stock and Class A Common Stock and is payable on Aug. 17 to shareholders of record July 31.
A. O. Smith Corporation has paid cash dividends on its stock every year since 1940. This is the seventh time in the last eight years that the company has increased its quarterly cash dividend.
"This increase reflects the company's strong balance sheet," Paul W. Jones, chairman and chief executive officer, pointed out. "In addition, the company generated more than $106 million in operating cash during 2008 and expects to generate between $140 and $150 million in operating cash this year."
"We remain confident in our company's ability to manage through this global recession and expect to be well positioned when we emerge from these difficult economic times," Jones added.
A. O. Smith Corporation, with 2008 sales of $2.3 billion, is a global leader applying innovative technology and energy-efficient solutions to products marketed worldwide. The company is one of the world's leading manufacturers of residential and commercial water heating equipment, offering a comprehensive product line featuring the best-known brands in North America and China. A. O. Smith is also one of the largest manufacturers of electric motors for residential and commercial applications in North America.
A. O. Smith Corporation
CONTACT: Media Inquiries, Mark A. Petrarca, +1-414-359-4100, or
Analyst/Investor, Craig Watson, +1-414-359-4009, both of A.O. Smith
Corporation
Web Site: http://www.aosmith.com/
