WASHINGTON (dpa-AFX) - A.O.Smith Corporation (AOS), a manufacturer of water heating and water treatment products, on Thursday reported lower second-quarter profit, primarily due to restructuring and impairment expenses and lower sales.
Net earnings fell to $124.9 million or $0.91 per share from $152.2 million or $1.07 per share a year earlier.
The company recorded restructuring and impairment expenses of $22.6 million in the latest quarter, which was absent in the year-ago period.
Excluding one-time items, adjusted earnings were $142 million or $1.03 per share.
Net sales for the quarter declined 1% to $1.004 billion from $1.011 billion a year earlier.
Looking ahead, the company now expects full-year sales growth of between 2% and 3%, compared with its previous outlook of 2%-4%. Earnings per share are now expected in the range of $3.60-$3.75, while adjusted earnings per share are projected in the range of $3.70-$3.85. Previously, the company had forecast EPS of between $3.60 and $3.90 and adjusted EPS of between $3.70 and $4.00.
A. O. Smith shares were up nearly 2% in pre-market trading after closing at $62.04 on Wednesday.
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