Milwaukee — A. O. Smith Corporation has increased its 2011 first quarter earnings $2.9 million above 2010 first quarter earnings.
Milwaukee — A. O. Smith Corporation has increased its 2011 first quarter earnings $2.9 million above 2010 first quarter earnings.
Sales for the manufacturer of residential and commercial water heaters increased $50.7 million to $417.4 million in the quarter ended March 31 compared with $366.7 million for the same period last year. Sales gains were led by a 51% increase in China, as a result of continued geographic expansion and an increased number of retail and specialty stores selling the A. O. Smith brand. Additionally, sales in the U.S. increased as a result of new energy efficient products launched last year.
“The first quarter supports our view of how 2011 will unfold,” says Paul Jones, chairman and CEO. “We are continuing to benefit from market growth and consumer demand in China. In North America, our new high-efficiency water heating products introduced last year will continue to benefit sales.”
Jones says A.O. Smith will look to grow its core residential and commercial water heating and water treatment businesses into fast-growing geographic markets. The company will also continue to pursue acquisitions in China and India as well as new markets such as Africa, Southeast Asia and South America.
“We also intend to expand our core product line by looking at acquisitions, joint ventures or other business relationships that will allow us to expand our product offerings of boilers, heat pumps and other high efficiency products,” Jones continues.
For more information, visit www.aosmith.com.