A. O. Smith reports record 2012 sales and earnings
Water technology company A. O. Smith announced record sales and earnings from continuing operations for 2012.
Sales from continuing operations for 2012 totaled $1.94 billion, up 13% from $1.71 billion recorded in 2011. The Lochinvar business, acquired in August 2011, added $225.7 million to sales compared with $75.9 million in 2011, and sales of A. O. Smith branded products in China grew 20% to about $448 million for the year.
Earnings from continuing operations for 2012 of $162.6 million included an after-tax gain of $16.8 million related to the sale of shares of Regal Beloit Corp., which were received from the 2011 divestiture of the electric motor business. Earnings also included an after-tax gain of $2.9 million related to a settlement with a component supplier in Canada and an after-tax gain of $2.0 million from revisions to the company’s estimate of the Lochinvar earn-out. Earnings from continuing operations for 2011 were $111.2 million.