A. O. Smith Q3 Prel. Profit Down; Cuts Annual Outlook; Stock Down In Pre-market

A.O. Smith

65.56 CHF -0.05%

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Kaufen / Verkaufen

(RTTNews) - A. O. Smith Corporation (AOS) Friday reported preliminary third-quarter earnings as well as revenue lower than the previous year, primarily due to lower sales in China and North America water heating. Profit and revenue missed the Street expectations.

The water technology company also cut its full-year guidance below consensus estimates. Its shares were trading more than 10 percent lower in pre-market.

The company posted preliminary earnings per share of $0.82 for the third quarter, down 9 percent from last year. This compares with analysts' average estimate of $0.95 per share. Analysts' estimates typically exclude special items.

Preliminary sales declined 4 percent year-on-year to $903 million, below the consensus estimates of $957.73 million.

For the full year, A. O. Smith now expects EPS in the range of $3.70-$3.85, down from the previous outlook of $3.95-$4.10. Revenue outlook for the year has been lowered to $3.8 billion-$3.9 billion from $3.97 billion-$4.05 billion.

Analysts expect the company to report earnings of $4.06 per share on revenue of $3.99 billion.

A. O. Smith stock had closed at $86.26, down 1.62 percent on Thursday. It has traded in the range of $65.08 - $92.45 in the last 1 year.