A.O. Smith Corporation (NYSE:AOS) shares are trading lower after the company reported preliminary third-quarter results below estimates and cut its FY24 EPS guidance below estimates.
The company expects third-quarter sales of $902.6 million (vs. consensus of $957.73 million), reflecting a 4% Y/Y decline attributed to lower sales in China and North America's water heating segment.
Also, A. O. Smith sees third-quarter EPS of $0.82 (vs. $0.95 estimate), down 9% Y/Y.
For North America, the company sees third-quarter sales of $703 million, down from $710 million in 2023, primarily due to lower residential and commercial water heater sales in North America.
In the Rest of World segment, sales were $210 million, down 10% Y/Y, as China saw a 17% drop in local currency sales due to lower volumes of core products, while ...
