A. O. Smith(US:AOS) Prnewswireยท2024-10-22 10:55Financial Performance - Company reported third quarter 2024 net sales of $902.6 million, a decrease of 4% year-over-year from $937.5 million [1] - Net earnings for the quarter were $120.1 million, down 11% from $135.4 million in the same period last year [1] - Diluted earnings per share (EPS) decreased by 9% to $0.82 compared to $0.90 in Q3 2023 [1] Segment Performance - North America sales were $703.3 million, a decline of 1% year-over-year, primarily due to lower residential and commercial water heater volumes [1][2] - Rest of World segment sales decreased by 10% to $210.3 million, with a 17% decline in China due to weak consumer demand, while India saw a 12% increase [3] - Segment earnings in North America were $162.5 million with a margin of 23.1%, down from $170.0 million and 23.9% in 2023 [2] Cash Flow and Capital Allocation - Cash provided by operations was $359.9 million, with free cash flow at $282.5 million for the first nine months of 2024, both showing a decrease year-over-year [4][19] - Company repurchased 2.9 million shares for $237.1 million in the first nine months of 2024, with an expected total of approximately $300 million for the year [4] - The company has cash and marketable securities totaling $255.6 million and total debt of $119.7 million as of September 30, 2024 [3] Dividend and Outlook - Company announced a 6% increase in its dividend, marking 32 consecutive years of dividend increases [1][5] - The revised EPS outlook for 2024 is between $3.70 and $3.85, reflecting a cautious stance on consumer demand in China and North America [5][20]