A.O. Smith Corp. Files 10-Q for Period Ending March 31, 2024
Ticker: AOS · Form: 10-Q · Filed: Apr 26, 2024 · CIK: 91142
Sentiment: neutral
Topics: 10-Q, A.O. Smith Corp., Financial Report, Quarterly Filing, SEC
TL;DR
<b>A.O. Smith Corp. filed its Q1 2024 10-Q report on April 26, 2024.</b>
AI Summary
SMITH A O CORP (AOS) filed a Quarterly Report (10-Q) with the SEC on April 26, 2024. A.O. Smith Corp. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's headquarters are located at 11270 West Park Place, Milwaukee, WI 53224. A.O. Smith Corp. is classified under SIC code 3630 (Household Appliances). The filing was submitted on April 26, 2024.
Why It Matters
For investors and stakeholders tracking SMITH A O CORP, this filing contains several important signals. This 10-Q filing provides a quarterly update on the financial performance and operational status of A.O. Smith Corp. Investors and analysts can use this report to assess the company's financial health, profitability, and strategic direction in the first quarter of 2024.
Risk Assessment
Risk Level: low — SMITH A O CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant financial distress indicators or unusual events.
Analyst Insight
Monitor future 10-Q filings for detailed financial results, segment performance, and any changes in risk factors or management discussion.
Key Numbers
- 2024-03-31 — Period of Report (CONFORMED PERIOD OF REPORT)
- 2024-04-26 — Filing Date (FILED AS OF DATE)
- 3630 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)
- 001-00475 — SEC File Number (SEC FILE NUMBER)
Key Players & Entities
- SMITH A O CORP (company) — FILER
- 11270 WEST PARK PLACE (address) — BUSINESS ADDRESS
- MILWAUKEE (city) — BUSINESS ADDRESS
- WI (state) — BUSINESS ADDRESS
- 390619790 (irs_number) — IRS NUMBER
- DE (state) — STATE OF INCORPORATION
- 1934 Act (regulation) — SEC ACT
- 4143594000 (phone_number) — BUSINESS PHONE
FAQ
When did SMITH A O CORP file this 10-Q?
SMITH A O CORP filed this Quarterly Report (10-Q) with the SEC on April 26, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by SMITH A O CORP (AOS).
Where can I read the original 10-Q filing from SMITH A O CORP?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by SMITH A O CORP.
What are the key takeaways from SMITH A O CORP's 10-Q?
SMITH A O CORP filed this 10-Q on April 26, 2024. Key takeaways: A.O. Smith Corp. filed a 10-Q report for the period ending March 31, 2024.. The filing covers the first quarter of fiscal year 2024.. The company's headquarters are located at 11270 West Park Place, Milwaukee, WI 53224..
Is SMITH A O CORP a risky investment based on this filing?
Based on this 10-Q, SMITH A O CORP presents a relatively low-risk profile. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant financial distress indicators or unusual events.
What should investors do after reading SMITH A O CORP's 10-Q?
Monitor future 10-Q filings for detailed financial results, segment performance, and any changes in risk factors or management discussion. The overall sentiment from this filing is neutral.
How does SMITH A O CORP compare to its industry peers?
A.O. Smith Corp. operates in the Household Appliances sector, specifically focusing on water heaters and related parts.
Are there regulatory concerns for SMITH A O CORP?
The filing is a standard 10-Q report under the Securities Exchange Act of 1934, requiring public companies to submit quarterly financial information.
Industry Context
A.O. Smith Corp. operates in the Household Appliances sector, specifically focusing on water heaters and related parts.
Regulatory Implications
The filing is a standard 10-Q report under the Securities Exchange Act of 1934, requiring public companies to submit quarterly financial information.
What Investors Should Do
- Review the full 10-Q document for detailed financial statements and management's discussion and analysis.
- Analyze segment performance, particularly for Water Heaters and Related Parts in North America.
- Compare key financial metrics with previous quarters and the same period last year.
Key Dates
- 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
- 2024-04-26: Filing Date — Date the 10-Q report was officially filed with the SEC.
Year-Over-Year Comparison
This is the first 10-Q filing for the fiscal year 2024, providing an update from the previous year's filings.
Filing Stats: 4,654 words · 19 min read · ~16 pages · Grade level 8.4 · Accepted 2024-04-26 13:11:13
Key Financial Figures
- $1.00 — ich Registered Common Stock (par value $1.00 per share) AOS New York Stock Exchange
Filing Documents
- aos-20240331.htm (10-Q) — 743KB
- aos-20240331xex311.htm (EX-31.1) — 9KB
- aos-20240331xex312.htm (EX-31.2) — 8KB
- aos-20240331xex321.htm (EX-32.1) — 4KB
- aos-20240331xex322.htm (EX-32.2) — 4KB
- 0000091142-24-000132.txt ( ) — 5055KB
- aos-20240331.xsd (EX-101.SCH) — 35KB
- aos-20240331_cal.xml (EX-101.CAL) — 50KB
- aos-20240331_def.xml (EX-101.DEF) — 245KB
- aos-20240331_lab.xml (EX-101.LAB) — 501KB
- aos-20240331_pre.xml (EX-101.PRE) — 390KB
- aos-20240331_htm.xml (XML) — 607KB
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 18 -25 Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 25 Item 4.
Controls and Procedures
Controls and Procedures 25 -26 Part II. OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 26 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 26 Item 5. Other Information 26 Item 6. Exhibits 26 Index to Exhibits 27
Signatures
Signatures 28 2 Table of Contents
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION
- FINANCIAL STATEMENTS
ITEM 1 - FINANCIAL STATEMENTS A. O. SMITH CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (dollars in millions, except for per share data) (unaudited) Three Months Ended March 31, 2024 2023 Net sales $ 978.8 $ 966.4 Cost of products sold 594.1 592.3 Gross profit 384.7 374.1 Selling, general and administrative expenses 192.2 187.2 Impairment expense — 15.6 Interest expense 1.0 4.0 Other income, net ( 1.2 ) ( 4.0 ) Earnings before provision for income taxes 192.7 171.3 Provision for income taxes 45.1 44.4 Net Earnings $ 147.6 $ 126.9 Basic Net Earnings Per Share of Common Stock $ 1.00 $ 0.84 Diluted Net Earnings Per Share of Common Stock $ 1.00 $ 0.84 Dividends Per Share of Common Stock $ 0.32 $ 0.30 A. O. SMITH CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (dollars in millions) (unaudited) Three Months Ended March 31, 2024 2023 Net earnings $ 147.6 $ 126.9 Other comprehensive earnings (loss) Foreign currency translation adjustments ( 4.8 ) 2.5 Unrealized gains (losses) on cash flow derivative instruments, less related income tax (provision) benefit of $( 0.3 ) in 2024, and $ 0.0 in 2023 1.0 ( 0.1 ) Adjustment to pension liability, less related income tax provision of $ 0.0 in 2024, and $ 0.0 in 2023 0.1 — Comprehensive Earnings $ 143.9 $ 129.3 See accompanying notes to unaudited condensed consolidated financial statements. 3 Table of Contents A. O. SMITH CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (dollars in millions) (unaudited) March 31, 2024 December 31, 2023 Assets Current Assets Cash and cash equivalents $ 251.6 $ 339.9 Marketable securities 51.5 23.5 Receivables 584.6 596.0 Inventories 522.3 497.4 Other current assets 51.5 43.5 Total Current Assets 1,461.5 1,500.3 Property, plant and equipment 1,429.9 1,418.6 Less accumulated depreciation ( 830.9 ) ( 821.1 ) Net property, plant and equipment 599.0 597.5 Goodwill 651.5 633.4 Other intangibles 333.5 336.7 Op