A. O. Smith reports earnings increase.MILWAUKEE--(BUSINESS WIRE)--July 13, 1995--On the strength of a 14 percent increase in revenues, A. O. Smith Corporation today announced record second quarter earnings. Second quarter net earnings of $20.0 million or $.96 per share were nearly 12 percent higher than the $18.0 million or $.86 per share earned in the second quarter of 1994. Second quarter 1995 revenues were $399.8 million compared with second quarter 1994 revenues of $350.2 million. "The slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in the economy has not had a significant effect upon our businesses. Our efforts to gain market share and secure new customers are paying off now that the automotive industry The automotive industry is the industry involved in the design, development, manufacture, marketing, and sale of motor vehicles. In 2006, more than 69 million motor vehicles, including cars and commercial vehicles were produced worldwide. and some of our electric motor markets appear to be cooling off," Chairman and Chief Executive Officer Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. J. O'Toole Noun 1. O'Toole - British actor (born in Ireland in 1932) Peter O'Toole, Peter Seamus O'Toole Emerald Isle, Hibernia, Ireland - an island comprising the republic of Ireland and Northern Ireland , observed ob·serve v. ob·served, ob·serv·ing, ob·serves v.tr. 1. To be or become aware of, especially through careful and directed attention; notice. 2. . Although first half light vehicle sales were about three percent lower than the first six months of last year, Automotive Products Company experienced a sales increase because of its strong presence in the sport utility and light truck segements. New product programs launched in 1994 and earlier this year also played a major role in Automotive Products Company's 19 percent increase in second quarter sales to $220.3 million. Profits, although higher than the same period the prior year, were still influenced by the extensive product launch schedule. Automotive Products Company has two major new product programs, the Ford Taurus/Mercury Sable sable, species of marten, Martes zibellina, found in Siberia, N European Russia, and N Finland. This carnivorous mammal is highly valued for its thick, soft fur, which is dark brown or black, sometimes with white underparts and sometimes flecked with silver. engine cradle and the Dodge Ram
The Ram is a full-size pickup truck from Chrysler LLC's Dodge brand. The name was first used in 1981 on the redesigned Ram and Power Ram, though it came from the hood ornament used on extended cab frame assembly, scheduled for the third quarter of 1995. Metalsa, the corporation's Mexican Mexican named after or originating in Mexico. Mexican axolotl see ambystomamexicanum. Mexican beaded lizard (Heloderma horridum affiliate Affiliate Relationship between two companies when one company owns substantial interest, but less than a majority of the voting stock of another company, or when two companies are both subsidiaries of a third company. See: Subsidiaries, parent company. , had higher profits in the second quarter compared with the prior year due to increased export shipments and a lower cost structure. Electrical Products Company's second quarter sales were $84.6 million, compared with sales of $74.9 million in the second quarter of 1994. Strength in the commercial compressor compressor, machine that decreases the volume of air or other gas by the application of pressure. Compressor types range from the simple hand pump and the piston-equipped compressor used to inflate tires to machines that use a rotating, bladed element to achieve market and export sales influenced second quarter volumes. Second quarter profits were lower than the 1994 second quarter primarily due to higher raw material costs. Strong demand for commercial water heaters and a moderate recovery in the residential water heater market enabled Water Products Company to report second quarter sales of $66.9 million, compared with sales of $62.8 million for the same period in 1994. Second quarter profits were 11 percent higher than the 1994 second quarter, reflecting higher volumes and favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. product mix. Second quarter sales and profits for the Smith Fiberglass fiberglass, thread made from glass. It is made by forcing molten glass through a kind of sieve, thereby spinning it into threads. Fiberglass is strong, durable, and impervious to many caustics and to extreme temperatures. Products subsidiary were lower than the second quarter of 1994, due to weakness in the service station market and unfavorable product mix. For the first six months of 1995, A. O. Smith Corporation's net earnings were $38.4 million or $1.84 per share, an increase over the $33.7 million or $1.62 earned in the first six months of 1994. First half revenues were $792.8 million, compared with first half 1994 -0-
A.O. Smith Corporation and Subsidiaries
(unaudited condensed consolidated financial statements -
$000 omitted except per share data)
STATEMENT OF EARNINGS
Three Months ended Six Months ended
June 30 June 30
1995 1994 1995 1994
Electrical Products
Company $ 84,560 $ 74,858 $ 169,816 $145,299
Automotive Products
Company 220,272 185,611 441,941 368,226
Water Products
Company 66,870 62,764 130,950 130,766
Smith Fiberglass
Products Inc. 15,600 15,857 29,317 28,557
Agricultural Products 12,541 11,102 20,807 17,147
_______ _______ ______ _______
NET REVENUES 399,843 350,192 792,831 689,995
Cost and Expenses
Cost of products sold 335,535 291,653 664,380 578,073
Selling, General
and Administrative 29,315 26,013 58,277 51,553
Interest Expense -
Net 3,349 3,083 6,565 6,055
Other Expenses 1,147 922 3,131 1,138
Tax Provision 11,744 10,810 23,150 20,113
_______ _______ _______ _______
Total Cost and
Expenses 381,090 332,481 755,503 656,932
Earnings Before Equity in Affiliates 18,753 17,711 37,328 33,063
Equity in Earnings
of Affiliates 1,272 247 1,058 601
______ ______ ______ ______
Net Earnings $ 20,025 $ 17,958 $ 38,386 $ 33,664
_______ _______ _______ _______
_______ _______ _______ _______
Net Earnings per Common Share $0.96 $0.86 $1.84 $1.62 Average Common Shares Outstanding 20,913,421 20,876,976 20,911,396 20,826,522
A.O. SMITH CORPORATION
Balance Sheet
June 30 December 31
1995 1994
_______ ________
ASSETS:
Cash and cash equivalents $ 5,177 $ 8,485
Trade Receivables 155,850 132,630
Finance subsidiary
receivables and leases 15,328 16,361
Customer Tooling 17,858 24,489
Inventories 109,961 110,863
Deferred income taxes 22,277 28,100
Other current assets 13,765 8,592
______ ______
Total Current Assets 340,216 329,520
Net property, plant and
equipment 408,630 401,780
Investments in and
advances to affiliated
companies 19,276 17,326
Deferred model changes 23,513 18,638
Finance subsidiary
receivables and leases 33,624 37,842
Other assets 40,979 42,751
_______ _______
Total Assets $ 866,238 $ 847,857
_______ _______
_______ _______
LIABILITIES AND STOCKHOLDERS' EQUITY:
Trade payables $ 95,031 $ 101,153
Accrued payroll and
pension 37,133 36,641
Postretirement benefit
obligation 9,873 9,573
Long-term debt due
within one year 3,925 3,775
Finance subsidiary long-
term debt due within
one year 3,502 3,480
Other current liabilities 59,982 61,301
_______ _______
Total Current liabilities 209,446 215,923
Long-term debt 137,954 136,769
Finance subsidiary
long-term debt 25,118 29,357
Other liabilities 22,280 26,230
Deferred income taxes 53,328 54,445
Postretirement benefit
obligation 71,948 72,388
Stockholders' equity 346,164 312,745
_______ _______
Total Liabilities and
Stockholders' Equity $ 866,238 $847,857
_______ _______
_______ _______
CONTACT: A. O. Smith Corporation, Milwaukee Milwaukee (mĭlwŏk`ē), city (1990 pop. 628,088), seat of Milwaukee co., SE Wis., at the point where the Milwaukee, Menominee, and Kinnickinnic rivers enter Lake Michigan; inc. 1846. Edward Edward killed his father at his mother’s instigation. [Br. Balladry: Edward in Benét, 302] See : Patricide J. O'Connor O'Con·nor , Flannery 1925-1964. American writer whose novels Wise Blood (1952) and The Violent Bear It Away (1960) and short stories, collected in such works as A Good Man Is Hard to Find , 414/359-4100 |
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