A. O. Smith reports third quarter earnings.MILWAUKEE--(BUSINESS WIRE)--A. O. Smith Corporation today announced third quarter 1995 earnings were $7.5 million or $.36 per share, approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 26 percent lower than the same period last year. The earnings were in line with estimates previously released by the corporation. Revenues for the quarter ended September September: see month. 30 were $354.4 million, compared with revenues of $332.7 million for the same period in 1994. "Despite the lower earnings, A. O. Smith Corporation's 1995 performance to date remains ahead of the record-setting pace from last year," 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 , chairman and chief executive officer, said. "I am confident we can put this quarter behind us and finish the year on a positive note." A significant part of the third quarter earnings decline centered around Automotive Products Company, A. O. Smith's largest operating unit operating unit A type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon . Heavy demand, accompanied ac·com·pa·ny v. ac·com·pa·nied, ac·com·pa·ny·ing, ac·com·pa·nies v.tr. 1. To be or go with as a companion. 2. by weather-related delays, and operational difficulties at the unit's 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. facilities during the quarter combined to disrupt production schedules. These factors had an adverse effect on Automotive's costs as well as its ability to meet customer requirements during the third quarter. Consequently, third quarter profits were sharply lower than the third quarter of 1994. "We believe the most significant problems are behind us, and the disruptions we experienced at our Automotive operations over the summer are being corrected," O'Toole said. "The successful conclusion of the labor negotiations at our Milwaukee Operations also should enable us to concentrate on satisfying customer requirements." The Water Products Company, a manufacturer of residential and commercial water heaters, experienced a 3.4 percent sales increase in the third quarter to $66.3 million. Profits were higher than the 1994 third quarter. Third quarter sales increased modestly for the Electrical Products Company to $71.6 million. Profits were nearly unchanged with 1994's third quarter, primarily reflecting higher costs for raw materials. Both sales and profits were lower in the third quarter 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, as that unit continues to experience lower demand in its major markets. The corporation's agricultural operations were profitable in the third quarter, compared with a loss reported in the third quarter of 1994, due to lower losses related to the AgriStor finance subsidiary. For the first nine months of 1995, A. O. Smith Corporation earned $45.8 or $2.19 per share, compared with earnings of $43.8 million or $2.10 per share for the first three quarters of 1994. Nine months' revenues of $1.15 billion compared with $1.02 billion for the first nine months of 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 Nine months ended
September 30 September 30
____________________ _____________________
1995 1994 1995 1994
_________ _________ _________ _________
Electrical Products
Company $ 71,641 $ 70,278 $ 241,457 $ 215,577
Automotive Products
Company 189,736 170,666 631,677 538,892
Water Products
Company 66,287 64,098 197,237 194,864
Smith Fiberglass
Products, Inc. 14,680 15,298 43,997 43,855
Agricultural
Products 12,019 12,390 32,826 29,537
_________ _________ _________ _________
NET REVENUES 354,363 332,730 1,147,194 1,022,725
COSTS AND EXPENSES
Cost of Products
Sold 313,922 286,439 978,302 864,512
Selling, General
& Administrative 26,106 27,278 84,383 78,831
Interest Expense-
Net 3,234 3,136 9,799 9,191
Other Expense 20 87 3,151 1,225
Tax Provision 4,370 6,135 27,520 26,248
_________ _________ _________ _________
Total Cost
& Expenses 347,652 323,075 1,103,155 980,007
Earnings before Equity
in Affiliates 6,711 9,655 44,039 42,718
Equity in Earnings
of Affiliates 744 475 1,802 1,076
_________ _________ _________ _________
Net Earnings $ 7,455 $ 10,130 $ 45,841 $43,794
_________ _________ _________ _________
_________ _________ _________ _________
Net Earnings per Common Share $0.36 $0.48 $2.19 $2.10 Ave. Common Shares Outstanding: 20,913,421 20,902,664 20,912,078 20,852,181
A.O. Smith Corporation
Balance Sheet
September 30 December 31
1995 1994
____________ ___________
ASSETS:
Cash and cash equivalents $ 5,373 $ 8,485
Trade Receivables 152,184 132,630
Finance subsidiary
receivables & leases 14,953 16,361
Customer tooling 27,326 24,489
Inventories 110,322 110,863
Deferred income taxes 22,955 28,100
Other current assets 14,249 8,592
__________ __________
Total Current Assets 347,362 329,520
Net property, plant and equipment 422,846 401,780
Investments in and
advances to affiliated companies 20,426 17,326
Deferred model changes 24,566 18,638
Finance subsidiary receivables and
leases 30,914 37,842
Other assets 43,721 42,751
__________ __________
Total Assets $ 889,835 $ 847,857
__________ __________
__________ __________
LIABILITIES AND STOCKHOLDERS' EQUITY:
Trade payables $ 112,927 $ 101,153
Accrued payroll & pension 37,853 36,641
Postretirement benefit obligation 9,439 9,573
Long-term debt due within one year 3,925 3,775
Finance subsidiary long-term debt
due within one year 3,525 3,480
Other current liabilities 60,815 61,301
__________ __________
Total Current Liabilities 228,484 215,923
Long-term debt 140,560 136,769
Finance subsidiary long-term debt 23,498 29,357
Other liabilities 20,106 26,230
Deferred income taxes 54,651 54,445
Postretirement benefit obligation 72,188 72,388
Stockholders' equity 350,348 312,745
__________ __________
Total Liabilities and
Stockholder's Equity $889,835 $847,857
__________ __________
__________ __________
CONTACT: A. O. Smith Corp., Milwaukee 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 |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion