Insightful Word
  • Investing
  • Stock
  • Economy
  • Politics
  • Investing
  • Stock
  • Economy
  • Politics
No Result
View All Result
Insightful Word
No Result
View All Result
Home Stock

A.O. Smith misses quarterly estimates on sluggish water heater demand

admin by admin
October 22, 2024
in Stock
0
A.O. Smith misses quarterly estimates on sluggish water heater demand
0
SHARES
9
VIEWS
Share on FacebookShare on Twitter

(Reuters) – A.O. Smith missed third-quarter revenue and profit estimates on Tuesday, hurt by lower sales of its water heaters in North America and China, sending its shares down more than 1% before the bell.

The company’s revenue for the quarter ended Sept. 30 fell nearly 4% to $902.6 million compared with the previous year, and below estimates of $904.73 million, according to data compiled by LSEG.

“We expect consumer demand to remain challenged in China through the end of the year and we are cautious about North America residential and commercial water heater end-market demand,” A. O. Smith CEO Kevin J. Wheeler said.

The Milwaukee, Wisconsin-based firm, earlier this month, cut its full-year adjusted profit forecast citing softness in China.

It now expects 2024 adjusted profit to be between $3.70 and $3.85 per share compared with the prior forecast of $3.95 to $4.10 per share.

A prolonged downturn in the Chinese real estate sector affected international sales, comprising 25% of total 2023 sales, mainly from China, and fell nearly 10% to $210.3 million.

Sales in North America, which accounted for 75% of its annual total sales, fell 1% to $703.3 million.

Net income for the third quarter was $120 million, or 82 cents per share, compared with $135 million or 90 cents per share a year earlier. Analysts had expected a quarterly profit of 83 cents per share.

This post appeared first on investing.com

Previous Post

Strategas explains why this is ‘the most investable election of our lifetimes’

Next Post

Pinewood inks 5-year deal with Marshall Motor Group, shares jump

admin

admin

Next Post
Pinewood inks 5-year deal with Marshall Motor Group, shares jump

Pinewood inks 5-year deal with Marshall Motor Group, shares jump

Trending News

Most Gulf markets subdued on regional tensions

Most Gulf markets subdued on regional tensions

November 3, 2024
CTAs long positions in global stocks valued at approximately $112 billion: Goldman Sachs

CTAs long positions in global stocks valued at approximately $112 billion: Goldman Sachs

December 24, 2024
JPMorgan ends lawsuit against Tesla over Musk’s 2018 tweet- report

JPMorgan ends lawsuit against Tesla over Musk’s 2018 tweet- report

November 30, 2024
Subscribe to Insightful Word


    Recent News

    Nvidia shares fall on China sales exclusion, weaker data center sales: analysts weigh in

    Nvidia shares fall on China sales exclusion, weaker data center sales: analysts weigh in

    August 28, 2025
    SentinelOne stock price forecast ahead of earnings: buy or sell?

    SentinelOne stock price forecast ahead of earnings: buy or sell?

    August 28, 2025
    Tesla wants millions of robotaxis by 2025, but will Waymo win the long game?

    Tesla wants millions of robotaxis by 2025, but will Waymo win the long game?

    August 28, 2025
    Urban Outfitters stock slides 4% despite strong quarter on cautious outlook

    Urban Outfitters stock slides 4% despite strong quarter on cautious outlook

    August 28, 2025

    Recent News

    Nvidia shares fall on China sales exclusion, weaker data center sales: analysts weigh in

    Nvidia shares fall on China sales exclusion, weaker data center sales: analysts weigh in

    August 28, 2025
    SentinelOne stock price forecast ahead of earnings: buy or sell?

    SentinelOne stock price forecast ahead of earnings: buy or sell?

    August 28, 2025

    Latest News

    • Nvidia shares fall on China sales exclusion, weaker data center sales: analysts weigh in
    • SentinelOne stock price forecast ahead of earnings: buy or sell?
    • Tesla wants millions of robotaxis by 2025, but will Waymo win the long game?

    About Insightful Word

    • Contacts
    • Cookie Notice
    • Privacy Policy
    • Terms of Service
    • Trading tools
    • Contacts
    • Cookie Notice
    • Privacy Policy
    • Terms of Service
    • Trading tools

    Copyright © 2025 Insightfulword.com. All Rights Reserved.

    No Result
    View All Result
    • Investing
    • Stock
    • Economy
    • Politics

    Copyright © 2025 Insightfulword.com. All Rights Reserved.