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A.O. Smith reports 38% jump in quarterly profits

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Quarterly profits (courtesy of lazybutrich.com)
Quarterly profits (courtesy of lazybutrich.com)

MILWAUKEE (WTAQ) - Milwaukee water technology company A.O. Smith reports a 38 percent increase in its quarterly operating profits.

The firm said Wednesday it made $37 million from its operations in the third quarter of the year, up from about $27 million in the same quarter of 2011.

Earnings rose from 58 cents a share to 79 cents.

A year ago, A.O. Smith had a one-time gain of $150 million after selling its industrial motor division to the Regal-Beloit Corporation. Also, A.O. Smith acquired boiler manufacturer Lochinvar. And the company says it still plans to consider acquisitions in what it calls “water heater and water treatment investments all over the world.”

CEO Paul Jones said A.O. Smith’s businesses continue to do well in a challenging worldwide economy.

Smith raised its expected earnings by a nickel a share from its previous outlook. Earnings for the entire year are now expected to be $2.85 to $2.95 per share. 

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