NYSE$AOS
A O Smith Corp · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
A. O. Smith reported record sales and earnings, driven by resilient North America water heater demand and growth in China, with a positive outlook for 2024.
A. O. Smith delivered record sales for the third consecutive year, driven by strong demand in North America and growth in China. The company's Q4 performance showed significant increases in net earnings and adjusted earnings per share, contributing to a positive full-year outlook.
- Record sales driven by resilient North America water heater demand.
- Sales growth in China of 4% in local currency despite economic challenges.
- Adjusted segment earnings increased due to higher water heater volumes.
- Company expects sales to increase between 3% and 5% year-over-year in 2024.
Headline financials
Revenue & EPS history
A O Smith · Revenue · Quarterly
$988M
Revenue by segment
A O Smith · $943M total across 2 segments · Q3 2023
- North America$710M+8.7%75.3%
- Rest of World$233M+1.2%24.7%
Forward guidance
A. O. Smith projects growth in both sales and earnings for 2024, with optimism for continued end-market demand in North America and stability in China, as well as continued growth in India.
Tailwinds
- Continued end-market demand in North America for water heating.
- Rebound in boiler and water treatment volumes after 2023 corrections.
- Overall growth with stability in China.
- Continued mid-teens growth in India.
- Strong balance sheet and free cash flow.
Headwinds
- Potential impacts from future acquisitions are excluded from guidance.
- Chinese economy continues to work through its challenges.
- Softening in U.S. residential water heater demand.
- Global inflationary pressures or a potential recession.
- Instability in replacement markets.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2023
+1.1%
Avg return
Earnings day
+1.1%
Avg return
5 days after
+1.8%
Avg return
30 days after
59%
40 / 68 earnings
Positive
+17.5%
Q4 2022
Best reaction
-9.7%
Q2 2020
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -2.9% | -7.5% | -10.9% | |
| Q4 2025 | +5.9% | +9.9% | +12.2% | |
| Q3 2025 | -2.6% | -3.8% | -3.3% | |
| Q1 2025 | +3.5% | +5.7% | -0.1% | |
| Q4 2024 | -2.8% | -5.1% | -4.0% | |
| Q3 2024 | -1.7% | -2.2% | -7.2% | |
| Q2 2024 | -9.1% | -4.9% | -8.6% | |
| Q1 2024 | -4.4% | -4.8% | -2.6% | |
| Q4 2023 | -4.9% | -4.1% | +1.5% | |
| Q3 2023 | +4.0% | +7.0% | +16.6% | |
| Q2 2023 | -3.8% | -3.3% | -7.1% | |
| Q1 2023 | +1.2% | +3.4% | -1.2% | |
| Q4 2022 | +17.5% | +15.9% | +13.6% | |
| Q3 2022 | +4.7% | +5.1% | +19.1% | |
| Q2 2022 | +4.5% | -0.1% | -3.5% | |
| Q1 2022 | -7.1% | -6.0% | -2.7% | |
| Q4 2021 | +1.0% | +1.1% | -7.1% | |
| Q3 2021 | +13.7% | +22.0% | +26.1% | |
| Q2 2021 | +1.3% | +3.2% | +4.3% | |
| Q1 2021 | +1.8% | +7.5% | +6.8% | |
| Q4 2020 | +2.1% | +7.9% | +11.6% | |
| Q3 2020 | +0.4% | +3.6% | +10.9% | |
| Q2 2020 | -9.7% | -10.0% | -7.4% | |
| Q1 2020 | +4.0% | +6.7% | +20.5% | |
| Q4 2019 | +1.1% | -2.6% | -8.4% | |
| Q3 2019 | -1.9% | -2.1% | -5.1% | |
| Q2 2019 | +3.7% | -0.2% | +5.3% | |
| Q1 2019 | -5.9% | -3.9% | -26.2% | |
| Q4 2018 | -0.8% | -0.1% | +7.7% | |
| Q3 2018 | +7.7% | +13.7% | +10.8% | |
| Q2 2018 | -0.3% | -1.6% | -2.0% | |
| Q1 2018 | +0.9% | -1.2% | +3.8% | |
| Q4 2017 | -0.1% | -3.3% | -7.1% | |
| Q3 2017 | -3.6% | -4.4% | -2.2% | |
| Q2 2017 | -2.0% | -2.7% | -2.0% | |
| Q1 2017 | +1.7% | +0.5% | +2.1% | |
| Q4 2016 | +1.9% | +1.9% | +3.6% | |
| Q3 2016 | -3.9% | -3.4% | +5.3% | |
| Q2 2016 | +5.6% | +4.7% | +7.6% | |
| Q1 2016 | -3.4% | — | — | |
| Q4 2015 | +2.8% | — | — | |
| Q3 2015 | +2.8% | — | — | |
| Q2 2015 | +5.5% | — | — | |
| Q1 2015 | +0.6% | — | — | |
| Q4 2014 | +6.3% | — | — | |
| Q3 2014 | +3.8% | — | — | |
| Q2 2014 | +6.2% | — | — | |
| Q1 2014 | +1.0% | — | — | |
| Q4 2013 | -2.8% | — | — | |
| Q3 2013 | +9.9% | — | — | |
| Q2 2013 | +2.3% | — | — | |
| Q1 2013 | +6.9% | — | — | |
| Q4 2012 | +3.7% | — | — | |
| Q3 2012 | +0.5% | — | — | |
| Q2 2012 | +4.6% | — | — | |
| Q1 2012 | +2.4% | — | — | |
| Q4 2011 | -0.7% | — | — | |
| Q3 2011 | -4.7% | — | — | |
| Q2 2011 | -2.2% | — | — | |
| Q1 2011 | -0.7% | — | — | |
| Q1 2010 | -0.7% | — | — | |
| Q4 2010 | +2.2% | — | — | |
| Q4 2008 | +2.2% | — | — | |
| Q3 2010 | +4.4% | — | — | |
| Q3 2009 | +4.4% | — | — | |
| Q2 2009 | +0.0% | — | — | |
| Q4 2009 | +0.0% | — | — | |
| Q2 2010 | +0.0% | — | — |
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