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A. O. Smith Q1 profit climbs 27.6% YOY

A. O. Smith Corp. said its normalized net income for the first quarter came to 29 cents per share, compared with the S&P Capital IQ consensus estimate of 31 cents per share.

EPS increased 30.1% year over year from 22 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $51.8 million, a gain of 27.6% from $40.6 million in the prior-year period.

The normalized profit margin rose to 8.4% from 7.3% in the year-earlier period.

Total revenue increased 12.0% year over year to $618.5 million from $552.2 million, and total operating expenses climbed 10.1% year over year to $536.5 million from $487.2 million.

Reported net income increased 25.0% on an annual basis to $58.6 million, or 33 cents per share, from $46.9 million, or 26 cents per share.