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A. O. Smith Q1 profit climbs 16.2% YOY

A. O. Smith Corp. said its normalized net income for the first quarter came to 43 cents per share, compared with the S&P Capital IQ consensus estimate of 47 cents per share.

EPS rose 17.8% year over year from 36 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $75.3 million, an increase of 16.2% from $64.8 million in the year-earlier period.

The normalized profit margin rose to 10.2% from 10.2% in the year-earlier period.

Total revenue climbed 16.2% year over year to $740.0 million from $636.9 million, and total operating expenses rose 16.2% from the prior-year period to $619.8 million from $533.6 million.

Reported net income grew 20.3% on an annual basis to $87.7 million, or 50 cents per share, from $72.9 million, or 41 cents per share.