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A. O. Smith Q2 profit climbs YOY

A. O. Smith Corp. said its second-quarter normalized net income was 46 cents per share, compared with the S&P Capital IQ consensus estimate of 53 cents per share.

EPS increased year over year from 44 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $80.0 million, a gain from $77.6 million in the year-earlier period.

The normalized profit margin declined to 10.8% from 11.6% in the year-earlier period.

Total revenue increased 10.7% on an annual basis to $738.2 million from $667.0 million, and total operating expenses increased 12.2% year over year to $609.6 million from $543.3 million.

Reported net income rose 6.9% on an annual basis to $92.7 million, or 53 cents per share, from $86.7 million, or 49 cents per share.