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A. O. Smith (AOS) investor relations material
A. O. Smith Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 sales were $1.01 billion, down 1% year-over-year, with EPS up 1% to $1.07 per share and margin expansion driven by restructuring actions.
North America water heater sales fell 2%, boiler sales rose 6%, and water treatment sales increased slightly; China sales declined 11% in local currency.
Initiated a strategic assessment of the China business, considering restructuring, partnerships, or other alternatives.
Acquisitions of Pureit and Impact Water Products expanded presence in South Asia and North America, contributing $28M in H1 2025 sales.
Repurchased 3.8 million shares for $251 million in the first half, with a $400 million full-year target.
Financial highlights
Q2 2025 net sales: $1.01 billion, down 1% year-over-year; EPS: $1.07, up from $1.06 in Q2 2024.
Gross profit margin improved to 39.3% in Q2 2025 from 38.7% in Q2 2024.
Free cash flow for the first half of 2025 was $139.9 million, up from $119.1 million in 2024.
Net debt was $126 million; leverage ratio at 14.1%.
Interest expense increased to $4.6 million in Q2 2025 due to higher debt levels.
Outlook and guidance
2025 consolidated sales expected to increase 1%-3% over 2024, with full-year EPS guidance raised to $3.70–$3.90.
North America boiler sales forecast increased to 4%-6% growth; water treatment sales expected to decline ~5%.
China sales projected to decrease 5%-8% in local currency; operating margin in China expected at 8%-10%.
Free cash flow guidance for 2025 is $500–$525 million; capex expected at $90–$100 million.
Guidance excludes impacts from future acquisitions and China business assessment outcomes.
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