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The company said income totaled $34.6 million, or $1.14 a share, compared with $5.8 million or 61 cents a share a year ago. The earnings jump included a $3 million gain from the sales of a plant in China and a $1.5 million tax benefit. Company officials said the income jump was due to strong growth in China, cost cuts and a temporary decline in raw material costs. Sales in the third quarter totaled $501.5 million, compared with $602.7 million in the same period last year. The good economic news prompted Paul Jones, the company's chairman and CEO, to increase the company's 2009 guidance. He said the company forecast 2009 earnings to be between $2.60 and $2.75. Earlier estimates had put earnings between $2.05 to $2.25 a share. "Our expense reduction programs are having the desired impact on our financial performance," Jones said. "Our company has performed well despite tough economic conditions, and I am pleased to report that we expect to generate between $190 and $200 million in operating cash flow this year compared to $107 million last year." To see more of the Milwaukee Journal Sentinel, or to subscribe to the newspaper, go to http://www.jsonline.com. Copyright (c) 2009, Milwaukee Journal Sentinel Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA. For full details on A O Smith Corporation (AOS) click here. A O Smith Corporation (AOS) has Short Term PowerRatings of 5. Details on A O Smith Corporation (AOS) Short Term PowerRatings is available at This Link.
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