Milwaukee-based A.O. Smith Corp. today reported second quarter net earnings of $57.3 million, or 63 cents per share, up from $42.1 million, or 45 cents per share, in the second quarter of 2013.
Net sales were a record $595.4 million, up from $549.1 million a year prior.
The water technology company attributed the results to a robust sales increase in its China market. The Rest of the World segment, which includes China, India and Europe, was up 14 percent to $193.6 million in sales.
The North American segment also saw a sales increase, up 5 percent to $410.1 million on U.S. residential and commercial water heaters and Lochinvar products.
“A. O. Smith enjoyed excellent performance in the second quarter thanks to strong contributions from our China business, with sales up 17 percent and operating profit up significantly in the quarter,” said Ajita Rajendra, chairman and chief executive officer. “Our U. S. water heater and boiler sales continue to drive our domestic growth.”
