Milwaukee-based A. O. Smith Corp. reported earnings of $111.2 million, or $2.39 per share, from continuing operations for 2011, a 95 percent increase from earnings for those operations in 2010.
The company had sales of $1.71 billion in 2011, up 15 percent from $1.49 billion recorded in 2010.
The recently acquired Lochinvar business added $75.9 million to sales, and sales of A. O. Smith branded products in China grew 29 percent to approximately $370 million for the year.
Higher commercial water heater volumes in North America also contributed to higher sales, the company said.
"The A. O. Smith team did an excellent job of achieving record performance in a less than ideal economy," said Paul W. Jones, chairman and chief executive officer. "Our acquisition of Lochinvar is achieving all that we expected, our growth in China continued at the high end of our expectations, and we are delighted with the acceptance of our products and growth in India. As a result, we were able to overcome global economic headwinds to achieve record earnings from continuing operations for the fifth time in the last six years."
