A.O. Smith Corp., a Milwaukee-based water technology company, today announced second quarter net earnings of $35.0 million, or 75 cents per share, up from $28.6 million, or 62 cents per share, in the same period a year ago.
The company’s revenues for the quarter grew $78.9 million to $484.2 million. Growth was driven by contributions from Lochinvar, which was acquired in August 2011, double-digit growth of A.O. Smith branded sales in China and higher U.S. residential and commercial volumes ahead of a previously announced price increase effective in June.
“Our business in China continued to grow at the pace we expected this year,” said Paul Jones, chairman and chief executive officer of A.O. Smith. “Our success is driven by a number of factors, many of which are unique to our consumer-oriented business in China. Our retail expansion in China is on track to add approximately 800 outlets in 2012 which will bring the total to 6,200 outlets by the end of this year. A second factor is our highly recognizable, premium brand, 15 years in the making, which continued to grow share. Finally, our relatively new gas tankless products have grown more rapidly than the overall China business.”