$AOS
A O Smith Corp

2017 Q1 Form 10-Q Financial Statement

#000119312517162429 Filed on May 08, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $740.0M $636.9M
YoY Change 16.19% 2.97%
Cost Of Revenue $439.1M $374.2M
YoY Change 17.34% -3.88%
Gross Profit $300.9M $262.7M
YoY Change 14.54% 14.62%
Gross Profit Margin 40.66% 41.25%
Selling, General & Admin $183.2M $159.4M
YoY Change 14.93% 8.29%
% of Gross Profit 60.88% 60.68%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $16.90M $16.20M
YoY Change 4.32% 3.85%
% of Gross Profit 5.62% 6.17%
Operating Expenses $183.2M $159.4M
YoY Change 14.93% 8.29%
Operating Profit $136.6M $118.7M
YoY Change 15.08% 21.87%
Interest Expense $2.200M $1.700M
YoY Change 29.41% -10.53%
% of Operating Profit 1.61% 1.43%
Other Income/Expense, Net $4.900M $2.000M
YoY Change 145.0% -25.93%
Pretax Income $120.4M $103.6M
YoY Change 16.22% 25.12%
Income Tax $32.70M $30.10M
% Of Pretax Income 27.16% 29.05%
Net Earnings $87.70M $73.50M
YoY Change 19.32% 25.86%
Net Earnings / Revenue 11.85% 11.54%
Basic Earnings Per Share $0.51 $0.42
Diluted Earnings Per Share $0.50 $0.41
COMMON SHARES
Basic Shares Outstanding 173.4M shares 175.7M shares
Diluted Shares Outstanding 175.4M shares 177.8M shares

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $722.3M $640.8M
YoY Change 12.72% 11.46%
Cash & Equivalents $293.4M $305.5M
Short-Term Investments $428.9M $335.3M
Other Short-Term Assets $42.00M $48.00M
YoY Change -12.5% 1.48%
Inventory $257.1M $230.2M
Prepaid Expenses
Receivables $584.1M $506.9M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.606B $1.426B
YoY Change 12.6% 3.6%
LONG-TERM ASSETS
Property, Plant & Equipment $467.6M $450.6M
YoY Change 3.77% 4.69%
Goodwill $491.8M $423.4M
YoY Change 16.15% -0.28%
Intangibles $305.1M $288.5M
YoY Change 5.75% -4.88%
Long-Term Investments
YoY Change
Other Assets $70.20M $62.20M
YoY Change 12.86% 102.61%
Total Long-Term Assets $1.335B $1.225B
YoY Change 8.98% 3.0%
TOTAL ASSETS
Total Short-Term Assets $1.606B $1.426B
Total Long-Term Assets $1.335B $1.225B
Total Assets $2.940B $2.651B
YoY Change 10.93% 3.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $493.5M $389.0M
YoY Change 26.86% 5.59%
Accrued Expenses $116.7M $99.10M
YoY Change 17.76% 14.97%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $7.200M $13.20M
YoY Change -45.45% -72.84%
Total Short-Term Liabilities $720.5M $602.0M
YoY Change 19.68% 1.04%
LONG-TERM LIABILITIES
Long-Term Debt $362.2M $274.1M
YoY Change 32.14% 7.36%
Other Long-Term Liabilities $188.7M $167.6M
YoY Change 12.59% -6.99%
Total Long-Term Liabilities $550.9M $441.7M
YoY Change 24.72% 1.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $720.5M $602.0M
Total Long-Term Liabilities $550.9M $441.7M
Total Liabilities $1.374B $1.172B
YoY Change 17.21% 1.03%
SHAREHOLDERS EQUITY
Retained Earnings $1.656B $1.403B
YoY Change 18.06% 19.21%
Common Stock $646.9M $701.8M
YoY Change -7.82% 15.48%
Preferred Stock
YoY Change
Treasury Stock (at cost) $516.1M $387.9M
YoY Change 33.05% 55.1%
Treasury Stock Shares
Shareholders Equity $1.566B $1.479B
YoY Change
Total Liabilities & Shareholders Equity $2.940B $2.651B
YoY Change 10.93% 3.33%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income $87.70M $73.50M
YoY Change 19.32% 25.86%
Depreciation, Depletion And Amortization $16.90M $16.20M
YoY Change 4.32% 3.85%
Cash From Operating Activities -$11.50M $26.50M
YoY Change -143.4% -6725.0%
INVESTING ACTIVITIES
Capital Expenditures -$16.80M -$19.40M
YoY Change -13.4% 30.2%
Acquisitions
YoY Change
Other Investing Activities -$1.100M -$11.10M
YoY Change -90.09% -83.65%
Cash From Investing Activities -$17.90M -$30.50M
YoY Change -41.31% -63.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $30.10M $30.50M
YoY Change -1.31% 47.34%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -7.600M -14.10M
YoY Change -46.1% -129.44%
NET CHANGE
Cash From Operating Activities -11.50M 26.50M
Cash From Investing Activities -17.90M -30.50M
Cash From Financing Activities -7.600M -14.10M
Net Change In Cash -37.00M 26.50M
YoY Change -239.62% -6725.0%
FREE CASH FLOW
Cash From Operating Activities -$11.50M $26.50M
Capital Expenditures -$16.80M -$19.40M
Free Cash Flow $5.300M $45.90M
YoY Change -88.45% 216.55%

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EarningsPerShareDiluted
0.41
CY2016Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
26500000
CY2016Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y9M18D
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
177810722 shares
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
175694006 shares
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.013 pure
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.017 pure
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
7.89
CY2016Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.42
CY2016Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2116716 shares
CY2016Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.2900 pure
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.278 pure
CY2016Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
30500000
CY2016Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
-1500000
CY2016Q1 us-gaap Derivative Instruments Gain Loss Recognized In Other Comprehensive Income Effective Portion Net
DerivativeInstrumentsGainLossRecognizedInOtherComprehensiveIncomeEffectivePortionNet
-2700000
CY2016Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
636900000
CY2016Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
132400000
CY2016Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-30500000
CY2016Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-2500000
CY2016Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
-1200000
CY2016Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
21200000
CY2016Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
8600000
CY2016Q1 us-gaap Gross Profit
GrossProfit
262700000
CY2016Q1 us-gaap Gain Loss On Price Risk Hedge Ineffectiveness
GainLossOnPriceRiskHedgeIneffectiveness
0
CY2016Q1 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
13800000
CY2016Q1 us-gaap Defined Benefit Plan Future Amortization Of Gain Loss
DefinedBenefitPlanFutureAmortizationOfGainLoss
-4300000
CY2016Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
2000000
CY2016Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-2000000
CY2016Q1 us-gaap Increase Decrease In Other Current Assets And Liabilities Net
IncreaseDecreaseInOtherCurrentAssetsAndLiabilitiesNet
69700000
CY2016Q1 us-gaap Increase Decrease In Other Noncurrent Assets And Liabilities Net
IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet
-1400000
CY2016Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
103600000
CY2016Q1 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
143500000
CY2016Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
19400000
CY2016Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
118700000
CY2016Q1 us-gaap Net Income Loss
NetIncomeLoss
73500000
CY2016Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
82600000
CY2016Q1 us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
600000
CY2016Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5100000
CY2016Q1 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
7600000
CY2016Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
16200000
CY2016Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
30100000
CY2016Q1 us-gaap Interest Expense
InterestExpense
1700000
CY2016Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
159400000
CY2016Q1 us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
DefinedBenefitPlanAmortizationOfPriorServiceCostCredit
-300000
CY2016Q1 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
-1700000
CY2016Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-14100000
CY2016Q1 us-gaap Product Warranty Expense
ProductWarrantyExpense
12500000
CY2016Q1 us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
37400000
CY2016Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-18100000
CY2016Q1 us-gaap Cost Of Goods Sold
CostOfGoodsSold
374200000
CY2016Q1 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
500000
CY2016Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
11300000
CY2016Q1 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
2500000
CY2016Q1 aos Proceeds From Stock Options Activity
ProceedsFromStockOptionsActivity
200000

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