$AOS
A O Smith Corp

2019 Q1 Form 10-Q Financial Statement

#000119312519143041 Filed on May 09, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q4 2018 Q1
Revenue $748.2M $812.5M $788.0M
YoY Change -5.05% 5.71% 6.49%
Cost Of Revenue $455.4M $475.5M $466.5M
YoY Change -2.38% 6.54% 6.24%
Gross Profit $292.8M $337.0M $321.5M
YoY Change -8.93% 4.56% 6.85%
Gross Profit Margin 39.13% 41.48% 40.8%
Selling, General & Admin $184.7M $186.1M $192.9M
YoY Change -4.25% 0.87% 5.29%
% of Gross Profit 63.08% 55.22% 60.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $20.20M $18.70M $17.90M
YoY Change 12.85% 2.75% 5.92%
% of Gross Profit 6.9% 5.55% 5.57%
Operating Expenses $184.7M $180.4M $192.9M
YoY Change -4.25% 1.01% 5.29%
Operating Profit $128.3M $156.6M $142.0M
YoY Change -9.65% 8.98% 3.95%
Interest Expense $2.000M -$1.800M $2.300M
YoY Change -13.04% -37.93% 4.55%
% of Operating Profit 1.56% -1.15% 1.62%
Other Income/Expense, Net $5.500M $5.800M
YoY Change -5.17% 18.37%
Pretax Income $111.6M $154.8M $125.4M
YoY Change -11.0% 9.94% 4.15%
Income Tax $22.30M $28.50M $26.60M
% Of Pretax Income 19.98% 18.41% 21.21%
Net Earnings $89.30M $126.3M $98.80M
YoY Change -9.62% 456.39% 12.66%
Net Earnings / Revenue 11.94% 15.54% 12.54%
Basic Earnings Per Share $0.53 $0.75 $0.58
Diluted Earnings Per Share $0.53 $0.74 $0.57
COMMON SHARES
Basic Shares Outstanding 167.8M 171.5M
Diluted Shares Outstanding 169.1M 173.4M

Balance Sheet

Concept 2019 Q1 2018 Q4 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $633.3M $645.0M $679.7M
YoY Change -6.83% -21.34% -5.9%
Cash & Equivalents $337.8M $259.7M $241.9M
Short-Term Investments $295.5M $385.3M $437.8M
Other Short-Term Assets $46.30M $41.50M $63.50M
YoY Change -27.09% -27.45% 51.19%
Inventory $319.7M $304.7M $287.1M
Prepaid Expenses
Receivables $658.8M $647.3M $638.8M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.658B $1.639B $1.669B
YoY Change -0.66% -7.27% 3.96%
LONG-TERM ASSETS
Property, Plant & Equipment $549.9M $540.0M $538.1M
YoY Change 2.19% 2.1% 15.08%
Goodwill $513.9M $513.0M $515.7M
YoY Change -0.35% -0.72% 4.86%
Intangibles $289.9M $293.1M $304.7M
YoY Change -4.86% -5.05% -0.13%
Long-Term Investments
YoY Change
Other Assets $82.00M $86.90M $79.30M
YoY Change 3.4% 14.04% 12.96%
Total Long-Term Assets $1.485B $1.433B $1.438B
YoY Change 3.31% 0.17% 7.72%
TOTAL ASSETS
Total Short-Term Assets $1.658B $1.639B $1.669B
Total Long-Term Assets $1.485B $1.433B $1.438B
Total Assets $3.144B $3.072B $3.107B
YoY Change 1.18% -3.94% 5.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $492.4M $543.8M $522.1M
YoY Change -5.69% 1.64% 5.8%
Accrued Expenses $148.4M $120.4M $136.6M
YoY Change 8.64% 3.79% 17.05%
Deferred Revenue $33.70M $47.00M
YoY Change -16.07%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $6.800M $0.00 $7.400M
YoY Change -8.11% -100.0% 2.78%
Total Short-Term Liabilities $737.2M $785.3M $766.9M
YoY Change -3.87% -1.07% 6.44%
LONG-TERM LIABILITIES
Long-Term Debt $277.6M $221.4M $285.8M
YoY Change -2.87% -45.05% -21.09%
Other Long-Term Liabilities $295.1M $298.4M $304.6M
YoY Change -3.12% 42.23% 61.42%
Total Long-Term Liabilities $572.7M $519.8M $590.4M
YoY Change -3.0% -15.16% 7.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $737.2M $785.3M $766.9M
Total Long-Term Liabilities $572.7M $519.8M $590.4M
Total Liabilities $1.394B $1.355B $1.399B
YoY Change -0.3% -12.75% 1.8%
SHAREHOLDERS EQUITY
Retained Earnings $2.155B $2.103B $1.857B
YoY Change 16.08% 17.56% 12.08%
Common Stock $668.0M $661.2M $656.1M
YoY Change 1.81% 1.57% 1.42%
Preferred Stock
YoY Change
Treasury Stock (at cost) $872.7M $827.2M $659.5M
YoY Change 32.33% 32.04% 27.79%
Treasury Stock Shares
Shareholders Equity $1.749B $1.717B $1.708B
YoY Change
Total Liabilities & Shareholders Equity $3.144B $3.072B $3.107B
YoY Change 1.18% -3.94% 5.67%

Cashflow Statement

Concept 2019 Q1 2018 Q4 2018 Q1
OPERATING ACTIVITIES
Net Income $89.30M $126.3M $98.80M
YoY Change -9.62% 456.39% 12.66%
Depreciation, Depletion And Amortization $20.20M $18.70M $17.90M
YoY Change 12.85% 2.75% 5.92%
Cash From Operating Activities $21.60M $159.7M $43.20M
YoY Change -50.0% -9.36% -475.65%
INVESTING ACTIVITIES
Capital Expenditures -$20.90M -$26.70M -$17.30M
YoY Change 20.81% -3.96% 2.98%
Acquisitions
YoY Change
Other Investing Activities $98.70M -$400.0K $52.20M
YoY Change 89.08% -97.87% -4845.45%
Cash From Investing Activities $77.80M -$27.10M $34.90M
YoY Change 122.92% -41.85% -294.97%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $45.60M $33.10M
YoY Change 37.76% 9.97%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -21.30M -105.9M -182.8M
YoY Change -88.35% 0.95% 2305.26%
NET CHANGE
Cash From Operating Activities 21.60M 159.7M 43.20M
Cash From Investing Activities 77.80M -27.10M 34.90M
Cash From Financing Activities -21.30M -105.9M -182.8M
Net Change In Cash 78.10M 26.70M -104.7M
YoY Change -174.59% 8.1% 182.97%
FREE CASH FLOW
Cash From Operating Activities $21.60M $159.7M $43.20M
Capital Expenditures -$20.90M -$26.70M -$17.30M
Free Cash Flow $42.50M $186.4M $60.50M
YoY Change -29.75% -8.63% 1041.51%

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CY2019Q1 us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
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CY2018Q1 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
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CY2019Q1 us-gaap Operating Income Loss
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CY2019Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
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CY2019Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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CY2019Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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545500
CY2019Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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17.82
CY2019Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2019Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
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CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
36.31
CY2019Q1 dei Document Type
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CY2019Q1 dei Amendment Flag
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CY2018Q4 us-gaap Operating Lease Liability Noncurrent
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SMITH A O CORP
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CY2019Q1 dei Entity Filer Category
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false
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CY2018Q4 us-gaap Restructuring Reserve
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CY2018Q4 us-gaap Product Warranty Accrual
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CY2019Q1 us-gaap Product Warranty Accrual Payments
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CY2018Q1 us-gaap Product Warranty Accrual Payments
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11200000
CY2019Q1 us-gaap Product Warranty Accrual
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CY2018Q1 us-gaap Product Warranty Accrual
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CY2019Q1 us-gaap Short Term Lease Cost
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