A.O. Smith Slashes FY24 Guidance As China Woes And Weak Water Heater Sales Drag Q3 Performance
A.O. Smith Slashes FY24 Guidance As China Woes And Weak Water Heater Sales Drag Q3 Performance
For North America, the company sees third-quarter sales of $703 million, down from $710 million in 2023, primarily due to lower residential and commercial water heater sales in North America.A.O. Smith Corporation (NYSE:AOS) shares are trading lower after the company reported preliminary third-quarter results below estimates and cut its FY24 EPS guidance below estimates.
a.o.史密斯公司（紐交所：AOS）股價下跌，因公司報告的第三季度初步業績低於預期，並將FY24每股收益指引下調至預期以下。
The company expects third-quarter sales of $902.6 million (vs. consensus of $957.73 million), reflecting a 4% Y/Y decline attributed to lower sales in China and North America's water heating segment.
該公司預計第三季度銷售額爲90260萬美元（預期爲95773萬美元），反映出與去年同期相比下降4%，主要歸因於中國和北美地區熱水器業務的銷售額下降。
Also, A. O. Smith sees third-quarter EPS of $0.82 (vs. $0.95 estimate), down 9% Y/Y.
此外，a.o.史密斯預計第三季度每股收益爲0.82美元（預期爲0.95美元），同比下降9%。
For North America, the company sees third-quarter sales of $703 million, down from $710 million in 2023, primarily due to lower residential and commercial water heater sales in North America.
對於北美地區，該公司預計第三季度銷售額爲70300萬美元，低於2023年的71000萬美元，主要原因是北美地區住宅和商業熱水器銷售額下降。
In the Rest of World segment, sales were $210 million, down 10% Y/Y, as China saw a 17% drop in local currency sales due to lower volumes of core products, while India reported a 12% increase driven by strong demand.
在全球其他地區板塊，銷售額爲21000萬美元，同比下降10%，中國本地貨幣銷售額由於核心產品銷量下降而下降了17%，印度由於需求強勁報告了12%的增長。
For the first nine months of 2024, the company generated preliminary cash from operations of $360 million and preliminary free cash flow of $283 million.
截至2024年前九個月，該公司產生了36000萬美元的經營性現金和28300萬美元的自由現金流。
Moreover, A. O. Smith trimmed the FY24 EPS outlook from $3.95 – $4.10 to $3.70 – $3.85 (vs. consensus of $4.06) and sales guidance to $3.80 billion – $3.90 billion (from $3.97 billion – $4.05 billion earlier).
此外，a.o.史密斯將FY24每股收益前景從3.95美元至4.10美元下調至3.70美元至3.85美元（預期爲4.06美元），並將銷售指引從397億美元至405億美元調整至38億美元至39億美元。
As mentioned during the second-quarter earnings call, the company witnessed rising consumer demand headwinds in July, prompting caution for the second half of the year in China.
正如在第二季度業績會上提到的，該公司在7月份遇到了消費者需求上升風險，對中國下半年保持謹慎態度。
The company stated that these challenges proved to be more severe than anticipated in the third quarter, leading to a 17% decline in constant currency sales to third parties compared to last year.
該公司表示，這些挑戰在第三季度證明比預期更嚴重，導致與去年相比，貨幣不變的對第三方銷售下降了17%。
Kevin J. Wheeler, chairman and chief executive officer added, "We expect quarter-over-quarter improvement in North America water heater volumes in the fourth quarter; however, we project the softness in China will persist through the remainder of 2024."
董事長兼首席執行官Kevin J. Wheeler補充說：「我們預計第四季度北美熱水器銷量將同比改善；然而，我們預計中國的低迷將持續到2024年剩餘時間。」
"As we have in the past, we are reviewing our operations in China and taking measures to optimize that business to align with the lower volumes...In North America, we expect improved volumes through the rest of the year. However, we remain cautious about residential and commercial water heater end market demand."
「正如過去一樣，我們正在審查中國業務並採取措施優化該業務以適應更低的銷量……在北美，我們預計在年底前會有改善的銷量。但是，我們對住宅和商業熱水器最終市場需求持謹慎態度。」
This month, the board of directors approved a 6% dividend increase to $0.34, leading to a compound annual dividend growth rate of 8% over the past five years.
本月，董事會批准了將股息增加6％至0.34美元，從而使過去五年複合年股息增長率達到8％。
Investors can gain exposure to the stock via Global X Clean Water ETF (NASDAQ:AQWA) and Tortoise Global Water ESG Fund (NYSE:TBLU).
投資者可以通過Global X Clean Water ETF（納斯達克：AQWA）和Tortoise Global Water ESG Fund（紐交所：TBLU）獲得該股票的曝光。
Price Action: AOS shares are down 6.81% at $80.39 at the last check Friday.
價格走勢：A.O.史密斯股價在上週五最後一次檢查時下跌了6.81％，爲80.39美元。
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譯文內容由第三人軟體翻譯。
