A. O. Smith (AOS) FY2022 results: revenue $3.8 billion, up 6.1% on the year

A. O. Smith Corp. (AOS) reported revenue of $3.8 billion for fiscal 2022, the year ended 31 December 2022, up 6.1% on the year before. Net income was $236 million, down 51.6%, and diluted earnings per share $1.51. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2023.

Revenue

$3.8 billion

+6.1% on the year

FY2015FY2022

Operating margin

9.6%

19.3% a year earlier

FY2015FY2022

Net income

$236 million

-51.6% on the year

FY2015FY2022

Diluted EPS

$1.51

-50.0% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	3,754	3,539	2,895	+6.1%
Cost of revenue	2,424	2,228	1,787	+8.8%
Gross profit	1,330	1,311	1,108	+1.4%
Gross margin	35.4%	37.0%	38.3%
Research and development	89.0	94.2	80.7	-5.5%
Selling, general and administrative	671	701	660	-4.3%
Operating income	362	682	503	-46.9%
Operating margin	9.6%	19.3%	17.4%
Interest expense	9.4	4.3	7.3	+118.6%
Pre-tax income	224	626	444	-64.2%
Income tax	-12.0	138	99.0
Effective tax rate	-5.4%	22.1%	22.3%
Net income	236	487	345	-51.6%
Net margin	6.3%	13.8%	11.9%
Diluted EPS	$1.51	$3.02	$2.12	-50.0%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	391	641	562	-38.9%
Capital expenditure	70.3	75.1	56.8	-6.4%
Free cash flow	321	566	505	-43.3%
Free cash flow margin	8.6%	16.0%	17.5%
Cash from investing	8.1	-350	11.8
Cash from financing	-431	-421	-375
Depreciation and amortisation	76.9	77.9	80.0	-1.3%
Share-based compensation	11.1	11.9	12.7	-6.7%
Buybacks	404	366	56.7	+10.1%
Dividends paid	177	170	159	+4.2%
Dividend per share	$1.14	$1.06	$0.98	+7.5%
Diluted shares, weighted	156m	161m	163m	-3.4%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	1,748	1,832	1,848	-4.6%
Debt	344	197	113	+75.1%
Operating lease liabilities	22.4	22.3	34.4	+0.4%
Other liabilities	1,218	1,423	1,165	-14.4%
Total liabilities and equity	3,332	3,474	3,161	-4.1%
Fixed assets	591	607	541	-2.6%
Goodwill	620	628	547	-1.3%
Intangible assets	348	365	324	-4.6%
Investments	90.6	188	116	-51.8%
Cash and equivalents	391	443	573	-11.8%
Receivables	581	634	585	-8.4%
Inventory	516	448	300	+15.3%
Other assets	195	162	174	+20.4%
Total assets	3,332	3,474	3,161	-4.1%

10-K for the year ended 31 December 2022, filed 14 February 2023: the filing.