Smith A O Corp. Q1 FY2024 results: revenue $979 million, up 1.3% on the year

Smith A O Corp. (AOS) reported revenue of $979 million for Q1 FY2024, the quarter ended 31 March 2024, up 1.3% on the same quarter a year earlier. Net income was $148 million, up 16.3% on the year, and diluted earnings per share $1.00. The figures are the company's own, from the 10-Q it filed with the SEC on 26 April 2024.

Revenue$979 millionup 1.3%

Net income$148 millionup 16.3%

Diluted EPS$1.00

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	979	988	n/a	n/a
Cost of revenue	594	618	n/a	n/a
Gross profit	385	370	n/a	n/a
Gross margin	39.3%	37.4%	n/a
Selling, general and administrative	192	185	n/a	n/a
Operating income	216	195	n/a	n/a
Operating margin	22.0%	19.7%	n/a
Interest expense	1.0	1.1	n/a	n/a
Pre-tax income	193	177	n/a	n/a
Income tax	45.1	39.6	n/a	n/a
Effective tax rate	23.4%	22.4%	n/a
Net income	148	137	n/a	n/a
Net margin	15.1%	13.9%	n/a
Diluted EPS	$1.00	$0.91	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. 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 and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	107	231	n/a	n/a
Capital expenditure	22.0	29.9	n/a	n/a
Free cash flow	84.6	201	n/a	n/a
Free cash flow margin	8.6%	20.4%	n/a
Depreciation and amortisation	19.6	20.8	n/a	n/a
Share-based compensation	8.3	1.4	n/a	n/a
Buybacks	74.5	145	n/a	n/a
Dividends paid	47.3	47.8	n/a	n/a
Dividend per share	$0.32	n/a	n/a	n/a
Diluted shares, weighted	148m	151m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Total assets	3,182	3,214	n/a	n/a
Cash and equivalents	252	340	n/a	n/a
Receivables	585	596	n/a	n/a
Inventory	522	497	n/a	n/a
Goodwill	652	633	n/a	n/a
Long-term debt	110	127	n/a	n/a
Borrowings, as the company tags them	n/a	127	n/a	n/a
Operating lease liabilities	26.4	27.9	n/a	n/a
Shareholders' equity	1,882	1,844	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	938	988	979	1,024	903	912	964	1,011	942	912	946	1,004
Cost of revenue	581	618	594	628	565	574	588	614	578	562	580	616
Gross profit	356	370	385	396	337	338	375	397	364	350	366	388
Gross margin	38%	37%	39%	39%	37%	37%	39%	39%	39%	38%	39%	39%
SG&A	175	185	192	188	177	182	193	191	189	187	204	198
Operating income	193	195	216	224	176	n/a	184	206	175	163	162	166
Operating margin	21%	20%	22%	22%	20%	n/a	19%	20%	19%	18%	17%	17%
Interest expense	2.4	1.1	1.0	1.8	1.5	2.4	2.9	4.6	3.6	2.4	7.1	8.1
Pre-tax income	176	177	193	207	157	145	181	202	172	161	155	158
Tax rate	23%	22%	23%	24%	23%	24%	25%	25%	23%	22%	24%	21%
Net income	135	137	148	156	120	110	137	152	132	125	118	125
Net margin	14%	14%	15%	15%	13%	12%	14%	15%	14%	14%	12%	12%
Diluted EPS	$0.90	$0.91	$1.00	$1.06	$0.82	$0.75	$0.95	$1.07	$0.94	$0.89	$0.85	$0.91
Operating cash flow	179	231	107	57.4	196	222	38.7	140	255	183	129	124
Capital expenditure	18.5	29.9	22.0	22.9	32.5	30.6	21.3	17.1	14.8	17.6	10.5	10.0
Free cash flow	160	201	84.6	34.5	163	191	17.4	122	241	166	119	114
Buybacks	91.8	145	74.5	78.7	83.9	68.7	121	131	84.1	65.4	51.3	111
Dividends paid	45.1	47.8	47.3	46.9	46.7	49.5	49.2	48.3	47.6	50.6	50.2	49.6
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 26 April 2024, accession 0000091142-24-000132: the filing on EDGAR. All of Smith A O Corp.'s filings: EDGAR company page.

The same record on your computer

GreekSoup is also a free program for your own computer. It reads these same filings for the names you follow, refreshed as they land, with no account. One pasted line installs it.

Install