Earnings And GuidanceA. O. Smith announced preliminary 3Q results showing lower revenue and EPS than expected, and the company has lowered its full-year 2024 guidance for both revenue and EPS.
Market PerformanceAOS is underperforming significantly compared to the market, driven by greater investor expectations for future steel tailwinds and softer North American residential water heater volumes.
Regional DemandContinued weakness in China has significantly impacted sales, especially in core water heating and water treatment products, with consumer headwinds worse than management initially expected.