A.O. Smith Corp., a Milwaukee-based manufacturer of water heaters, today reported third quarter net earnings of $21.4 million, or 70 cents per share, down from $24.7 million, or 79 cents per share, in the same period a year ago.
The company's net sales increased to $602.7 million from $553.5 million.
"In the third quarter, we continued to see strength from our commercial and Chinese businesses in spite of the very difficult conditions in the broader economy," said Paul Jones, chairman and chief executive officer. "Also, we generated more than $55 million in operating cash flow during the quarter and reduced our leverage ratio to less than 30 percent of our capital. Based on our strong performance in the third quarter and the confidence in our operating units' ability to manage costs in spite of market volatility, we increased and narrowed our 2008 guidance from our previous estimate of $2.70 to $2.85 per share to earnings of between $2.80 and $2.90 per share."
A.O. Smith's earnings tumble
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