Milwaukee, Wis.— Directors of A. O. Smith Corporation (NYSE:AOS) today approved
a 22 percent increase in the company’s quarterly cash dividend to $.22 per
share. This is the second increase in the company’s dividend rate in 2018. The
dividend increase affects the company’s Common Stock and Class A Common Stock.
The
dividend is payable on November
15 to shareholders of record October 31.
“A. O. Smith values its shareholders
and works hard to ensure they are rewarded for investing in our company. We are
proud to say the five-year compound annual growth rate of our dividend is 30
percent,” Kevin Wheeler, president and chief executive officer, said. “Our confidence in expected long-term sales
growth and associated cash flow allows us to provide an attractive dividend
yield.”
Forward-looking statements
This
release contains statements that the company believes are “forward-looking
statements” within the meaning of the Private Securities Litigation Reform Act
of 1995.
Forward-looking statements generally can be identified by the use of words such
as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,”
“forecast,” “guidance” or words of similar meaning. All forward-looking
statements are subject to risks and uncertainties that could cause actual
results to differ materially from those anticipated as of the date of this
release. Important factors that could cause actual results to differ
materially from these expectations include, among other things, the following:
a slowdown in the growth rate of the Chinese economy or our key markets and/or
a decline in the growth rate of consumer spending or housing sales in China;
potential weakening in the high efficiency boiler segment in the U.S.;
significant volatility in raw material prices; inability of the company to
implement or maintain pricing actions; potential weakening in U.S. residential
or commercial construction or instability in the company’s replacement markets;
foreign currency fluctuations; the company’s inability to successfully
integrate or achieve its strategic objectives resulting from acquisitions;
competitive pressures on the company’s businesses; negative impact to the
company’s businesses from international tariffs and trade disputes; the impact
of potential information technology or data security breaches; changes in
government regulations or regulatory requirements; the impact of U.S. Tax
Reform and projections for effective tax rates and one-time expenses under the
new law and adverse developments in general economic, political and business
conditions in key regions of the world. Forward-looking statements included in
this press release are made only as of the date of this release, and the
company is under no obligation to update these statements to reflect subsequent
events or circumstances. All subsequent written and oral forward-looking
statements attributed to the company, or persons acting on its behalf, are
qualified entirely by these cautionary statements.