A.O. Smith (NYSE: AOS) reported Q1 EPS of $0.60, $0.03 better than the analyst estimate of $0.57. Revenue for the quarter came in at $769 million versus the consensus estimate of $768.34 million.

GUIDANCE:

A.O. Smith sees FY2021 EPS of $2.55-$2.65, versus the consensus of $2.53.

• "Solid demand for our boiler, water treatment and China products continued in April," commented Wheeler. "We are upgrading our full-year 2021 earnings guidance by six percent from our previous guidance to a range between $2.55 and $2.65 per share. The mid-point of the guidance range represents an increase of 20 percent compared with our 2020 adjusted earnings results.
• "Due to rapidly-rising material costs and a continued need to expedite freight to overcome supplier shipping and production delays, we announced a third 2021 price increase on residential and commercial water heaters, effective June 1, at a blended rate of 8.5 percent. While we expect continued headwinds in our supply chain and logistics in the near term, I remain confident our team will continue to successfully navigate through this environment.
• "We remain focused on keeping our employees safe, while serving our customers and continuing to deliver on our mission to provide hot and clean water necessary to keep communities and households safe."

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