A.O. Smith Corporation announced Tuesday that its first quarter 2003 net earnings increased 13 percent to U.S. $13.7 million compared with the $12.1 million earned in first quarter 2002.
While the company’s net earnings may have improved 13 percent, earnings per share for the first quarter of 2003 were $.46 per share. First quarter 2002 earnings were $.50 per share. The company says the difference is due to the impact of 4.8 million shares issued in a May 2002 stock offering.
Revenues for first quarter 2003 increased four percent to $387.9 million compared with $371.9 million in the same period of 2002.
The company's electrical products divisions reported first quarter sales of $213.1 million, nearly nine percent higher than first quarter sales in 2002, while first quarter sales for water systems were $174.8 million.
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