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SMALL BUSINESS
AO Smith boosts full-year earnings forecast
AP
MILWAUKEE -A.O. Smith Corp., which makes water heaters and electric motors, on Friday raised its 2009 earnings estimate above the level expected by Wall Street.
The company said it expects per-share earnings this year between $2.60 and $2.75, excluding one-time charges and gains.
Analysts polled by Thomson Reuters expect, on average, $2.33 per share. Such expectations typically exclude one-time items.
The increased earnings estimate plus a stronger-than-expected third-quarter profit lifted shares in premarket trading by $3.39, or 7.8 percent, to $46.95.
Third-quarter profit surged to $34.6 million, or $1.14 per share, from $5.8 million, or 61 cents per share, in the year-earlier quarter.
Excluding one-time gains, the company earned 99 cents per share. Thomson Reuters' analyst survey showed an average forecast of 69 cents a share.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-10-16 09:07:17
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