This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

A. O. Smith Announces 20 Percent Dividend Increase; Two-for-one Stock Split

Stocks in this article: AOS

MILWAUKEE, April 15, 2013 /PRNewswire/ -- The A. O. Smith Corporation (NYSE:AOS) Board of Directors today approved a 20 percent increase in the company's quarterly cash dividend to $.24 per share. 

The dividend increase affects the company's Common Stock and Class A Common Stock.  The record date for the cash dividend is April 29, and the payment date is May 14.

This represents the eighth consecutive year the Milwaukee-based water technology company has increased its quarterly cash dividend.

The Board also approved a plan to split the company's stock two-for-one in the form of a 100 percent stock dividend, payable to owners of Common Stock and Class A Common Stock.  At the company's annual meeting of stockholders today, stockholders approved a proposal to increase the company's authorized shares of Common Stock, which facilitated the stock split. 

The record date for the stock dividend is April 30.  Holders of the company's Common Stock and Class A Common Stock will receive one additional share of such class of stock for every share they own as of the record date.  The payment date for the stock dividend is May 15. 

The stock dividend will increase the total number of shares of Common Stock and Class A Common Stock outstanding to approximately 92.7 million shares. The cash dividend will be paid on the basis of the pre-split shares.

" A. O. Smith has continued to experience strong, profitable growth from its global operations," Paul W. Jones, executive chairman, said.  "As demonstrated again last year, we believe our operations have the ability to generate the cash needed to support our global growth initiatives.  We believe our balance sheet remains in excellent condition as well, giving us the ability to support these dividend increases.

"With the cash we have on hand and the borrowing capacity in place, we can continue to pursue our strategic growth plan and respond to any acquisition opportunities that present themselves."

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,105.47 +131.16 0.77%
S&P 500 0.00 -2.75 -0.14%
NASDAQ 4,537.5170 -11.7090 -0.26%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs