Electric motor manufacturer
beat analysts' earnings estimates by three cents in its third quarter due in part to cost cutting. The company also upped its 2002 earnings outlook.
The company earned $10 million, or 34 cents a share, in the latest quarter compared with $400,000, or 2 cents a share, a year ago. Analysts polled by FirstCall were expecting the company to earn 31 cents a share.
Revenue was $352.4 million, compared with $269.1 million in 2001.
Milwaukee-based A.O. Smith said its water systems business performed well, earning $13.4 million, compared with $8.8 million in the same quarter last year. The company cited higher volume and improved cost performance.
Looking to full-year 2002 results, the company expects to earn between $1.80 and $1.85 a share. Analysts had expected the company to earn $1.79 a share, on average.
For 2003, A.O. Smith expects to earn between $2.05 and $2.25 a share, while analysts expect the company to earn $2.21 a share.
Shares of the company closed at $27.35 Friday on the
New York Stock Exchange