(Reuters) – A. O. Smith beat fourth-quarter profit estimates on Tuesday, helped by strong demand for its water heaters in North America.
The Milwaukee, Wisconsin-based company also benefited from a shift towards energy efficient products, as more buildings are now required to meet stricter energy regulations.
Sales from North America, which accounted for 74% of its total sales in 2022, rose about 7% to $738 million in the fourth quarter.
Sales from other parts of the world, including China and India, rose about 4% to $260.2 million.
The company reported adjusted earnings of 97 cents per share for the fourth quarter, beating analysts’ average estimate of 96 cents, according to LSEG data.
Revenue for the quarter came in at $988.1 million, above analysts’ average estimate of $985.4 million.
(Reporting by Kannaki Deka in Bengaluru; Editing by Shinjini Ganguli)