MILWAUKEE, June 3, 2019 /PRNewswire/ -- On June 2, 2019, the Board of Directors of A. O.
Smith Corporation (NYSE-AOS) approved adding 3,000,000 shares of
common stock to an existing discretionary share repurchase
authority. Including the additional shares, the Company has
7,550,753 shares remaining on the board share repurchase
authority. The Company increased the amount of its 2019
planned Rule 10b5-1 automatic trading plan and opportunistic share
repurchase program from its previously stated $200 million to $300
million, depending on factors such as stock price, working
capital requirements and alternative investment opportunities.
"With our cash position, strong balance sheet and confidence in
our global business, we are increasing our 2019 share repurchase
program by 50 percent to $300
million," noted Kevin J.
Wheeler, president and chief executive officer.
Forward-looking statements
This release contains
statements that the company believes are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements generally can
be identified by the use of words such as "may," "will," "expect,"
"intend," "estimate," "anticipate," "believe," "forecast,"
"continue," "guidance" or words of similar meaning. All
forward-looking statements are subject to risks and uncertainties
that could cause actual results to differ materially from those
anticipated as of the date of this release. Important factors
that could cause actual results to differ materially from these
expectations include, among other things, the following: a further
weakening of the Chinese economy and/or a further decline in the
growth rate of consumer spending or housing sales in China; negative impact to the company's
businesses from international tariffs and trade disputes; potential
weakening in the high efficiency boiler segment in the U.S.;
significant volatility in raw material prices; inability of the
company to implement or maintain pricing actions; potential
weakening in U.S. residential or commercial construction or
instability in the company's replacement markets; foreign currency
fluctuations; the company's inability to successfully integrate or
achieve its strategic objectives resulting from acquisitions;
competitive pressures on the company's businesses; the impact of
potential information technology or data security breaches; changes
in government regulations or regulatory requirements; and adverse
developments in general economic, political and business conditions
in key regions of the world. Forward-looking statements included in
this press release are made only as of the date of this release,
and the company is under no obligation to update these statements
to reflect subsequent events or circumstances. All subsequent
written and oral forward-looking statements attributed to the
company, or persons acting on its behalf, are qualified entirely by
these cautionary statements.
About A. O. Smith
A. O. Smith Corporation, with
headquarters in Milwaukee, Wis.,
is a global leader applying innovative technology and
energy-efficient solutions to products manufactured and marketed
worldwide. Listed on the New York Stock Exchange (NYSE), the
company is one of the world's leading manufacturers of residential
and commercial water heating equipment and boilers, as well as a
manufacturer of water treatment and air purification products. For
more, information visit www.aosmith.com.
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SOURCE A. O. Smith Corporation