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A. O. Smith Corporation
A. O. Smith Reduces Forecast for the Fourth Quarter 2008
December 26th, 2008
A. O. Smith Corporation (NYSE:AOS) today indicated it expects fourth quarter results will be weaker than expected due to sluggish demand in both its water heater and electric motor businesses. As a result, the previously communicated 2008 forecast of $2.80 to $2.90 per share will likely not be achieved. A decline in global construction and consumer spending, intensified by inventory reductions by the company's customers, has resulted in a significant drop in order volumes during the fourth quarter. The company responded with a decision to mitigate its inventory build throughout the quarter and aggressively curtailed production. "The speed with which...
Source: Health Business Week (2008-12-26)
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