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| Metric | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|
| Revenue | $2,993 | $2,895 | $3,539 | $3,754 | $3,853 |
| Gross Profit | $1,181 | $1,108 | $1,311 | $1,330 | $1,485 |
| Operating Income | $529 | $503 | $682 | $362 | $810 |
| Net Income | $370 | $345 | $487 | $236 | $557 |
Over the past five years, A. O. Smith Corporation’s revenue shows an overall upward trend, increasing from approximately $2.99 billion in 2019 to $3.85 billion in 2023. The growth, however, was not without fluctuations. In 2020, the company experienced a slight decline in revenue relative to 2019. This dip was followed by a rebound in 2021 when revenue reached about $3.54 billion, and further incremental increases were observed through 2022 and 2023. Similarly, the gross profit figures followed an upward trend overall—from $1.18 billion in 2019 to $1.48 billion in 2023—indicating improved product mix or better cost control over time. Notably, operating income and net income were more volatile. Operating income increased from $529 million in 2019 to a peak of $682 million in 2021 before experiencing a significant drop of nearly 47% in 2022—falling to $362 million—suggesting potential short-term operational challenges or costs that could have arisen from market conditions or internal restructuring. Similarly, net income declined by over 50% from approximately $487 million in 2021 to $236 million in 2022, before rebounding to $557 million in 2023. This recovery in 2023 points to the company’s ability to address its operational hurdles promptly. Overall, despite a challenging year in 2022, A. O. Smith’s sustained revenue growth and the strong recovery in operating and net income highlight a resilient financial foundation and an encouraging outlook for long-term sustainability within its industry.
This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.