UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 3, 2019
A. O. Smith Corporation
(Exact name of registrant as specified in its charter)
Delaware | 1-475 | 39-0619790 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
11270 West Park Place, Milwaukee, Wisconsin 53224
(Address of principal executive offices, including zip code)
(414) 359-4000
(Registrants telephone number)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ | Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 204.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13-e4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act: | ||||
Title of each class |
Trading Symbol |
Name of each exchange on which registered | ||
Common Stock | AOS | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01. Regulation FD Disclosure
On June 3, 2019, A. O. Smith Corporation (the Company) issued the following news release. A copy of the Companys news release is attached as Exhibit 99.1 to this Current Report on Form 8-K (this Current Report) and is incorporated by reference herein.
Item 9.01. Financial Statements and Exhibits
The following exhibit is being filed herewith:
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
A. O. SMITH CORPORATION | ||||||
Date: June 3, 2019 | By: | /s/ James F. Stern | ||||
James F. Stern Executive Vice President,
|
Exhibit 99.1
Media Relations:
Mark Petrarca 414-359-4100 mpetrarca@aosmith.com |
Investor Relations:
Patricia K. Ackerman 414-359-4130 packerman@aosmith.com |
For Immediate Release
June 3, 2019
A. O. Smith Increases 2019 Share Repurchase Program by 50 Percent to $300 Million
Milwaukee, Wis. On June 3, 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 companys 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 companys replacement markets; foreign currency fluctuations; the companys inability to successfully integrate or achieve its strategic objectives resulting from acquisitions; competitive pressures on the companys 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 worlds 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.