A. O. Smith Corp. manufactures residential and commercial water heating equipment and air purification products. It operates through the following two segments: North America and Rest of World. The North America segment manufactures and markets comprehensive lines of residential and commercial gas and electric water heaters, boilers, tanks. The Rest of World segment comprises of China, Europe, and India; and manufactures and markets water treatment products. The company was founded by Charles Jeremiah Smith in 1874 and is headquartered in Milwaukee, WI.
Sales in the second quarter of 2019 were $765 million or approximately eight percent lower than sales of $833 million in the second quarter of 2018. Sales in the first six months of 2019 were $1,514 million or approximately six percent lower than $1,621 million in the same period last year. Our sales decline in the second quarter and first half of 2019 compared to the same periods last year was primarily a result of lower sales in China due to a 2018 inventory build in the sales channel that did not repeat in 2019 as well as weak consumer demand and declines in water heater volumes in North America, partially offset by amid-2018