MILWAUKEE, Oct. 9, 2023 /PRNewswire/ -- On Monday, October 9, 2023, the board of directors of A. O. Smith Corporation (NYSE:AOS) approved a 7% increase in the company's quarterly cash dividend rate to $0.32 per share. The dividend increase affects the company's Common Stock and Class A Common Stock.

A. O. Smith Increases Quarterly Dividend by 7%

The dividend is payable on Wednesday, November 15 to shareholders of record October 31, 2023.

"This dividend increase reflects our confidence in the stability in our replacement demand inherent in our water heating and boiler businesses, as well as our focus on returning capital to shareholders," said Kevin J. Wheeler, chairman and chief executive officer. "We are proud to say the five-year compound annual growth rate of our dividend rate is more than 10%, and that we have increased our dividend each year for over 30 years."

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:AOS), 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 products. For more information, visit www.aosmith.com.

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SOURCE A. O. Smith Corporation

A. O. Smith Increases Quarterly Dividend to $0.32 per Share