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A. O. Smith Earns $28.6 Million or $.62 per Share in Second Quarter, Including One-Time Items, on Eight Percent Increase in Sales

MILWAUKEE July 19, 2011 $28.6 million $.62 $405.3 million

$11.2 million $8.2 million Canada $5.3 million $1.6 million $.11 $.08

$0.9 million $.02 $34.2 million $.45 May 2010 Ashland City, Tenn. $375.0 million

A. O. Smith $52.8 million $1.13 $.08 $822.7 million $20.4 million $.44 May 2010 $741.7 million

$104.8 million $175 million $40 and $50 million

Water Products Company

June 30 $405.3 million $375.0 million China North America April 1 July 1, 2010

$49.3 million $3.0 million $7.8 million $34.2 million May 2010

Discontinued Operations

$221.9 million $197.6 million $21.7 million $.46 $17.5 million $.38

Outlook for 2011

Paul W. Jones North America A. O. Smith China China North America

$1.95 and $2.05

A. O. Smith 10:00 a.m. (Eastern Daylight Time) www.aosmith.com

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," "guidance" or words of similar meaning.  These 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: the failure to receive, on a timely basis or otherwise, the required approvals from the government or regulatory agencies (including the terms of such approvals) pertaining to the sale of Electrical Products Company; the risk that a condition to closing of the sale may not be satisfied; the ability to execute our acquisition strategy and the successful integration of future acquisitions; significant volatility in raw material prices; competitive pressures on the company’s businesses; inability to implement pricing actions; instability in the company’s water products markets; further weakening in housing construction; further weakening in commercial construction; timing of any recoveries in housing or commercial construction; a slowdown in the Chinese economy; adverse general economic conditions and capital market deterioration; and the impact of accounting for acquisitions on the company’s financial statements. 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.

Milwaukee, Wis. North America China

A. O.  SMITH CORPORATION

(condensed consolidated financial statements –

dollars in millions, except per share data)

Statement of Earnings

(unaudited)

Three Months ended

Six Months ended

June 30

June 30

2011

2010

2011

2010

Net sales

$

405.3

$

375.0

$

822.7

$

741.7

Cost of products sold

293.4

260.8

583.8

519.2

  Gross profit

111.9

114.2

238.9

222.5

Selling, general and administrative

85.1

83.8

174.4

160.8

Flood related expense

34.2

34.2

Restructuring, impairment and settlement income, net

(11.2)

(11.2)

Interest expense

2.1

1.6

3.9

3.3

Other (income) / expense

(5.1)

1.2

(2.9)

1.7

41.0

(6.6)

74.7

22.5

Tax provision (credit)

12.4

(5.7)

21.9

2.0

Earnings before equity loss in joint venture

28.6

(0.9)

52.8

20.5

Equity (loss) in joint venture

(0.1)

Earnings (loss) from continuing operations

28.6

(0.9)

52.8

20.4

Earnings from discontinued EPC operations, net of tax

21.7

17.5

38.5

27.0

Net earnings

50.3

16.6

91.3

47.4

Net loss attributable to noncontrolling interest:

0.1

Net earnings attributable to A.O. Smith Corporation

$

50.3

$

16.6

$

91.3

$

47.5

Diluted earnings (loss) per share of common stock

Continuing operations

$

0.62

$

(0.02)

$

1.13

$

0.44

Discontinued operations

0.46

0.38

0.83

0.59

Net

$

1.08

$

0.36

$

1.96

$

1.03

Average common shares outstanding  (000’s omitted)

46,646

46,112

46,594

46,014

A. O. SMITH CORPORATION

Balance Sheet

(dollars in millions)

(unaudited)

June 30

December 31

2011

2010

ASSETS:

Cash and cash equivalents

$

108.2

$

118.9

Receivables

327.7

313.3

Inventories

161.6

146.8

Deferred income taxes

68.7

27.3

Other current assets

23.8

17.4

Current assets – discontinued EPC operations

301.2

272.3

  Total Current Assets

991.2

896.0

Net property, plant and equipment

266.3

258.4

Goodwill and other intangibles

429.7

430.4

Deferred income taxes

25.4

89.7

Other assets

37.1

36.8

Long-term assets – discontinued EPC operations

393.4

399.3

Total Assets

$

2,143.1

$

2,110.6

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