A.O. Smith dividend growth slows for 6th straight year

A 6.3% dividend hike in 2024 marks 31 consecutive years of increases

Dividend Aristocrat A.O. Smith Corporation (AOS) declared a new quarterly dividend of 34 cents per share, up 6.3% from the previous quarterly dividend by the boiler and water products maker.

A.O. Smith has now raised the dividend 31 straight years. The new dividend yield for AOS is 1.5% at a stock price of $86. The dividend is payable on Friday, November 15 to shareholders of record October 31, 2024.

"This dividend increase reflects our commitment within our capital allocation strategy of consistently 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 approximately 8%, and that we have increased our dividend each year for over 30 years."

A. O. Smith Corporation is manufacturer of residential and commercial water heating equipment and boilers, as well as a manufacturer of water treatment products for residential and light commercial applications. In North America, A.O. Smith also manufactures expansion tanks, commercial solar water heating systems, swimming pool and spa heaters, related products and parts. The company is headquartered in Milwaukee, WI, and has operations in the U.S., Canada, China, India, Mexico, the Netherlands, Turkey, the United Kingdom and Vietnam. A. O. Smith Corporation has paid cash dividends on its common stock every year since 1940.

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