J P M O R G A N North America Equity Research 30 July 2026 A.O. Smith 2Q First Take: North America Holds Up but Residential and China Stay the Swing Factors A.O. Smith delivered a mixed 2Q26: adjusted EPS of $1.03 beat our $0.96 and consensus $0.95, while revenue of $1,004M topped our $999M and consensus $994M. However, management lowered the top end of its FY26 outlook, now guiding revenue to $3.9-$3.95B (from $3.9-$4.0B) and adjusted EPS to $3.70- $3.85 (from $3.70-$4.00), driven primarily by continued so ...