A.O. Smith: Company Reports Third Quarter Performance (Excerpt)

“As we announced on October 13, lower North America residential water heater industry demand challenged our results in the third quarter due to greater than anticipated wholesale inventory de-stocking activity, the impact of which more than offset the benefits of our 2021 price increases and higher volumes of commercial water heaters,” noted Kevin J. Wheeler, chairman and chief executive officer. “We saw higher shipments of commercial gas water heaters and boilers in the quarter as supply chain constraints continued to ease.”