A. O. Smith(AOS)

A. O. Smith's Q1 2026 sales fell 1.9% to $945.6M, but currency and the Leonard Valve acquisition masked a ~5% underlying volume decline, and a 17% local-currency drop in China forced a cut to full-year EPS guidance.

GAAP EPS fell 15%, but a $22.6M one-time restructuring charge accounts for most of the gap to adjusted EPS (-4%); the real story is a genuine 28% China demand decline against +3% organic growth in North America.