A.O. Smith 2022 dividend increase | +7.1% to $0.30 quarterly per share

Dividend Aristocrat A.O. Smith Corporation (trading symbol AOS) has declared a new quarterly dividend of 30 cents per share on October 13, 2022. This will mark the 29th consecutive year of increased dividends by the heating products maker.

A.O. Smith is one of the 'official' Dividend Aristocrats, being included in the S&P500 index of companies with at least 25 straight years of dividend growth. Last year A.O. Smith announced a dividend hike of 7.7%, followed by a 7.1% hike in 2022, marking almost thirty years in a row of increases.

The dividend is payable on November 15 to shareholders of record October 31, 2022. A new annual dividend rate of $1.20 per share yields 2.45% to AOS shareholders at a stock price of $49.

A.O. Smith now has a 2.5% dividend yield.

"This dividend increase reflects our confidence in the stability in our replacement demand inherent in our water heating and boiler businesses, as well as our focus on 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 more than 15%, and that we have increased our dividend each year for over 25 years."

Another Dividend Aristocrat announcing a dividend hike recently is McDonald's Corporation.

A. O. Smith Corporation, with headquarters in Milwaukee, Wis., is a global leader applying innovative technology and energy-efficient solutions to products manufactured and marketed worldwide. Listed on the New York Stock Exchange (NYSE), the company is one of the world's leading manufacturers of residential and commercial water heating equipment and boilers, as well as a manufacturer of water treatment and air purification products. The A.O. Smith Lochinvar brand is a residential and commercial boiler brands in the United States. It sells its Aquasana branded products directly to consumers through e-commerce as well as on-line retailers. The AOS water softener branded products and problem well water solutions include Hague, WaterBoss, Water-Right, WaterCare, and Evolve.