The Milwaukee-based maker of water heaters brought in sales of $639.4 million in fourth quarter 2015, up 2 percent from $626.8 million in the fourth quarter of 2014. Profits off of those sales rose 50 percent to $79.8 million, or 90 cents per share, from $53.2 million, or 59 cents per share.
“Our strong organic sales growth continues to differentiate us from other industrial companies,” said Ajita Rajendra, chairman and CEO. “Our China sales in 2015 exceeded our growth expectations of 15 percent in local currency, thanks to healthy consumer spending and increased demand for our water heaters, our fast-growing water treatment products and the successful introduction of a line of air purification products.”
Read more at the Milwaukee Business Journal.