A.O. Smith sees Q2 EPS about flat ex-items compared to prior year A.O. Smith said, "Our North American results in the first quarter were quite strong. We expect water heater volumes in the second quarter will be negatively impacted by the customer pre-buy we experienced in the first quarter. Lower volumes and approximately $4M of incremental ERP costs contribute to our expectation that Q2 earnings per share will be about flat with 2014 second quarter earnings per share, after adding back 3c per share of non-operating pension costs to the 2014 earnings per share."