AAON Announces Quarterly Cash Dividend

Rhea-AI Summary

On March 1, 2023, AAON announced a shift in its dividend policy from semi-annual to quarterly payments. The Board declared a cash dividend of $0.12 per share ($0.48 annually), payable on March 31, 2023, to stockholders of record by the close of business on March 13, 2023. CEO Gary D. Fields stated that this change allows for more regular capital distribution to shareholders, aligning with common practices. This move aims to enhance shareholder value and reflects AAON's commitment to providing benefits to its investors.

Positive

• Shift to quarterly dividend payments increases shareholder returns.
• Announcement of $0.12 per share dividend enhances regular income for shareholders.

Negative

• None.

TULSA, Okla., March 1, 2023 /PRNewswire/ -- AAON, Inc. (NASDAQ:  AAON) ("AAON" or the "Company"), today announced that its Board of Directors has adopted a quarterly cash dividend payment schedule starting with the next cash dividend payment. Historically, dividends were paid semi-annually.

Additionally, the Board of Directors declared the Company's next regular quarterly cash dividend of $0.12 per share (or $0.48 annually), payable on March 31, 2023 to stockholders of record as of the close of business on March 13, 2023. 

Gary D. Fields, AAON CEO and President, stated, "Transitioning our dividend policy from our long standing semi-annual dividend to a quarterly dividend provides us the opportunity to distribute capital to our shareholders more regularly.  We believe this is a more customary practice and that it will better suit our shareholders."

About AAON
Founded in 1988, AAON is a world leader in HVAC solutions for commercial and industrial indoor environments. The Company's industry-leading approach to designing and manufacturing highly configurable equipment to meet exact needs creates a premier ownership experience with greater efficiency, performance and long-term value. AAON is headquartered in Tulsa, Oklahoma, where its world-class innovation center and testing lab allows AAON engineers to continuously push boundaries and advance the industry. For more information, please visit www.AAON.com.

Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimates", "should", "will", and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligations to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Important factors that could cause results to differ materially from those in the forward-looking statements include (1) the timing and extent of changes in raw material and component prices, (2) the effects of fluctuations in the commercial/industrial new construction market, (3) the timing and extent of changes in interest rates, as well as other competitive factors during the year, and (4) general economic, market or business conditions.

Contact Information
Joseph Mondillo
Director of Investor Relations
Phone (617) 877-6346
Email: joseph.mondillo@aaon.com

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SOURCE AAON

FAQ

When will AAON pay its next dividend?

AAON's next dividend payment of $0.12 per share will be paid on March 31, 2023.

What is AAON's new quarterly dividend amount?

AAON's new quarterly dividend amount is $0.12 per share, totaling $0.48 annually.

Why did AAON change its dividend policy?

AAON changed its dividend policy to provide more regular cash distributions to shareholders, aligning with common practices.