AAON Increases Semi-Annual Cash Dividend & Authorizes $50 Million for Stock Buyback Program

Rhea-AI Summary

AAON, Inc. has declared a semi-annual cash dividend of $0.24 per share, representing a 26% increase from previous dividends, payable on December 16, 2022. This decision reflects the company's continued commitment to returning value to shareholders. Additionally, the Board has authorized a stock buyback program of up to $50 million, allowing for purchases through open market transactions, potentially enhancing shareholder value and boosting stock price.

Positive

• Dividend increased by 26%, signaling financial strength and commitment to shareholders.
• Authorization of a $50 million stock buyback program may increase stock price and shareholder value.

Negative

• None.

TULSA, Okla., Nov. 08, 2022 (GLOBE NEWSWIRE) -- AAON, Inc. (NASDAQ: AAON) (“AAON” or the “Company”), today announced that its Board of Directors has declared the Company’s next regular semi-annual cash dividend of $0.24 per share (or $0.48 annually), an increase of 26%, payable on December 16, 2022 to stockholders of record as of the close of business on November 28, 2022.

The Company also announced today that its Board of Directors has authorized the Company to make up to $50.0 million in purchases of the Company’s common stock at prevailing market prices from time to time through open market purchases, privately negotiated transactions, or otherwise in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended.

About AAON
AAON, Inc. is engaged in the engineering, manufacturing, marketing and sale of air conditioning and heating equipment consisting of standard, semi-custom and custom rooftop units, data center cooling systems, cleanroom systems, chillers, packaged outdoor mechanical rooms, air handling units, makeup air units, energy recovery units, condensing units, geothermal/water-source heat pumps, coils and controls. Since the founding of AAON in 1988, AAON has maintained a commitment to design, develop, manufacture and deliver heating and cooling products to perform beyond all expectations and demonstrate the value of AAON to our customers. 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.

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

FAQ

What is the new dividend amount declared by AAON?

AAON declared a semi-annual cash dividend of $0.24 per share.

When will the dividend be paid?

The dividend will be paid on December 16, 2022.

What is the percentage increase in the dividend?

The dividend increased by 26%.

What is the purpose of the $50 million stock buyback by AAON?

The stock buyback aims to enhance shareholder value and potentially boost stock price.

What is AAON's stock symbol?

AAON's stock symbol is AAON.