Aaon Inc - AAON STOCK NEWS

AAON, a leading manufacturer of HVAC equipment, announced a 5% price increase on all products effective September 1, 2021, due to inflationary pressures. This adjustment reflects the company's ongoing commitment to maintaining product quality while addressing rising costs. Established in 1988, AAON specializes in a range of heating and cooling solutions, including rooftop units and geothermal heat pumps. For further details, visit www.AAON.com.

AAON announced its participation in the 14th Annual Wolfe Research Global Transportation & Industrials Conference, scheduled for May 26, 2021, at 9:10 a.m. EDT. President and CEO Gary Fields, along with CFO Rebecca Thompson, will represent the company. A live webcast of the event will be accessible via the provided link. Established in 1988, AAON specializes in the engineering, manufacturing, and marketing of a diverse range of heating and cooling equipment, including rooftop units, chillers, and geothermal heat pumps, committed to exceeding customer expectations.

AAON has declared a cash dividend of $0.19 per share, payable on July 1, 2021, to stockholders on record as of June 3, 2021, reflecting a $0.38 annual dividend.

Additionally, AAON announced the promotion of Christopher D. Eason to Chief Accounting Officer, effective May 11, 2021. Eason's background includes his previous role at Grant Thornton and extensive accounting experience.

AAON, INC. (NASDAQ-AAON) reported its Q1 2021 financial results, with a 15.8% decline in net sales to $115.8 million, down from $137.5 million in Q1 2020. Gross profit also fell by 22.8% to $33.2 million, while diluted EPS decreased 26.8% to $0.30. Despite challenges like fewer production days and adverse weather, the backlog grew to $96.7 million, and new bookings increased by 21% year-over-year. The company maintained a solid cash position of $97 million and anticipates improved revenue and earnings throughout 2021.

Scott M. Asbjornson has retired as Vice President, Finance and CFO of AAON, effective immediately. He served in this role since August 2012, contributing significantly to the company's growth. Rebecca A. Thompson has been appointed as his successor, having joined the company in 2012 as Chief Accounting Officer. Her promotion aligns with AAON's succession planning efforts. CEO Gary D. Fields praised both Scott's contributions and Rebecca's capabilities, highlighting her role in the company's successful business execution.

AAON, Inc. (NASDAQ: AAON) will host a conference call on May 6, 2021, at 4:15 p.m. ET to discuss its first-quarter performance ending March 31, 2021. The call will cover recent events and future outlook expectations. Participants can join by calling 1-888-241-0551 in the U.S. and entering the passcode 7788949. A rebroadcast will be available until May 13, 2021. AAON specializes in manufacturing heating and cooling equipment, with a commitment to delivering high-performance products since its founding in 1988.

AAON will participate in the Sidoti & Co. Virtual Conference on March 24-25, 2021. Gary Fields, President and CEO, and Scott Asbjornson, Vice President and CFO, will present on March 25 from 12:15 to 12:45 PM (ET). This event aims to highlight AAON's commitment to innovative heating and cooling solutions. Interested parties can access the presentation via a provided link. AAON specializes in manufacturing air conditioning and heating equipment and has been a leader in the industry since 1988.

AAON announced a 4% price increase on all HVAC equipment effective June 1, 2021, due to rising raw material costs. Prices for materials like stainless steel, galvanized steel, and copper have surged by 30% to 50% compared to the previous year. This increase is intended to offset a 3% to 4% rise in component costs linked to these materials. Gary Fields, President and CEO, emphasized the necessity of this pricing adjustment to combat inflationary pressures on production.

AAON reported its fourth-quarter 2020 results, revealing net sales of $116.7 million, a 4.8% decrease from Q4 2019. For the year, total sales reached a record $514.6 million, up 9.6%. Gross profit margin was 29.1%, slightly down from 29.7% in 2019. Net income for the quarter was $18.9 million, a 9.4% increase, with diluted EPS rising 6.1% to $0.35. However, backlog decreased 47.9% year-over-year, indicating potential demand challenges. Despite uncertainties for 2021, new bookings increased 6% year-over-year.