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AAON Inc. (NASDAQ: AAON), established in 1988 and headquartered in Tulsa, Oklahoma, is a leading manufacturer of high-performance, energy-efficient HVAC solutions for commercial and industrial markets. The company's product portfolio includes rooftop units, chillers, air-handling units, geothermal heat pumps, and more. AAON serves diverse markets primarily in North America, focusing on new construction and replacement applications.
AAON is renowned for its commitment to innovation, highlighted by the recent launch of the AAON Alpha Class air-source heat pumps. These units, available from two to 70 tons, excel in efficiency and environmental sustainability, featuring variable speed compressor technology, energy recovery, and low global warming potential refrigerants. The Alpha Class units are designed to perform reliably even at sub-zero temperatures, making them ideal for diverse climates.
The company's dedication to sustainability extends to its proactive transition to the low GWP refrigerant R-454B, significantly reducing environmental impact ahead of regulatory mandates. Additionally, AAON's participation in the Department of Energy's Better Buildings Commercial Building Heat Pump Accelerator underscores its leadership in advancing sustainable HVAC technologies.
AAON's financial performance has been robust, marked by consistent record sales and profits, driven by improved operational efficiencies, strategic pricing, and a strong backlog. The company's world-class innovation center and testing lab in Tulsa enable continuous advancements in HVAC technology, ensuring AAON remains at the forefront of industry innovation.
Under the leadership of CEO Gary Fields and President Matt Tobolski, AAON continues to enhance its operational capabilities and expand its market presence. Recent executive appointments reflect the company's strategic focus on aligning resources and leveraging organizational efficiencies for sustained growth.
AAON's commitment to community engagement and workforce development is evident in its active participation in Manufacturing Month events, fostering awareness of career opportunities in manufacturing and inspiring future generations of innovators.
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.
AAON, Inc. will host a conference call on February 25, 2021, at 4:15 p.m. ET to discuss its fourth quarter and full year performance ending December 31, 2020. The call will include updates on recent events and the company's future outlook. Participants can join via U.S. toll-free number 1-833-674-0554, with a passcode of 3448509. A rebroadcast will be available until March 5, 2021. For more information, visit www.AAON.com.
AAON, a leader in heating and cooling products, announced its RN Series Rooftop Unit with Variable Speed Compressors has been awarded the 2020 Most Valuable Product by Consulting-Specifying Engineer. The AAON LF Chiller Controller also won 2020 Product of the Year - Gold in the BAS, Controls, and Energy Management category. The RN Series offers up to 22.5 IEER for efficiency and operational cost savings. The LF Chiller Controller enhances user experience with LED indicators and a Windows-based configuration software. These awards signify industry recognition of AAON's commitment to quality and innovation.
AAON, a manufacturer of heating and cooling products, was awarded the 2020 Henry Bellmon Award in the Large Business category by Sustainable Tulsa. This recognition is based on AAON's performance in the Scor3card sustainability assessment, where it achieved the Platinum level, the highest attainable. Gary Fields, President and CEO, emphasized the company's commitment to energy-efficient HVAC designs and sustainable practices benefiting employees, shareholders, and customers.
AAON, Inc. (NASDAQ-AAON) has declared a semi-annual cash dividend of $0.19 per share, totaling $0.38 annually. This dividend will be payable on December 18, 2020, to stockholders of record as of the close of business on November 27, 2020. The company, established in 1988, specializes in manufacturing air conditioning and heating systems, focusing on delivering high-quality products. Shareholders can expect this consistent dividend as a demonstration of AAON's ongoing commitment to providing value.
AAON announced the retirement of Mr. Jerry Levine from his investor relations role, effective November 30, 2020, after over 20 years of service. His contributions were pivotal in building a strong institutional shareholder base, with more than 70% of shares held by over fifty institutional investors. AAON has appointed Mr. Joseph Mondillo as the new Director of Investor Relations, starting November 16, 2020. Mondillo brings 16 years of experience in the financial industry, including knowledge specific to the HVAC sector and AAON.
AAON reported a record net sales of $134.8 million for Q3 2020, up 18.7% from Q3 2019. Gross profit rose 49.0% to $40.8 million, with margins increasing to 30.3%. Net income reached $20.5 million, a 43.2% increase year-over-year. Despite these positive results, the company acknowledged challenges such as a 40.5% decline in backlog and rising costs of raw materials. The outlook for 2021 remains uncertain due to a potential decline in construction activity, but AAON is poised to leverage its position in the replacement market.
AAON, Inc. (NASDAQ: AAON) will hold a conference call on November 5, 2020, at 4:15 p.m. ET to discuss its third quarter performance for the period ending September 30, 2020. The call will include a presentation by management followed by a Q&A session lasting approximately 45 minutes. Participants can join by calling 1-833-634-8218 in the U.S. with the passcode 1233199. A rebroadcast will be available until November 12, 2020. AAON specializes in manufacturing air conditioning and heating equipment, providing various HVAC solutions since its inception in 1988.
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