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Overview of AAON Inc
AAON Inc is an innovative manufacturer of premium HVAC systems and industrial refrigeration equipment, renowned for designing highly configurable solutions tailored to meet the rigorous demands of commercial and industrial indoor environments. With a deep-rooted commitment to engineering excellence and operational flexibility, AAON delivers products that serve new construction and replacement markets across North America, ensuring efficient, reliable, and adaptable climate control systems.
Core Product Portfolio
The company specializes in a wide range of HVAC products that include:
- Rooftop Units: Engineered for versatility and durability, these units serve both new construction and replacement projects.
- Chillers and Air-Handling Units: Designed to offer robust air-conditioning solutions for large-scale commercial operations.
- Packaged Outdoor Mechanical Rooms: Providing energy-efficient, compact solutions to streamline building design.
- Innovative Heat Pumps: With advanced air-source technology, including the acclaimed Alpha Class series, these are optimized for cold climates and incorporate variable speed and dual-fuel options.
- Coils and Replacement Equipment: Custom-designed for industrial and commercial refrigeration, ensuring a precise fit and reliable performance.
Engineering and Innovation
AAON is widely recognized for its commitment to technological innovation and engineering prowess. The company continuously invests in its state-of-the-art innovation center and testing laboratory located in Tulsa, Oklahoma, where engineers refine product designs and enhance performance standards. This dedication to innovation has led to the development of products that not only comply with evolving regulatory requirements but also promote energy efficiency, reduced emissions, and sustainability. A notable example is the early adoption of low Global Warming Potential (GWP) refrigerants, which illustrates AAON’s proactive response to industry mandates and environmental considerations.
Market Position and Competitive Edge
Positioned in a competitive market, AAON’s approach emphasizes the high degree of configurability of its equipment, allowing customers to tailor solutions to their precise needs. This focus on customization helps the company stand apart from competitors who offer more standardized products. AAON’s product lines cater to a diverse range of applications in the commercial, industrial, and emerging data center markets, which require both robust performance and energy efficiency. In addition, the integration of advanced technologies such as variable speed systems and dedicated outdoor air modules enhances its reputation for reliability and operational excellence.
Expanding Capabilities and Strategic Growth
Throughout its history, AAON has demonstrated a forward-thinking approach by expanding its production capabilities to accommodate market demand. Recent strategic moves include capacity expansions in key facilities and investments in new manufacturing plants, which underscore the company’s commitment to its data center cooling solutions under the BASX brand. These initiatives are designed to support a growing pipeline of orders and to ensure that the company can deliver high-performance, customized HVAC solutions efficiently and consistently.
Customer-Centric and Sustainable Solutions
At its core, AAON’s business model revolves around delivering long-term value through innovation, configurability, and a customer-centric design philosophy. The products are not only engineered for superior performance but are also designed to reduce environmental impact through energy-saving technologies and the adoption of lower GWP refrigerants. This dual focus on performance and sustainability makes AAON a significant player in both traditional HVAC and next-generation data center cooling markets.
Commitment to Quality and Service
AAON’s robust quality assurance processes and comprehensive customer service ensure that its solutions deliver consistent reliability, enhanced efficiency, and operational longevity. By maintaining strict standards in design, manufacturing, and testing, the company provides a superior ownership experience that builds trust and reinforces its standing as an authoritative source in the HVAC industry.
Conclusion
In summary, AAON Inc stands as a pillar of expertise in the HVAC and industrial refrigeration sector, offering a vast array of customizable, high-performance products that are meticulously engineered to meet the diverse needs of its clientele. With a strategic focus on innovation, operational excellence, and sustainability, AAON continues to solidify its competitive position within the market, addressing both current industry challenges and evolving customer demands.
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.
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.
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