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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, a leader in HVAC solutions, has announced its quarterly conference call to discuss fourth quarter 2022 financial results, scheduled for February 27, 2023, at 5:15 p.m. EST. The financial results will be released after market close on the same day. Participants can join the call via dial-in or listen-only webcast, with specific access numbers provided. A replay will be available the following business day on the company’s website. Headquartered in Tulsa, Oklahoma, AAON focuses on providing highly configurable HVAC systems that enhance efficiency and long-term value for customers.
AAON, Inc. (NASDAQ: AAON) has announced a shift to the lower Global Warming Potential (GWP) refrigerant R-454B, replacing R-410A in its HVAC products. This transition is expected to start by the end of Q3 2023, ahead of environmental regulation phase-out dates. R-454B boasts a GWP of 466, promoting reduced environmental impact and aligning with future refrigerant regulations. The change also requires minimal redesign costs due to similar properties to R-410A. AAON continues its commitment to sustainable HVAC solutions, positioning itself as a leader in environmentally friendly equipment.
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.
AAON reported a record net sales of $242.6 million for Q3 2022, a 75.1% increase from Q3 2021. Growth was driven by a strong backlog, organic volume growth, and pricing strategies which contributed to a gross profit margin of 27.0%. Earnings per diluted share rose 75.9% to $0.51. The company also achieved a significant backlog of $514.7 million, up 183.1% year-over-year. Despite supply chain issues, operational productivity improved. However, the company announced the termination of its WH and WV water-source heat pump series due to profitability concerns.
AAON, based in Tulsa, Oklahoma, has scheduled its quarterly conference call for November 7, 2022, at 5:15 p.m. Eastern to discuss Q3 2022 financial results, releasing the data post-market close. The call will offer both dial-in and listen-only webcast options. Domestic participants can call 1-888-440-3307, while international callers can reach 1-646-960-0787 using conference ID 7249161. A replay will be accessible the following day on the Company's website.
AAON specializes in configurable HVAC solutions, aiming to deliver long-term value to customers.
AAON, a leader in HVAC solutions, has launched its new zero degree cold climate air-source heat pump packaged rooftop unit, available in sizes from 2 to 30 tons. This innovative product addresses the growing demand for building decarbonization in cold climates, capable of operating efficiently down to 0°F. The unit utilizes advanced technology such as variable speed compressors and outdoor fans. AAON is also expanding its research for larger capacity units and lower temperature operations, showcasing its commitment to sustainability and efficiency.
On August 9, 2022, Gene Stewart announced his resignation as Executive Vice President of AAON, effective August 16, 2022. Stewart previously returned to the company in April 2020 and played a crucial role in transforming the Longview, Texas facility. His leadership positively impacted the aftermarket business strategy and marketing efforts. CEO Gary Fields praised Stewart for his contributions to the company’s operations and sales channels. Following his departure, AAON continues to focus on innovation in HVAC solutions and maintaining its industry leadership.
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