Aaon Inc - AAON STOCK NEWS

AAON, Inc. reported its third-quarter 2021 financial results, highlighting a 2.8% increase in net sales to $138.6 million, driven by higher prices and a favorable product mix. However, gross profit decreased by 11.8% to $36 million, reflecting rising material costs and labor shortages. Net income fell 23.8% to $15.6 million. The company has a backlog of $181.8 million, up 114% year-over-year, indicating strong demand. Despite challenges, management remains optimistic, implementing price increases and tackling labor issues, aiming for improved production in the fourth quarter.

AAON, Inc. (NASDAQ: AAON) announced that its RZ Series Rooftop Unit has received the 2021 Product of the Year - Gold award from the readers of Consulting-Specifying Engineer. The RZ Series units, ranging from 45 to 261 tons, are designed for efficiency and ease of installation, featuring high part load energy efficiencies of up to 22.5 IEER and components like variable speed compressors. CEO Gary Fields expressed pride in this recognition, which underscores the commitment to high-quality HVAC solutions.

AAON, Inc. (NASDAQ: AAON) will host a conference call on November 4, 2021, at 5:30 p.m. ET to discuss its third quarter earnings, covering performance for the period ended September 30, 2021. The call aims to address recent events and the future outlook. Interested participants can call 1-888-241-0551 (U.S. toll-free) with pass code 2466188. A rebroadcast will be available until November 11, 2021.

AAON specializes in manufacturing air conditioning and heating equipment, ensuring high-quality performance since its inception in 1988.

On October 1, 2021, AAON appointed Bruce Ware and David Stewart as independent directors, expanding its Board from seven to nine members. Bruce Ware, a Vice President at DaVita, brings extensive executive experience, including roles in healthcare and finance. David Stewart, with over 40 years of professional experience, is a Chief Administrative Officer and Trustee at the Oklahoma Ordnance Works Authority. Both will serve on the Audit Committee, and leadership expresses optimism about their contributions, highlighting their strong professional backgrounds as enhancing the Board's capabilities.

AAON, Inc. recently hosted students from local high schools in Tulsa, Oklahoma, to celebrate MFG Day 2021. This initiative aims to promote modern manufacturing and the career opportunities it offers.

The event forms part of a national celebration where manufacturers engage with students and communities, showcasing the industry's innovation and addressing skill gaps. Stephanie Regan, Corporate Citizenship Manager, expressed hopes that students would gain insight into diverse career paths available in their communities.

AAON, a prominent manufacturer of heating and cooling products, announced that its RZ Series Rooftop Unit has been recognized as the 2021 Commercial Comfort Product of the Year in the Rooftop Units category by a panel of independent engineers from Engineered Systems magazine. The RZ Series, designed for efficiency and customization, features variable-speed compressors and a range of premium options for various applications. CEO Gary Fields emphasized that this accolade reflects the dedication of AAON's employees and is a product of ongoing innovation at the Norman Asbjornson Innovation Center.

AAON reported strong second-quarter results for 2021, with net sales reaching $143.9 million, a 14.6% increase year-over-year, driven by robust replacement demand in the nonresidential sector. Gross profit was $42.1 million, up 10.4%, but gross profit margin decreased to 29.3%. Net income rose 15.8% to $20.6 million, translating to earnings per share of $0.38. The company ended the quarter with a backlog of $138.1 million, up 33.4% from the previous year. AAON maintains no debt, with cash reserves increasing to $112.1 million. The company is optimistic about sustained growth in the second half of 2021.

AAON, Inc. (NASDAQ: AAON) achieved Platinum level in the 2021 Sustainable Tulsa Scor3card verification program, maintaining its previous year's status. To secure Platinum, over 85% of eligible directives must be completed, focusing on areas like inclusion, diversity, and energy management. Notably, AAON increased recycling rates by 19% and reduced building energy usage intensity by 4% in 2020. The company emphasizes ESG in its business strategy, highlighting its commitment to sustainability and operational efficiency.