Business
AAON Reports Earnings & Backlog for the Second Quarter of 2020
TULSA, Okla., Aug. 06, 2020 (GLOBE NEWSWIRE) -- TULSA, OK, August 6, 2020 - AAON, INC. (NASDAQ-AAON), today announced its results for the second quarter of
About this update from Aaon, Inc.
[{"type":"text","content":"TULSA, Okla., Aug. 06, 2020 (GLOBE NEWSWIRE) -- TULSA, OK, August 6, 2020 - AAON, INC. (NASDAQ-AAON), today announced its results for the second quarter of 2020.\n Financial Highlights:Three Months Ended June 30, % Six Months Ended June 30, % 2020 2019 Change 2020 2019 Change (in thousands, except share and per share data) (in thousands, except share and per share data)Net sales$125,596 $119,437 5.2% $263,079 $233,259 12.8%Gross profit38,131 30,204 26.2% 81,078 55,634 45.7%Gross profit %30.4% 25.3% 30.8% 23.9% Selling, general and admin. expenses$15,939 $12,912 23.4% $31,153 $26,589 17.2%SG&A %12.7% 10.8% 11.8% 11.4% Net income17,804 13,391 33.0% 39,657 22,148 79.1%Net income %14.2% 11.2% 15.1% 9.5% Earnings per diluted share$0.34 $0.25 36.0% $0.75 $0.42 78.6%Diluted average shares52,750,401 52,747,199 — % 52,885,491 52,589,845 0.6% June 30, December 31,% 2020 2019 Change (in thousands) Backlog$103,508 $142,747 (27.5)% Cash & cash equivalents & restricted cash70,845 44,373 59.7% Total current liabilities76,620 56,028 36.8% Gary Fields, CEO, said \"It has been a challenging quarter for us. As an essential business, we were able to maintain continuous operations during the quarter but our workforce was impacted by employee absences, most significantly in the latter part of June. These unexpected employee absences resulted in reduced shipments and longer lead times. Our dedicated team members worked hard to overcome the challenges as demonstrated by our positive results reflected above. Our improved efficiency, fiscal responsibility and declining raw material costs helped us improve our gross profit and bottom line.\" Mr. Fields continued, \"Thankfully, most of our workforce affected by COVID-19 has recovered and returned to work, resulting in significant improvement in our employee absenteeism levels in the first part of July. We continuously work to keep our workforce safe and healthy. We have implemented several safety procedures concerning COVID-19 including mandatory use of masks, daily temperature scanning and health screens of all employees and visitors at our facilities.\" Mr. Fields added \"Our financial condition remains strong as evidenced by our current ratio of 2.9:1 at June 30, 2020. We had unrestricted cash and cash equivalents of $61.3 million as of June 30, 2020, which, along with improved free cash flow, enabled u...