AAON Reports Earnings & Backlog for the Third Quarter of 2020

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[{"type":"text","content":"TULSA, Okla., Nov. 05, 2020 (GLOBE NEWSWIRE) -- AAON, INC. (NASDAQ-AAON), today announced its results for the third quarter of 2020.\n Financial Highlights:Three Months Ended September 30, % Nine Months Ended September 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$134,772 $113,500 18.7 % $397,851 $346,759 14.7%Gross profit40,848 27,410 49.0 % 121,926 83,044 46.8%Gross profit %30.3% 24.1% 30.6% 23.9% Selling, general and admin. expenses$14,716 $12,374 18.9 % $45,869 $38,963 17.7%SG&A %10.9% 10.9% 11.5% 11.2% Net income20,460 14,290 43.2 % 60,117 36,438 65.0%Net income %15.2% 12.6% 15.1% 10.5% Effective Tax Rate21.8% 4.9% 21.1% 16.8% Earnings per diluted share$0.38 $0.26 46.2 % $1.14 $0.69 65.2%Diluted average shares53,151,295 52,722,127 0.8 % 52,955,049 52,624,583 0.6% September 30, December 31, % 2020 2019 Change (in thousands) Backlog$84,885 $142,747 (40.5)% Cash & cash equivalents & restricted cash78,601 44,373 77.1 % Total current liabilities61,506 56,028 9.8 % Gary Fields, CEO, said \"We are pleased to report that our net sales for the third quarter were an all-time record for any quarter in our Company’s history. I am especially proud we achieved these results despite a slow start to the quarter due to a planned maintenance shutdown at our Tulsa facilities during the beginning of July. In addition, the continued challenges presented by the COVID-19 pandemic resulted in higher medical expenses. Our third quarter results demonstrate the ongoing progress in our transition from entrepreneurial leadership to a collaborative team-based management approach and validate our Company’s capability to produce great results even through challenging times. It should also be noted that the record sales along with favorable raw material costs and improved productivity had a significant impact on our gross profit, which increased to 30.3% from 24.1% for the corresponding quarter a year ago.\" Mr. Fields continued, \"The outlook for 2021 continues to present a lot of uncertainty. The Architecture Billings Index has been down for several months, indicating a decline in construction, which may start to impact the new nonresidential construction market in late 2020. Although construction may decline, our equipment is uniquely positioned to address...

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