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AAON Reports Record Sales & Backlog for the First Quarter of 2023
TULSA, Okla., May 4, 2023 /PRNewswire/ -- AAON, INC. (NASDAQ-AAON), a provider of premier, configurable HVAC solutions that bring long-term value to customers
About this update from Aaon, Inc.
[{"type":"text","content":"TULSA, Okla., May 4, 2023 /PRNewswire/ -- AAON, INC. (NASDAQ-AAON), a provider of premier, configurable HVAC solutions that bring long-term value to customers and owners, today announced its results for the first quarter of 2023.\n\n \n \n \n \n \n \n\n \nNet sales for the first quarter of 2023 increased 45.5% to a record $266.0 million from $182.8 million in the first quarter of 2022. Organic volume growth and product mix contributed approximately 23.5% to year over year growth. Volume growth reflects the increased production output resulting from the Company's success in attracting and retaining employees along with continuously adapting our production in order to manage parts shortages. Additionally, we continue to realize more pricing each month with pricing comprising 22.0% of growth. \nGross profit margin in the quarter increased to 29.0%, up 380 basis points from the comparable quarter in 2022. Price increases implemented over the last year combined with moderating cost inflation were the driving factors to the gross profit margin expansion.\nEarnings per diluted share in the first quarter of 2023 increased 103.0% to a record $0.67 from $0.33 in the first quarter of 2022. The increase in earnings was primarily due to robust volume growth and improved gross profit margin. As a percent of sales, SG&A expenses were 12.4%, down 20 basis points from the first quarter of 2022. Lastly, our stellar stock performance in the first quarter resulted in a large excess tax benefit of $3.8 million.\nFinancial Highlights:\nThree Months Ended March 31,\n%\n2023\n2022\nChange\n(in thousands, except share and per share data)\nGAAP Measures\nNet sales\n$ 265,953\n$ 182,771\n45.5 %\nGross profit\n77,154\n46,064\n67.5 %\nGross profit margin\n29.0 %\n25.2 %\nOperating income\n$ 44,206\n$ 23,010\n92.1 %\nOperating margin\n16.6 %\n12.6 %\nNet income\n36,814\n18,059\n103.9 %\nEarnings per diluted share\n$ 0.67\n$ 0.33\n103.0 %\nDiluted average shares\n55,240,638\n53,950,995\n2.4 %\nNon-GAAP Measures\nEBITDA1\n$ 54,594\n$ 30,107\n81.3 %\nEBITDA margin1\n20.5 %\n16.5 %\n1These are non-GAAP measures. See \"Use of Non-GAAP Financial Measures\" below for reconciliation to GAAP measures.\n \nBacklog\nMarch 31, 2023\nDecember 31, 2022\nMarch 31, 2022\n(in thousands)\n$ 599,912\n$ 548,022\n$ 461,400\n \nThe Company finished the first quarter of 2023 with ...