Business
AAON REPORTS RECORD SALES, EARNINGS & BACKLOG FOR THE FOURTH QUARTER OF 2022
TULSA, Okla., Feb. 27, 2023 /PRNewswire/ -- AAON, INC. (NASDAQ-AAON), a provider of premier, configurable HVAC solutions that bring long-term value to
About this update from Aaon, Inc.
[{"type":"text","content":"TULSA, Okla., Feb. 27, 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 fourth quarter of 2022.\n\n \n \n \n \n \n \n\n \nNet sales for the fourth quarter of 2022 increased 86.8% to a record $254.6 million from $136.3 million in the fourth quarter of 2021. Organic volume growth and product mix contributed approximately 41.0% to year-over-year growth. Volume growth reflected the Company's strong backlog and a fourth straight quarter of record production. In addition to volume, pricing contributed 26.7% of growth and inorganic growth contributed 19.1%. \nGross profit for the quarter increased 195.9% to $78.5 million, or 30.8% of sales compared to the same period a year ago. While 2021 was negatively impacted by supply chain, constrained production, inefficiencies and unabsorbed fixed costs, the fourth quarter of 2022 benefited from multiple prices increases initiated throughout the year, reduced impacts from supply chain and significant production efficiency improvements over all of the plant floors. The Company continues to successfully demonstrate our ability to adapt quickly and maximize production even with the ongoing challenges of parts shortages.\nEarnings per diluted share in the fourth quarter of 2022 increased 545.5% to $0.71 from $0.11 in the fourth quarter of 2021. As noted above, the increase in earnings was the result of volume growth, improved gross profit margin and a full year of BASX operations. The year-over-year increase was also attributable to abnormally low gross margin in the fourth quarter of 2021 as well as the $4.4 million of acquisition-related transaction fees from the closing of the BASX acquisition in December 2021. \nFinancial Highlights:\nThree Months Ended December 31,\n%\nYears Ending \n December 31,\n%\n2022\n2021\nChange\n2022\n2021\nChange\n(in thousands, except share and per share data)\n(in thousands, except share and per share data)\nGAAP Measures\nNet sales\n$ 254,598\n$ 136,282\n86.8 %\n$ 888,788\n$ 534,517\n66.3 %\nGross profit\n$ 78,541\n26,547\n195.9 %\n237,572\n137,830\n72.4 %\nGross profit margin\n30.8 %\n19.5 %\n26.7 %\n25.8 %\nOperating income\n$ 46,598\n5,443\n756.1 %\n126,761\n69,253\n83.0 %\nOperating margin\n18.3 %\n4.0 %\n14.3 %\n13.0 %\nNet ...