Business
AAON Reports Record Sales, Earnings & Backlog for the Third Quarter of 2022
TULSA, Okla., Nov. 07, 2022 (GLOBE NEWSWIRE) -- 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., Nov. 07, 2022 (GLOBE NEWSWIRE) -- 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 third quarter of 2022. Net sales for the third quarter of 2022 increased 75.1% to a record $242.6 million from $138.6 million in the third quarter of 2021. Organic volume growth and product mix contributed approximately 26.9% to year over year growth. Volume growth reflected the Company's strong backlog and a third straight quarter of record production. In addition to volume, pricing contributed 24.4% of growth and the acquisition of BasX contributed 23.8% of growth. Similar to the legacy business, BasX performed extremely well in the quarter. BasX realized record sales and EBITDA, while increasing its backlog 33.8% compared to the end of the second quarter of 2022. Gross profit margin in the quarter increased to 27.0%, the highest level since the second quarter of 2021. Higher pricing and improved productivity offset increased costs and the adverse effects of supply chain issues. Similar to the trend realized within the second quarter of 2022, gross profit margin improved sequentially throughout the third quarter. Earnings per diluted share in the third quarter of 2022 increased 75.9% to a record $0.51 from $0.29 in the third quarter of 2021. The increase in earnings was primarily due to robust volume growth and improved gross profit margin. Furthermore, as a percent of sales, SG&A expenses, excluding BasX, were down 80 basis points from a year ago to 10.7%, the lowest level of any quarter in over two years. Financial Highlights:Three Months Ended September 30, % Nine Months Ended September 30, % 2022 2021 Change 2022 2021 Change (in thousands, except share and per share data) (in thousands, except share and per share data)GAAP Measures Net sales$242,605 $138,571 75.1% $634,190 $398,235 59.3%Gross profit 65,591 36,019 82.1% $159,031 $111,283 42.9%Gross profit margin 27.0% 26.0% 25.1% 27.9% Operating income$36,700 $20,137 82.3% $80,163 $63,810 25.6%Operating margin 15.1% 14.5% 12.6% 16.0% Net income 27,473 15,581 76.3% $61,478 $52,572 16.9%Earnings per diluted share$0.51 $0.29 75.9% $1.14 $0.98 16.3%Diluted average shares 53,958,715 53,546,513 0.8% 53,921,865 53,664,997 0.5% Non-GAAP Measures EBITDA1$46,078 $27,726 66.2...