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AAON REPORTS RECORD SALES, EARNINGS & BACKLOG FOR THE SECOND QUARTER OF 2024
TULSA, Okla., Aug. 1, 2024 /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., Aug. 1, 2024 /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 second quarter of 2024.\n\n \n \n \n \n \n \n\n \nNet sales for the second quarter of 2024 increased 10.4% to a record $313.6 million from $284.0 million in the second quarter of 2023. The year-over-year increase was largely driven by the BASX segment, which recognized an increase in sales of 58.3%, a majority of which was spurred by sales of data center equipment. Sales at the AAON Oklahoma and AAON Coil Products segments grew year-over-year 3.4% and 4.3%, respectively. \nGross profit margin in the quarter expanded to 36.1%, up from 33.1% in the comparable quarter in 2023. Gross margin expansion was a result of greater operational efficiencies at the AAON Oklahoma and AAON Coil Products segments as well as lower material costs across the organization. \nEarnings per diluted share for the three months ended June 30, 2024, were a record $0.62, up 12.7% from the second quarter of 2023. \nFinancial Highlights:\nThree Months Ended June 30,\n%\nSix Months Ended June 30,\n%\n2024\n2023\nChange\n2024\n2023\nChange\n(in thousands, except share and per share data)\n(in thousands, except share and per share data)\nGAAP Measures\nNet sales\n$ 313,566\n$ 283,957\n10.4 %\n$ 575,665\n$ 549,910\n4.7 %\nGross profit\n$ 113,094\n$ 94,018\n20.3 %\n$ 205,336\n$ 171,172\n20.0 %\nGross profit margin\n36.1 %\n33.1 %\n35.7 %\n31.1 %\nOperating income\n$ 67,199\n$ 54,740\n22.8 %\n$ 114,169\n$ 98,946\n15.4 %\nOperating margin\n21.4 %\n19.3 %\n19.8 %\n18.0 %\nNet income\n$ 52,228\n$ 45,682\n14.3 %\n$ 91,244\n$ 82,496\n10.6 %\nEarnings per diluted share1\n$ 0.62\n$ 0.55\n12.7 %\n$ 1.09\n$ 0.99\n10.1 %\nDiluted average shares1\n83,786,222\n83,469,581\n0.4 %\n83,527,717\n83,478,498\n0.1 %\n1 Reflects three-for-two stock split effective August 16, 2023.\nNon-GAAP Measure\nEBITDA2\n$ 81,860\n$ 65,865\n24.3 %\n$ 142,344\n$ 120,459\n18.2 %\n2 This is a non-GAAP measure. See \"Use of Non-GAAP Financial Measures\" below for reconciliation to GAAP measure.\n \nBacklog\nJune 30, 2024\nDecember 31, 2023\nJune 30, 2023\n(in thousands)\n$ 650,005\n$ 510,028\n$ 526,209\n \nAt June 30, 2024, we had a record backlog of $650.0 million, up sequentially for a third stra...