Business
AAON REPORTS RECORD SALES & EARNINGS FOR THE SECOND QUARTER OF 2023
TULSA, Okla., Aug. 3, 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., Aug. 3, 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 second quarter of 2023. \n\n \n \n \n \n \n \n\n \nNet sales for the second quarter of 2023 increased 36.0% to a record $284.0 million from $208.8 million in the second quarter of 2022. Organic volume growth contributed approximately 16.0% to year over year growth. Volume growth reflects the efficiencies gained from developing our workforce and lessening impacts of supply chain disruption. Additionally, pricing comprised 20.0% of growth. \nGross profit margin in the quarter increased to 33.1%, up 1,040 basis points from the comparable quarter in 2022. The primary driver for the higher profit margin was better pricing along with moderating cost inflation. \nAs a percent of sales, SG&A expenses increased 90 basis points to 13.8%. The slight increase in SG&A expenses as a percent of sales is primarily due to our profit sharing expense that has increased due to our record earnings in the quarter. Earnings per diluted share for the three months ended June 30, 2023, was $0.82, an increase of 173.3% from the second quarter of 2022. The Company recognized a one-time income tax benefit of $3.1 million from the change in our valuation allowance during the current quarter that contributed to the increase to net income for the period. \nFinancial Highlights:\nThree Months Ended June 30,\n%\nSix Months Ended \n June 30,\n%\n2023\n2022\nChange\n2023\n2022\nChange\n(in thousands, except share and per share data)\n(in thousands, except share and per share data)\nGAAP Measures\nNet sales\n$ 283,957\n$ 208,814\n36.0 %\n$ 549,910\n$ 391,585\n40.4 %\nGross profit\n$ 94,018\n$ 47,376\n98.5 %\n$ 171,172\n$ 93,440\n83.2 %\nGross profit margin\n33.1 %\n22.7 %\n31.1 %\n23.9 %\nOperating income\n$ 54,740\n$ 20,453\n167.6 %\n$ 98,946\n$ 43,463\n127.7 %\nOperating margin\n19.3 %\n9.8 %\n18.0 %\n11.1 %\nNet income\n$ 45,682\n$ 15,946\n186.5 %\n$ 82,496\n$ 34,005\n142.6 %\nEarnings per diluted share\n$ 0.82\n$ 0.30\n173.3 %\n$ 1.48\n$ 0.63\n134.9 %\nDiluted average shares\n55,646,387\n53,661,876\n3.7 %\n55,652,332\n53,944,616\n3.2 %\nNon-GAAP Measures\nEBITDA1\n$ 65,865\n$ 29,897\n120.3 %\n$ 120,459\n$ 60,004\n100.8 %\nEBITDA margin1\n23.2 %\n14.3 %\n21....