Business
AAON Reports Sales and Earnings for the Fourth Quarter and Year 2019
TULSA, Okla., Feb. 27, 2020 (GLOBE NEWSWIRE) -- AAON, INC. (NASDAQ-AAON), today announced its results for the fourth quarter and full year 2019. Financial
About this update from Aaon, Inc.
[{"type":"text","content":"TULSA, Okla., Feb. 27, 2020 (GLOBE NEWSWIRE) -- AAON, INC. (NASDAQ-AAON), today announced its results for the fourth quarter and full year 2019.\n Financial Highlights:Three Months Ended December 31, % Years Ended December 31, % 2019 2018 Change 2019 2018 Change (in thousands, except share and per share data) (in thousands, except share and per share data)Net sales$122,574 $112,340 9.1% $469,333 $433,947 8.2%Gross profit36,381 27,846 30.7% 119,425 103,533 15.3%Gross profit %29.7% 24.8% 25.4% 23.9% Selling, general and administrative expenses$13,114 $10,723 22.3% $52,077 $48,194 8.1%Net income17,273 12,964 33.2% 53,711 42,329 26.9%Earnings per diluted share:$0.33 $0.25 32.0% $1.02 $0.80 27.5%Diluted average shares52,701,202 52,420,529 0.5% 52,635,415 52,667,939 (0.1)% As of December 31, % 2019 2018 Change (in thousands) Backlog$142,747 $151,767 (5.9)% Cash & cash equivalents26,797 1,994 1,244% Gary Fields, President, said, “Our increase in net sales is attributable to our continuing investment in new manufacturing equipment that has allowed us to capitalize on our existing workforce as well as reorganize production resources at our Tulsa facilities. We are witnessing operational and financial improvements as a direct result. Combined with our 2018 sales price increases, the result has been record sales for the year of 2019, an increase of 8.2%, as compared to $433.9 million in 2018.” Mr. Fields, continued, “We are seeing improvements in our manufacturing capacity due to additional Salvagnini sheet metal fabrication machines coming online during mid-September 2019, evidenced by our results of a record gross profit in the fourth quarter of 2019. In addition to improvements in gross profit, we continue to reduce other costs as evidenced by the decrease in warranty claims paid for the year down 13.4% from 2018. With our high backlog containing the 2018 price increases combined with our continual improvements in operational capacity and efficiency, we expect to witness improvements in both our sales and earnings in 2020.” Norman H. Asbjornson, CEO, added, “With a 2020 capital expenditure budget of $73.2 million, the Company continues to make strategic investments to maintain future sustainable growth. These investments in both operations and innovation are being made while maintaining a strong financial condition evidenced by our curr...