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    AAON REPORTS RECORD SALES & EARNINGS FOR THE THIRD QUARTER OF 2024

    11/7/24 4:01:00 PM ET
    $AAON
    Industrial Machinery/Components
    Industrials
    Get the next $AAON alert in real time by email

    TULSA, Okla., Nov. 7, 2024 /PRNewswire/ -- AAON, INC. (NASDAQ:AAON), a leader in high-performing, energy-efficient HVAC solutions that bring long-term value to customers and owners, today announced its results for the third quarter of 2024.

    AAON, Inc. Logo (PRNewsfoto/AAON)

    Net sales for the third quarter of 2024 increased 4.9% to a record $327.3 million from $312.0 million in the third quarter of 2023. The year-over-year increase was largely driven by the BASX and AAON Coil Products segments, which realized growth of 58.8% and 36.7%, respectively.  Sales at the AAON Oklahoma segment declined year-over-year 7.1%. 

    Gross profit margin in the quarter was 34.9%, down from 37.2% in the comparable quarter in 2023.  The contraction in gross margin was a result of lower volumes at the AAON Oklahoma segment and temporary inefficiencies at BASX, partially offset by strong results at the AAON Coil Products segment which benefited from a favorable product mix and an increase in volumes.  

    SG&A expenses for the quarter ended September 30, 2024, continue to have elevated depreciation costs from the additional investments in technology we've made, offset by a decrease in professional fees due to the absence of the one-time $7.5 million settlement that occurred in the same period of 2023.  Earnings per diluted share for the three months ended September 30, 2024, were $0.63, approximately flat from the adjusted earnings per diluted share in the third quarter of 2023. 

    Financial Highlights:

    Three Months Ended 

     September 30,



    %



    Nine Months Ended 

     September 30,



    %



    2024



    2023



    Change



    2024



    2023



    Change



    (in thousands, except share and per share data)



    (in thousands, except share and per share data)

    GAAP Measures























    Net sales

    $    327,252



    $    311,970



    4.9 %



    $    902,917



    $    861,880



    4.8 %

    Gross profit

    $    114,158



    $    116,109



    (1.7) %



    $    319,494



    $    287,281



    11.2 %

    Gross profit margin

    34.9 %



    37.2 %







    35.4 %



    33.3 %





    Operating income

    $      65,520



    $      64,664



    1.3 %



    $    179,689



    $    163,610



    9.8 %

    Operating margin

    20.0 %



    20.7 %







    19.9 %



    19.0 %





    Net income

    $      52,625



    $      48,078



    9.5 %



    $    143,869



    $    130,574



    10.2 %

    Earnings per diluted share

    $           0.63



    $           0.58



    8.6 %



    $           1.72



    $           1.57



    9.6 %

    Diluted average shares

    83,107,077



    83,393,054



    (0.3) %



    83,579,989



    83,275,208



    0.4 %















    Non-GAAP Measures























    Non-GAAP adjusted net income1

    $      52,625



    $      53,188



    (1.1) %



    $    143,869



    $    136,082



    5.7 %

    Non-GAAP adjusted earnings per diluted share1

    $           0.63



    $           0.64



    (1.6) %



    $           1.72



    $           1.63



    5.5 %

    Adjusted EBITDA1

    $      82,863



    $      83,710



    (1.0) %



    $    225,207



    $    204,169



    10.3 %

    Adjusted EBITDA margin1

    25.3 %



    26.8 %







    24.9 %



    23.7 %





    1 This is a non-GAAP measure. See "Use of Non-GAAP Financial Measures" below for reconciliation to GAAP measure.

    Backlog

    September 30, 2024



    June 30, 2024



    September 30, 2023

    (in thousands)

    $                      647,694



    $                      650,005



    $                      490,591

    At September 30, 2024, we had a backlog of $647.7 million, approximately flat with the backlog at the end of the second quarter.  Compared to a year ago, backlog was up 32.0% from $490.6 million, driven by the BASX and AAON Coil Products segments.  At the end of the quarter, a majority of total backlog consisted of orders of data center equipment that will be produced and delivered in 2025.

    Gary Fields, CEO, stated, "The third quarter marked another quarter of strong results.  Net sales for the quarter were a Company record, driven by robust growth at the BASX and AAON Coil Products segments.  Demand at these two segments was largely spurred by the data center market as we continue to opportunistically leverage this high-growth market with our highly-engineered solutions-based product offerings.  At the AAON Oklahoma segment, sales and profitability were in line with our expectations.  Operationally, this segment continued to perform at a high level.  The BASX segment still has some room for margin improvement, which we expect will occur over the next six months as disruptions related to the capacity expansion project, including outsourcing of parts manufacturing, dissipates and its shop reaches optimal efficiency.  Overall, we were pleased with the third quarter results."

    Mr. Fields continued, "Bookings in the third quarter performed well, partially fueled by an increase in demand of traditional packaged rooftop units configured with the soon-to-be outdated R-410A refrigerant.  While we also began realizing a pick-up in rooftop units configured with the new R-454B refrigerant, we anticipate a softening in overall rooftop demand in the near-term mainly due to the slower economic backdrop.  At the same time, demand for data center equipment remained strong, a trend we expect will continue."

    Mr. Fields proceeded, "Subsequent to the end of the quarter, in October, we received approximately $174.5 million of orders that we expect will mostly be produced and shipped in the first half of 2025.  These orders are associated with a liquid cooling solution for one data center customer and will be produced at our Longview, Texas location.  This year, we have spoken at length about a large pipeline of opportunity in the data center space.  These orders represent a fraction of that pipeline.  The expansion project at the Texas location is on schedule to be complete by the end of this year with production to commence in early 2025.  In addition, we recently entered into a definitive agreement to purchase a new 787,000 square foot facility in Memphis, Tennessee, which will accommodate incremental demand from the data center market over the next several years, at the same time providing more geographic diversification across our manufacturing footprint."

    Mr. Fields concluded, "At this point in time, AAON is positioned for growth to accelerate in a transformative way over the next 12 months.  As such, it is a very exciting time at the Company.  However, we are managing the Company in a way to achieve sustainable growth over a much longer period.  As demand for higher quality HVAC equipment and solutions increases, AAON is becoming increasingly more competitive.  Furthermore, the vast build-out of data center capacity in North America is a massive opportunity for the Company.  With our superior innovation and engineering, highly productive operations and world class sales channel, along with an enhanced group of leadership and enterprise resources, AAON is well positioned to take advantage of these opportunities and achieve our long-term growth and sustainability goals."        

    As of September 30, 2024, the Company had cash, cash equivalents and restricted cash of $6.7 million and a balance on its revolving credit facility of $55.7 million.  Rebecca Thompson, CFO and Treasurer, commented, "During the quarter, we paid down $30.2 million on the revolving credit facility, reducing our leverage ratio to 0.19x.  Capital expenditures in the quarter totaled $38.4 million, bringing our year-to-date investments to $113.7 million.  Within the quarter we completed the expansion project at BASX, and we are on schedule to complete the expansion project at ACP by year-end.  Looking ahead, with a strong balance sheet and many compelling growth opportunities, we will continue to reinvest our operating cash flows into additional production capacity, product innovation and infrastructure to help sustain long-term growth." 

    Conference Call

    The Company will host a conference call and webcast today at 5:15 P.M. EDT to discuss the third quarter 2024 results and outlook. The conference call will be accessible via dial-in for those who wish to participate in Q&A as well as a listen-only webcast.  The dial-in is accessible at 1-800-836-8184.  To access the listen-only webcast, please register at https://app.webinar.net/3dOzZ17jPB6. On the next business day following the call, a replay of the call will be available on the Company's website at https://investors.aaon.com.

    About AAON

    Founded in 1988, AAON is a global leader in HVAC solutions for commercial and industrial indoor environments. The Company's industry-leading approach to designing and manufacturing highly configurable equipment to meet exact needs creates a premier ownership experience with greater efficiency, performance and long-term value. AAON is headquartered in Tulsa, Oklahoma, where its world-class innovation center and testing lab allows AAON engineers to continuously push boundaries and advance the industry. For more information, please visit www.AAON.com.

    Forward-Looking Statements

    This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimates", "should", "will", and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligations to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Important factors that could cause results to differ materially from those in the forward-looking statements include (1) the timing and extent of changes in raw material and component prices, (2) the effects of fluctuations in the commercial/industrial new construction market, (3) the timing and extent of changes in interest rates, as well as other competitive factors during the year, and (4) general economic, market or business conditions.

    Contact Information

    Joseph Mondillo

    Director of Investor Relations

    Phone: (617) 877-6346

    Email: [email protected]

    AAON, Inc. and Subsidiaries

    Consolidated Statements of Income

    (Unaudited)



















    Three Months Ended 

     September 30,



    Nine Months Ended 

     September 30,



    2024



    2023



    2024



    2023



    (in thousands, except share and per share data)

    Net sales

    $                 327,252



    $                 311,970



    $            902,917



    $            861,880

    Cost of sales

    213,094



    195,861



    583,423



    574,599

    Gross profit

    114,158



    116,109



    319,494



    287,281

    Selling, general and administrative expenses

    48,637



    51,470



    139,820



    123,684

    Loss (gain) on disposal of assets

    1



    (25)



    (15)



    (13)

    Income from operations

    65,520



    64,664



    179,689



    163,610

    Interest expense, net

    (1,091)



    (1,266)



    (1,697)



    (3,959)

    Other income, net

    81



    93



    333



    370

    Income before taxes

    64,510



    63,491



    178,325



    160,021

    Income tax provision

    11,885



    15,413



    34,456



    29,447

    Net income

    $                   52,625



    $                   48,078



    $            143,869



    $            130,574

    Earnings per share:















    Basic

    $                       0.65



    $                       0.59



    $                  1.77



    $                  1.61

    Diluted

    $                       0.63



    $                       0.58



    $                  1.72



    $                  1.57

    Cash dividends declared per common share:

    $                       0.08



    $                       0.08



    $                  0.24



    $                  0.24

    Weighted average shares outstanding:















    Basic

    81,089,476



    81,418,800



    81,448,413



    81,140,473

    Diluted

    83,107,077



    83,393,054



    83,579,989



    83,275,208

     

    AAON, Inc. and Subsidiaries

    Consolidated Balance Sheets

    (Unaudited)



    September 30, 2024



    December 31, 2023

    Assets

    (in thousands, except share and per share data)

    Current assets:







    Cash and cash equivalents

    $                             15



    $                             287

    Restricted cash

    6,650



    8,736

    Accounts receivable, net

    143,806



    138,108

    Income tax receivable

    1,125



    —

    Inventories, net

    177,731



    213,532

    Contract assets

    95,120



    45,194

    Prepaid expenses and other

    3,389



    3,097

    Total current assets

    427,836



    408,954









    Property, plant and equipment, net

    427,652



    369,947

    Intangible assets, net and goodwill

    158,838



    149,945

    Right of use assets

    15,505



    11,774

    Other long-term assets

    794



    816

    Total assets

    $                1,030,625



    $                     941,436









    Liabilities and Stockholders' Equity







    Current liabilities:







    Accounts payable

    $                      27,199



    $                        27,484

    Accrued liabilities

    96,243



    85,508

    Contract liabilities

    16,391



    13,757

    Total current liabilities

    139,833



    126,749









    Revolving credit facility, long-term

    55,677



    38,328

    Deferred tax liabilities

    1,658



    12,134

    Other long-term liabilities

    20,527



    16,807

    New market tax credit obligation

    16,074



    12,194

    Commitments and contingencies







    Stockholders' equity:







    Preferred stock, $.001 par value, 5,000,000 shares authorized, no shares issued

    —



    —

    Common stock, $.004 par value, 200,000,000 shares authorized, 81,246,902 and

    81,508,381 issued and outstanding at September 30, 2024 and December 31, 2023,

    respectively

    325



    326

    Additional paid-in capital

    59,398



    122,063

    Retained earnings

    737,133



    612,835

    Total stockholders' equity

    796,856



    735,224

    Total liabilities and stockholders' equity

    $                1,030,625



    $                     941,436

     

    AAON, Inc. and Subsidiaries

    Consolidated Statements of Cash Flows

    (Unaudited)



    Nine Months Ended 

     September 30,



    2024



    2023

    Operating Activities

    (in thousands)

    Net income

    $                 143,869



    $                 130,574

    Adjustments to reconcile net income to net cash provided by operating activities:







    Depreciation and amortization

    45,185



    33,439

    Amortization of debt issuance costs

    111



    57

    Amortization of right of use assets

    133



    166

    Provision for (recoveries of) credit losses on accounts receivable, net of adjustments

    815



    (92)

    Provision for excess and obsolete inventories, net of write-offs

    1,848



    2,979

    Share-based compensation

    12,814



    12,102

    Gain on disposition of assets

    (15)



    (13)

    Foreign currency transaction loss

    10



    —

    Interest income on note receivable

    (14)



    (15)

    Deferred income taxes

    (4,112)



    (3,917)

    Changes in assets and liabilities:







    Accounts receivable

    (6,513)



    (32,040)

    Income taxes

    (2,295)



    (12,472)

    Inventories

    33,953



    (18,547)

    Contract assets

    (49,926)



    (10,155)

    Prepaid expenses and other long-term assets

    (304)



    (896)

    Accounts payable

    1,733



    (15,631)

    Contract liabilities

    2,634



    (1,848)

    Extended warranties

    1,249



    2,049

    Accrued liabilities and other long-term liabilities

    10,512



    21,405

    Net cash provided by operating activities

    191,687



    107,145

    Investing Activities







    Capital expenditures

    (99,371)



    (82,900)

    Proceeds from sale of property, plant and equipment

    21



    129

    Software development expenditures

    (14,436)



    —

    Principal payments from note receivable

    38



    39

    Net cash used in investing activities

    (113,748)



    (82,732)

    Financing Activities







    Proceeds from financing obligation, net of issuance costs

    4,186



    6,061

    Payment related to financing costs

    (417)



    (398)

    Borrowings under revolving credit facility

    410,503



    444,072

    Payments under revolving credit facility

    (393,154)



    (436,656)

    Stock options exercised

    25,645



    25,251

    Repurchase of stock

    (100,034)



    (25,009)

    Employee taxes paid by withholding shares

    (7,455)



    (1,202)

    Cash dividends paid to stockholders

    (19,571)



    (19,946)

    Net cash used in financing activities

    (80,297)



    (7,827)

    Net (decrease) increase in cash, cash equivalents and restricted cash

    (2,358)



    16,586

    Cash, cash equivalents and restricted cash, beginning of period

    9,023



    5,949

    Cash, cash equivalents and restricted cash, end of period

    $                     6,665



    $                   22,535

    Use of Non-GAAP Financial Measures

    To supplement the Company's consolidated financial statements presented in accordance with generally accepted accounting principles ("GAAP"), additional non-GAAP financial measures are provided and reconciled in the following tables. The Company believes that these non-GAAP financial measures, when considered together with the GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results. The Company believes that this non-GAAP financial measure enhances the ability of investors to analyze the Company's business trends and operating performance as they are used by management to better understand operating performance. Since EBITDA and EBITDA margin are non-GAAP measures and are susceptible to varying calculations, EBITDA and EBITDA margin, as presented, may not be directly comparable with other similarly titled measures used by other companies.

    Non-GAAP Adjusted Net Income

    The Company defines non-GAAP adjusted net income as net income adjusted for any one-time events, such as litigation settlements, net of profit sharing and tax effect, in the periods presented.

    The following table provides a reconciliation of net income (GAAP) to non-GAAP adjusted net income for the periods indicated:



    Three Months Ended 

     September 30,



    Nine Months Ended 

     September 30,



    2024



    2023



    2024



    2023



    (in thousands)

    Net income, a GAAP measure

    $                   52,625



    $                   48,078



    $          143,869



    $          130,574

    Litigation settlement

    —



    7,500



    —



    7,500

    Profit sharing effect

    —



    (750)



    —



    (750)

    Tax effect

    —



    (1,640)



    —



    (1,242)

    Non-GAAP adjusted net income

    $                   52,625



    $                   53,188



    $          143,869



    $          136,082

    Non-GAAP adjusted earnings per diluted share

    $                       0.63



    $                       0.64



    $                1.72



    $                1.63

     

    EBITDA

    EBITDA (as defined below) is presented herein and reconciled from the GAAP measure of net income because of its wide acceptance by the investment community as a financial indicator of a company's ability to internally fund operations. The Company defines EBITDA as net income, plus (1) depreciation and amortization, (2) interest expense (income), net and (3) income tax expense. EBITDA is not a measure of net income or cash flows as determined by GAAP. EBITDA margin is defined as EBITDA as a percentage of net sales.

    The Company's EBITDA measure provides additional information which may be used to better understand the Company's operations. EBITDA is one of several metrics that the Company uses as a supplemental financial measurement in the evaluation of its business and should not be considered as an alternative to, or more meaningful than, net income, as an indicator of operating performance. Certain items excluded from EBITDA are significant components in understanding and assessing a company's financial performance. EBITDA, as used by the Company, may not be comparable to similarly titled measures reported by other companies. The Company believes that EBITDA is a widely followed measure of operating performance and is one of many metrics used by the Company's management team and by other users of the Company's consolidated financial statements.

    Adjusted EBITDA is calculated as EBITDA adjusted by items in non-GAAP adjusted net income, above, except for taxes, as taxes are already excluded from EBITDA.

    The following table provides a reconciliation of net income (GAAP) to EBITDA (non-GAAP) and Adjusted EBITDA (non-GAAP) for the periods indicated:



    Three Months Ended 

     September 30,



    Nine Months Ended 

     September 30,



    2024



    2023



    2024



    2023



    (in thousands)

    Net income, a GAAP measure

    $               52,625



    $               48,078



    $       143,869



    $       130,574

    Depreciation and amortization

    17,262



    12,203



    45,185



    33,439

    Interest expense, net

    1,091



    1,266



    1,697



    3,959

    Income tax expense

    11,885



    15,413



    34,456



    29,447

    EBITDA, a non-GAAP measure

    $               82,863



    $               76,960



    $       225,207



    $       197,419

    Litigation settlement

    —



    7,500



    —



    7,500

    Profit sharing effect1

    —



    (750)



    —



    (750)

    Adjusted EBITDA, a non-GAAP measure

    $               82,863



    $               83,710



    $       225,207



    $       204,169

    Adjusted EBITDA margin

    25.3 %



    26.8 %



    24.9 %



    23.7 %

    1Profit sharing effect of litigation settlement in the respective period.

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/aaon-reports-record-sales--earnings-for-the-third-quarter-of-2024-302299258.html

    SOURCE AAON

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      Industrial Machinery/Components
      Industrials
    • AAON upgraded by Robert W. Baird with a new price target

      Robert W. Baird upgraded AAON from Neutral to Outperform and set a new price target of $130.00 from $114.00 previously

      10/28/24 7:28:00 AM ET
      $AAON
      Industrial Machinery/Components
      Industrials
    • AAON downgraded by Sidoti with a new price target

      Sidoti downgraded AAON from Buy to Neutral and set a new price target of $111.00 from $102.00 previously

      10/22/24 8:22:08 AM ET
      $AAON
      Industrial Machinery/Components
      Industrials

    $AAON
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

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    $AAON
    SEC Filings

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    $AAON
    Large Ownership Changes

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    • Amendment: CEO Fields Gary D exercised 12,912 shares at a strike of $29.48 and sold $7,235,304 worth of shares (74,412 units at $97.23), decreasing direct ownership by 70% to 26,491 units (SEC Form 4)

      4/A - AAON, INC. (0000824142) (Issuer)

      5/8/25 3:26:47 PM ET
      $AAON
      Industrial Machinery/Components
      Industrials
    • CEO Fields Gary D exercised 12,912 shares at a strike of $29.48 and sold $7,235,304 worth of shares (74,412 units at $97.23), decreasing direct ownership by 70% to 26,491 units (SEC Form 4)

      4 - AAON, INC. (0000824142) (Issuer)

      5/8/25 3:05:15 PM ET
      $AAON
      Industrial Machinery/Components
      Industrials
    • Director Asbjornson Norman H gifted 135,659 shares (SEC Form 4)

      4 - AAON, INC. (0000824142) (Issuer)

      5/7/25 1:53:03 PM ET
      $AAON
      Industrial Machinery/Components
      Industrials
    • AAON Inc. filed SEC Form 8-K: Results of Operations and Financial Condition, Regulation FD Disclosure, Financial Statements and Exhibits

      8-K - AAON, INC. (0000824142) (Filer)

      5/1/25 7:10:20 AM ET
      $AAON
      Industrial Machinery/Components
      Industrials
    • SEC Form 10-Q filed by AAON Inc.

      10-Q - AAON, INC. (0000824142) (Filer)

      5/1/25 7:03:23 AM ET
      $AAON
      Industrial Machinery/Components
      Industrials
    • SEC Form DEF 14A filed by AAON Inc.

      DEF 14A - AAON, INC. (0000824142) (Filer)

      4/2/25 3:06:06 PM ET
      $AAON
      Industrial Machinery/Components
      Industrials
    • Amendment: SEC Form SC 13G/A filed by AAON Inc.

      SC 13G/A - AAON, INC. (0000824142) (Subject)

      11/13/24 4:05:23 PM ET
      $AAON
      Industrial Machinery/Components
      Industrials
    • Amendment: SEC Form SC 13G/A filed by AAON Inc.

      SC 13G/A - AAON, INC. (0000824142) (Subject)

      11/12/24 12:13:23 PM ET
      $AAON
      Industrial Machinery/Components
      Industrials
    • SEC Form SC 13G filed by AAON Inc.

      SC 13G - AAON, INC. (0000824142) (Subject)

      11/4/24 10:57:18 AM ET
      $AAON
      Industrial Machinery/Components
      Industrials

    $AAON
    Financials

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    • AAON Reports Sales & Earnings for the First Quarter of 2025

      TULSA, Okla., April 30, 2025 /PRNewswire/ -- AAON, INC. (NASDAQ-AAON), a leader in high-performing, energy-efficient HVAC solutions that bring long-term value to customers and owners, today announced its results for the first quarter of 2025. Gary Fields, CEO, stated, "We had a strong first quarter. Net sales, gross margin and earnings all experienced quarter-over-quarter improvement. Production of BASX-branded equipment made solid progress as we accelerated backlog conversion, utilizing all four of our major locations, including our new facility in Memphis. The resulting net

      4/30/25 9:14:00 PM ET
      $AAON
      Industrial Machinery/Components
      Industrials
    • AAON Announces First Quarter 2025 Conference Call And Webcast

      TULSA, Okla., April 22, 2025 /PRNewswire/ -- AAON, Inc. (NASDAQ:  AAON) ("AAON" or the "Company"), a leader in high-performing, energy-efficient HVAC solutions that brings long-term value to customers and owners, announces that it has scheduled its quarterly conference call and webcast for Thursday, May 1, 2025, at 9:00 a.m. EDT to discuss first quarter 2025 financial results.  The results will be released earlier that morning. The conference call will be accessible via dial-in for those who wish to participate in Q&A as well as a listen-only webcast.  The dial-in is accessibl

      4/22/25 7:00:00 AM ET
      $AAON
      Industrial Machinery/Components
      Industrials
    • AAON Increases Quarterly Cash Dividend

      TULSA, Okla., March 5, 2025 /PRNewswire/ -- AAON, Inc. (NASDAQ:  AAON) ("AAON" or the "Company"), today announced that its Board of Directors has declared the Company's next regular quarterly cash dividend of $0.10 per share (or $0.40 annually), an increase of 25%. The next cash dividend will be payable on March 28, 2025, to stockholders of record as of the close of business on March 18, 2025. About AAON, Inc.Founded in 1988, AAON is a leader in HVAC solutions for commercial and industrial indoor environments. The company's industry-leading approach to designing and manufactur

      3/5/25 9:00:00 AM ET
      $AAON
      Industrial Machinery/Components
      Industrials

    $AAON
    Leadership Updates

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    • AAON Appoints Matt J. Tobolski as New Chief Executive Officer

      Matt J. Tobolski to succeed Gary D. Fields; Fields to become special advisor to the Board. TULSA, Okla., Feb. 20, 2025 /PRNewswire/ -- AAON, Inc. (NASDAQ:AAON) ("AAON" or the "Company"), a leading provider of high-performance, energy-efficient HVAC solutions, today announced that its Board of Directors has appointed Matt J. Tobolski, PhD, as Chief Executive Officer effective as of the Company's Annual Shareholders' meeting on May 13, 2025. Dr. Tobolski will succeed Gary Fields, who will remain a member of the Board of Directors and serve as a special advisor to the Board to help ensure a smooth transition. Dr. Tobolski, currently serving as president and C

      2/20/25 7:00:00 AM ET
      $AAON
      Industrial Machinery/Components
      Industrials
    • AAON Announces Executive Leadership Alignment Centered Around Leading Business Units

      TULSA, Okla., Nov. 22, 2024 /PRNewswire/ -- AAON, Inc. (NASDAQ:AAON) ("AAON" or the "Company"), is pleased to announce new alignment in its executive leadership structure as future opportunities emerge with the Company's leading market brands, AAON and BASX. This new leadership structure will enable teams to better support the Company's strategic growth, streamline processes, accelerate project delivery, and drive toward long-term stability.  "New opportunities are emerging as we significantly expand our production capacity and diversify our geographic footprint with the most

      11/22/24 1:30:00 PM ET
      $AAON
      Industrial Machinery/Components
      Industrials
    • Vistra Set to Join S&P 500; Aaon to Join S&P MidCap 400; Marathon Digital Holdings to Join S&P SmallCap 600

      NEW YORK, May 3, 2024 /PRNewswire/ -- S&P MidCap 400 constituent Vistra Corp. (NYSE: VST) will replace Pioneer Natural Resources Co. (NYSE:PXD) in the S&P 500, S&P SmallCap 600 constituent Aaon Inc. (NASD: AAON) will replace Vistra in the S&P MidCap 400, and Marathon Digital Holdings Inc. (NASD: MARA) will replace Aaon in the S&P SmallCap 600 effective prior to the opening of trading on Wednesday, May 8. S&P 500 and S&P 100 constituent Exxon Mobil Corp. (NYSE:XOM) acquired Pioneer Natural Resources in a deal that closed today, Friday May 3. Following is a summary of the changes that will take place prior to the open of trading on the effective date: Effective Date Index Name       Action C

      5/3/24 7:05:00 PM ET
      $AAON
      $MARA
      $PXD
      $SPGI
      Industrial Machinery/Components
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