AAON Reports Higher Third Quarter Sales and Earnings
(firmenpresse) - TULSA, OK -- (Marketwire) -- 11/08/11 -- AAON, Inc. (NASDAQ: AAON) today announced its operating results for the third quarter and nine-month period ended September 30, 2011.
In the quarter, net sales increased 14% to $73.8 million from $64.9 million, and net income increased 9% to $5.6 million from $5.2 million in the third quarter of 2010. Earnings per diluted share were $0.23, up 10% from $0.21 for the same period a year ago, based upon 24.8 million and 25.0 million diluted shares outstanding for the three months ended September 30, 2011, compared to September 30, 2010, respectively. Net sales for the first nine months of 2011 increased 13% to $202.8 million from $178.7 million in 2010, and net income decreased 19% to $13.1 million from $16.1 million. Earnings per diluted share were $0.53, down 16% from $0.63, based upon 24.9 million and 25.5 million diluted shares outstanding for the nine months ended September 30, 2011, compared to September 30, 2010, respectively.
Norman H. Asbjornson, President and CEO, stated, "We are very proud to have increased net sales in the third quarter and for the year to date, in a severely contracted and very difficult market, by greatly increasing our market share; however, understandably this market, caused by poor economic conditions, has put substantial pressure on our margins, exacerbated by cost increases led by commodity prices."
Mr. Asbjornson then said, "We are also pleased to have achieved higher earnings in the third quarter, primarily by greatly reducing the negative impact of various manufacturing/facilities problems previously reported, aided by a price increase, despite an effective federal income tax rate increase from 29% to a normalized 35% due to lesser federal tax credits."
Mr. Asbjornson added that, "We have increased our investment in equipment and facilities in 2011 by 257% over the average of the preceding three years and continue to introduce new products, all of which have positioned AAON to benefit from future opportunities. Significantly, our increased market penetration has produced a 15% rise in our backlog from $47.2 million at September 30, 2010, to $54.1 million at September 30, 2011."
The Company will host a conference call today at 4:15 P.M. ET to discuss the third quarter results. To participate, call 877-737-1669 (Pass Code: VA46804).
Certain statements in this news release may be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933. Statements regarding future prospects and developments are based upon current expectations and involve certain risks and uncertainties that could cause actual results and developments to differ materially from the forward-looking statements.
*Reflects three-for-two stock split effective June 13, 2011.
* Reflects three-for-two stock split effective June 13, 2011.
*Includes cash payment in lieu of fractional shares resulting from three-for-two stock split effective June 13, 2011.
For Further Information:
Jerry R. Levine
Phone: (914) 244-0292
Fax: (914) 244-0295
Email:
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Datum: 08.11.2011 - 06:00 Uhr
Sprache: Deutsch
News-ID 1054396
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