Thu, Feb 27, 12:07 PM (59 days ago)
**AAON, Inc. (AAON) Summary for Year Ended December 31, 2024** AAON, Inc. reported net sales of $1,200.6 million, a 2.7% increase from 2023, driven by a significant rise in BASX branded products, which grew by 35.1%. However, sales from AAON branded products declined by 2.6%. Gross profit decreased to $397.1 million, with a gross margin of 33.1%. Operating income fell to $209.1 million, reflecting increased costs in production and labor. Net income was $168.6 million, with earnings per share at $2.02. The company maintained a strong financial condition with a leverage ratio of 0.57 and $123.2 million available under its revolving credit facility. Capital expenditures rose to $213.2 million, indicating ongoing investment in growth. The backlog reached $867.1 million, up 70% year-over-year, reflecting strong demand for data center cooling solutions. Key risks include reliance on major customers and supply chain disruptions. The company is well-positioned in the HVAC market, focusing on high-performance and energy-efficient solutions. Future outlook remains cautious, considering potential economic downturns affecting construction markets.