AAON Q1 2023 Sales Up 19%, Net Income Up 28%, Well-Positioned For Long-Term Growth
$AAON reports impressive Q1 2023 financial results with net sales up 45% YoY, strong backlog and bookings, and improved gross profit margin.
HVAC solutions provider, AAON, Inc. (NASDAQ-AAON), reports strong Q1 2023 results, with net sales increasing 45% YoY to $266.8m driven by organic volume growth and product mix, while earnings per diluted share rose 103% YoY to $0.33. AAON's gross profit margin also improved 380bps YoY to 29%, due to price increases and moderating cost inflation. Further, the firm's backlog grew, and bookings stayed robust, as it invested in plant, equipment, and increasing headcount by 27% YoY. Despite ongoing parts shortages, AAON remains optimistic about future prospects and delivering further value to stakeholders.