US cooling-equipment manufacturer AAON increased third-quarter sales by 84.1 per cent to 707.4 million dollars. Faster growth at its BASX brand accompanied the increase. The company also restated the first two quarters, disclosed a material weakness in financial reporting controls and raised its annual sales growth outlook.
US heating and cooling equipment manufacturer AAON reported third-quarter sales of 707.4 million dollars, an increase of 84.1 per cent from a year earlier. The comparable total was 384.2 million dollars. Operating income rose from 43.6 million dollars to 100 million dollars, while earnings per share increased from 0.37 dollars to 0.83 dollars.[1], [2]
BASX-branded sales grew 218.3 per cent to 397.2 million dollars, while AAON-branded sales increased 19.6 per cent to 310.2 million dollars. Gross profit reached 188.5 million dollars, against 106.9 million dollars a year earlier. Gross margin fell from 27.8 per cent to 26.7 per cent annually but improved by 60 basis points from the preceding quarter.[1]
The company restated its first- and second-quarter financial statements, adding a combined 10.7 million dollars to sales and 0.09 dollars to earnings per share. Management disclosed a material weakness in financial reporting controls and said it found no evidence of fraud. It raised its annual sales growth outlook after the quarterly increase.[1]
