AAON, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2017; Provides Effective Tax Rate Guidance for the Year 2017
May 04, 2017 at 07:00 am EDT
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AAON Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2017. For the quarter, the company reported net sales of USD 86,078,000 compared to USD 85,422,000 a year ago. Income from operations was USD 14,457,000 compared to USD 16,826,000 a year ago. Income before taxes was USD 14,528,000 compared to USD 17,017,000 a year ago. Net income was USD 10,217,000 compared to USD 11,551,000 a year ago. Diluted earnings per share were USD 0.19 compared to USD 0.22 a year ago. Net cash provided by operating activities was USD 10,166,000 compared to USD 15,993,000 a year ago. Capital expenditures were USD 6,071,000 compared to USD 7,332,000 a year ago. EBITDAX, a non-GAAP measure was USD 19,751,000 compared to USD 21,062,000 a year ago. Sales increased primarily due to increased volume as compared to the prior year, offset by changes in product mix.
The estimated annual 2017 effective tax rate, excluding discrete events, is expected to be approximately 36.0%. Effective rate is lower than expected rate of 36.0%, primarily due to excess tax benefits.
AAON, Inc. is a producer of heating, ventilation, and air conditioning (HVAC) systems for commercial and industrial indoor environments. The Company operates through three segments: AAON Oklahoma, AAON Coil Products, and BASX. The AAON Oklahoma segment engineers, manufactures, and sells, semi-custom, and custom HVAC systems, designs and manufactures control solutions, and sells retail parts to customers through retail part stores and online. AAON Coil Products segment engineers and manufactures a selection of semi-custom and custom HVAC systems as well as a variety of heating and cooling coils to be used in HVAC systems. BASX segment engineers, manufactures, and sells an array of custom, high-performance cooling solutions for the hyperscale data center market, ventilation solutions for cleanroom environments in the biopharmaceutical, semiconductor, medical and agriculture markets, and highly custom, air handlers and modular solutions for a vast array of markets.
AAON, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2017; Provides Effective Tax Rate Guidance for the Year 2017
AAON, INC. 
