AAON Increases Semi-Annual Cash Dividend and Authorizes $50 Million for Stock Buyback Program
November 09, 2022 at 09:53 am EST
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TULSA - AAON, Inc. (NASDAQ: AAON) ('AAON' or the 'Company'), today announced that its Board of Directors has declared the Company's next regular semi-annual cash dividend of $0.24 per share, an increase of 26%, payable on December 16, 2022 to stockholders of record as of the close of business on November 28, 2022.
The Company also announced today that its Board of Directors has authorized the Company to make up to $50.0 million in purchases of the Company's common stock at prevailing market prices from time to time through open market purchases, privately negotiated transactions, or otherwise in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended.
About AAON
AAON, Inc. is engaged in the engineering, manufacturing, marketing and sale of air conditioning and heating equipment consisting of standard, semi-custom and custom rooftop units, data center cooling systems, cleanroom systems, chillers, packaged outdoor mechanical rooms, air handling units, makeup air units, energy recovery units, condensing units, geothermal/water-source heat pumps, coils and controls. Since the founding of AAON in 1988, AAON has maintained a commitment to design, develop, manufacture and deliver heating and cooling products to perform beyond all expectations and demonstrate the value of AAON to our customers.
Forward-Looking Statements
This press release includes 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as 'expects', 'anticipates', 'intends', 'plans', 'believes', 'seeks', 'estimates', 'should', 'will', and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligations to update publicly any forward-looking statements, whether as a result of new information, future events.
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. 
