AAON Inc. (AAON, Financial) filed Quarterly Report for the period ended 2012-06-30.
Aaon, Inc. has a market cap of $459.2 million; its shares were traded at around $19.75 with a P/E ratio of 31.2 and P/S ratio of 1.7. The dividend yield of Aaon, Inc. stocks is 1.3%. Aaon, Inc. had an annual average earning growth of 9.1% over the past 10 years. GuruFocus rated Aaon, Inc. the business predictability rank of 3-star.
Net income for the second quarter was up by 142.2% or $5.5 million to $9.3 million compared to $3.8 million in 2011. Diluted earnings per share were $0.38 and $0.56 for the three months and six months ended on June 30, 2012 compared to $0.15 and $0.30 for the same periods in 2011.
Gross profit increased $9.4 million, or 79.8% to $21.1 million, in the second quarter of 2012 from $11.7 million in 2011. As a percentage of sales, gross margins were 25.3% in the quarter just ended compared to 17.0% in 2011. The improvement in gross margins can be attributed to higher and improved productivity due to our new sheet metal fabrication equipment put in service during the fourth quarter of 2011 and revamped production lines that resulted in the favorable absorption of fixed overhead costs due to higher production volume and greater manufacturing efficiencies, partially offset by higher component costs of steel, component parts and labor costs.
Selling, General and Administrative (“SG&A”) expenses increased by $1.2 million, or 20.8% to $6.9 million for the quarter just ended compared to $5.7 million in 2011. As a percentage of net sales, SG&A remained constant at 8.3% of total sales in the second quarter of 2012 and 2011. The increase in SG&A is primarily due to higher profit sharing expense of approximately $0.794 million a result of higher operating income before income taxes, and higher warranty charges of $0.115 million and bad debt expense of $0.069 million as a result of increased sales in the quarter just ended compared to 2011, and insurance expense of approximately $0.032 million.
Selling, General and Administrative (“SG&A”) expenses increased by $1.6 million, or 14.5% to $12.9 million for the six months just ended compared to $11.3 million incurred in the same period a year ago. As a percentage of net sales, SG&A remained constant at 8.7% of total sales in the first half of 2012 and 2011. The increase in SG&A is primarily due to higher profit sharing expenses of $0.969 million as a result of higher operating income before income taxes in the first half of 2012 compared to 2011, and higher warranty charges of $0.398 million and bad debt expense of approximately $0.093 million as a result of higher sales.
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Aaon, Inc. has a market cap of $459.2 million; its shares were traded at around $19.75 with a P/E ratio of 31.2 and P/S ratio of 1.7. The dividend yield of Aaon, Inc. stocks is 1.3%. Aaon, Inc. had an annual average earning growth of 9.1% over the past 10 years. GuruFocus rated Aaon, Inc. the business predictability rank of 3-star.
Highlight of Business Operations:
We had record net sales in the Company s history for the three months and six months ended on June 30, 2012 of $83.3 million and $148.3 million, respectively an increase of $14.3 million or 20.6%, and $19.3 million or 14.9% each as compared to the same period in 2011.Net income for the second quarter was up by 142.2% or $5.5 million to $9.3 million compared to $3.8 million in 2011. Diluted earnings per share were $0.38 and $0.56 for the three months and six months ended on June 30, 2012 compared to $0.15 and $0.30 for the same periods in 2011.
Gross profit increased $9.4 million, or 79.8% to $21.1 million, in the second quarter of 2012 from $11.7 million in 2011. As a percentage of sales, gross margins were 25.3% in the quarter just ended compared to 17.0% in 2011. The improvement in gross margins can be attributed to higher and improved productivity due to our new sheet metal fabrication equipment put in service during the fourth quarter of 2011 and revamped production lines that resulted in the favorable absorption of fixed overhead costs due to higher production volume and greater manufacturing efficiencies, partially offset by higher component costs of steel, component parts and labor costs.
Selling, General and Administrative (“SG&A”) expenses increased by $1.2 million, or 20.8% to $6.9 million for the quarter just ended compared to $5.7 million in 2011. As a percentage of net sales, SG&A remained constant at 8.3% of total sales in the second quarter of 2012 and 2011. The increase in SG&A is primarily due to higher profit sharing expense of approximately $0.794 million a result of higher operating income before income taxes, and higher warranty charges of $0.115 million and bad debt expense of $0.069 million as a result of increased sales in the quarter just ended compared to 2011, and insurance expense of approximately $0.032 million.
Selling, General and Administrative (“SG&A”) expenses increased by $1.6 million, or 14.5% to $12.9 million for the six months just ended compared to $11.3 million incurred in the same period a year ago. As a percentage of net sales, SG&A remained constant at 8.7% of total sales in the first half of 2012 and 2011. The increase in SG&A is primarily due to higher profit sharing expenses of $0.969 million as a result of higher operating income before income taxes in the first half of 2012 compared to 2011, and higher warranty charges of $0.398 million and bad debt expense of approximately $0.093 million as a result of higher sales.
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