AAON, Inc. (AAON) Raises Semi-Annual Dividend 23.1% to $0.16; Announces $15M Share Repurchase Plan

AAON, Inc. (NASDAQ: AAON) declared a semi-annual dividend of $0.16 per share, or $0.32 annualized. This is a 23.1% increase from the prior dividend of $0.13. The dividend will be payable on July 6, 2018, to stockholders of record on June 8, 2018, with an ex-dividend date of June 7, 2018. The annual yield on the dividend is 1 percent.

The Board of Directors also authorized the Company to make up to $15.0 million in purchases of shares of the Company’s common stock in accordance with a pre-arranged stock repurchase plan adopted by the Company in accordance with the guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. Repurchases under the Company’s 10b5-1 plan will be administered through an independent broker and will cover the repurchase of shares commencing June 1, 2018 and expiring March 1, 2019. Repurchases are subject to SEC regulations as well as certain market volume, price and timing limitations as set forth in the 10b5-1 plan. All shares repurchased under the plan will be restored to the status of authorized but unissued stock.

Norman H. Asbjornson, CEO, stated, “The Company’s strong capital position and prospects for accelerated growth allow us to provide tangible value to our stockholders through the increased cash dividend.”

Gary D. Fields, President, stated, “We continually strive to create value for our stockholders and are pleased our current financial strength enables us to initiate the stock buyback program at this time. At current market prices, we believe the stock buyback program provides a compelling way to continue delivering value to our stockholders.”

For a dividend history and other dividend-related data on AAON, Inc. (AAON) click here.

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