AAON Inc. (AAON) Misses Q2 EPS by 3c

AAON Inc. (NASDAQ: AAON) reported Q2 EPS of $0.20, $0.03 worse than the analyst estimate of $0.23. Revenue for the quarter came in at $92.3 million versus the consensus estimate of $101.3 million.

Norman H. Asbjornson, President and CEO, stated, "The second quarter increase in sales primarily reflects price increases. Gross profit as a percent of sales remained steady at 30.2% compared to 30.3% a year ago. SG&A expense as a percent of sales increased 1.5% (from 10.0% to 11.5%), primarily due to a one-time donation of cash and equipment totaling $1.0 million made in the quarter toward rebuilding of the Tulsa Central Library."

Mr. Asbjornson continued, "The Company's balance sheet at June 30, 2014, was very strong, showing a current ratio of 2.9:1 (including cash and short-term investments totaling $45.6 million), plus long-term marketable investments of $11.7 million, and we remained debt-free. Additionally, our backlog increased from $66.2 million at June 30, 2013 to $67.1 million at June 30, 2014."

Mr. Asbjornson then said, "Based on the first half year's results, our backlog and other relevant factors, we expect 2014 to surpass last year's record sales and earnings."

For earnings history and earnings-related data on AAON Inc. (AAON) click here.

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