Earnings ·
AAON reports record Q3 sales of $707.4M, raises full-year outlook amid restatement
AAONAaon, Inc.
AAON reported third-quarter net sales of $707.4 million, an 84% increase year-over-year, driven by strong demand for its BASX data center cooling solutions and improved manufacturing throughput. Operating income more than doubled to $100.0 million, and diluted EPS rose 124% to $0.83. Total backlog grew 40.5% to $1.9 billion. The company raised its full-year 2026 sales growth outlook to 72%-75%. Concurrently, AAON restated first- and second-quarter financial statements due to errors in revenue recognition and software subscription accounting, which increased first-half net income by $3.7 million in aggregate. Management identified a material weakness in internal controls over financial reporting but stated no fraud was involved. The company operates in the HVAC and thermal management industry.