TULSA,
Okla., June 17, 2024 /PRNewswire/ -- AAON, Inc.
(NASDAQ: AAON) ("AAON" or the "Company"), provided an update
to the previously disclosed share repurchase programs authorized by
our Board of Directors. As of June 17,
2024, our repurchase activity under the programs is as
follows:
|
Effective
Date
|
|
Shares
Repurchased
|
|
Authorized
and
Repurchased
$
|
|
Average
Price
Per Share
$
|
|
Completion
Date
|
|
February 27,
2024
|
|
671,230
|
|
$50.0
million1
|
|
$74.49
|
|
June 4, 2024
|
|
June 4, 2024
|
|
682,334
|
|
$50.0
million2
|
|
$73.28
|
|
June 14,
2024
|
|
1
Repurchases made in accordance with Rule 10b5-1 of the
Securities Exchange Act of 1934, as amended.
|
|
2
Repurchases made in accordance with Rule 10b-18 of the Securities
Exchange Act of 1934, as amended.
|
"We are pleased to announce the completion of our second share
repurchase program," said Gary
Fields, CEO. "This initiative reflects our confidence
in the long-term growth prospects of AAON and our ongoing
commitment to delivering value to our shareholders. By
reducing the number of shares outstanding, we believe we have
positioned the Company for increased earnings per share and an
enhanced return on equity."
The share repurchase program was financed through a combination
of the Company's cash reserves and available credit facility,
without compromising our ability to invest in strategic growth
opportunities and maintain a strong balance sheet.
About AAON
Founded in 1988, AAON is a world leader in
HVAC solutions for commercial and industrial indoor environments.
The Company's industry-leading approach to designing and
manufacturing highly configurable equipment to meet exact needs
creates a premier ownership experience with greater efficiency,
performance and long-term value. AAON is headquartered in
Tulsa, Oklahoma, where its
world-class innovation center and testing lab allows AAON engineers
to continuously push boundaries and advance the industry. For more
information, please visit www.AAON.com.
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
or otherwise. Important factors that could cause results to differ
materially from those in the forward-looking statements include (1)
the timing and extent of changes in raw material and component
prices, (2) the effects of fluctuations in the
commercial/industrial new construction market, (3) the timing and
extent of changes in interest rates, as well as other competitive
factors during the year, and (4) general economic, market or
business conditions.
Contact Information
Joseph
Mondillo
Director of Investor Relations
Phone (617) 877-6346
Email: joseph.mondillo@aaon.com
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SOURCE AAON