Aaon reports Q1 EPS 46c, consensus 49c

Reports Q1 revenue $262.1M, consensus $284.76M. CEO Gary Fields stated, “Q1 performance was mixed relative to our expectations. Bookings remain strong across all business segments with quarter-over-quarter increases in backlog…We continue to manage pricing and costs well, and while it was not fully reflected in Q1 results with lower volumes, operations across the facilities are poised to deliver even stronger results as production increases to deliver on our growing backlog. Despite the slow start to the year, we believe results will continue to improve as we progress through 2024….Long-term, based on real opportunities and a large pipeline of projects, especially with mega projects in the data center market, we remain very positive in our outlook. As such, we continue to invest in more production capacity, both with new production square footage and through ways to increase output with our existing resources. We also continue to invest in people and technology that will help us manage the business more effectively and ensure we are able to efficiently adapt to the robust growth rates we continue to target over the long-term.”