Blog Exposure - AAON Announces Acquisition of WattMaster Controls; Set to Lease Missouri-Based Facility and Hire All Employees of the Company
Stock Monitor: PGT Innovations Post Earnings Reporting
LONDON, UK / ACCESSWIRE / March 05, 2018 / Active-Investors.com has just released a free research report on AAON, Inc. (NASDAQ: AAON). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=AAON as the Company's latest news hit the wire. On February 28, 2018, the Company, which is a leading firm engaged in engineering, manufacturing, marketing, and sale of air conditioning and heating equipment, announced the closing of the purchase of substantially all of the assets of WattMaster Controls, Inc ("WCI"). According to AAON, the assets acquired consisted primarily of intellectual property, receivables, inventory, and fixed assets. AAON funded the acquisition with cash on hand, where WCI had been a long-time supplier of controls to the Company. The Company also entered into a lease for the facility in Parkville, Missouri, previously occupied by WCI, which AAON would utilize to operate this addition to its business. Moreover, AAON hired all of the existing employees of WCI. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is currently working on the research report for PGT Innovations, Inc. (NYSE: PGTI), which also belongs to the Industrial Goods sector as the Company AAON, Inc. Do not miss out and become a member today for free to access this upcoming report at:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, AAON most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
www.active-investors.com/registration-sg/?symbol=AAON
The Announcement
AAON viewed the announcement as a step to strategically expand its business, and would allow it to bring in-house expertise and knowledge required to accelerate the development of its own controls, which it believes to be an integral part of its continued efforts to improve its products and increase customer satisfaction. AAON, which was founded back in 1988, has since been actively involved in design, development, manufacture, and delivery of heating and cooling products to perform beyond all expectations.
Prior to the announcement, on January 02, 2018, AAON declared that its personnel in employment as on January 01, 2018, excluding officers, would receive a $1,000 bonus in recognition of the new tax reform law. The Company employed over 2,000 individuals at its Tulsa, Oklahoma and Longview, Texas facilities. AAON stated that as most employees were shareholders of the Company, and would benefit as a result of the new tax law, it felt that it would be appropriate to provide a direct recognition of their importance in the Company's future success.
Company Growth Prospects
Recently, on February 27, 2018, AAON announced its financial results for the fourth quarter and for the full fiscal year 2017. The Company recorded net sales of $104.2 million in Q4 2017, up 13.6% from $91.7 million in Q4 2016. The Company's net income was $15.8 million in Q4 2017, advancing 38.1% from $11.4 million in the same period of last year.
For the full fiscal year 2017, the Company reported that its sales reached a record level of $405.2 million, observing a 5.5% gain, compared to $384.0 million in FY16. The Company's net income of $54.5 million for FY17 was also a record, advancing 2.1% compared to $53.4 million in FY16. Moreover, owing to the enactment of the Tax Cuts and Job Act on December 22, 2017, the corporate income tax rate declined from 35% to 21%, starting in 2018. The Company hence observed a $4.4 million benefit in its income tax provision. The Company further stated that the Act allowed it to improve the compensation to its employees, cash distribution to its shareholders, and defer future price increases to its customers.
Stock Performance Snapshot
March 02, 2018 - At Friday's closing bell, AAON's stock was marginally down 0.14%, ending the trading session at $35.40.
Volume traded for the day: 156.61 thousand shares.
Stock performance in the previous six-month period – up 9.60%
After last Friday's close, AAON's market cap was at $1.86 billion.
Price to Earnings (P/E) ratio was at 37.50.
The stock has a dividend yield of 0.73%.
The stock is part of the Industrial Goods sector, categorized under the General Building Materials industry. This sector was flat at the end of the session.
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