Aaon Q1 Profit Up, Hikes Dividend; Sees Growth In Full-Year Earnings

(RTTNews) - Aaon, Inc. (AAON), a maker of air conditioning and heating equipment, Monday reported a rise in earnings as well revenues for the first quarter, chiefly due to higher volumes, prices along with a lower cost of materials. The company also said it expects higher earnings and sales for 2014.

The board has recommended a 30 percent rise in semi-annual cash dividend to $0.13 per share, starting with the next dividend payable on July 1 to stockholders of record on June 12.

For the 3-month period, net earnings grew to $9.82 million or $0.26 per share, from $7.14 million or $0.19 per share a year earlier.

On average, 2 analysts polled by Thomson-Reuters estimated the company's earnings to be $0.17 for the quarter. Analysts' estimates typically exclude one-time items.

Gross profit as a percentage of sales rose to 28.6 percent to 22.9 percent a year earlier.

First-quarter net sales rose to $76.37 million from $66.83 million in the same period last year.