(Source: Tulsa World)
By Kyle Arnold, Tulsa World, Okla.
Mar. 12--AAON Inc., a Tulsa manufacturer, continued a hot streak by logging record profits in the fourth quarter and all of 2008.
The maker of high-end industrial air conditioners and heating systems earned $28.6 million during 2008, up 23 percent from $23.2 million the year before.
The company also increased sales by 7 percent to $279.7 million. It had record fourth-quarter earnings of $6.0 million, an increase of $2.4 million from the same period in 2007.
But despite all the good news, executives said AAON is facing pressure and warned that its forecast for 2009 is muddled by uncertainty about the economy.
"Our biggest concern, which I'm sure is on everybody's mind, is the economy in general," CEO Norman Asbjornson said. "While we expect a very good first quarter of 2009, due to uncertain market conditions it is too early to predict outcomes for the balance of this year."
AAON employs about 1,000 people in Tulsa.
Its strong results come at a time when many manufacturers, especially those connected to the construction industry, are struggling.
Asbjornson said the company has been spared by its small stake in the residential construction market. And even though commercial construction has weakened, hospital and school construction is still strong, he said.
AAON also faced a topsy-turvy 2008 because of fluctuation in prices for metals such as copper and steel. Asbjornson said the company kept sales figures up through price increases and more product sales.
Shares
of AAON rose 23 cents Wednesday to close at $17.39.
Kyle Arnold 581-8380 kyle.arnold@tulsaworld.com
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