AAON Shares Surge 37.8% Following Record Q3 Revenue Driven by AI Data Center Cooling Demand
AAON reported record third-quarter net sales of $707.4 million, an 84.1% increase year-over-year that significantly exceeded analyst expectations. The growth was primarily fueled by the company's BASX brand, which saw a 218% surge in sales due to high demand for specialized liquid-cooling systems required for artificial intelligence data centers. Despite reporting a material weakness in internal accounting controls that necessitated a first-half results restatement, management raised full-year sales growth guidance to a range of 72% to 75%. To support increasing demand and expand factory capacity, the company also expanded its senior credit facility to $1.2 billion.
Topics: data center cooling earnings report guidance raise revenue growth