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AAON 4Q Profit Up Nearly One-third

The Associated Press

TULSA, Okla. (AP) — Rooftop air conditioner and heater maker AAON Inc. said Wednesday fourth quarter profit climbed by nearly one-third on lower revenue due to higher volume and improved productivity.

Net income for the quarter ended Dec. 31 was $6 million, or 35 cents per share, up 32 percent from $4.6 million, or 24 cents per share, in the year-earlier period.

Sales were $60.2 million, down 3 percent from $62.1 million in the fourth quarter of 2007.

Analysts expected, on average, profit of 31 cents a share on revenue of $60.2 million from the Tulsa, Okla.-based company, according to a survey by Thomson Reuters.

For the full year, net income was $28.6 million, or $1.60 per share, up 23 percent from $23.2 million, or $1.22 per share, in 2007. Wall Street expected $1.58 a share.

Sales for 2008 were $279.7 million, up 6.6 percent from $262.5 million in 2007.

Norman H. Asbjornson, president and chief executive, said AAON will not provide guidance for the year "due to uncertain market conditions."

Shares rose 85 cents, or 5 percent, to $18.01 in afternoon trading.