AAON, Inc. (NASDAQ:AAON) Q3 2022 Results Conference Call November 7, 2022 5:15 PM ET
Company Participants
Joe Mondillo - Director, IR
Gary Fields - President and CEO
Rebecca Thompson - CFO and Treasurer
Conference Call Participants
Chris Moore - CJS Securities
Brent Thielman - D.A. Davidson
Julio Romero - Sidoti
Jon Braatz - Kansas City Capital
Operator
Ladies and gentlemen, thank you for standing by and welcome to AAON’s Third Quarter 2022 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks there will be a question-and-answer session. [Operator Instructions] Thank you.
Joe Mondillo, Director of IR, you may begin your conference.
Joe Mondillo
Thank you, operator, and good afternoon, everyone. A press release announcing our third quarter 2022 financial results was issued after market close today and can be found on our corporate website aaon.com.
Joining me on the call today are Gary Fields, our President and CEO; and Rebecca Thompson, our CFO and Treasurer. Shortly, I’ll be handing the call off to Rebecca, for her to go through the third quarter results. Gary will then provide further insight on the quarter along with commentary on our outlook, and then we’ll open up the call to Q&A. Prior to that though, we begin with our customary forward-looking statement policy.
During the call any statement presented dealing with information that is not historical is considered forward-looking and made pursuant to the Safe Harbor provisions of the Securities Litigation Reform Act of 1995, the Securities Act of 1933 and the Securities Exchange Act of 1934, each as amended. As such, it is subject to the occurrence of many events outside of AAON’s control and that could cause AAON’s results to differ materially from those anticipated. You are all aware of the inherent difficulties, risks and uncertainties in making predictive statements.
Our press release and Form 10-Q that we filed this afternoon detail some of the important risk factors that may cause our actual results to differ from those in our predictions. Please note, that we do not have the duty to update our forward-looking statements.
And with that, I will turn the call over to Rebecca.
Rebecca Thompson
Thank you, Joe. I’d like to begin by discussing the comparative results of the three months ended September 30, 2022 versus September 30, 2021. Net sales increased 75.1%, $242.6 million from $138.6 million. The largest driving factor to the growth was organic volume, which contributed 26.9%. Volume growth reflected the Company’s strong backlog and a third straight quarter of record production. Improved productivity, along with an approximate 18% increase in organic headcount helped drive the increased production.