TULSA, Okla. - AAON, Inc. (NASDAQ: AAON), a manufacturer of heating, ventilation, and air conditioning equipment for commercial and industrial markets, announced a quarterly cash dividend and an increase in its share repurchase program.
The company's Board of Directors declared a regular quarterly cash dividend of $0.08 per share, which is scheduled to be paid on March 29, 2024, to shareholders on record as of March 18, 2024.
In addition to the dividend, AAON's Board has approved a $25 million enhancement to the company's existing share repurchase authorization. This adjustment raises the total current share repurchase capacity to $50 million. The repurchase of shares will be conducted under a pre-arranged stock repurchase plan, which aligns with the guidelines of Rule 10b5-1 under the Securities Exchange Act of 1934.
The plan allows the company to repurchase its shares at times when it otherwise might be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods. The timing and volume of repurchases are subject to market conditions, share price, and other operational considerations.
The share repurchase program and the dividend payment are part of AAON's ongoing capital allocation strategy. The company, headquartered in Tulsa, Oklahoma, emphasizes its commitment to enhancing shareholder value through such initiatives. AAON has been recognized for its customized HVAC solutions that cater to the specific needs of its clients, offering efficiency, performance, and long-term value.
This announcement is based on a press release statement and includes forward-looking statements that involve risks, uncertainties, and assumptions. As such, actual results may differ from those projected in the forward-looking statements due to various factors, including changes in raw material costs, market fluctuations, interest rate changes, and general economic conditions.
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