Earnings call transcript Q1 2023

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Operator

Good day, and welcome to the AAON Incorporated First Quarter 2023 Earnings Conference Call.

Our host for today's call is Joseph Mondillo, Director of Investor Relations. At this time, all participants will be in a listen-only mode. Later we will conduct a question-and-answer session.

I would now like to turn the call over to your host. Mr. begin may you Mondillo, sir. Joseph

Joseph Mondillo

be and Thank also the is release market accompanied everyone. website, find can press with on a you our afternoon, our you, closed The first can today and after on operator, as announcing issued quarter The was website, listen-only our well that good webcast. financial call on found presentation today aaon.com. results as

slide X customary of the begin We our policy. to presentation. forward-looking with statement turn Please

presented with Harbor Securities pursuant Reform information as statement the not any Securities is considered made XXXX, is Act Litigation call, and historical and each the amended. to and the During the dealing XXXX Act of Securities provisions Exchange that of XXXX, forward-looking Act Safe the of of

is of from As AAON's results subject outside of cause occurrence that materially to differ to events the control many could AAON's anticipated. such, those it

risks statements. You inherent aware in difficulties, the uncertainties predictive are of and making all

Our of our we press our to release and in update afternoon differ not may note we have from to important our actual do factors the detail duty the cause results that those statements. that that this filed Please risk predictions. forward-looking Form XX-K, XX-Q some

and quarter is on call we'll me commentary on results and will Gary Treasurer; finish and President some Thompson, Joining today's with outlook. for the and some remarks. then Rebecca through Rebecca quarterly walk the CFO opening Fields, Gary provide Gary CEO. and will then

I to that, Gary. With turn over will call the

Gary Fields

was XX.X%. was a were XX.X%. Overall, We was Organic quarter organic a quarter straight results. reported year-over-year year we're record our That volume for afternoon. volume very fifth first a ago up Good sales quarter. against with pleased up

continued to increasing partners sequentially. and that our continue a of the a for grow. still environment great us capacity, backlog to Thus quarter record solid team we've production and Quarter adding maintain a Backlog optimistic. job productivity. for operations the by trends successful quarter very backlog with been outpace Despite ninth remains managing Our channel production. to positive. grew are production outlook bookings quickly straight year. mark while rise how capacity seven are the maintaining positive we Bookings demand The is robust doing on straight

over hand to financial now the call I'll over the Rebecca go to results.

Rebecca Thompson

Gary. you, XXXX comparator XX, versus by to I'd of three X. like Please slide Thank months XXXX. turn begin XX, results March discussing to March the ended the

Net backlog reflected million. quarter of shortages. which employees was sales the adapting increased which straight company's at to record driving along strong as production growth attracting and parts volume, The factor a from reflects the start the XXX.X company's the to of organic growth quarter with continuously success fourth Line XX.X% XX.X%. XXX to well the million largest retaining contributed as

contributed to XX%. volume In pricing addition

from profit Gross X X. slide million. XX.X to to Moving million XX. XX.X% increased

As a realization materials gross increasing quarter sales first profit of XX% to XXXX. price the of due in XX.X% and was the increase costs was percentage primarily gross in counteracting profit labor. of compared The increases, of to

employee of profit we incurred expenses to in a quarter onetime Within related improvement This fourth the of benefits. gross 'XX. contraction the the the quarter of some compared explains to majority margin

the increased Selling, to XX.X of expenses from X. Please and first XX.X% million XX.X administrative to slide million turn XXXX. in general quarter

year to above. of Please and to benefit profit growing Income million in turn improvements The XX.X% increased headcount, XX.X to pay from discussed ago primarily increase attributable a the in salaries result employee XX XX.X% from of the benefits in X. slide and sharing, As which increased operations increases have million quarter. dollars our in decrease is first of XX.X% sales a quarter from percentage to as SG&A XXXX.

quarter first operating percent sales from XX.X% of of margin XX.X% the to in a XXXX. expanded As

XXX% increased of to depreciation Moving share. the to share million large AAON X.X slide tax the of share of a we've associated $X.XX earnings from tax a rate to year. Including of from excess through $X.XX rest In XX.X% stock. benefit the benefited per per events, continue X. we anticipate with quarter Diluted per discrete

X. slide to Turning

Our balance X.X end and strong. March sheet totaled the the remained totaled million Unrestricted million. of on at debt cash XXXX XX, quarter XX.X

Within the of million borrowed quarter XX.X line we on credit. our

million line primarily investments the a ratio working was working of leverage The was capital chain at prior XXX.X issues. capital. and end help XXX.X of volume in December at We working million the of at helping quarter. XXXX. X.XX a million was facilitate year was versus XXX.X XXXX it XX, also The Our supply capital in robust the related to XXXX growth essentially to with XX, and investment ago, increase at had and balance mitigate March what while XX, March debt made

throughout We finance the and debt the anticipate of year Along down cash half working pay a of in source significantly year. improve helping capital CapEx flow will improved will cash second the from operations become projects. with earnings.

three for expenditures first up XX.X year Capital XXX.X% months the year ago. of a were from million the

the than We capital monitor growth trajectory our growth. year million year-over-year approximately which and capacity XXX% invest in long to term XXX will to equates regularly to growth. expenditures for be continue continue utilization We expect and to more

over I'll back turn With that, now to the Gary. call

Gary Fields

XX. slide to turn Please

very said with I opening remarks the my are we pleased first in quarter. As

made increasing team in the volume from that more a well plants I to XXXX. was seen growth. QX our this through great XX.X% and for their for the growth to before. is capacity XX.X% the from was quarter production of stack, past continue perform end recent the pushing on we've it ever commend allow to headcount up up continued two XX.X% three at Total Every volume XX.X%. operations performance. year year Organic company Our in up ago, and a our up was strides We've and

do a onboarding job to employees. new continue at We great

at equipment. investing metal integrating More not efficiently to Sheet new operations We're is and disrupt them in running into importantly, profitability. we're our rates. as utilization so production productivity also high

but continue old They [indiscernible] to replace us slowly a to chain production. to be new to to are improving, machines be both seem add We metal enable will sheet productivity, that challenge. in issues said incremental increase well as Without as be Supply continues on investing them output. machines they would stronger This certainly improve. would our likely That continues be better. very much productivity associated volumes most to these weigh still productivity dealing to productivity exist. and issues and with with

now. to the of our has with them us. alternatives. of Lastly, equipment channel headquarters volume our its of kind the growth never industry. for been as side partners backlog market Tulsa. the supporting sales AAON has are of month supported we had as center, how much our been generate sales more at was side exploration is our also is This and partners opening channel premier located This are a reflection never building rep grand The able have is and Last a the showcases the aligned other square by first we in partners. in our foot XX,XXX that latest its our showroom example we

scale the equipment use to AAON next compare alternatives. this can understand this Sales that provides. reps and proposition customers to customers see better AAON will help go value Nowhere product to market to

giving as strong them and even as it Our now sales been is more be has channels we're to help more successful. them never tools to right

want we with was posted our turn in please gross in XX. XX% to performance line I The slide discuss the expectations. internal our to outlook. quarter Now margin and

year. as the call, the and our there that expect today, fourth throughout the expenses anticipated to improvement a margin. stated we some quarter weighed watermark, As stated quarter to onetime on and continue be Rebecca on were We first low

cost In is certain half headcount additions Meanwhile, the inflation also year. have addition to expenses expected moderating. we coming. the is the Productivity of quarter, first will in throughout to year. improve input not in recurring, occur the more price first Most

year. headcount maintain and productivity integrated, view gross that All occur fourth which XXXX. second speed, we half fully will quarter the the As better we is of expect new trained in all, we that be than XXXX to of in will the margin improve, will up expect the

were AAON of Now And the for last first very strongest Overall the alternatives, price growth remains decarbonisation, large robust proposition from not of of related lead year. and to on attractive offer, XX. in trends strengthening any if market favorable at the strong. our ago, up demand we moving outpace the year of was and Bookings factors since had slide XX% quarter first increase to up Many quarter quarter orders, a which narrowing a likely premium demand, contributing from a market basics the that electrification, volumes including have forward in price end new robust equipment production significant sales. record. has the and XX efficiency, bookings to continued secular the the Despite in resulted of growth would regulations. of and are our Total between times, quarter past increase company last a value backlog year, a energy capacity, X.X% March channel, in to this sales been equipment fourth governmental to pull the big quarter. robust favorable

Please to slide XX. turn

related expected of the production, Our increasing doing production times at We're CapEx majority have lead that up maintain our to to this is capacity. extend. best headcount. has but that to still have we're making year, to lead we're best and lead increasing begun times Considering narrow. which optimistic industry We and be I'm investments peaked. continued the a vast this is gap reversing times, with XXX%

markets far solid. are as vertical good. broad in continues very Healthcare good strong. Basics Demand XX. is Education fairly manufacturing still are had K-XX as slide semiconductor also markets. The to Data as bookings. turn Please far and as very a to and quarter very centers be based

to is solid. channel new data for is as due it slowing, board. overall work. is robust demand Overall strong, while also very market retrofit to is across ago, positive. continue but be solid partners us still for see quite the We most warehouse a good grow still remains among market of Sentiment demand the construction sentiment Compared the year may to facility and end positive. in us remains not our Macro

levels, the but stages recently momentum the Construction still imply is and pipeline of in is peaked, pre-pandemic years. high well strongest still index, Dodge in tracks non-residential construction the historically which pipeline and spending levels. levels ABI they the projects beyond starts at The now the planning have at early

that to slide business through The issues. XX. optimistic the equipment stack Despite was move remain were to in to of the the but Please supply of outlook, two We rest XX.X% sales, due sales. total on year to grew robust positive XX.X%. year. the from feel of a the they effects up quarter, declined parts Part X.X% sales the continue growth chain and

expect profitability issues the a those will and Long sales on company, we a we larger both dissipate, As part business this continue basis. become term to anticipate accelerate. part sales of

XX. slide to turn please Now

margin improving to QX. up the backlog, earnings want and Q&A, at outlook will year. trends some handing capacity information strong profile and rest Before productivity on improve increasing the the we and I provide on of sequentially of finishing and sales and production call our the through least off order Based for the for size anticipate

to continue contributor will low double sales digit to pricing growth anticipate for be the We year.

profit will margin gross improve we year. For anticipate margin, throughout gross the

long making for For the will help to position several SG&A usually term will with investments leverage better growth. the you tend This we're see SG&A. company that operating limit

percent in sales realized we We as continued a what slightly to will of think be XXXX. SG&A higher than

Finally, XXX CapEx million. be approximately will

closing, thanking sales our Day our we finish in want our May headquarters an everyone XXth and all hosting our In want Tulsa. and I partners also to investor channel by will at to be customers. XX on remind employees, I of

relations investor website. You this the find in details can section of our more on event

Wells attending see June events. industrials I be these some hope also will conference We you to at of Fargo's XX. on

I Thank question for call now and you the will up open and answers.

Operator

Instructions] Davidson. DA from question our Thielman comes Brent [Operator of first And

open. is line Your

Brent Thielman

and building? either Gary, considering of underlying the also robust sort good the are didn't I Gary. this orders of in what just terms then huge there for in Hey, product company [indiscernible] strongest of backlog both breakdown end make just and I like the business on talk what demand on see here. you're I it's sides a basics drivers to business you're still mean today, market Hey, book maybe a seeing looks line,

Gary Fields

we're of little a I When back both. increase at more a there's five bookings Well, if price all were than forward, at legacy. been as about level with the they pace out take the pace bookings that book. legacy good quarters in then as able I strong just able And pace highest pull still having going not quarters. back, to We're brisk overall, had is that. basics effect at But the bill the say historically, to stayed to related produce much look those at

for say bookings the bit output So continues that's reasons. increase anything bent I really have not two coming more really the I accumulate key that it's the a just in will time. a reason thing. all. parity is The over backlog Well, mean, to volume. in little at particular at one

more just So in we're to things now. increase We've got place continuing production.

Our we're that same we're headcount is people the able up. parts. pace layering It more continues get to to accumulate. in And at

as talk supply the them So lot of I and are being a that lot if issues say non-issue. not to chain a the points just there's I'll easing, call business this. been behind recently of about a want publications big don't sticking non-issue. a

we Now some are small of with just still things time, disruptive. to they time a kind fight bit from but

Brent Thielman

share response just that Gary, I to that normalized we nicely questions that. get lead gains that seem on to can of the love dovetails market ultimately next when into times your whenever and of sustain perspective one, questions one get seen? but industry the you've Okay, is, eventually the is AAON the one

Gary Fields

had of United last week the western sales a March, week Yes. States eastern States, or me. an United We've excuse meeting had we half half we in sales had before meetings, about

So the all sales introducing we the between of center. them opening marketing channel had had new the two sales we partners meetings, to those a together. principals, with meeting the grand In

them lead equipment more even appreciate their assure while those now that us value they've this we on gain that very and customers sustain got customers probable. of some those because is did term of being All business buildings to long able the since time,

in come way. negative It going be I as impactful But So gain be together, won't think it's of don't initially. lead we impactful. time a that as because did that times lead to

is, equipment efficiency more that. these for considerably long content to thing units had had meet in that AAON energy that XXXX January competitors time cost order to according that next get effect the the that threshold. been there's took to of a do over is to had Now been XXXX, of priced all and raise with threshold the regulations our In over X, the their to regulations, it.

efficiency, lot a energy had associated So much in of and with price the now been us. to they're premium the difference closer

the narrowed premium. that's So price

visible the then, innate are that equipment to other become So value on AAON standalone themselves. the items more

to There is So you premium fewer things evaluate. that there's have less difference.

reasons, I trajectory sustainable. And so for these think our that all is

Brent Thielman

That's great.

future Just you're you anticipate of the as talking growth this the had XXXX, understanding to leverage that to people matter. But one, growth investment SG&A for move make you've you year? about ____ sort last improved the what into doing do support and from being

Gary Fields

trajectory Yes. stay in CapEx. that. facility it grow problems. this solves to leverage It's probable of and plan, we're we're that reason we'll rate, have to putting have we takes get if What But about into there. continue invest to some a lot at the on, year to on to aggressive at to production But with very this we're the growth years going for that get new will then continue a we three place

so forth. employees. sharing planning that's and in is that of and for processes we eligible the profit team everyone and mind is SG&A leadership But utilize senior the level plan thing to some bear profit of profits. some XX% a for our sharing our the that of pre-tax So below hits, other

as become attributed there. one to because of profitable, more So more event we there's right SG&A that

but or So we leverage it to eventually, I away. will get significant for right don't be some look

Brent Thielman

understand. I

for taking it the Okay, questions pass on. you I'll thank

Operator

Oppenheimer. from [indiscernible] from comes question next Our

open. is line Your

Unidentified Analyst

Good everyone. afternoon,

Gary Fields

Good afternoon, John.

Unidentified Analyst

of year? about see Gary you've year? the little What increasing can the X% for think been you the bit per do you remainder for talk the your remainder a pricing of month. prices I

Gary Fields

X hit month We per did May April. we increase through We pause the occurred, prices X% button. When not.

at in a And increases as when that throughout so gone team place theme. financial with they've calibrated actuals increase accurate as that margin in and financial the our against will job that year that we achieved their the to that we've possible certain the price quarter-over-quarter a we we year believe that performance highest so real have projecting we're the that good we've end be. are accurate of continue projection that, has as it'll gross and the year And total our goals. know always are back will a where algorithms gross set performance with And done end that that RFP had. margin Our now very a or we as

or that up year the parity in north of also was We believe total in slightly end what will it of 'XX. QX

Unidentified Analyst

you Are Okay. What competitive seeing competitors terms are on pricing? in front the continuing to pricing? raise of your

Gary Fields

else. or those in But I seen our X% of about recently fall with people or coming quarter more one per accumulation price increase. price were into that anything put seen line increases Only price month. less haven't the now. earlier effect announced in another in first increases late But in the

Unidentified Analyst

Okay.

And reflection million is Okay. about revenues quarter from there from that else? XX or quarter. was think basics anything then of the XX lastly, I down the million fourth in that was in Is and a seasonality just

Gary Fields

chain. was had from on because we because schedule. No, that finish, that issue, arrived was a bits had had time. that everything we that not And pieces little we is whip equipment supply them timing in a and we couldn't quite It revenue

So it's stepping of a of stair little bit a process. kind a

that order increasing that's big the throughout to parts You get a stage. their complete got to a on look to year. I in be unit waiting for revenue few to

Unidentified Analyst

Okay.

anything there about is their backlog last you And Okay. say can versus year?

Gary Fields

longer with their secure on that, to want bit because future their of front path the just standard and keep in but The But completed project percentages a their things. accordance because in people being coming has to of time. for not critical position, backlog a in out that tremendous shipping these lead than time. increase. exact landing keep lot the way have our don't they requirements I me, it's opportunities A

occur, far balance those about sheet, basics come the And think most involved appreciation their ever bought we I to been the in with would coupled how have transactions outstanding I've that all as it just, when our dreamed it's one with So as probably it's of fruition. everything that we in. marketplace,

Unidentified Analyst

you Okay. All good. That's much. Thank right.

Gary Fields

Yes.

Operator

next Our comes question Securities. CJS Chris from from Moore

open. is line Your

Chris Moore

Hey couple for questions. good a Thanks taking afternoon, guys.

Gary Fields

Certainly.

Chris Moore

maybe the right, the additional think of will help All on for or of XXX make million basis so a a the just you kind that roughly in I on terms math that relative can investment million CapEx with in XXX this of capacity expansion, is provide? capacity

Gary Fields

Yes.

So we'll different it by facilities. dissect the four

purchased space quite lot an Missouri, expansion where we [indiscernible] found smallest bit we by double were unitary before are was are doubled predominantly. up we'll capabilities. building location, to improve Parkville, a that than practice some them some in things for will out productivity they more we there a right the be utilized if to start finished Oregon of better facility building facility annex The their that that electronics annex output of we taking So with when we them, basics, move manufacture control equipment, our would next they their the little the processes to way own they in wasn't move items got a building had their while one facility. When that Redmond

has the middle, probably I'd to to percentage, ability say - but they So digit another XX%. that above already maybe raise double XX% their had production what low

place would we before we have building planning the revenue image We in and the a put In view it of coil build in building. year to a up go years had to seen our longer, substantially. two seven a mind, seen products the you've in you've half runway and the five our of uncoil mirror long products, ago, new

with our That significant and products one permanent one wall. there of surplus. As we manufacture, we've three up lot used walls their for move acquisition being started a of built to you Well, able and which doing. datacenter down recall, basics temporary

was much wasn't And capacity wanted. it quicker building out coming so of actually ceiling, that than we it but

building. So million give around year, capable a we're that is $XXX starting finished let's range. other build now somewhere to $XXX something in the building That that of to say products us of half that in will million right probably

in kind double Tulsa here. It'll conundrum more Then that. an of than interesting

tremendous more I'd utilized took So people that themselves to I'd done team and we all that well, space, ran the to that even they've this and plant probably repurposing space see I parking as these of just floor XX% first that space. and any came all wasn't brought to us places. And use so to when and a of being gained they've I we XX, into of maybe have usable on named space. company, job walk close When then they We people the excess another space But in a didn't force. problem.

So so more adjoining some the bought have land we parking. one we buildings of

things about think these It's manifest just like, how little of I that. themselves funny some didn't

now that property. So we we've have, closed on

spaces. So we have plenty of parking

the employees, thing that. was had onboarding that to constrained on fairly The when then we other were we're we space, do

can You employees see growing we're aggressively. quite

do space We more to for thought would needed discreet experience location if we the enhanced had be so And that. HR. a we employee

HR, why standing had front in they question, supervisors to weren't if to to they have wanted anything or So answer with that HR they discuss maybe peers did their you today. their go of

on is one and block away half two a city main city we closed close blocks the of from campus. buildings the about maybe to So a

relocating And of there nature improved we'll processes, it. for and HR the be discrete for onboarding over both

manufacturing of that as we pursuing increased the time, in do that going facility with a needed coil us. The we the envisioned here coil acquired it other started And or we the that add initially our warehouse. was three of to for we we building that Longview much did thing That'll facility to a reevaluation a two because just that building recently. when a building property, property supplement things Well, that use so we're additional we've warehouse we at got one large inventories decided manufacturing. potential

freight moving a two minimize or you're them them, and happens handling it'll when of as three couple opposed moving blocks. is coils the damage to miles times one that Number XXX

it manufacturing give when And thing quick more it'll ability just it'll lot gives us us response do other is the a capacity. then for coil order. we have The change a

coil and with Tulsa stay and demand it's pace the So fast of growing. in manufacturing how facility we're just barely the

that. tomorrow I and the like, few me of a repurposed on our we present plan we putting exactly, just to together it exactly doing. just in say of So kind getting up go. the equipment as know and going of of to thoughts written be major pace the the kind construction started there But we're on are they're things plan what will don't far that a And days ago, as getting those

say, growth have probably, just summary, whole capacity facilities probably XX% rate as the in going but at currently We got we we're if I in a surplus the that's not long. very

just front And So suffered trying enough us. out in want production spot we've to us front and XXXX XXXX, in that's a just we're stay not that I sure see make to this there capacity. again. time of got through of we always when I period didn't thing. have And of back surplus in that

Chris Moore

it. Got

is is million So that from additional this talking we the the of million investment. about envelope in back XXX an to XXX capacity

Gary Fields

Yes.

Chris Moore

Okay.

Gary Fields

sir. a the Yes, use. at to number good envelope that's probably Back

Chris Moore

talked the compared you bookings. still little outpacing outpace about for you're just maybe of degree you how production a quarters? to one me, production. to And lot they it. continue a the much last But give sense recent Can to Got just

Gary Fields

Yes.

kind whole had into are highest when They business, including quarter-over-quarter integrated whole been close first we on looked I little I So thought ever fully price as on, early that, of we I company, to which increase the that say at a if normalize 'XX the the then a effect throughout continued into just billings they've level bit went is pull touched to QX increase a forward. would versus process year. in of of huge now the of caused really of 'XX. But basics, of the bookings lot quarter

these gaining is same at There momentum, all nothing gained signs But we're you slowing So capacity. slowing while we've down us. things the down. for of hear time production

grow a you're bit robust an bend over to great two rate. thing do believe a little that us very So to for for here I begin that'll reasons. at a opportunity seeing

market down overall. a I slow little think the just bit will

we've add times rate seasonality to because allow we the happens a which a continuing very, if of up more. year, And But continue seasonality But at lead procedures which continues happens actually would us even our then could half to We accelerate. a high. reemerge, of we chances are first think a at good book production very people, had brisk would backlog the emerge, burn to to seen some I planning our increase. long to be bit to would to very not if shorten thing, this down, really which time. our in considerable

Chris Moore

Very back line, thanks Gary. on helpful. Jump

Operator

our Sidoti [Operator Julio Instructions] from And next Romero question Company. from & comes

line Your open. is

Julio Romero

good Hey, afternoon, Gary, Thanks. Rebecca.

Gary Fields

Good afternoon Julio.

Julio Romero

afternoon. good Hey,

to from I'm So pricing. market pushback about that decision to customers And to another to wanted cost. on managing Curious in different rather the one increases the to you I'm Are not you of ask just May. along starting than about continue some pass that message price? price asking price any be of from see because kind seems to

Gary Fields

at gap them. us and a looked we've the believe market, we Well, we reestablished between and

the of table to that's demanding see of little premium performance through side We of makes the are much a is a What equipment. hard to financials backlog company. the in in financial materialize for that it increases your the the yet price for the how

way But be. we're be used where it at. the less front we and to know got continues We out are, we thing and in So is that see to this it's to to justifiable. again, than premium that of the a be we know premium market,

as market we decision. pricing as financial this we So performance made considered when well

Julio Romero

able is parts I know up when and said be to to supply eases. to but a ease? makes turning parts chain how much give Yes, sense. demand come for when will more there much supply does you just the Maybe Maybe pent that no, it. that sense Got us of flow business. chain through of how

Gary Fields

more the be business parts brisk business with rate. would at percentages Well, a the quite such in brisk equipment a line bit rate, expectations. didn't grow growing then a at we very our If is

hit supply parts our to I in normalize, will equipment much chain begins 'XX. continued But already begun in ratio we'll As which don't we totally goal it's sales better see not it's business. it's just part believe there. to to acceleration doing the of sales percentage normalize,

that goal a think for 'XX, might set though. worthy I to be

Julio Romero

one Got a the it. just last have operating question environment. Maybe for I broader just me. about

you operating changed about the environment relative last could talk call has if how Just in to February? your

Gary Fields

year. Supply ease become sticky. think since begun were Well issues maybe QX been already QX into I change in Those have operating much going environment of little don't to still less bit had towards sticky. the there's a last end chain then. the Electronics

all kind things, they're just aren't they the Now opposed that to can it's and labor, get. can had just pieces they of great labor dollar volume big not as related get much materials to sticky and how miscellaneous been at people's parts historically

there smaller things refrigeration like still deliveries increasing sensors of to and they But are source is pressure manufacturers just us. not that to, that it's So their and continue some they off it these we these to XXXX of I'm ordered the I in time. can you them just XXXX get of point eye take I and know normal going where valves say, your to of and lead hey,

look hopeful issues not 'XX and to to is 'XX. So that chain I'm throughout I talking getting improve about in it for it we're better. continue supply

Julio Romero

taking we all. Are questions. Thanks the for very much

Gary Fields

Yes.

Operator

call host. no queue. over back see questions our to further I the turn And I'll in

Joseph Mondillo

to you. the any joining you has a free anyone forward great questions the to for coming to and Thank I'd feel speaking everyone of in today's call. future. the to everyone day and like out with Have please days look weeks, thank rest we over If reach myself.

Gary Fields

bye. Bye,

Operator

has now a Thank and concluded. you joining meeting The day. pleasant have for

AAON (AAON) 4 May 232023 Q1 Earnings call transcript