Revenue during the quarter dropped 5.72 percent to $91.67 million from $97.23 million in the previous year period. Gross margin for the quarter contracted 150 basis points over the previous year period to 28.92 percent. Total expenses were 80.50 percent of quarterly revenues, up from 79.72 percent for the same period last year. That has resulted in a contraction of 78 basis points in operating margin to 19.50 percent.

Operating income for the quarter was $17.88 million, compared with $19.72 million in the previous year period.

Norman H. Asbjornson, chief executive officer, stated, "We believe the sales rate slowed in the fourth quarter as our customers paused to await and absorb the November election results and the impact they could have on the business environment. In addition, we witnessed a decided shift in our product mix toward lower priced units. This may have been a by-product of the concern surrounding the political atmosphere. Nevertheless, while our unit volume increased 12.5% in 2016, our sales growth advanced only 7.1%."

The company has spent $16.92 million cash to meet investing activities during the year as against cash outgo of $23.19 million in the last year. It has incurred net capital expenditure of $26.58 million on net basis during the year, up 27.13 percent or $5.67 million from year ago.

The company has spent $30.75 million cash to carry out financing activities during the year as against cash outgo of $46.20 million in the last year period.

Cash and cash equivalents stood at $24.15 million as on Dec. 31, 2016, up 205.42 percent or $16.24 million from $7.91 million on Dec. 31, 2015.

Working capital increases sharply
AAON, INC. has recorded an increase in the working capital over the last year. It stood at $101.94 million as at Dec. 31, 2016, up 26.16 percent or $21.14 million from $80.80 million on Dec. 31, 2015. Current ratio was at 3.61 as on Dec. 31, 2016, up from 2.86 on Dec. 31, 2015.