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Exhibit 99.1 AAON® AAON REPORTS SALES AND RECORD BACKLOG FOR THE THIRD QUARTER OF 2021 TULSA , OK , November 4 , 2021 - AAON , INC . ( NASDAQ - AAON ) , today announced its results for the third quarter of 2021 . Financial Highlights : Three Months Ended Nine Months Ended September 30 , September 30 , Net sales Gross profit Gross profit % Selling , general and admin . expenses $ SG & A % Net income Net income % Earnings per diluted share EBITDA , a non - GAAP measure $ Backlog Cash & cash equivalents & restricted cash $ $ % Change ( in thousands , except share and per share data ) 138,571 $ 134,772 40,848 36,019 $ 2021 26.0 % 15,897 11.5 % 15,581 11.2 % 0.29 27,726 September 30 , 2021 $ 102,473 2020 30.3 % 14,716 10.9 % 20,460 15.2 % $ 0.38 $ 32,777 September 30 , 2020 ( in thousands ) 181,813 $ 84,885 78,601 2.8 % $ ( 11.8 ) % 1 8.0 % ( 23.8 ) % ( 23.7 ) % $ ( 15.4 ) % $ % Change 114.2 % $ 30.4 % % Change ( in thousands , except share and per share data ) 398,235 $ 397,851 0.1 % 111,283 121,926 ( 8.7 ) % 2021 27.9 % 47,488 11.9 % 52,572 13.2 % $ 0.98 $ 86,379 $ 2020 30.6 % 45,869 11.5 % 60,117 15.1 % 1.14 95,109 3.5 % ( 12.6 ) % ( 14.0 ) % ( 9.2 ) % Net sales for the three months ended September 30 , 2021 increased 2.8 % to $ 138.6 million from $ 134.8 million in the same period in 2020. The year over year increase in net sales was driven by price increases and a favorable product mix , partially offset by unit volumes which were down approximately 11.2 % . The decline in volume was mainly a result of a very tight labor market that restricted the Company's production ramp - up plans . While overall headcount has increased throughout the year , the increase is related to our Longview facility , with our Tulsa facility being slightly down year over year . In addition to labor shortage challenges , raw material inflation weighed on gross profit and earnings . Compared to the third quarter of 2020 , gross profit declined 11.8 % and as a percent of sales , contracted 430 basis points to 26.0 % , both of which were a result of three factors . The first factor is the increase in material costs and wages rising quicker than previously announced price increases could counteract . Second , minor supply chain disruptions caused production to slow and be less efficient . Those inefficiencies together with lower overall production limited the Company's ability to absorb certain fixed costs . Third , the Company's Longview facility suffered from COVID - 19 related absenteeism in the quarter which reduced the production of coils that were needed to complete units in Tulsa . SG & A expenses were essentially in line with Company expectations , but with lower sales volumes , they also adversely affected operating profit and earnings . The Company finished the quarter with a backlog of $ 181.8 million , up 114 % from $ 84.9 million one year ago and up 32 % from $ 138.1 million at the end of the second quarter of 2021. The sequential increase in backlog reflects robust end - market demand as well as improvements the Company and channel partners have made to gain market share . New bookings in the quarter increased approximately 60 % compared to the same period one year ago .