Dafinchi AI

AAON

Industrial

AAON Coil Products sales grew 86.4%, driven by a large liquid cooling project, but AAON branded products declined due to ERP disruptions.
AAON Oklahoma segment sales declined 18% with a 970 basis point gross margin contraction, impacted by supply chain disruptions and ERP-related coil shortages.
BasX segment sales grew 20.4% with a slight gross margin contraction of 60 basis points, reflecting operational improvements.
Cash and equivalents totaled $1.3 million with debt at $317.3 million and a leverage ratio of 1.4; capital expenditures increased 18.7% to $89.6 million year-to-date.
Gross margin contracted by 950 basis points to 26.6%, primarily due to lower production volumes and inefficiencies related to the ERP implementation.
Net sales declined 0.6% year-over-year to $311.6 million, driven by a 20.9% decline in AAON branded sales nearly offset by a 90% increase in BasX branded sales.
Non-GAAP adjusted EBITDA was 14.9%, down 1,120 basis points, and non-GAAP adjusted EPS was $0.22, down 64.5% year-over-year.

AOS

Industrial

A. O. Smith reported second quarter 2025 sales of $1 billion, a 1% decrease year-over-year, with earnings per share of $1.07, a 1% increase compared to the prior period.
China sales declined 11% in local currency due to economic challenges and limited government subsidies, but operating margin was maintained through restructuring and cost controls.
North America segment sales decreased 1% to $779 million, driven by lower water heater volumes but offset by higher boiler sales; segment operating margin expanded by 30 basis points to 25.4%.
Operating cash flow for the first half of 2025 was $178 million, with free cash flow of $140 million, both higher than the prior year period.
Rest of the World segment sales decreased 2% to $240 million, including $16 million from the Pureit acquisition; earnings remained flat at $25 million with a slight margin decline to 10.5%.
Share repurchases totaled approximately 3.8 million shares for $251 million in the first half of 2025, with full-year repurchase plans increased to approximately $400 million.
The company ended June with $178 million in cash and a net debt position of $126 million, with a leverage ratio of 14.1%.

MAS

Industrial

Balance sheet remains strong with gross debt-to-EBITDA at 2x and liquidity of $1.3 billion.
Decorative Architectural operating profit was $157 million with a margin of 21.3%, favorably impacted by the Kichler divestiture.
Decorative Architectural segment sales decreased 12% (4% excluding Kichler divestiture), with paint sales down mid-single digits.
DIY Paint sales decreased high single digits due to soft demand; PRO Paint sales increased mid-single digits.
Earnings per share increased 8% to $1.30.
Gross margins increased 10 basis points to 37.7%.
International plumbing sales increased 1% in local currency.
Masco's second quarter net sales decreased 2%, but were flat in local currency excluding the Kichler divestiture.
Operating profit grew $14 million to $413 million, with operating margin increasing 100 basis points to 20.1%.
Plumbing operating profit was $276 million with a margin of 21%.
Plumbing segment sales increased 4% in local currency, with North American plumbing up 5% driven by pricing and volume.
Returned $167 million to shareholders in dividends and share repurchases in Q2.
SG&A expenses decreased $27 million, improving SG&A as a percent of sales by 90 basis points to 17.6%.

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