Industrial Equipment Division Record Performance
Industrial Equipment division net sales reached a record $240.7 million, representing a 17.6% organic growth compared to the second quarter of 2024. Operating income was also a record $34.3 million or 14.3% of net sales, with a 100 basis point improvement compared to the same period last year.
Strong Financial Position
Total debt reduced to $213.1 million with debt net of cash at $11.3 million, an improvement of $163.8 million or 93.5% compared to the second quarter in 2024, driven by strategic debt reduction and strong cash generation.
Increase in Net Income
Net income for the second quarter was $31.1 million or $2.57 per diluted share, compared to $28.3 million or $2.35 per diluted share last year at the same time, indicating an almost 10% increase.
Order Backlog and Strong Bookings
The order backlog in the Industrial Equipment division remained strong at nearly $510 million. Second quarter order bookings in this division were up nearly 21% compared to the second quarter of 2024.