Record Quarterly and Full-Year Net Sales
Recorded a company-high fourth-quarter net sales of $400.6 million; full-year net sales increased 8.1% year-over-year driven by organic growth and acquisitions (TerraSource).
Strong Adjusted EBITDA and Margin Expansion
Reported Q4 adjusted EBITDA of $44.7 million (Q4 adj. EBITDA margin 11.2%) and full-year adjusted EBITDA of $140.7 million (at the high end of guidance). Full-year adjusted EBITDA margin expanded to 10.0%, an increase of 140 basis points versus prior year.
Adjusted EPS Growth
Adjusted earnings per share: $1.06 in the fourth quarter; full-year adjusted EPS of $3.33, up 28.6% year-over-year.
Parts & Aftermarket Growth
Parts sales rose 19.7% versus the prior-year fourth quarter; full-year parts sales totaled $432.7 million, an 11.5% increase and representing 30.7% of total 2025 net sales. Company continues to prioritize recurring parts and service revenue.
Backlog, Book-to-Bill and Order Momentum
Backlog increased to roughly $504–514 million, representing sequential growth of ~14.4% and year-over-year growth of ~22.5%. Consolidated book-to-bill ratio was 116%, with implied orders up $46 million (11%) from the prior quarter referenced.
Strategic Acquisitions and Integration Progress
Closed acquisitions of TerraSource and CWMF (collectively > $200 million of annual revenue). CWMF reported accretive from day one; TerraSource integration progressing (brand consolidation ahead of CONEXPO), with expected benefits realized in 2026.
Segment-Level Recoveries and Margin Gains
Material Solutions showed recovery late in the year. Segment-level results: Material Solutions net sales increased ~18.2% to ~$553 million with adjusted EBITDA up ~49.5% to $55.6 million (adj. margin improved to 10.1%, +210 bps); Infrastructure Solutions delivered strong margin expansion (full-year adj. EBITDA margin noted at ~15.7%, +120 bps).
Strong Balance Sheet and 2026 Financial Guidance
Quarter-end liquidity of $314.7 million (cash $70 million, available credit $244.7 million). Net debt to adjusted EBITDA ~2x. 2026 guidance: adjusted EBITDA $170–$190 million, effective tax rate 25–28%, capex $40–$50 million, D&A $55–$65 million.
Market Tailwinds (Infrastructure & Data Centers)
Company cites favorable multiyear demand drivers: federal and state infrastructure funding, healthy state/local budgets, and accelerating demand tied to data center construction. Cited industry aggregate market CAGR of 3.41% through 2033.
Digital & Commercial Initiatives
Rolling out digital platforms (Signal and MyAstec) to improve equipment utilization, service and parts penetration; several new/substantially upgraded products and digital offerings to be showcased at CONEXPO, aimed at driving parts, service and product differentiation.