Quarterly Revenue and Profitability
Net sales of $731.0 million and adjusted EBITDA of $81.0 million in Q2 FY2026, with adjusted EPS of $1.23. All three metrics improved sequentially from Q1.
Organic Volume Growth
Organic volumes increased approximately 5% year-over-year in Q2; year-to-date volumes are up mid-single digits and management expects mid-single-digit volume growth for the full year.
Average Selling Price Improvement
Average selling prices increased ~1.5% in the quarter, driven by higher prices on steel conduit, cable products and mechanical tube products.
Maintained Full-Year Financial Guidance
Company reiterated full-year guidance: net sales $2.90B–$2.95B, adjusted EBITDA $340M–$360M, and adjusted EPS $5.05–$5.55; expects sequential growth Q3→Q4 in net sales, adjusted EBITDA and adjusted EPS.
Strategic Portfolio Actions and Productivity
Completed multiple divestitures (HDPE business, Belgium surface protection/powder coating, Tectron product line), ceased manufacturing at 3 U.S. facilities, and realized continued productivity improvements; expected annualized savings from facility actions of ~$10M–$12M (possible slight upside).
Balance Sheet and Cash Flow
Balance sheet described as strong with no debt maturities until 2030. Excluding timing of ~$46M customer receipts, operating cash flow of approximately $19M in the quarter; March net sales per day were the highest of any fiscal month in the past 3 years.
Business Momentum in Key End Markets
Strong demand areas include data centers (management refers to 'double-digit' data center growth), metal framing/cable management/construction services (continued growth, earlier ~10% YoY in comparable period), and solar-related mechanical tube products showing improved momentum.
HDPE Transaction and Ongoing Stake
Divested HDPE business (5 facilities) while retaining a 10% ownership interest in the combined InfraPipe/HDPE business; management stated that excluding HDPE the electrical adjusted EBITDA margin in Q2 would have been ~150 basis points higher.