Return to Sales Growth
The company returned to sales growth in the second quarter with revenues up 2% over last year, driven by strong growth in the Infrastructure segment, with sales up 22.4% led by a 36% increase in the Precast Concrete business.
Significant Backlog Increase
Demand rates for the Rail offering increased significantly in the quarter, evidenced by a 42.5% increase in backlog from the start of the quarter.
Improved Financial Metrics
Adjusted EBITDA increased by 51.4% over the previous year despite modest sales growth, driven by favorable margins in the Infrastructure segment and strong SG&A leverage capacity enterprise.
Improved Gross Leverage
Net debt decreased to $77.4 million at quarter end, with gross leverage improving to 2.2x, compared to 2.7x last year.
Successful Negotiation of Revolving Credit Facility
The company increased the borrowing capacity and extended the facility tenure to June of 2030, while also reducing borrowing costs and relaxing restrictions.