Significant Earnings Growth
Net earnings for the quarter increased to $15.2 million, or $0.78 per share, compared to $6.6 million, or $0.34 per share, in the prior year.
Pricing and Margin Expansion
Average selling prices rose 11.7% year-over-year and 8.2% sequentially, contributing to a gross margin expansion by 650 basis points to 17.1%.
Increased Shipments
Shipments for the quarter increased 10.5% year-over-year and 3.5% sequentially, driven by acquisitions and improving demand in construction markets.
Cash Flow and Financial Flexibility
Operating activities generated $28.2 million in cash, with the company ending the quarter with $53.7 million of cash on hand and no debt.
Positive Acquisition Outcomes
The acquisitions of Engineered Wire Products and O'Brien Wire Products have yielded expected benefits and are contributing positively to operations.