Strong Financial Performance
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. Adjusted earnings were $0.81 per share.
Revenue and Shipment Growth
Average selling prices rose 11.7% year-over-year and 8.2% sequentially. Shipments for the quarter increased 10.5% year-over-year and 3.5% sequentially.
Gross Profit and Margin Expansion
Gross profit for the quarter increased $15.4 million from a year ago to $30.8 million, while gross margin expanded by 650 basis points to 17.1%.
Strong Cash Flow and Liquidity
Operating activities generated $28.2 million in cash during the quarter. Ended the quarter with $53.7 million of cash on hand and debt-free.
Positive Acquisition Integration
Successful integration of Engineered Wire Products and O'Brien Wire Products, contributing to the growth and improved performance.