Record Net Sales and Gross Profits
The company achieved record net sales of $188.4 million and gross profit of $33.9 million for the fiscal first quarter, marking a 10.9% and 16.3% increase respectively compared to the prior year.
Operating Income Turnaround
Operating income increased to $20.1 million from an operating loss of $6.5 million in the prior year, demonstrating a significant improvement in operational performance.
Reduction in Net Bank Debt
Net bank debt was reduced by $7 million to $74.4 million, alongside generating $10 million of cash from operating activities.
Strong Performance in Brake Offerings
The brake category, particularly brake calipers manufactured in Mexico, is gaining market share and contributing to overall growth.
Growth in Heavy-Duty Market
The company is expanding its presence in the heavy-duty rotating electrical market, with the Quality-Built brand gaining traction.
Increased Sales Guidance
Sales guidance for fiscal 2026 has been increased to between $800 million and $820 million, indicating anticipated growth between 5.6% and 8.3% year-over-year.