Double-Digit Revenue Growth
The company reported a strong start to the year with double-digit revenue growth in the first quarter, driven by the acquisition of Katsa Oy and growth in the Marine and Propulsion business.
Marine and Propulsion Segment Growth
Sales in the Marine and Propulsion segment grew 22.9% year-over-year, with incoming orders for Veth products reaching an all-time high in October.
Strong Performance in Industrial Segment
The Industrial segment saw a 61.3% year-over-year increase in sales, primarily driven by the addition of Katsa and stabilization of end market demand.
Gross Profit Margin Improvement
Gross profit margin increased to 26.5%, up from the previous year's 26.2%.
Historical Backlog Levels
The company's backlog reached historical levels, with a 6-month backlog growing both sequentially and year-over-year.