Strong Financial Performance
Net sales grew by 2.5% year over year, reaching $1.05 billion. Operating margins improved by 120 basis points, and diluted earnings per share increased by 21%.
Utility and Telecom Segment Growth
Utility sales increased by 12.3% driven by pricing and higher volumes. Telecommunications sales grew by 37%, supported by a quick turn order strategy and alignment with carrier programs.
Infrastructure Segment Success
Infrastructure sales grew by 6.6% compared to last year, with coating sales increasing by 9.7% due to healthy infrastructure demand.
Capital and Capacity Expansion
The company invested $42 million in CapEx primarily for utility capacity expansion, and increased annual revenue capacity in infrastructure by $95 million.
Aftermarket and Technology Growth in Agriculture
Aftermarket parts sales grew 15% year over year due to the success of the e-commerce platform. Accent revenues increased by 8%.