Strong Core Sales Growth
Core sales growth reached 11%, driven by Mobility Technologies and Environmental and Fueling Solutions, both growing over 15% in the quarter.
Adjusted Operating Profit and EPS Exceed Guidance
Adjusted operating profit increased by 15% year-over-year, with margin expansion of 80 basis points. Adjusted EPS increased by 25% to $0.79, above the high end of guidance.
Successful Product Innovation and R&D Investment
New product introductions were well-received, validating R&D investments and strengthening competitive advantage. R&D investments account for around 6% of total sales.
Recurring Revenue Growth
Invenco's recurring revenue, accounting for about 35% of its base, was up 17% year-over-year.
Positive Free Cash Flow and Share Buybacks
Free cash flow conversion exceeded seasonal norms, enabling ongoing share repurchases. Net leverage ratio reduced to 2.5x.