Strong Industrial Equipment Division Performance
The Industrial Equipment division achieved record net sales of $227.1 million, representing a 12.5% organic growth compared to the first quarter of 2024. Operating income was also a record $31.2 million or 13.7% of net sales, a 120 basis point improvement from the previous year.
Effective Cost Reduction Initiatives
SG&A expenses were reduced by 10%, and operating margin improved by 40 basis points compared to the first quarter of 2024 due to cost reduction actions taken in the Vegetation Management division.
Significant Debt Reduction
Total debt decreased by $183.2 million or 91.7% compared to the first quarter of 2024, driven by strategic debt reduction and strong cash generation.
Improvement in Vegetation Management Division
Order bookings in the Vegetation Management division increased nearly 18% from the first quarter of 2024, with sequential improvement for the fifth consecutive quarter. Forestry and tree care equipment orders were up nearly 52% compared to the previous year.