Consolidated Revenue Growth
Net sales for Q1 FY2026 were $417.1 million, up 6.7% year-over-year, driven by strength across Industrial Equipment and Vegetation Management and contributions from recent acquisitions.
Division Sales Improvement
Industrial Equipment net sales were $241.7 million, up 6.5% YoY; Vegetation Management net sales were $175.4 million, up 7.0% YoY — the first year-over-year quarterly increase in Vegetation in 9 quarters.
Adjusted EBITDA and Sequential Recovery
Adjusted EBITDA increased slightly to $59.3 million (14.2% of sales) versus $58.3 million (14.9%) in Q1 FY2025 and improved materially versus Q4 FY2025 ($44.8 million, 12.0% of sales), indicating sequential operational recovery.
Adjusted EPS and Sequential Improvement
Adjusted diluted EPS for Q1 FY2026 was $2.56, up from $1.70 in Q4 FY2025, showing sequential earnings recovery despite a modest YoY decline.
Strong Liquidity and Leverage Position
Gross debt of $290.5 million and cash of $195.2 million produced net leverage of less than 1x; total liquidity described as strong, supporting disciplined M&A and capital deployment.
Strategic Acquisition Integration
Petersen Industries acquisition funded in Q1 (approximately $120M revolver draw + ~$50M cash) is integrating well; management cites early commercial and operational synergies and successful leadership transition.
Product Innovation and Commercial Traction
Introduced products with early commercial success: non-CDL vacuum truck (sold out for 2026), next-generation hybrid sweepers (commercial production and strong interest), and a patented Wide Wing snow plow system gaining industry acceptance.
Dividend Declaration
Board approved a quarterly dividend of $0.34 per share, signaling confidence in capital return capacity.