Strong October Construction Equipment Sales
October saw the strongest month of the year for new equipment sales, predominantly within the Construction Equipment segment, totaling over $75 million, which is nearly 60% of the entire equipment sales in Q3.
Resilient Product Support Performance
Product Support revenues remained steady and were up sequentially versus Q2, acting as a stable cash flow stream despite a volatile equipment sales environment.
Successful Cost Reduction Initiatives
SG&A is down roughly $25 million year-to-date, driven by structural cost savings, improved efficiency, and disciplined execution, providing operating leverage as the market rebounds.
Stable Material Handling Backlog
The backlog in Material Handling remains over $100 million, providing visibility for the next several quarters despite muted volumes during the quarter.
Positive Outlook for Construction Segment
Permitting activity on large projects has accelerated, translating to greater deliveries early in Q4, with a record $2 billion road and bridge funding package in Michigan driving new bid activity.