Strong Revenue Growth
Revenues grew 10% year-over-year, exceeding $1.1 billion for the quarter.
Exceeded Financial Guidance
Adjusted EBITDA reached $195 million, surpassing the top end of guidance by $15 million. Adjusted earnings per share came in at $0.72, beating the guidance range of $0.55 to $0.61.
Labor Agreement Ratified
1,000 USW represented employees ratified a six-year labor agreement, bringing long-term labor stability.
Share Buyback Acceleration
Repurchased $70 million worth of shares in Q1 and plans to repurchase as much as $250 million in Q2.
Jet Engine Business Growth
Jet engine sales accounted for 37% of total Q1 revenue and grew 35% year-over-year.
Defense Sales Increase
Defense sales grew 11% year-over-year in the first quarter.
New Airbus Contract
Signed a new five-year agreement with Airbus, approaching $1 billion in sales.