Strong Sales Growth
13% year-over-year sales growth with total sales reaching $236 million. Base sales growth increased from 5% in Q2 to 8% in Q3.
Record Free Cash Flow
Record free cash flow of $48.2 million, a $6 million increase from the previous year.
Operating Earnings and Margin Growth
Operating earnings increased 13% to $46.1 million with operating margins up 10 basis points to 19.6%. Excluding Smart Cover, base operating earnings increased 15% and margins expanded by 120 basis points.
Gross Margin Expansion
Gross margins expanded by 50 basis points to 40.7%. New normalized range increased from 38%-40% to 39%-42%.
Positive Customer Engagement
Increased customer interest and engagement at industry trade shows, reinforcing long-term strategy and growth in advanced metering infrastructure.
Smart Cover Growth
Smart Cover exhibited approximately 25% growth in the quarter, reinforcing its role in the long-term strategy.
Dividend Increase
Increased dividend for the thirty-third consecutive year, highlighting strong cash flow and shareholder returns.