Increased Revenue and Order Rates
Second quarter revenue was $39.2 million, an 8% increase from the prior year period, with order rates rising 14% year-over-year to $21 million.
Record Orders in Industrial Solutions
Industrial Solutions recorded nearly $14 million of orders, surpassing the previous $10 million record, with a segment backlog hitting a new record high of nearly $30 million.
Strategic Sale of Manitowoc Facility
The pending sale of the Manitowoc facility is expected to add $13 million in cash and reduce costs by $8 million annually.
Growth in Gearing Orders
Gearing orders increased 45% year-over-year, with a follow-on order for $6 million of Gearing products for the power generation market.