Strong Revenue Growth
Sales of $877 million represented an increase of 12% year-over-year, with strong organic growth of 9%.
Operating Income and Margin Expansion
Operating income increased 20% year-over-year, driving 130 basis points of overall operating margin expansion.
Earnings Per Share Increase
Diluted earnings per share increased 21% year-over-year, slightly exceeding expectations.
Record Backlog
The backlog is now up 12% year-to-date, reaching a new record in excess of $3.8 billion.
Capital Allocation Announcements
Board approved a $400 million increase in share repurchase authorization and a 14% increase in quarterly dividend.
Increased Full Year Guidance
Sales expected to increase 9% to 10% with 100 to 120 basis points of margin expansion, EPS growth of 16% to 19%.