Strong Order Trends and Revenue Growth
Order trends continued to show positive momentum in the quarter, with orders up 7% year-over-year, supporting confidence in the second half outlook. The majority of third quarter revenue is already in backlog.
Record Adjusted Segment EBITDA Margins
Adjusted segment EBITDA margins reached a record high above 25%, attributed to prior period portfolio actions, positive mix from growth platforms, and cost containment measures.
Increase in Full-Year Adjusted EPS Guidance
Full year adjusted EPS guidance was raised to $9.35 to $9.55, which represents an increase of 14% at the midpoint.
Positive Performance in Clean Energy & Fueling
Clean Energy & Fueling segment revenue was up 8% in the quarter, driven by strong shipments in clean energy components and restructuring benefits.
Organic Growth in Pumps & Process Solutions
Pumps & Process Solutions grew 4% organically, with double-digit growth in single-use biopharma components and thermal connectors for liquid cooling of data centers.
Strong Free Cash Flow Generation
Year-to-date free cash flow reached $261 million or 7% of revenue, up $41 million over the prior year, with expectations for cash flow generation to accelerate in the second half.