Consolidated Revenue Growth
Total sales of $521.7 million in Q1, up 9.5% year over year; sales per business day increased to ~$8.3M from ~$7.6M (adjusted for acquisitions: $7.6M vs $7.1M).
Strong Margin Expansion
Gross profit margin expanded to 32.3%, up ~79 basis points year over year; adjusted EBITDA of $57.8M representing an 11.1% margin; operating income of $42.5M.
Innovative Pumping Solutions Outperformance
IPS sales rose 37.7% to $111.7M, driven by energy-related and water & wastewater activity, with energy backlog up 2.1% sequentially and water representing 66% of IPS sales.
Cash Generation and Capital Discipline
Generated strong cash flow: operating cash flow ~$29.6–29.8M and free cash flow $26.3M in Q1; ROIC at 34.1%; cash balance of $213.4M and total liquidity of $366.7M.
Consistent Segment Performance
Service Centers grew 3.3% YoY and Supply Chain Services grew 2.7% YoY (6.2% sequentially); combined segment operating margins improved ~105 basis points YoY.
Accretive M&A Activity
Closed three acquisitions during the quarter (Mid Atlantic Storage Systems, Premier Flow, Ambiente H2O) that contributed $40.7M in sales; active pipeline with multiple LOIs and expectation of 1–2 more deals near-term.
Improving Demand Trend Throughout Quarter
Sales accelerated through the quarter: average daily sales Jan $7.2M, Feb $8.4M, Mar $9.2M (April ~$9.0M) and April year-over-year sales up ~15%, indicating momentum into Q2.