Exceeded First Quarter Sales Estimates
Sales of $195 million exceeded the top end of the guidance range, despite being below prior year levels. Early wins from go-to-market focus contributed to this result.
Improved Cash Flow and Debt Reduction
Generated $19 million in cash from operations, a 7% increase over last year. Paid down $4 million in debt, marking seven consecutive quarters of debt reduction, with a 15% decrease over the previous year.
Successful Cost Management
Managed cost of goods sold to align with lower sales and realized savings in SEA expenses year-over-year. Achieved an 11% inventory reduction compared to the prior year.
Positive Trends in Order Intake
Orders exceeded sales for five consecutive months, indicating positive demand trends. Notable wins in health and wellness and recreational markets, as well as new business wins in construction and aerial work platform end markets.
New Product Launches and Innovations
Several new product launches across flagship brands, including Enovation Controls' S35 display, Sun Hydraulics' electro-proportional cartridge valves, and Balboa's PureZone water chemistry management solution.