Advanced Manufacturing Tax Credit Boost
Adjusted EPS was above expectations, primarily due to a $10 million benefit from an advanced manufacturing production credit under the Inflation Reduction Act.
Restructuring Savings Achieved
The company realized approximately $6 million in restructuring savings in the quarter, on pace to achieve the $15 million run-rate savings committed to in January.
Aerospace and Defense Growth
Sales in Aerospace and Defense increased 7%, propelled by defense project wins in infrastructure.
Share Repurchase and Dividend Programs
The company continued its share repurchase program with $25 million of shares bought back during the quarter and paid $15 million in dividends.
Improved Profitability
Adjusted EPS increased to $0.47 compared to $0.30 in the prior year quarter, benefiting from restructuring, absence of price raw headwinds, and tax credits.