Continued Sales and Profit Growth
Reported continued sales growth of $31.8 million or 8.4% for the first half, with gross profit improvement of $6.2 million or 8.8%.
Strong Cash Flow and Debt Reduction
Generated strong operating cash flow of $31.9 million and reduced net bank debt by $24.6 million.
Record Second Quarter Financial Performance
Net sales increased 6.4% to $221.5 million, and gross profit increased 3.5% to a second quarter record of $42.7 million.
Share Repurchases
Repurchased 287,910 shares for $3.4 million at an average share price of $11.65.
Growth in Key Markets
Increased demand for aftermarket products in Mexico and expanding presence in the heavy-duty rotating electric market.
Operational Efficiency Improvements
Focused on cost reduction initiatives and leveraging North American footprint to enhance margins.