Strong Revenue Growth
Revenue increased by 7% sequentially to $712 million, with growth in each end market sector. Gas utilities sector saw an 8% increase, DIET sector increased by 6%, and PTI sector grew by 8%.
Growing Backlog
Backlog increased 8% sequentially in the first quarter to $603 million, with a 23% growth in the US segment by the end of April.
Gas Utilities Resurgence
Gas utilities business experienced a 26% increase in backlog through the end of April, showing a strong recovery after challenging years.
Share Repurchase Program
$125 million share repurchase program initiated, reflecting confidence in financial strength and cash generation capabilities.
Improved Financial Metrics
Adjusted EBITDA of $36 million, representing 5.1% of sales, with expectations to exceed 6% in the second quarter.