Strong Adjusted Operating Income Growth
Adjusted operating income for the second quarter was $4.9 million, marking an increase of $2.8 million compared to the prior year.
New Business Wins and Strong Pipeline
Year-to-date, the company has secured approximately $172 million in cumulative wins with a pipeline of $750 million, showing strong potential for future growth.
Improvement in Adjusted Gross and EBITDA Margins
Adjusted gross margin expanded by 190 basis points to 18.2% year-to-date, with a goal to achieve approximately 20%. Adjusted EBITDA margins have expanded by 230 basis points, trending at over 11%.
Successful Transformation and Cost Reduction Initiatives
The company has achieved improved profitability through cost reduction measures, including the closure of underperforming facilities and a reduction of staffing by 20%.
New Chief Commercial Officer Appointment
Tim Erro was appointed as the new Chief Commercial Officer, enhancing the company's sales and engineering capabilities.