Sales and Earnings Exceed Expectations
Sales, gross margins, and adjusted EPS results were all at the upper end of guidance and exceeded Street consensus. Sales increased by 6.5% from the prior quarter and 2.7% compared to the prior year.
Improvements in Key End Markets
Sales increased in portable electronics, industrial, aerospace, and defense markets, marking the third consecutive quarter of higher industrial sales.
Operational Efficiency and Cost Reduction
Expense reduction actions improved EBITDA margins by approximately 300 basis points versus the prior year. Significant progress in restructuring operations in Germany with $13 million of annualized savings targeted by late 2026.
Positive Cash Flow and Shareholder Returns
Cash increased by $10.6 million from the end of the second quarter. Share repurchases of $10 million with plans for increased repurchases in Q4.