Strong Order Growth
Third quarter orders were up 9.8% versus the prior year, with a book-to-bill ratio of 1.05. The backlog increased by 6%, indicating strong future growth prospects.
Significant Data Center Market Wins
The company booked $135 million in data center orders in Q3 and an additional $16 million in October. The data center business grew from $30 million five years ago to $130 million this year, with a strong bid pipeline approaching $1 billion.
Favorable Free Cash Flow and Debt Management
Generated $174 million of free cash flow in Q3, used primarily to pay down debt, ending the quarter with no variable rate debt.
Positive Outlook for 2026
Expectations for solid growth in 2026 driven by strong order momentum, with projected free cash flow of almost $900 million and a net debt leverage target of 2.5x by year-end.