Refinancing and Improved Capital Structure
The company completed a refinancing transaction in March 2025, lowering their blended interest rate by over 100 basis points and extending term loan maturities to 2030, which improved financial flexibility.
Midstream Revenue Growth
Revenue from midstream end markets grew by nearly 15% in the first quarter of 2025, indicating strong performance in this segment.
Inspection & Heat Treating Segment Growth
The segment delivered strong top-line growth, with revenue up 6.8% over the prior year and 8.8% in core U.S. operations. Adjusted EBITDA in this segment improved by 39% year-over-year.
Cost Discipline and Efficiency Improvements
The company reduced selling, general and administrative expenses by about $2 million compared to the prior year and initiated actions targeting $10 million in annualized cost savings.