Revenue Growth
Revenue grew by 8.5% year-over-year, or almost $20 million, with significant growth in Inspection and Heat Treating (IHT) and Canadian operations.
Adjusted EBITDA Increase
Adjusted EBITDA increased by 12.4% year-over-year to $24.5 million, outpacing top-line growth, with a margin improvement of 40 basis points to 9.9%.
Cost Discipline
Selling, general and administrative expenses as a percentage of consolidated revenue decreased to 18.9% from 19.8% in the previous year.
Canadian Operations Performance
Canadian operations delivered a 31% year-over-year revenue growth, demonstrating effective ongoing initiatives.
Improved Financial Flexibility
Refinancing transaction lowered blended interest rate by over 100 basis points, simplified capital structure, and extended term loan maturities to 2030.
Transformation Leadership Appointment
Appointment of Dan Dolson as Executive Vice President, Chief Strategy & Transformation Officer to lead transformation efforts.