Record-Breaking First Quarter Metrics
First quarter high watermarks were set for revenue at $668 million, adjusted EBITDA at $130 million, free cash flow at $81 million, and free cash flow less maintenance CapEx at $26 million.
Strong Performance in Aerospace & Aviation
Revenue in the Aerospace & Aviation segment increased by $14 million or 4% to $382 million, with adjusted EBITDA increasing by $8 million or 8% to $102 million, driven by Essential Air Services and Aircraft Sales and Leasing business lines.
Manufacturing Segment Growth
Revenue in the Manufacturing segment rose by $53 million or 23% to $286 million, with adjusted EBITDA increasing by $14 million or 50% to $41 million, primarily driven by the acquisition of Spartan and increased demand for composite mats.
Amendment to Credit Facility
The credit facility was increased to $3 billion from $2.2 billion, with maturity extended to April 30, 2029, providing over $1 billion in available liquidity for future acquisitions or growth capital expenditures.