Strong Ag and EMC Segment Growth
Ag and EMC segments reported solid sales growth of 8% and 7%, respectively, compared with the prior year.
Significant EBITDA Increase
Adjusted EBITDA grew 45% to $30 million, reaching the top of the guidance range.
Improved Gross Margins
Gross margins expanded 210 basis points to 15.2%.
Solid Free Cash Flow
Free cash flow for Q3 was $30 million, driven by strong working capital discipline.
Debt Reduction
Net debt reduced to $373 million from $391 million in the previous quarter.
Positive Latin American Market Impact
Higher Ag segment volumes in Latin America due to solid grain demand and favorable weather conditions.
OEM Inventory Levels Improving
OEM inventory levels improved by about 30 days, indicating a more balanced inventory situation.