Reports Q1 revenue $618.62M, consensus $599.43M. "We delivered first quarter earnings in line with our expectations, although our Industrial segment had a challenging quarter. While demand remained healthy, ongoing industry-wide operating challenges, including labor and supply chain disruptions and inflation, impacted profitability in the quarter as anticipated, and negatively affected cash flow," said Chip Blankenship, chairman and CEO. "We believe the strategic investments we are making in the business will reduce supply chain risk and complexity, as well as improve operational performance. We anticipate the supply chain and labor disruptions will begin to subside in the second half of the fiscal year, and strong end market demand will continue. Therefore, our previously issued fiscal 2023 outlook remains unchanged."
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