Strong Financial Performance in Fire Safety
Third quarter adjusted EBITDA was $186.3 million, reflecting a 9% year-over-year improvement. Year-to-date adjusted EBITDA was $295.7 million, marking a 20% increase. Revenue for the Fire Safety segment increased by 9% to $273.4 million for the quarter and 15% year-to-date to $430.8 million.
New Contract with US Forest Service
Perimeter Solutions signed a significant contract with the US Forest Service, enhancing national wildfire preparedness and response capability. The contract offers substantial savings to the U.S. taxpayer and includes a transition to a full-service model and an all-powder footprint.
Growth in International Markets
The international retardant business showed strong performance, with notable growth in Europe, the Middle East, Asia, and the southern hemisphere, including Australia and South America.
Positive Impact of Operational Value Drivers
Operational value drivers have led to sustainable earnings growth and improved contract structures, contributing to a 13% increase in Fire Safety's adjusted EBITDA for the quarter.
IMS Acquisition Success
IMS outperformed expectations with 4 product lines acquired year-to-date, showing effective conversion of its pipeline into closed transactions.