Strong Financial Performance
Net sales increased by 20.1% year-over-year, adjusted EBITDA grew by 55.7%, and adjusted earnings per share increased by 30.6%.
Successful Integration of TerraSource
The acquisition of TerraSource added $64.1 million to the backlog and contributed to a 670 basis point increase in parts sales mix.
Infrastructure Solutions Segment Growth
This segment saw a 17.1% increase in net sales due to strong demand for asphalt and concrete plants, contributing to a 290 basis point improvement in adjusted operating margin.
Improved EBITDA Margins
Adjusted EBITDA margins increased by 170 basis points, reaching the best margin since the third quarter of 2017.
Raising Guidance
The company raised the lower end of their full-year adjusted EBITDA guidance from $123 million to $132 million.