CIMCO Revenue and Earnings Increase
CIMCO posted higher revenue and earnings driven by strong demand and disciplined execution in both Canada and the U.S., with package revenue supported by a strong order backlog. Revenue increased 22% in Q3 and 15% year-to-date.
Healthy Backlog and Bookings Growth
Backlog remains healthy at $1.3 billion, up 17% year-over-year with Equipment Group up 15% and CIMCO up 24%. Bookings for Q3 increased 47% compared to Q3 2024 and 13% on a year-to-date basis.
Operating Income Improvement
Operating income increased 8% in Q3, benefiting from a $13.7 million pretax gain on the sale of a property. Excluding this gain, operating income was 1% lower compared to a strong comparator period.
Strong Cash and Liquidity Position
The company ended the quarter with $1 billion in cash and an additional $453 million available under existing credit facilities, maintaining a negative 9% net debt to total capitalization ratio.
AVL Acquisition Progress
Production in Hamilton has ramped up since the acquisition, supporting a healthy order backlog and demand. A new facility in Charlotte, North Carolina commenced production, expected to ramp up throughout 2026.