Strong Start to 2025
Bookings grew 18% to $1.2 billion, revenue increased 5%, adjusted gross margins expanded 180 basis points to 33.5%, and adjusted EPS increased by nearly 25% to $0.72.
Record Aftermarket Bookings
Aftermarket bookings reached almost $690 million, marking the fourth consecutive quarter above $600 million, benefiting from a significant $50 million nuclear order.
Nuclear and Power Sector Growth
Nuclear bookings exceeded $100 million for the third consecutive quarter, while power bookings rose more than 45% compared to the prior year.
Operational Excellence and Margin Expansion
Adjusted operating margins increased to 12.8%, with FPD operating margins reaching 17.7%, a 280 basis point improvement, and FCD also showed margin expansion.