Solid Operating Margins
Enterprise initiatives contributed 120 basis points to operating margins of 24.8%, indicating strong operational efficiency.
GAAP EPS Exceeds Expectations
GAAP EPS of $2.38 came in ahead of planned expectations, driven by a lower effective tax rate.
Strong Growth in Asia Pacific and China
Organic revenue in Asia Pacific was up 7%, with China up 12%, driven by strong performance in the automotive OEM business.
Food Equipment Segment Growth
Food Equipment organic growth was up more than 1% and up 3% on an equal days’ basis, with strength in institutional end markets.
Automotive OEM Market Share Gains
Automotive OEM segment in China grew 14%, driven by gains in the rapidly growing EV market.
Improved Operating Margin in Polymers & Fluids
Polymers & Fluids organic revenue grew 2%, with operating margin improving 70 basis points to 26.5%.