Sequential Order Growth
Consolidated orders grew 2.7% sequentially with a book-to-bill ratio of 1.04. This marked the second quarter of sequential order growth, with bookings increasing in both the Sensors and Measurement Systems segments.
Sensors Segment Performance
First quarter revenue for the Sensors segment increased 5.1% sequentially, driven by higher sales of strain gages and precision resistors in the test and measurement market. Sensors bookings rose 6.7%, reaching the highest level in 5 quarters with a book-to-bill of 1.06.
Positive Development in Humanoid Robotics
The company received an additional order of more than $1 million from initial humanoid robotics customers and a prototype order from a second potential customer, indicating progress in this area.
Improved Operational Cost Management
The company is on track to achieve targeted annual operational cost reductions of $5 million by year end, with most savings in cost of goods sold.
Strong Balance Sheet
Cash position increased by $4.6 million to $83.9 million in the first quarter, with total outstanding long-term debt at $31.5 million, providing ample liquidity to support business requirements and fund M&A.