International Irrigation Revenue Growth
The international irrigation business delivered a 37% year-over-year revenue growth, driven by sales in the MENA region, with positive trends in Western Europe and Latin America.
Infrastructure Segment Margin Expansion
The Infrastructure segment saw an increase in operating margin to 21.5% from 17.1% in the prior year, driven by improved manufacturing efficiency and lower operating expenses.
Positive Financial Performance
Consolidated revenues increased by 3% to $166.3 million, and net earnings rose by 14% to $17.2 million. Earnings per share increased to $1.57 from $1.36 in the prior year.
Acquisition in Innovation and Technology
Closed a deal to acquire a minority interest in Austria-based peso instruments, adding capabilities to Field net and Field-wide platforms, with access to over 240,000 connected devices.
Large Road Zipper System Project
Finalized a $20+ million contract for a Road Zipper system project in the Northeast, expected to be delivered in Q2, supporting growth in the Infrastructure segment.