Question · Q3 2025
Niamh Kaplan asked for an update on utility T&D customers' project execution capabilities, confirming if the industry is back on track, and sought details on the drivers of TES segment's inter-quarter order growth and customer types.
Answer
CEO Ryan McMonagle confirmed that distribution activity is picking up, and transmission is seeing a significant increase, indicating the industry is 'back to normal and continuing to improve.' Regarding TES, Mr. McMonagle clarified that the 30% refers to year-over-year inter-quarter signed order growth in Q3 2025, driven primarily by strong demand from utility and forestry contractors, with less growth in infrastructure markets. CFO Christopher Eperjesy added that the company is an order-driven business, not solely backlog-driven, and noted recent backlog growth in October.