Total Revenue

+12.5% " "

Total Revenue increased by about 12.5% in Q1 2026, rising from $1,698 million in Q4 2024 to $1,911 million, reflecting continued organic sales growth and the benefits of recent acquisitions that built on previous growth trends. " "

Pipes, valves & fittings

+15.7% " "

Pipes, valves & fittings revenue rose by 15.7% from $1,122 million to $1,297 million, driven by strong volume growth and acquisition activity that had been contributing in previous periods, indicating robust demand for these products. " "

Storm drainage

+13% " "

Storm drainage sales increased by 13%, from $261 million to $295 million, supporting a trend of acquisition-driven expansion and volume increases observed in earlier periods, bolstering this segment’s performance. " "

Fire protection

+7.8% " "

Fire protection revenue grew by 7.8% from $141 million to $152 million, reflecting moderate market recovery and improved pricing strategies that build on prior performance improvements in this segment. " "

Meter

-4% " "

Meter products declined approximately 4%, from $174 million to $167 million, which may indicate persistent challenges in market demand or competitive pressures compared to other segments that experienced growth in previous periods. " "

Operating Income

+38% " "

Operating Income increased by 38%, from $124 million in Q4 2024 to $171 million in Q1 2026, driven by higher gross profit despite rising SG&A and depreciation expenses, reflecting efficiency improvements that build on earlier period trends. " "

Net Income

+56.7% " "

Net Income surged by roughly 56.7%, from $67 million to $105 million, evidencing a marked improvement from previous periods due to stronger revenue performance and tighter cost control, which has amplified profitability compared to Q4 2024. " "

Basic Earnings per Share

+60.6% " "

Basic EPS increased by about 60.6%, rising from $0.33 to $0.53, a result of higher net income and a slightly reduced weighted average number of shares outstanding, continuing the upward trend seen in earlier quarters. " "

Net Cash Provided by Operating Activities

-67% " "

Net Cash Provided by Operating Activities fell nearly 67%, from $235 million to $77 million, likely due to increased investments in working capital along with higher interest and tax payments, a pattern consistent with prior period financial adjustments despite strong revenue growth. " "