Total Revenue

+13.1% (from $218.3M to $247.0M)

Strong overall growth driven by higher sales volumes, price increases, and a favorable product mix across segments – particularly a +20.7% increase in Aerospace & Defense sales – demonstrating an improvement over the previous period’s baseline. " "

U.S. Revenue

+17.1% (from $158.1M to $185.25M)

Enhanced domestic performance with significant contributions from the Aerospace & Defense segment and other areas, benefiting from increased sales volumes and strategic price adjustments compared to Q1 FY2024. " "

Aerospace & Defense – Government Segment

+76% (from $5.5M to $9.7M)

Remarkable expansion driven by accelerated government orders—especially from key navy programs—with a prior lower baseline in Q1 FY2024 now eclipsed by robust program execution and increased government spending. " "

RF Test & Measurement

+13.7% (from $40.6M to $46.1M)

Improved demand and mix in the RF Test & Measurement segment have boosted sales; operational adjustments and renewed customer interest helped overcome the softer performance seen in Q1 FY2024. " "

Net Sales (Income Statement)

+13.1% YoY

Overall net sales growth was achieved through organic volume gains and contributions from strategic acquisitions, building on the relatively lower sales base of Q1 FY2024 while diversifying revenue channels. " "

Net Earnings

+54% (from $15,169K to $23,473K)

Substantial profitability improvement resulted from higher revenues, improved margins, and effective cost management (including lower interest expenses) compared to Q1 FY2024, leading to a notable jump in net earnings. " "

Earnings Before Income Taxes

+53.9% (from $19,454K to $29,941K)

Operating margin expansion across segments, coupled with lower financing costs and effective operational efficiencies, drove EBIT growth well beyond the previous quarter’s performance. " "

Basic EPS

+54% (from $0.59 to $0.91)

EPS improvement mirrors net earnings’ gains, reflecting robust operational performance, benefiting from strong revenue and margin expansion while excluding adverse effects seen in prior periods. " "

Operating Cash Flow

+291% (from $8,746K to $34,174K)

A substantial increase in cash generation was achieved through higher net earnings, dramatic improvements in working capital management, and streamlined operations—marking a significant turnaround from the weak operating cash flow of Q1 FY2024. " "

Cash and Cash Equivalents

+38.5% (from $51,396K to $71,284K)

Improved liquidity resulted from the surge in operating cash flow and better balance sheet management, providing a higher cash reserve compared to the prior period’s lower level. " "

Sales Growth

FY 2025

6% to 8% "

6% to 8% "

no change

Full-Year Adjusted EPS

FY 2025

$4.70 to $4.90 per share "

$5.55 to $5.75 per share "

raised

Adjusted EPS Growth

FY 2025

12% to 17% "

16% to 21% "

raised

Adjusted EPS

Q2 2025

no prior guidance

$1.20 to $1.30 per share "

no prior guidance

Utility Solutions Group

In Q2–Q4 2024, discussions emphasized electrification trends and capital spending in utilities—with Q4 detailing strong orders, investments in generation/transmission, and renewables growth. " " " " "

In Q1 2025, there is strong emphasis on significant capital investments driven by rising electricity demand (reshoring EVs, home heating, data centers, AI) to optimize existing assets. "

Consistently positive sentiment. The focus on electrification and capital investments has strengthened, with greater clarity on demand drivers in Q1 2025.

Test Segment

Q2 2024 saw a decline in orders (−21% due to lower U.S. wireless orders) " , while Q3 reported a recovery with over 40% order growth and Q4 noted mixed performance (orders down 8.5% but modest organic sales growth). " " "

Q1 2025 reported strong order growth (over 40%) across various sectors, though the wireless market remains weak and is viewed as “trundling along” pending clarity on 6G. " "

Order growth is rebounding strongly even as the wireless market continues to lag, showing persistent challenges in that subsegment amid broad-based improvements.

Aerospace & Defense

Across Q2–Q4 2024, A&D performance was highlighted by modest-to-strong order growth, robust backlog execution, and discussions about Boeing dependency—with Q3 showing 79% order growth and Q4 highlighting margin improvements and resolution of past issues. " " " " " "

In Q1 2025, A&D delivered strong revenue growth (20% revenue, record backlog) and improved adjusted EBIT margins, with renewed optimism for Boeing’s build rate recovery and continued robust Navy contributions. " " "

Strong and improving sentiment. Performance trends are robust with recovering Boeing dependency and effective backlog management, indicating a positive long‐term outlook.

Navy Business

In Q2 2024, the Navy business posted 32% sales growth and large orders contributed to a healthy backlog. " Q3 highlighted record backlog levels and long revenue conversion timelines, while Q4 noted accelerated build rates and backfit opportunities. " " " " " "

Q1 2025 continued the theme with large Navy orders and record backlog levels despite tough comparisons from the previous year, and strong revenue growth (e.g. Navy sales up 56%). " " "

Steady long‐term strength. While revenue recognition timing is shifting slightly, the underlying demand and backlog remain robust, reinforcing the strategic importance of the Navy segment.

Renewables Market

Q2 2024 reported softness with a moderation in orders after an exceptional prior period. " In Q3, softness was contextualized against a record-setting prior year, and Q4 remained optimistic despite potential policy risk under changing administrations. " " " "

Q1 2025 expressed concerns over softness due to uncertain tax incentives from previous policies; however, any softness is expected to be offset by the regulated utilities side. " "

Ongoing caution amid uncertainty. Consistent softness is noted across periods with regulatory/policy risks persisting, though long-term demand for renewables remains acknowledged.

VACCO Business

Q3 2024 discussions focused on profitability challenges (notably a $2 million hit) and strategic uncertainty with a review of whether to retain or divest the business. " " " " " Q4 2024 reiterated these concerns with detailed strategic review and potential sale considerations. " "

In Q1 2025, the strategic review continues with uncertainty over whether to retain or sell the entire business. Profitability challenges stemming from fixed-price contracts persist, although order input is reportedly strong. " "

Persistent uncertainty. The VACCO business remains troubled by profitability and strategic fit issues, with ongoing reviews that could have a significant impact on future margins if divested.

M&A Pipeline and Strategic Acquisitions

Q2 2024 noted a sharp increase in attractive investment opportunities. " " Q3 and Q4 focused on the SM&P acquisition, with Q3 expecting closure in early fiscal 2025 and Q4 detailing regulatory delays, especially in the U.K., along with its strategic importance. " " " " "

In Q1 2025, the focus remains on closing the SMMP acquisition and finalizing the strategic review of VACCO. While regulatory approvals are still pending, the M&A pipeline continues to offer compelling opportunities. " " "

Steady strategic focus. While regulatory delays persist, the company maintains a robust M&A pipeline with the SMMP acquisition and VACCO review at the forefront, promising significant future impact.

Commercial Aerospace Aftermarket Business Expansion

Q4 2024 featured detailed plans to expand aftermarket segments through PTI and Mayday, targeting growth from aging aircraft like the 787. " There were no notable discussions in Q2 or Q3.

Q1 2025 mentioned that aftermarket activity in the commercial aerospace sector is recovering, supporting the overall aircraft business. "

Emerging growth focus. This topic is relatively new compared to earlier periods, indicating an increasing emphasis on aftermarket expansion which may add a new revenue stream.

Regulatory Delays Impacting Acquisitions

Q3 2024 mentioned uncertainty in the timing of regulatory processes for the SM&P acquisition. " Q4 2024 provided explicit details on delays due to the U.K.'s National Security Infrastructure Act and extended review periods. " "

In Q1 2025, regulatory delays remain a key hurdle for completing the SMMP acquisition, with U.K. review still pending despite U.S. approvals. "

Consistent caution. Regulatory delays have been a recurring concern across periods, reflecting ongoing challenges in finalizing key M&A transactions in both the U.K. and the U.S. environment.

Operational Challenges

Q2 2024 discussed operational challenges including permitting delays, supply chain issues, and labor constraints leading to project delays in the Test segment. " Q4 2024 briefly noted labor constraints on the naval side, but Q3 did not mention these issues.

Q1 2025 did not mention any operational challenges, suggesting that issues such as permitting, supply chain, and labor constraints are either resolved or are no longer a significant concern in the current quarter.

Diminishing concern. Once prominent in Q2 2024, operational challenges have largely faded from discussion by Q1 2025, indicating potential improvements in permitting, supply chain stability, and labor availability.