Total Revenue (Net Sales)

+9.1% (Q1 2025: $463.8M vs Q1 2024: $424.9M)

Higher overall sales volumes and effective pricing actions—driven by both acquisitions and organic growth contributed to a strong revenue increase, building on previous period improvements in key groups. " " "

Environmental Solutions Group Revenue

+9.4% (Q1 2025: $387.4M vs Q1 2024: $354.0M)

Sales growth in core product lines and improved aftermarket revenues bolstered performance. The group continued to build on prior period momentum with increased sales volumes in sewer cleaners, dump truck bodies, and other products, although some offset came from reductions in specific categories. " " "

Safety & Security Systems Group Revenue

+7.8% (Q1 2025: $76.4M vs Q1 2024: $70.9M)

Increased demand in public safety and security equipment drove the revenue gain. The group further leveraged pricing actions and higher volumes noted in the previous quarter, reinforcing a trend of steady organic growth despite some decreases in certain subcategories. " "

United States Revenue

+9.0% (Q1 2025: $364.5M vs Q1 2024: $334.3M)

Strong domestic market performance and successful execution of growth strategies—improvements carried over from prior robust U.S. sales, with contributions from both Environmental Solutions and Safety & Security segments driving stronger U.S. demand. " "

Europe/Other Revenue

+20.8% (Q1 2025: $37.8M vs Q1 2024: $31.3M)

A notable rebound and market recovery—the significant increase indicates improved order intake and favorable market conditions compared to the prior period when Europe/Other had weaker performance, possibly due to the absence of large negative order variances in the earlier quarter. " "

Canada Revenue

+3.7% (Q1 2025: $61.5M vs Q1 2024: $59.3M)

Relatively stable performance in Canada reflects consistent underlying demand and pricing actions, with only a minor increase that aligns with trend continuity from previous periods without significant external or acquisition-driven deviations. " "

Operating Income

+21% (Q1 2025: $65.7M vs Q1 2024: $54.3M)

Improved gross profit and higher sales volumes led to a 21% boost in operating income. This gain built on improvements made in the prior period, although it was partially offset by higher SEG&A expenses; effective cost management helped improve margins. " " "

Net Income

-10.3% (Q1 2025: $46.3M vs Q1 2024: $51.6M)

Despite higher operating income, net income declined due to a significant rise in income tax expense and the non-recurrence of a favorable tax benefit seen in the previous year, which tempered overall profitability. " "

Basic EPS

-10.6% (Q1 2025: $0.76 vs Q1 2024: $0.85)

Lower net income and a slight increase in weighted average shares outstanding contributed to a drop in EPS. While operational improvements continued from the prior period, higher tax expenses and dilution effects ultimately reduced the earnings per share. " "

Net Sales Outlook

FY 2025

between $2.02 billion and $2.1 billion "

between $2.02 billion and $2.1 billion "

no change

Pretax Earnings

FY 2025

no prior guidance

double-digit improvement in pretax earnings "

no prior guidance

EBITDA Margin

FY 2025

in the upper half of the target range "

in the upper half of their target range "

no change

Capital Expenditures

FY 2025

between $40 million and $50 million " "

between $40 million and $50 million "

no change

Production Capacity

Emphasis on large-scale expansions completed between 2019–2022 and gradual increases in facility production (Q2: " ; Q3: " ; Q4: " )

Operating at 70–72% capacity; targeted investments in water blasting and mineral extraction; continued strong ability to absorb incremental volumes ( " " )

Consistent focus on capacity optimization. The narrative remains stable with ongoing utilization of past expansions and minor upgrades, reflecting a steady sentiment.

Operational Efficiency

Consistent drive for process improvements through system implementations and increased throughput, e.g. through the Elgin facility efforts and enhanced production rates (Q2: " ; Q3: " ; Q4: " " )

Double-digit year-over-year production increases at key facilities and continuous strategic initiatives to improve throughput and margin expansion ( " " " )

Continuous improvement. Messaging shows ongoing upgrades and operational initiatives, with sentiment remaining positive and focused on efficiency gains.

Lead Time Management

Persistent challenges with long lead times for certain products with efforts noted to reduce them; partial improvements (Q2: " ; Q3: " " ; Q4: " )

Lead times reduced for the 3‑wheel street sweeper (now 6 months) while work continues on the 4‑wheel line; continued initiatives to balance order intake and production ( " " )

Steady progress but challenges remain. The focus remains on reducing lead times, with incremental improvements reflecting a cautiously optimistic tone.

Order Backlog and Demand Visibility

Strong backlog figures and clear multi–year visibility; orders stretched well into 2026 and steady growth in orders (Q2: " ; Q3: " " ; Q4: " )

Record backlog of $1.1 billion and record quarterly order intake with broad‐based demand across products for near–term visibility ( " " " " )

Consistently robust. The company continues to report strong and growing order metrics with very positive sentiment about future demand.

Tariff-related Pricing Risks and Pricing Power

Discussion of minimal tariff exposure with pricing pass–through, supported by a highly localized supply base; consistent management strategies were emphasized (Q2: no information; Q3: " ; Q4: " )

Emphasized 95% North American supply base; capability to reprice backlog and pass on chassis surcharges; active insourcing of components further mitigates risk ( " " " " )

Stable, with enhanced risk management. The recurring message is one of strong pricing power and effective mitigation strategies, with sentiment remaining defensive but confident.

Supply Chain Resilience and Regional Sourcing

A strong U.S.–centric supply chain and ongoing efforts on domestic sourcing were highlighted; improvements in supply chain fluidity and quality were noted (Q2: indirect mentions " ; Q3: " " ; Q4: " " )

Continued emphasis on localized sourcing with over 95% of supplies sourced from North America; notable investments in in–sourcing key components and additional PCB manufacturing lines ( " " " " )

Consistent and increasingly proactive. The focus on supply chain resilience is unwavering, with new investments adding a forward–looking dimension to the strategy.

Dealer Network Transitions and Market Share Impacts

Prior discussions focused on dealer transitions through natural succession and strategic reassignments to grow market share (Q3: " ; Q4: " " " )

Detailed transition of multistate territories to experienced partners alongside initiatives that boost market share via cross–selling and conquest customers; short–term headwinds noted but long–term benefits anticipated ( " " " " )

Evolving with proactive market share expansion. While dealer transitions continue as a theme, there is a renewed focus on leveraging these changes for long–term market share gains, with a positive outlook despite minor near–term challenges.

Strategic Growth, Acquisitions, and M&A Pipeline

Consistent messaging on achieving double–digit growth, leveraging acquisitions (e.g. Standard Equipment, parts of Ground Force and TowHaul) and a robust M&A pipeline across periods (Q2: " " ; Q3: " " " ; Q4: " " )

Continued strategic focus on both organic and inorganic growth; recent acquisitions such as Hog Technologies and sustained active M&A pipeline that supports long–term double–digit revenue growth ( " " " " )

Ongoing emphasis and bullish outlook. The strategic growth story is steady with acquisitions and a robust deal pipeline remaining central, indicating a significant potential impact on the company’s future.

Aftermarket Performance and Seasonal Margin Volatility

Varied aftermarket growth with seasonality affecting margins; moderate growth in Q4 (2% increase) and stronger performance in Q3 with high rental and parts sales growth (Q3: " " " ; Q2: " " )

Strong aftermarket performance with 11% year–over–year growth in aftermarket revenue despite typical seasonal softness in Q1, setting record margins in ESG (record Q1 margins, 120 bp improvement) ( " " " )

Improving even in softer seasons. Aftermarket performance has been consistently highlighted, and Q1’s record margins, despite seasonal challenges, suggest sentiment is increasingly positive.

Chassis Revenue and Availability Challenges

Persistent challenges with lower chassis pass–through revenue and availability issues causing revenue headwinds (Q2: " " ; Q3: " " " ; Q4: " " " )

Chassis revenue is managed as a pass–through expense with a deliberate reduction in the volume supplied (notably in the dump truck business), continuing to shield margins while managing availability risks ( " )

Persistent challenges with strategic adjustment. The approach to mitigate chassis issues remains similar, though there is a clear emphasis on reducing exposure, keeping sentiment cautiously neutral.

Capital Expenditure Pressures

Guidance ranged from $35–40M in earlier quarters, with strategic investments in operational efficiency and capacity (Q2: " ; Q3: " ; Q4: " )

Guidance reaffirmed at $40–50M, with a greater proportion allocated to growth investments; capacity is well–managed due to past expansions ( " " " )

Gradually increasing to support growth. While CapEx has risen slightly relative to historical norms, the sentiment is balanced as investments are aligned with strategic growth and operational improvements.

Margin Dynamics and Pricing Adjustments

Solid margin improvements driven by favorable pricing, cost management and operational efficiencies noted consistently (Q2: " " " " ; Q3: " " " ; Q4: " " " )

Q1 2025 delivered a 170 bps improvement in adjusted EBITDA margin with robust sector performance; flexible pricing adjustments including re–pricing rights and effective pass–through strategies underpin strong margins ( " " " " )

Strong and consistent margin discipline. Across periods, effective pricing adjustments and operational improvements consistently drive margins higher, with Q1 2025 reflecting record improvements and a very positive sentiment.