Net Sales

FY 2025

$1.4B–$1.44B " "

$1.4B–$1.44B " "

no change

Adjusted Operating Income

FY 2025

3.4%–3.6% of net sales " "

3.4%–3.6% of net sales "

no change

Capital Expenditures

FY 2025

$40M–$50M "

$40M–$50M "

no change

Tampa Facility Exit Costs

FY 2025

$6.5M–$8.5M "

$6.5M–$8.5M "

no change

Effective Tax Rate

FY 2025

no prior guidance

30% "

no prior guidance

Medical Vertical

Discussed extensively in Q4 2024, Q1 and Q2 2025 with emphasis on declines due to FDA recall, shifting to higher-level assemblies, and steady business in Q1 " " " " " "

In Q3 2025, the focus shifts to strategic growth with a 2% revenue increase, the launch of a 300,000‑sq‑ft Indianapolis facility, and a repositioning toward the Medical CMO space " " "

Sentiment has improved from managing declines and recalls to actively investing in and repositioning the Medical vertical for future growth.

Automotive Segment

Previously noted challenges with volume softening, program cancellations, inventory issues, and regional weaknesses (Europe and North America) with pockets of opportunity in new programs and China in Q1, Q2 and Q4 2024 " " " " " " "

In Q3 2025, similar challenges persist with declines in North America and global EV steering demand; however, there are opportunities from strong results in China and new braking programs in Europe " " "

A mixed picture remains with enduring challenges offset by regional strengths; the sentiment is consistently cautious yet opportunistic about emerging programs.

Facility Transitions

Earlier periods (Q4 2024, Q1 and Q2 2025) emphasized closing the Tampa facility, transferring production to facilities like Jasper and Reynosa, and planning asset sales to optimize capacity " " " " " " "

Q3 2025 highlights a bold move with the opening of the new Indianapolis facility and continued progress on the Tampa facility closure, along with plans to sell current assets " " "

The strategic restructuring is ongoing, with consistent efforts to streamline operations and expand capacity through new facilities, signaling long‑term operational improvements.

Share Repurchase and Capital Allocation

Discussions in Q4 2024, Q1 and Q2 2025 focused on robust share repurchase programs, measured capital expenditures, and maintaining ample repurchase capacity, with detailed figures on repurchased amounts and remaining program balances " " " " "

In Q3 2025, the share repurchase program continues with a $3 million buyback and a remaining repurchase capacity of $19.3 million, alongside steady capital expenditure plans "

The policy remains stable across periods, indicating a consistent commitment to shareholder returns and disciplined capital allocation.

Operational Efficiencies and Working Capital Improvements

Q4 2024, Q1 and Q2 2025 detailed efforts to lower inventory levels, improve cash conversion days, reduce debt, and implement cost‑cutting measures (e.g. closing Tampa and restructuring costs) " " " " "

Q3 2025 reports further improvements including better cash conversion days, significant inventory reductions, and robust operating cash flow, bolstered by investments in automation and restructuring progress " " "

Continuous enhancements in cost control and working capital management have been achieved over time, with sentiment shifting more positively as operational metrics improve.

Tariff, Economic, and Supply Chain Uncertainty

In Q4 2024 and Q2 2025, concerns were raised about tariff impacts (e.g. from executive orders), economic softness affecting demand, and ongoing supply chain challenges—with no mention in Q1 2025 " " " " " " "

Q3 2025 continues to express uncertainty with tariffs and economic conditions impacting margins and supply chain dynamics, while the company monitors these challenges closely " " " "

Persistent concerns remain; while the issues are consistently present, the messaging reflects ongoing vigilance and proactive management despite an unchanged external risk environment.

Revenue, Bookings, and Demand Volatility

Across Q4 2024, Q1 and Q2 2025, revenue declines were noted in all verticals, with demand volatility driven by lower customer demand, inventory adjustments, and shifting booking trends " " " " " " "

Q3 2025 shows a 12% year‑over‑year sales decline offset by a sequential recovery and an uptick in bookings after five quarters of decline, although demand volatility remains evident " " " "

Ongoing revenue and demand pressures persist, but slight improvements in bookings and sequential recovery indicate cautious optimism amid volatile market conditions.

Strategic Diversification, M&A, and New Product Innovation

In Q4 2024 and Q1–Q2 2025, the company focused on divesting non‑core businesses, integrating the Medical CMO into its core portfolio, exploring new programs in Automotive and Industrial, and showing cautious M&A potential with innovation efforts " " " " " " " " " " "

Q3 2025 emphasizes a strategic pivot with a strong focus on expanding the Medical CMO capability via the new Indianapolis facility, along with continued attention to innovative product differentiation in both Medical and Automotive " " "

There is a clear acceleration in diversification efforts; the company is shifting towards strategic growth in the Medical vertical and exploring both organic and inorganic opportunities, reflecting a more aggressive and innovation‑oriented stance.