Demand and Order Trends

Q1: Strong demand across products and geographies, record revenues, and consistently high backlog. " " " Q2: Robust customer demand, strong international sales, and clear backlog trends. " "

Q3: Core demand drivers remain solid but order entry slowed due to timing factors and political uncertainty; notable improvement in post‐election sentiment restoring confidence. " "

Consistent demand with a nuanced shift as temporary slowdowns and political influences emerge in Q3.

Supply Chain Dynamics and OEM Chassis Supply

Q1: Stable supply chain with record-level chassis shipments supported by diversification efforts. " " Q2: Increased OEM chassis deliveries and improved supply chain conditions expected to normalize. " "

Q3: OEM chassis deliveries have normalized and remain elevated, with a stabilized supply chain contributing to revenue growth. " "

Steady performance with normalization achieved; the supply chain remains robust across periods.

Capacity Expansion and Production Optimization

Q1: Focused on production optimization through process adjustments and monitoring capacity with potential for future expansion. " " Q2: Continued emphasis on capacity expansion globally and strategic investments. " "

Q3: Ongoing evaluation of future capacity needs paired with production optimization; potential expansion considered for upcoming contractual opportunities. " "

Consistent focus with an evolving strategy to balance existing capacity and future growth demands.

Margin and Profitability Outlook

Q1: Improved margins with increased gross profit (gross margin at 12.6%) and expectations for continued expansion. " " Q2: Margins expected to be in the mid-upper 13% range alongside strong profitability outlook. " "

Q3: Gross margins slightly lower at 13.4% (down from 15.6% YoY) due to a product mix shift, but expected to stabilize in the mid-13% range while reaffirming low double-digit profitability growth. " "

Stable margins overall despite minor fluctuations due to product mix changes; profitability outlook remains robust.

Emission Regulation Impact and Pre-buy Behavior

Q2: Discussed potential pre-buy behavior by customers in anticipation of the 2027 emissions regulations. " Q1: This topic was not mentioned.

Not mentioned

No longer mentioned in Q3, suggesting a reduced emphasis on this topic in the current period.

Political Environment and Post-Election Sentiment

Not mentioned in Q1 or Q2.

Q3: Political uncertainty initially impacted order intake, but post-election sentiment improved significantly, facilitating the completion of deals that were previously on hold. " "

New topic in Q3 with a marked impact on order timing and customer sentiment.

Future Capital Expenditure Concerns

Q1: Monitoring manufacturing capacity with potential future expansion plans. " " Q2: Emphasis on capacity expansion with strategic capital investments and even the use of debt to fund growth. " "

Q3: Continues to analyze future production needs with plans to expand capacity when necessary to meet future contractual agreements. "

Consistently focused area with steady commitment to balancing current needs with future growth; no major changes in strategic intent.

Elevated SG&A and Cost Pressures

Q1: Increased SG&A driven by employee training, retention programs, and heightened sales volume. " Q2: SG&A expenses rose in absolute terms but improved efficiency as a percentage of sales, with operational cost pressures noted. " "

Q3: Elevated SG&A expenses at 7.1% of net sales, further pressured by new compliance and regulatory costs, combined with product mix adjustments impacting overall cost structure. " "

Persistent cost pressures remain; however, compliance-related expenses have emerged as a new factor in Q3, adding to the overall SG&A burden.

Supply Chain Diversification and In-sourcing Efforts

Q1: Actively pursued diversification and in-sourcing strategies which contributed to a strong and resilient supply base along with margin improvements. " "

Not mentioned

No longer mentioned in Q3, indicating a shift in focus away from this topic in the current period or its integration into broader supply chain stability measures.