Business Segment Information (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Segment Reporting [Abstract] |
|
| Net Sales and Income from Operation by Business Segment |
The financial segment information is as follows:
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Three months ended September 30, |
|
|
Nine months ended September 30, |
|
(in thousands) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Net sales (less intra-, inter-segment sales) |
|
|
|
|
|
|
|
|
|
|
|
|
Engineered Systems segment |
|
$ |
105,540 |
|
|
$ |
65,630 |
|
|
$ |
267,516 |
|
|
$ |
189,938 |
|
Industrial Process Solutions segment |
|
|
43,850 |
|
|
|
42,784 |
|
|
|
123,618 |
|
|
|
116,287 |
|
Total net sales |
|
$ |
149,390 |
|
|
$ |
108,414 |
|
|
$ |
391,134 |
|
|
$ |
306,225 |
|
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|
|
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Three months ended September 30, |
|
|
Nine months ended September 30, |
|
(in thousands) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Income from operations |
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|
|
|
|
|
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|
Engineered Systems segment |
|
$ |
15,759 |
|
|
$ |
8,991 |
|
|
$ |
39,601 |
|
|
$ |
24,467 |
|
Industrial Process Solutions segment |
|
|
5,586 |
|
|
|
5,226 |
|
|
|
15,769 |
|
|
|
14,847 |
|
Corporate and Other(1) |
|
|
(13,492 |
) |
|
|
(11,444 |
) |
|
|
(33,453 |
) |
|
|
(25,591 |
) |
Total income from operations |
|
$ |
7,853 |
|
|
$ |
2,773 |
|
|
$ |
21,917 |
|
|
$ |
13,723 |
|
Includes corporate compensation, professional services, information technology, and other general and administrative corporate expenses.
|
| Property and Equipment Additions, Depreciation and Amortization and Identifiable Assets |
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|
Three months ended September 30, |
|
|
Nine months ended September 30, |
|
(in thousands) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Property and equipment additions |
|
|
|
|
|
|
|
|
|
|
|
|
Engineered Systems segment |
|
$ |
392 |
|
|
$ |
96 |
|
|
$ |
1,081 |
|
|
$ |
128 |
|
Industrial Process Solutions segment |
|
|
570 |
|
|
|
330 |
|
|
|
2,281 |
|
|
|
743 |
|
Corporate and Other |
|
|
629 |
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|
|
508 |
|
|
|
2,149 |
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|
|
1,496 |
|
Total property and equipment additions |
|
$ |
1,591 |
|
|
$ |
934 |
|
|
$ |
5,511 |
|
|
$ |
2,367 |
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|
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|
|
|
|
|
|
|
Three months ended September 30, |
|
|
Nine months ended September 30, |
|
(in thousands) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
|
Engineered Systems segment |
|
$ |
1,462 |
|
|
$ |
1,398 |
|
|
$ |
3,948 |
|
|
$ |
3,253 |
|
Industrial Process Solutions segment |
|
|
1,109 |
|
|
|
1,153 |
|
|
|
3,217 |
|
|
|
3,212 |
|
Corporate and Other |
|
|
548 |
|
|
|
390 |
|
|
|
1,604 |
|
|
|
1,144 |
|
Total depreciation and amortization |
|
$ |
3,119 |
|
|
$ |
2,941 |
|
|
$ |
8,769 |
|
|
$ |
7,609 |
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
September 30, 2023 |
|
|
December 31, 2022 |
|
Identifiable assets |
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|
|
|
|
|
Engineered Systems segment |
|
$ |
420,665 |
|
|
$ |
332,820 |
|
Industrial Process Solutions segment |
|
|
159,763 |
|
|
|
150,458 |
|
Corporate and Other(2) |
|
|
19,629 |
|
|
|
21,443 |
|
Total identifiable assets |
|
$ |
600,057 |
|
|
$ |
504,721 |
|
(2)Corporate and Other assets consist primarily of cash and income tax related assets.
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| Goodwill |
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|
|
|
|
|
|
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|
(in thousands) |
|
September 30, 2023 |
|
|
December 31, 2022 |
|
Goodwill |
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|
Engineered Systems segment |
|
$ |
141,174 |
|
|
$ |
114,746 |
|
Industrial Process Solutions segment |
|
|
68,651 |
|
|
|
68,451 |
|
Total goodwill |
|
$ |
209,825 |
|
|
$ |
183,197 |
|
|
| Intra-Segment and Inter-Segment Revenues |
The Company has multiple divisions that sell to each other within segments (intra-segment sales) and between segments (inter-segment sales), as follows:
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Three months ended September 30, 2023 |
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Less Inter-Segment Sales |
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|
(in thousands) |
|
Total
Sales |
|
|
Intra-
Segment
Sales |
|
|
Industrial Process Solutions |
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|
Engineered Systems |
|
|
Net Sales to
Outside
Customers |
|
Net sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Engineered Systems segment |
|
$ |
114,605 |
|
|
$ |
(8,639 |
) |
|
$ |
(426 |
) |
|
$ |
— |
|
|
$ |
105,540 |
|
Industrial Process Solutions segment |
|
|
49,264 |
|
|
|
(5,231 |
) |
|
|
— |
|
|
|
(183 |
) |
|
|
43,850 |
|
Total net sales |
|
$ |
163,869 |
|
|
$ |
(13,870 |
) |
|
$ |
(426 |
) |
|
$ |
(183 |
) |
|
$ |
149,390 |
|
|
|
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|
Three months ended September 30, 2022 |
|
|
|
|
|
|
|
|
|
Less Inter-Segment Sales |
|
|
(in thousands) |
|
Total
Sales |
|
|
Intra-
Segment
Sales |
|
|
Industrial Process Solutions |
|
|
Engineered Systems |
|
|
Net Sales to
Outside
Customers |
|
Net sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Engineered Systems segment |
|
$ |
68,738 |
|
|
$ |
(2,904 |
) |
|
$ |
(204 |
) |
|
$ |
— |
|
|
$ |
65,630 |
|
Industrial Process Solutions segment |
|
|
44,079 |
|
|
|
(1,126 |
) |
|
|
— |
|
|
|
(169 |
) |
|
|
42,784 |
|
Total net sales |
|
$ |
112,817 |
|
|
$ |
(4,030 |
) |
|
$ |
(204 |
) |
|
$ |
(169 |
) |
|
$ |
108,414 |
|
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|
|
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|
|
|
|
|
|
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|
|
|
Nine months ended September 30, 2023 |
|
|
|
|
|
|
|
|
|
Less Inter-Segment Sales |
|
|
(in thousands) |
|
Total
Sales |
|
|
Intra-
Segment
Sales |
|
|
Industrial Process Solutions |
|
|
Engineered Systems |
|
|
Net Sales to
Outside
Customers |
|
Net sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Engineered Systems segment |
|
$ |
286,575 |
|
|
$ |
(18,173 |
) |
|
$ |
(886 |
) |
|
$ |
— |
|
|
$ |
267,516 |
|
Industrial Process Solutions segment |
|
|
132,946 |
|
|
|
(8,871 |
) |
|
|
— |
|
|
|
(457 |
) |
|
|
123,618 |
|
Total net sales |
|
$ |
419,521 |
|
|
$ |
(27,044 |
) |
|
$ |
(886 |
) |
|
$ |
(457 |
) |
|
$ |
391,134 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2022 |
|
|
|
|
|
|
|
|
|
Less Inter-Segment Sales |
|
|
(in thousands) |
|
Total
Sales |
|
|
Intra-
Segment
Sales |
|
|
Industrial Process Solutions |
|
|
Engineered Systems |
|
|
Net Sales to
Outside
Customers |
|
Net sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Engineered Systems segment |
|
$ |
201,092 |
|
|
$ |
(10,693 |
) |
|
$ |
(461 |
) |
|
$ |
— |
|
|
$ |
189,938 |
|
Industrial Process Solutions segment |
|
|
121,122 |
|
|
|
(4,468 |
) |
|
|
— |
|
|
|
(367 |
) |
|
|
116,287 |
|
Total net sales |
|
$ |
322,214 |
|
|
$ |
(15,161 |
) |
|
$ |
(461 |
) |
|
$ |
(367 |
) |
|
$ |
306,225 |
|
|