| Intra-Segment and Inter-Segment Revenues |
A reconciliation of total segment sales to total consolidated sales, as well as total segment income from operations to total consolidated income from operations and total consolidated net income is as follows for the three months ended June 30, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
(table only in thousands) |
|
Engineered Systems |
|
|
Industrial Process Solutions |
|
|
Total |
|
Sales from external customers |
|
$ |
128,460 |
|
|
$ |
56,931 |
|
|
$ |
185,391 |
|
Intra-segment sales |
|
|
4,484 |
|
|
|
2,029 |
|
|
|
6,513 |
|
Inter-segment sales |
|
|
91 |
|
|
|
— |
|
|
|
91 |
|
Total segment sales |
|
|
133,035 |
|
|
|
58,960 |
|
|
|
191,995 |
|
Reconciliation to sales |
|
|
|
|
|
|
|
|
|
Elimination of intra- and inter-segment sales |
|
|
|
|
|
|
|
|
6,604 |
|
Total consolidated sales |
|
|
|
|
|
|
|
|
185,391 |
|
Reconciliation to income before income taxes |
|
|
|
|
|
|
|
|
|
Direct cost of sales |
|
|
76,638 |
|
|
|
36,078 |
|
|
|
112,715 |
|
Shop burden |
|
|
3,338 |
|
|
|
2,230 |
|
|
|
5,568 |
|
Selling expense |
|
|
7,933 |
|
|
|
2,857 |
|
|
|
10,790 |
|
Project engineering expense |
|
|
4,729 |
|
|
|
2,803 |
|
|
|
7,531 |
|
General and administrative expense |
|
|
9,185 |
|
|
|
2,278 |
|
|
|
11,463 |
|
Other segment items(1) |
|
|
1,445 |
|
|
|
(4,424 |
) |
|
|
(2,979 |
) |
Income from operations |
|
|
29,769 |
|
|
|
17,139 |
|
|
|
46,908 |
|
Stock-based compensation |
|
|
|
|
|
|
|
|
2,878 |
|
Other corporate expenses(2) |
|
|
|
|
|
|
|
|
19,365 |
|
Elimination of intra- and inter-segment activity |
|
|
|
|
|
|
|
|
6,604 |
|
Interest expense |
|
|
|
|
|
|
|
|
4,898 |
|
Other income(3) |
|
|
|
|
|
|
|
|
(1,454 |
) |
Total consolidated income before income taxes |
|
|
|
|
|
|
|
|
14,617 |
|
(1) Includes amortization expenses, acquisition and integration expenses, and divestiture expenses.
(2) Includes corporate compensation, professional services and information technology expenses, and other general and administrative corporate expenses.
(3) Includes gain on sale of business, foreign exchange (gain) loss and pension expense. A reconciliation of total segment sales to total consolidated sales, as well as total segment income from operations to total consolidated income from operations and total consolidated net income is as follows for the six months ended June 30, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
(table only in thousands) |
|
Engineered Systems |
|
|
Industrial Process Solutions |
|
|
Total |
|
Sales from external customers |
|
$ |
248,894 |
|
|
$ |
113,195 |
|
|
$ |
362,088 |
|
Intra-segment sales |
|
|
11,393 |
|
|
|
2,324 |
|
|
|
13,717 |
|
Inter-segment sales |
|
|
188 |
|
|
|
— |
|
|
|
188 |
|
Total segment sales |
|
|
260,475 |
|
|
|
115,519 |
|
|
|
375,993 |
|
Reconciliation to sales |
|
|
|
|
|
|
|
|
|
Elimination of intra- and inter-segment sales |
|
|
|
|
|
|
|
|
13,905 |
|
Total consolidated sales |
|
|
|
|
|
|
|
|
362,088 |
|
Reconciliation to income before income taxes |
|
|
|
|
|
|
|
|
|
Direct cost of sales |
|
|
149,703 |
|
|
|
71,717 |
|
|
|
221,420 |
|
Shop burden |
|
|
6,269 |
|
|
|
5,125 |
|
|
|
11,394 |
|
Selling expense |
|
|
15,765 |
|
|
|
6,587 |
|
|
|
22,353 |
|
Project engineering expense |
|
|
9,459 |
|
|
|
5,675 |
|
|
|
15,134 |
|
General and administrative expense |
|
|
18,225 |
|
|
|
6,547 |
|
|
|
24,772 |
|
Gain on sale of Global Pump Solutions business |
|
|
— |
|
|
|
(64,502 |
) |
|
|
(64,502 |
) |
Other segment items(1) |
|
|
5,538 |
|
|
|
(2,714 |
) |
|
|
2,824 |
|
Income from operations |
|
|
55,515 |
|
|
|
87,084 |
|
|
|
142,599 |
|
Stock-based compensation |
|
|
|
|
|
|
|
|
6,234 |
|
Other corporate expenses(2) |
|
|
|
|
|
|
|
|
42,530 |
|
Elimination of intra- and inter-segment activity |
|
|
|
|
|
|
|
|
13,905 |
|
Interest expense |
|
|
|
|
|
|
|
|
11,115 |
|
Other income(3) |
|
|
|
|
|
|
|
|
(861 |
) |
Total consolidated income before income taxes |
|
|
|
|
|
|
|
|
69,676 |
|
(1) Includes amortization expenses, acquisition and integration expenses, and divestiture expenses.
(2) Includes corporate compensation, professional services and information technology expenses, and other general and administrative corporate expenses.
(3) Includes gain on sale of business, foreign exchange (gain) loss and pension expense.A reconciliation of total segment sales to total consolidated sales, as well as total segment income from operations to total consolidated income from operations and total consolidated net income is as follows for the three months ended June 30, 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
Engineered Systems |
|
|
Industrial Process Solutions |
|
|
Total |
|
Sales from external customers |
|
$ |
97,392 |
|
|
$ |
40,130 |
|
|
$ |
137,522 |
|
Intra-segment sales |
|
|
4,553 |
|
|
|
4,440 |
|
|
|
8,993 |
|
Inter-segment sales |
|
|
196 |
|
|
|
103 |
|
|
|
299 |
|
Total segment sales |
|
|
102,141 |
|
|
|
44,673 |
|
|
|
146,814 |
|
Reconciliation to sales |
|
|
|
|
|
|
|
|
|
Elimination of intra- and inter-segment sales |
|
|
|
|
|
|
|
|
9,292 |
|
Total consolidated sales |
|
|
|
|
|
|
|
|
137,522 |
|
Reconciliation to income before income taxes |
|
|
|
|
|
|
|
|
|
Direct cost of sales |
|
|
59,483 |
|
|
|
24,081 |
|
|
|
83,563 |
|
Shop burden |
|
|
2,224 |
|
|
|
2,679 |
|
|
|
4,903 |
|
Selling expense |
|
|
5,865 |
|
|
|
2,794 |
|
|
|
8,659 |
|
Project engineering expense |
|
|
4,066 |
|
|
|
1,652 |
|
|
|
5,718 |
|
General and administrative expense |
|
|
4,716 |
|
|
|
2,502 |
|
|
|
7,218 |
|
Other segment items(1) |
|
|
1,707 |
|
|
|
754 |
|
|
|
2,461 |
|
Income from operations |
|
|
24,080 |
|
|
|
10,211 |
|
|
|
34,291 |
|
Stock-based compensation |
|
|
|
|
|
|
|
|
2,177 |
|
Other corporate expenses(2) |
|
|
|
|
|
|
|
|
13,565 |
|
Elimination of intra- and inter-segment activity |
|
|
|
|
|
|
|
|
9,292 |
|
Interest expense |
|
|
|
|
|
|
|
|
3,254 |
|
Other loss(3) |
|
|
|
|
|
|
|
|
679 |
|
Total consolidated income before income taxes |
|
|
|
|
|
|
|
|
5,324 |
|
(1) Includes amortization expenses, acquisition and integration expenses, and asbestos litigation expenses.
(2) Includes corporate compensation, professional services and information technology expenses, and other general and administrative corporate expenses.
(3) Includes foreign exchange (gain) loss and pension expense. A reconciliation of total segment sales to total consolidated sales, as well as total segment income from operations to total consolidated income from operations and total consolidated net income is as follows for the six months ended June 30, 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
Engineered Systems |
|
|
Industrial Process Solutions |
|
|
Total |
|
Sales from external customers |
|
$ |
186,741 |
|
|
$ |
77,113 |
|
|
$ |
263,854 |
|
Intra-segment sales |
|
|
7,635 |
|
|
|
6,975 |
|
|
|
14,610 |
|
Inter-segment sales |
|
|
283 |
|
|
|
164 |
|
|
|
447 |
|
Total segment sales |
|
|
194,659 |
|
|
|
84,252 |
|
|
|
278,911 |
|
Reconciliation to sales |
|
|
|
|
|
|
|
|
|
Elimination of intra- and inter-segment sales |
|
|
|
|
|
|
|
|
15,057 |
|
Total consolidated sales |
|
|
|
|
|
|
|
|
263,854 |
|
Reconciliation to income before income taxes |
|
|
|
|
|
|
|
|
|
Direct cost of sales |
|
|
116,578 |
|
|
|
44,305 |
|
|
|
160,883 |
|
Shop burden |
|
|
3,800 |
|
|
|
4,983 |
|
|
|
8,783 |
|
Selling expense |
|
|
11,405 |
|
|
|
5,693 |
|
|
|
17,098 |
|
Project engineering expense |
|
|
6,388 |
|
|
|
3,209 |
|
|
|
9,597 |
|
General and administrative expense |
|
|
9,537 |
|
|
|
4,740 |
|
|
|
14,277 |
|
Other segment items(1) |
|
|
3,425 |
|
|
|
1,415 |
|
|
|
4,840 |
|
Income from operations |
|
|
43,526 |
|
|
|
19,907 |
|
|
|
63,433 |
|
Stock-based compensation |
|
|
|
|
|
|
|
|
3,847 |
|
Other corporate expenses(2) |
|
|
|
|
|
|
|
|
27,586 |
|
Elimination of intra- and inter-segment activity |
|
|
|
|
|
|
|
|
15,057 |
|
Interest expense |
|
|
|
|
|
|
|
|
6,667 |
|
Other loss(3) |
|
|
|
|
|
|
|
|
2,192 |
|
Total consolidated income before income taxes |
|
|
|
|
|
|
|
|
8,084 |
|
(1) Includes amortization expenses, acquisition and integration expenses, and asbestos litigation expenses.
(2) Includes corporate compensation, professional services and information technology expenses, and other general and administrative corporate expenses.
(3) Includes foreign exchange (gain) loss and pension expense.
|