| Property and Equipment Additions, Depreciation and Amortization and Identifiable Assets |
Other segment information is as follows for the three and six months ended June 30, 2026:
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Three months ended June 30, 2026 |
|
|
(in thousands) |
|
Thermal Solutions |
|
|
Engineered Systems |
|
|
Industrial Process Solutions |
|
|
Property and equipment additions |
|
$ |
1,756 |
|
|
$ |
1,165 |
|
|
$ |
128 |
|
|
Depreciation and amortization(1) |
|
|
4,328 |
|
|
|
3,835 |
|
|
|
2,317 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2026 |
|
|
(in thousands) |
|
Thermal Solutions |
|
|
Engineered Systems |
|
|
Industrial Process Solutions |
|
|
Property and equipment additions |
|
$ |
1,756 |
|
|
$ |
1,825 |
|
|
$ |
314 |
|
|
Depreciation and amortization(1) |
|
|
4,328 |
|
|
|
6,750 |
|
|
|
4,432 |
|
|
(1) The amounts of depreciation and amortization disclosed by reportable segment are included within other segment expense captions, such as shop burden or general and administrative expense. Other segment information is as follows for the three and six months ended June 30, 2025:
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Three months ended June 30, 2025 |
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Six months ended June 30, 2025 |
|
(in thousands) |
|
Engineered Systems |
|
|
Industrial Process Solutions |
|
|
Engineered Systems |
|
|
Industrial Process Solutions |
|
Property and equipment additions |
|
$ |
512 |
|
|
$ |
328 |
|
|
$ |
1,206 |
|
|
$ |
961 |
|
Depreciation and amortization(1) |
|
|
2,113 |
|
|
|
1,864 |
|
|
|
4,098 |
|
|
|
4,188 |
|
(1) The amounts of depreciation and amortization disclosed by reportable segment are included within other segment expense captions, such as shop burden or general and administrative expense.
|
| Intra-Segment and Inter-Segment Revenues |
A reconciliation of total segment sales to total consolidated sales, as well as total segment profit from operations to total consolidated net loss before taxes is as follows for the three months ended June 30, 2026:
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|
|
(in thousands) |
|
Thermal Solutions |
|
|
Engineered Systems |
|
|
Industrial Process Solutions |
|
|
Total |
|
Net sales |
|
$ |
49,606 |
|
|
$ |
173,673 |
|
|
$ |
61,682 |
|
|
$ |
284,961 |
|
Direct cost of sales |
|
|
38,088 |
|
|
|
110,257 |
|
|
|
42,124 |
|
|
|
|
Shop burden |
|
|
599 |
|
|
|
4,515 |
|
|
|
2,910 |
|
|
|
|
Selling expense |
|
|
3,762 |
|
|
|
8,467 |
|
|
|
3,075 |
|
|
|
|
Project engineering expense |
|
|
850 |
|
|
|
4,483 |
|
|
|
2,453 |
|
|
|
|
General and administrative expense |
|
|
4,794 |
|
|
|
9,951 |
|
|
|
2,210 |
|
|
|
|
Segment profit |
|
|
1,512 |
|
|
|
36,000 |
|
|
|
8,910 |
|
|
|
46,423 |
|
Share-based compensation |
|
|
|
|
|
|
|
|
|
|
|
12,408 |
|
Amortization of intangible assets |
|
|
|
|
|
|
|
|
|
|
|
7,789 |
|
Other corporate expenses(1) |
|
|
|
|
|
|
|
|
|
|
|
59,409 |
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
9,102 |
|
Other profit or loss(2) |
|
|
|
|
|
|
|
|
|
|
|
2,293 |
|
Total consolidated loss before income taxes |
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|
|
|
|
|
|
|
|
|
$ |
(44,578 |
) |
(1) Includes corporate compensation, professional services and information technology expenses, and other general and administrative corporate expenses.
(2) Includes foreign exchange (gain) loss. A reconciliation of total segment sales to total consolidated sales, as well as total segment profit from operations to total consolidated net loss before taxes is as follows for the six months ended June 30, 2026:
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|
|
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|
(in thousands) |
|
Thermal Solutions |
|
|
Engineered Systems |
|
|
Industrial Process Solutions |
|
|
Total |
|
Net sales |
|
$ |
49,606 |
|
|
$ |
324,209 |
|
|
$ |
117,065 |
|
|
$ |
490,880 |
|
Direct cost of sales |
|
|
38,088 |
|
|
|
205,964 |
|
|
|
80,686 |
|
|
|
|
Shop burden |
|
|
599 |
|
|
|
8,995 |
|
|
|
6,160 |
|
|
|
|
Selling expense |
|
|
3,762 |
|
|
|
16,586 |
|
|
|
6,007 |
|
|
|
|
Project engineering expense |
|
|
850 |
|
|
|
8,310 |
|
|
|
4,703 |
|
|
|
|
General and administrative expense |
|
|
4,794 |
|
|
|
18,534 |
|
|
|
4,154 |
|
|
|
|
Segment profit |
|
|
1,512 |
|
|
|
65,822 |
|
|
|
15,356 |
|
|
|
82,690 |
|
Share-based compensation |
|
|
|
|
|
|
|
|
|
|
|
12,848 |
|
Amortization of intangible assets |
|
|
|
|
|
|
|
|
|
|
|
11,792 |
|
Other corporate expenses(1) |
|
|
|
|
|
|
|
|
|
|
|
89,363 |
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
13,332 |
|
Other profit or loss(2) |
|
|
|
|
|
|
|
|
|
|
|
3,680 |
|
Total consolidated loss before income taxes |
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|
|
|
|
|
|
|
|
|
$ |
(48,325 |
) |
(1) Includes corporate compensation, professional services and information technology expenses, and other general and administrative corporate expenses.
(2) Includes foreign exchange (gain) loss.A reconciliation of total segment sales to total consolidated sales, as well as total segment profit to total consolidated net income before taxes is as follows for the three months ended June 30, 2025:
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|
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|
(in thousands) |
|
Engineered Systems |
|
|
Industrial Process Solutions |
|
|
Total |
|
Net sales |
|
$ |
128,460 |
|
|
$ |
56,931 |
|
|
$ |
185,391 |
|
Direct cost of sales |
|
|
76,638 |
|
|
|
36,078 |
|
|
|
|
Shop burden |
|
|
3,338 |
|
|
|
2,230 |
|
|
|
|
Selling expense |
|
|
7,933 |
|
|
|
2,857 |
|
|
|
|
Project engineering expense |
|
|
4,729 |
|
|
|
2,803 |
|
|
|
|
General and administrative expense |
|
|
9,185 |
|
|
|
2,278 |
|
|
|
|
Gain on sale of Global Pump Solutions business |
|
|
— |
|
|
|
- |
|
|
|
|
Segment profit |
|
|
26,639 |
|
|
|
10,686 |
|
|
|
37,325 |
|
Share-based compensation |
|
|
|
|
|
|
|
|
2,878 |
|
Amortization of intangible assets |
|
|
|
|
|
|
|
|
6,033 |
|
Other corporate expenses(1) |
|
|
|
|
|
|
|
|
22,935 |
|
Interest expense |
|
|
|
|
|
|
|
|
4,898 |
|
Other profit or loss(2) |
|
|
|
|
|
|
|
|
(1,454 |
) |
Total consolidated income before income taxes |
|
|
|
|
|
|
|
$ |
14,617 |
|
(1) Includes corporate compensation, professional services and information technology expenses, and other general and administrative corporate expenses.
(2) Includes foreign exchange (gain) loss. A reconciliation of total segment sales to total consolidated sales, as well as total segment profit to total consolidated net income before taxes is as follows for the six months ended June 30, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
Engineered Systems |
|
|
Industrial Process Solutions |
|
|
Total |
|
Net sales |
|
$ |
248,894 |
|
|
$ |
113,195 |
|
|
$ |
362,088 |
|
Direct cost of sales |
|
|
149,703 |
|
|
|
71,717 |
|
|
|
|
Shop burden |
|
|
6,269 |
|
|
|
5,129 |
|
|
|
|
Selling expense |
|
|
15,765 |
|
|
|
6,587 |
|
|
|
|
Project engineering expense |
|
|
9,459 |
|
|
|
5,675 |
|
|
|
|
General and administrative expense |
|
|
18,225 |
|
|
|
6,547 |
|
|
|
|
Gain on sale of Global Pump Solutions business |
|
|
— |
|
|
|
(63,701 |
) |
|
|
|
Segment profit |
|
|
49,472 |
|
|
|
81,241 |
|
|
|
130,713 |
|
Share-based compensation |
|
|
|
|
|
|
|
|
6,234 |
|
Amortization of intangible assets |
|
|
|
|
|
|
|
|
6,033 |
|
Other corporate expenses(1) |
|
|
|
|
|
|
|
|
38,516 |
|
Interest expense |
|
|
|
|
|
|
|
|
11,115 |
|
Other profit or loss(2) |
|
|
|
|
|
|
|
|
(861 |
) |
Total consolidated income before income taxes |
|
|
|
|
|
|
|
$ |
69,676 |
|
(1) Includes corporate compensation, professional services and information technology expenses, and other general and administrative corporate expenses.
(2) Includes foreign exchange (gain) loss and pension expense.
|
| Net Sales By Geographic Area |
Net sales by geographic area are as follows:
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|
|
|
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|
|
|
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
(in thousands) |
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
United States |
|
$ |
180,619 |
|
|
$ |
120,204 |
|
|
$ |
317,165 |
|
|
$ |
230,875 |
|
Netherlands |
|
|
26,212 |
|
|
|
15,763 |
|
|
|
43,775 |
|
|
|
26,989 |
|
Canada |
|
|
18,815 |
|
|
|
5,390 |
|
|
|
23,080 |
|
|
|
10,747 |
|
China |
|
|
18,814 |
|
|
|
13,563 |
|
|
|
33,369 |
|
|
|
28,357 |
|
United Kingdom |
|
|
11,646 |
|
|
|
12,470 |
|
|
|
24,678 |
|
|
|
32,027 |
|
Other |
|
|
28,855 |
|
|
|
18,001 |
|
|
|
48,813 |
|
|
|
33,093 |
|
Total net sales |
|
$ |
284,961 |
|
|
$ |
185,391 |
|
|
$ |
490,880 |
|
|
$ |
362,088 |
|
|