Highlights for the Quarter
- Net sales of $368.8 million, up 9%
- Vegetation Management net sales of $228.5 million, up 8.9%
- Industrial Equipment net sales of $140.3 million, up 9.2%
- Income from operations of $35.8 million, up 19.3%
- Net income of $25.8 million, or $2.16 per diluted share, up 46.9%
- Trailing twelve-month EBITDA of $179.0 million, up 10.4% from full year 2021
- Backlog of $908.9 million, up 40.9% compared to prior year third quarter-end
Results for the Quarter
Third quarter 2022 net sales were $368.8 million compared to $338.3 million in the third quarter of 2021, an increase of 9%. Gross margin improved in the quarter vs. the third quarter of 2021 by $6.1 million or 7%. Third quarter net income improved 46.9% to $25.8 million, or $2.16 per diluted share, compared to net income of $17.5 million, or $1.47 per diluted share in the third quarter of 2021. The Company's backlog at the end of the third quarter was $908.9 million, an increase of $263.7 million, or 40.9%, from the backlog at the end of the third quarter of 2021, and up 13.5% from the end of calendar year 2021.
The positive results reported for the quarter were achieved through a combination of effective price management and disciplined control of operating expenses. These results were achieved despite persistent headwinds including material cost inflation, elevated transportation costs, and unfavorable manufacturing efficiencies directly related to supply chain disruptions and skilled labor shortages as well as the negative impact of currency exchange rates on our consolidated financial results.
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