The industrial firm now expects fiscal year revenue to land between $1.80 billion and $1.85 billion, a clear step up from its previous range of $1.73 billion to $1.78 billion. Adjusted earnings per share guidance also received a boost, climbing to a range of $6.75 to $7.15. This optimism follows a first-quarter performance where revenue hit $448.5 million, comfortably outpacing the $434.6 million forecasted by analysts.

While net income fell to $52 million from $170.9 million a year ago, management pointed to the divestiture of the Electric Products Group via the Avail joint venture as the primary driver for the decline. Chief Executive Tom Ferguson noted that Precoat Metals sales provided a significant tailwind, as the company successfully pushed through price increases to neutralize the impact of rising material costs. With an adjusted earnings per share of $1.85, the company outperformed FactSet analyst expectations of $1.69 per share, maintaining a 34% gain for the year.