The company disclosed the plan in a Tuesday filing with the Securities and Exchange Commission, noting that the costs will primarily cover one-time severance and healthcare benefits for departing employees. Management anticipates that the reorganization will be substantially completed by the end of fiscal year 2027 as part of a broader push to optimize performance.

Despite the impending cuts, the company reported a solid financial performance for the second quarter. Net profit rose to $371.4 million, or $13.85 per share, compared to $317.8 million, or $11.67 per share, in the same period last year. Quarterly sales remained effectively stagnant at $651 million, nearly identical to the $651.6 million recorded a year ago. However, the result managed to outperform analyst expectations, clearing the $624 million sales estimate tracked by FactSet.