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v3.24.3

Business Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Net Sales and Income from Operation by Business Segment | The financial segment information is as follows:
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
(in thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Net sales (less intra-, inter-segment sales) |  |  |  |  |  |  |  |  |  |  |  |
Engineered Systems segment |  | $ | 91,277 |  |  | $ | 105,540 |  |  | $ | 278,018 |  |  | $ | 267,516 |
Industrial Process Solutions segment |  |  | 44,236 |  |  |  | 43,850 |  |  |  | 121,349 |  |  |  | 123,618 |
Total net sales |  | $ | 135,513 |  |  | $ | 149,390 |  |  | $ | 399,367 |  |  | $ | 391,134 |
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
(in thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Income from operations |  |  |  |  |  |  |  |  |  |  |  |
Engineered Systems segment |  | $ | 15,837 |  |  | $ | 15,759 |  |  | $ | 51,444 |  |  | $ | 39,601 |
Industrial Process Solutions segment |  |  | 8,065 |  |  |  | 5,586 |  |  |  | 20,834 |  |  |  | 15,769 |
Corporate and Other(1) |  |  | (16,715 | ) |  |  | (13,492 | ) |  |  | (48,149 | ) |  |  | (33,453 | )
Total income from operations |  | $ | 7,187 |  |  | $ | 7,853 |  |  | $ | 24,129 |  |  | $ | 21,917 |
Includes corporate compensation, professional services, information technology, and other general and administrative corporate expenses.
Property and Equipment Additions, Depreciation and Amortization and Identifiable Assets |
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
(in thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Property and equipment additions |  |  |  |  |  |  |  |  |  |  |  |
Engineered Systems segment |  | $ | 645 |  |  | $ | 392 |  |  | $ | 2,672 |  |  | $ | 1,081 |
Industrial Process Solutions segment |  |  | 690 |  |  |  | 570 |  |  |  | 1,725 |  |  |  | 2,281 |
Corporate and Other |  |  | 2,669 |  |  |  | 629 |  |  |  | 6,840 |  |  |  | 2,149 |
Total property and equipment additions |  | $ | 4,004 |  |  | $ | 1,591 |  |  | $ | 11,237 |  |  | $ | 5,511 |
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
(in thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |
Engineered Systems segment |  | $ | 1,817 |  |  | $ | 1,462 |  |  | $ | 5,416 |  |  | $ | 3,948 |
Industrial Process Solutions segment |  |  | 1,148 |  |  |  | 1,109 |  |  |  | 3,398 |  |  |  | 3,217 |
Corporate and Other |  |  | 598 |  |  |  | 548 |  |  |  | 1,722 |  |  |  | 1,604 |
Total depreciation and amortization |  | $ | 3,563 |  |  | $ | 3,119 |  |  | $ | 10,536 |  |  | $ | 8,769 |
(in thousands) |  | September 30, 2024 |  |  | December 31, 2023 |
Identifiable assets |  |  |  |  |  |
Engineered Systems segment |  |  | 413,069 |  |  | $ | 432,098 |
Industrial Process Solutions segment |  |  | 166,933 |  |  |  | 147,740 |
Corporate and Other(2) |  |  | 41,509 |  |  |  | 20,453 |
Total identifiable assets |  | $ | 621,512 |  |  | $ | 600,291 |
(2) Corporate and Other assets consist primarily of cash and income tax related assets.
Goodwill |
(in thousands) |  | September 30, 2024 |  |  | December 31, 2023 |
Goodwill |  |  |  |  |  |
Engineered Systems segment |  | $ | 142,616 |  |  | $ | 142,229 |
Industrial Process Solutions segment |  |  | 77,410 |  |  |  | 69,097 |
Total goodwill |  | $ | 220,026 |  |  | $ | 211,326 |
Intra-Segment and Inter-Segment Revenues | The Company has multiple divisions that sell to each other within segments (intra-segment sales) and between segments (inter-segment sales), as follows:
|  | Three months ended September 30, 2024 |
|  |  |  |  |  |  |  | Less Inter-Segment Sales |  |
(in thousands) |  | Total Sales |  |  | Intra- Segment Sales |  |  | Industrial Process Solutions |  |  | Engineered Systems |  |  | Net Sales to Outside Customers |
Net sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Engineered Systems segment |  | $ | 98,527 |  |  | $ | (6,952 | ) |  | $ | (298 | ) |  | $ | — |  |  | $ | 91,277 |
Industrial Process Solutions segment |  |  | 51,379 |  |  |  | (6,918 | ) |  |  | — |  |  |  | (225 | ) |  |  | 44,236 |
Total net sales |  | $ | 149,906 |  |  | $ | (13,870 | ) |  | $ | (298 | ) |  | $ | (225 | ) |  | $ | 135,513 |
|  | Three months ended September 30, 2023 |
|  |  |  |  |  |  |  | Less Inter-Segment Sales |  |
(in thousands) |  | Total Sales |  |  | Intra- Segment Sales |  |  | Industrial Process Solutions |  |  | Engineered Systems |  |  | Net Sales to Outside Customers |
Net sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Engineered Systems segment |  | $ | 114,605 |  |  | $ | (8,639 | ) |  | $ | (426 | ) |  | $ | — |  |  | $ | 105,540 |
Industrial Process Solutions segment |  |  | 49,264 |  |  |  | (5,231 | ) |  |  | — |  |  |  | (183 | ) |  |  | 43,850 |
Total net sales |  | $ | 163,869 |  |  | $ | (13,870 | ) |  | $ | (426 | ) |  | $ | (183 | ) |  | $ | 149,390 |
|  | Nine months ended September 30, 2024 |
|  |  |  |  |  |  |  | Less Inter-Segment Sales |  |
(in thousands) |  | Total Sales |  |  | Intra- Segment Sales |  |  | Industrial Process Solutions |  |  | Engineered Systems |  |  | Net Sales to Outside Customers |
Net sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Engineered Systems segment |  | $ | 293,186 |  |  | $ | (14,587 | ) |  | $ | (581 | ) |  | $ | — |  |  | $ | 278,018 |
Industrial Process Solutions segment |  |  | 135,631 |  |  |  | (13,893 | ) |  |  | — |  |  |  | (389 | ) |  |  | 121,349 |
Total net sales |  | $ | 428,817 |  |  | $ | (28,480 | ) |  | $ | (581 | ) |  | $ | (389 | ) |  | $ | 399,367 |
|  | Nine months ended September 30, 2023 |
|  |  |  |  |  |  |  | Less Inter-Segment Sales |  |
(in thousands) |  | Total Sales |  |  | Intra- Segment Sales |  |  | Industrial Process Solutions |  |  | Engineered Systems |  |  | Net Sales to Outside Customers |
Net sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Engineered Systems segment |  | $ | 286,575 |  |  | $ | (18,173 | ) |  | $ | (886 | ) |  | $ | — |  |  | $ | 267,516 |
Industrial Process Solutions segment |  |  | 132,946 |  |  |  | (8,871 | ) |  |  | — |  |  |  | (457 | ) |  |  | 123,618 |
Total net sales |  | $ | 419,521 |  |  | $ | (27,044 | ) |  | $ | (886 | ) |  | $ | (457 | ) |  | $ | 391,134 |

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