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Business Segment Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Business Segment Information

17. Business Segment Information

The Company’s operations are organized as groups of similar products and services, and are presented in two reportable segments. The results of the segments, specifically income from operations as adjusted for intercompany profits, are reviewed quarterly by the chief operating decision maker ("CODM"), which is the Company's Chief Executive Officer, for the purposes of allocating resources, including personnel, capital, and financial resources, and assessing performance, including the monitoring of budget versus actual results. Asset information by segment is not reported internally or otherwise regularly reviewed by the CODM.

The Company’s reportable segments are as follows:

Engineered Systems: The Company's Engineered Systems segment serves the power generation, hydrocarbon transport and processing, water/wastewater treatment, oily water separation and treatment, marine and naval, and natural gas and natural gas liquids infrastructure, treatment and transport sectors. The Company seeks to address the global demand for contaminant removal and environmental protection solutions with its highly engineered platforms including emissions management, fluid bed cyclones, thermal acoustics, separation and filtration, and dampers and expansion joints.

Industrial Process Solutions: The Company's Industrial Process Solutions segment serves the broad industrial sector with solutions for contamination control, exhaust air treatment, VOC abatement, process filtration and fluid handling in applications such as aluminum beverage can production, vehicle production, food and beverage processing, semiconductor fabrication, electronics production, steel and aluminum processing, engineered wood products manufacturing, chemical processing, general manufacturing and machining, coating and surface treatment, battery production and recycling, and wind and solar power components manufacturing end markets. The Company assists customers in maintaining clean and safe operations for employees, reducing energy consumption, minimizing waste for customers, and meeting regulatory standards for toxic emissions, fumes, volatile organic compounds, and odor elimination through its platforms including duct fabrication and installation, industrial air, and fluid handling.

The financial segment information is as follows for the three and nine months ended September 30, 2025:

 

 

Three months ended September 30, 2025

 

 

Nine months ended September 30, 2025

 

(in thousands)

 

Engineered Systems

 

 

Industrial Process Solutions

 

 

Engineered Systems

 

 

Industrial Process Solutions

 

Sales

 

$

141,400

 

 

$

56,860

 

 

$

396,697

 

 

$

172,378

 

Income from operations

 

 

25,034

 

 

 

4,237

 

 

 

68,968

 

 

 

88,997

 

 

A reconciliation of total segment sales to total consolidated sales, as well as total segment income from operations to total consolidated income from operations and total consolidated net income is as follows for the three months ended September 30, 2025:

(in thousands)

 

Engineered Systems

 

 

Industrial Process Solutions

 

 

Total

 

Sales from external customers

 

$

143,692

 

 

$

53,907

 

 

$

197,599

 

Intra-segment sales

 

 

(2,463

)

 

 

2,852

 

 

 

389

 

Inter-segment sales

 

 

171

 

 

 

101.0

 

 

 

272

 

Total segment sales

 

 

141,400

 

 

 

56,860

 

 

 

198,260

 

Reconciliation to sales

 

 

 

 

 

 

 

 

 

Elimination of intra- and inter-segment sales

 

 

 

 

 

 

 

 

661

 

Total consolidated sales

 

 

 

 

 

 

 

 

197,599

 

Reconciliation to income before income taxes

 

 

 

 

 

 

 

 

 

Direct cost of sales

 

 

90,352

 

 

 

35,698

 

 

 

126,050

 

Shop burden

 

 

4,003

 

 

 

2,957

 

 

 

6,960

 

Selling expense

 

 

7,813

 

 

 

3,080

 

 

 

10,893

 

Project engineering expense

 

 

4,183

 

 

 

2,843

 

 

 

7,026

 

General and administrative expense

 

 

7,513

 

 

 

2,428

 

 

 

9,941

 

Other segment items(1)

 

 

4,794

 

 

 

2,665

 

 

 

7,459

 

Income from operations

 

 

22,742

 

 

 

7,190

 

 

 

29,932

 

Stock-based compensation

 

 

 

 

 

 

 

 

3,273

 

Other corporate expenses(2)

 

 

 

 

 

 

 

 

16,598

 

Elimination of intra- and inter-segment activity

 

 

 

 

 

 

 

 

661

 

Interest expense

 

 

 

 

 

 

 

 

5,054

 

Other expense(3)

 

 

 

 

 

 

 

 

2,056

 

Total consolidated income before income taxes

 

 

 

 

 

 

 

 

2,290

 

(1) Includes amortization expenses, acquisition and integration expenses, and restructuring expenses.
(2) Includes corporate compensation, professional services and information technology expenses, and other general and administrative corporate expenses.
(3) Includes foreign exchange (gain) loss.

A reconciliation of total segment sales to total consolidated sales, as well as total segment income from operations to total consolidated income from operations and total consolidated net income is as follows for the nine months ended September 30, 2025:

(in thousands)

 

Engineered Systems

 

 

Industrial Process Solutions

 

 

Total

 

Sales from external customers

 

$

392,586

 

 

$

167,102

 

 

$

559,687

 

Intra-segment sales

 

 

3,753

 

 

 

5,175

 

 

 

8,928

 

Inter-segment sales

 

 

358

 

 

 

101.0

 

 

 

459

 

Total segment sales

 

 

396,697

 

 

 

172,378

 

 

 

569,074

 

Reconciliation to sales

 

 

 

 

 

 

 

 

 

Elimination of intra- and inter-segment sales

 

 

 

 

 

 

 

 

9,387

 

Total consolidated sales

 

 

 

 

 

 

 

 

559,687

 

Reconciliation to income before income taxes

 

 

 

 

 

 

 

 

 

Direct cost of sales

 

 

240,056

 

 

 

107,414

 

 

 

347,470

 

Shop burden

 

 

10,272

 

 

 

8,081

 

 

 

18,354

 

Selling expense

 

 

23,578

 

 

 

9,667

 

 

 

33,245

 

Project engineering expense

 

 

13,641

 

 

 

8,518

 

 

 

22,160

 

General and administrative expense

 

 

25,738

 

 

 

8,975

 

 

 

34,712

 

Gain on sale of Global Pump Solutions business

 

 

—

 

 

 

(63,701

)

 

 

(63,701

)

Other segment items(1)

 

 

10,332

 

 

 

(850

)

 

 

9,482

 

Income from operations

 

 

73,079

 

 

 

94,273

 

 

 

167,352

 

Stock-based compensation

 

 

 

 

 

 

 

 

9,507

 

Other corporate expenses(2)

 

 

 

 

 

 

 

 

59,127

 

Elimination of intra- and inter-segment activity

 

 

 

 

 

 

 

 

9,387

 

Interest expense

 

 

 

 

 

 

 

 

16,169

 

Other expense(3)

 

 

 

 

 

 

 

 

1,196

 

Total consolidated income before income taxes

 

 

 

 

 

 

 

 

71,966

 

(1) Includes amortization expenses, acquisition and integration expenses, divestiture expenses, restructuring expenses, and asbestos litigation expenses.
(2) Includes corporate compensation, professional services and information technology expenses, and other general and administrative corporate expenses.
(3) Includes foreign exchange (gain) loss and pension expense.

Other segment information is as follows for the three and nine months ended September 30, 2025:

 

 

Three months ended September 30, 2025

 

 

Nine months ended September 30, 2025

 

(in thousands)

 

Engineered Systems

 

 

Industrial Process Solutions

 

 

Engineered Systems

 

 

Industrial Process Solutions

 

Property and equipment additions

 

$

1,649

 

 

$

429

 

 

$

2,855

 

 

$

1,390

 

Depreciation and amortization(1)

 

 

5,333

 

 

 

1,814

 

 

 

9,432

 

 

 

6,002

 

(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.

The financial segment information is as follows for the three and nine months ended September 30, 2024:

 

 

Three months ended September 30, 2024

 

 

Nine months ended September 30, 2024

 

(in thousands)

 

Engineered Systems

 

 

Industrial Process Solutions

 

 

Engineered Systems

 

 

Industrial Process Solutions

 

Sales

 

$

98,527

 

 

$

51,379

 

 

$

293,186

 

 

$

135,631

 

Income from operations

 

 

15,837

 

 

 

8,065

 

 

 

51,544

 

 

 

20,834

 

 

A reconciliation of total segment sales to total consolidated sales, as well as total segment income from operations to total consolidated income from operations and total consolidated net income is as follows for the three months ended September 30, 2024:

(in thousands)

 

Engineered Systems

 

 

Industrial Process Solutions

 

 

Total

 

Sales from external customers

 

$

91,277

 

 

$

44,236

 

 

$

135,513

 

Intra-segment sales

 

 

6,952

 

 

 

6,918

 

 

 

13,870

 

Inter-segment sales

 

 

298

 

 

 

225

 

 

 

523

 

Total segment sales

 

 

98,527

 

 

 

51,379

 

 

 

149,906

 

Reconciliation to sales

 

 

 

 

 

 

 

 

 

Elimination of intra- and inter-segment sales

 

 

 

 

 

 

 

 

14,393

 

Total consolidated sales

 

 

 

 

 

 

 

 

135,513

 

Reconciliation to income before income taxes

 

 

 

 

 

 

 

 

 

Direct cost of sales

 

 

59,568

 

 

 

25,625

 

 

 

85,193

 

Shop burden

 

 

2,156

 

 

 

2,893

 

 

 

5,048

 

Selling expense

 

 

4,502

 

 

 

2,906

 

 

 

7,408

 

Project engineering expense

 

 

3,322

 

 

 

1,747

 

 

 

5,069

 

General and administrative expense

 

 

4,071

 

 

 

2,392

 

 

 

6,463

 

Other segment items(1)

 

 

1,822

 

 

 

607

 

 

 

2,429

 

Income from operations

 

 

23,086

 

 

 

15,209

 

 

 

38,295

 

Stock-based compensation

 

 

 

 

 

 

 

 

1,943

 

Other corporate expenses(2)

 

 

 

 

 

 

 

 

14,772

 

Elimination of intra- and inter-segment activity

 

 

 

 

 

 

 

 

14,393

 

Interest expense

 

 

 

 

 

 

 

 

2,648

 

Other expense(3)

 

 

 

 

 

 

 

 

398

 

Total consolidated income before income taxes

 

 

 

 

 

 

 

 

4,141

 

(1) Includes amortization expenses, and acquisition and integration expenses.
(2) Includes corporate compensation, professional services and information technology expenses, and other general and administrative corporate expenses.
(3) Includes foreign exchange (gain) loss and pension expense.

A reconciliation of total segment sales to total consolidated sales, as well as total segment income from operations to total consolidated income from operations and total consolidated net income is as follows for the nine months ended September 30, 2024:

(in thousands)

 

Engineered Systems

 

 

Industrial Process Solutions

 

 

Total

 

Sales from external customers

 

$

278,018

 

 

$

121,349

 

 

$

399,367

 

Intra-segment sales

 

 

14,587

 

 

 

13,893

 

 

 

28,480

 

Inter-segment sales

 

 

581

 

 

 

389

 

 

 

970

 

Total segment sales

 

 

293,186

 

 

 

135,631

 

 

 

428,817

 

Reconciliation to sales

 

 

 

 

 

 

 

 

 

Elimination of intra- and inter-segment sales

 

 

 

 

 

 

 

 

29,450

 

Total consolidated sales

 

 

 

 

 

 

 

 

399,367

 

Reconciliation to income before income taxes

 

 

 

 

 

 

 

 

 

Direct cost of sales

 

 

176,146

 

 

 

69,930

 

 

 

246,076

 

Shop burden

 

 

5,955

 

 

 

7,876

 

 

 

13,831

 

Selling expense

 

 

15,907

 

 

 

8,599

 

 

 

24,506

 

Project engineering expense

 

 

9,710

 

 

 

4,956

 

 

 

14,666

 

General and administrative expense

 

 

13,608

 

 

 

7,131

 

 

 

20,740

 

Other segment items(1)

 

 

5,172

 

 

 

2,022

 

 

 

7,194

 

Income from operations

 

 

66,687

 

 

 

35,117

 

 

 

101,804

 

Stock-based compensation

 

 

 

 

 

 

 

 

5,790

 

Other corporate expenses(2)

 

 

 

 

 

 

 

 

42,435

 

Elimination of intra- and inter-segment activity

 

 

 

 

 

 

 

 

29,450

 

Interest expense

 

 

 

 

 

 

 

 

9,315

 

Other expense(3)

 

 

 

 

 

 

 

 

2,589

 

Total consolidated income before income taxes

 

 

 

 

 

 

 

 

12,225

 

(1) Includes amortization expenses, acquisition and integration expenses, and asbestos litigation expenses.
(2) Includes corporate compensation, professional services and information technology expenses, and other general and administrative corporate expenses.
(3) Includes foreign exchange (gain) loss and pension expense.

Other segment information is as follows for the three and nine months ended September 30, 2024:

 

 

Three months ended September 30, 2024

 

 

Nine months ended September 30, 2024

 

(in thousands)

 

Engineered Systems

 

 

Industrial Process Solutions

 

 

Engineered Systems

 

 

Industrial Process Solutions

 

Property and equipment additions

 

$

645

 

 

$

690

 

 

$

2,672

 

 

$

1,725

 

Depreciation and amortization(1)

 

 

1,817

 

 

 

1,148

 

 

 

5,416

 

 

 

3,398

 

(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.

Geographic Information

Net sales by geographic area are as follows:

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

(in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

United States

 

$

137,119

 

 

$

91,399

 

 

$

367,993

 

 

$

259,637

 

United Kingdom

 

 

11,843

 

 

 

15,986

 

 

 

43,870

 

 

 

42,541

 

Netherlands

 

 

17,773

 

 

 

10,389

 

 

 

44,762

 

 

 

40,696

 

China

 

 

9,011

 

 

 

7,517

 

 

 

37,368

 

 

 

20,730

 

Other

 

 

21,853

 

 

 

10,222

 

 

 

65,694

 

 

 

35,763

 

Total net sales

 

$

197,599

 

 

$

135,513

 

 

$

559,687

 

 

$

399,367

 

The geographical area data for net sales is based upon the country location of the Company's business unit generating such sales.

Long-lived assets by geographic area are as follows:

(in thousands)

 

September 30, 2025

 

 

December 31, 2024

 

United States

 

$

370,971

 

 

$

332,162

 

United Kingdom

 

 

28,122

 

 

 

27,003

 

China

 

 

39,438

 

 

 

36,315

 

Other

 

 

57,873

 

 

 

33,248

 

Total long-lived assets

 

$

496,404

 

 

$

428,728

 

The geographical area data for long-lived assets is based upon physical location of such assets.