Gregory P. Rustowicz

“As David shared, the quarter unfolded largely as expected. We delivered results slightly ahead of expectations due to the ever-changing tariff policies, which delayed implementation of certain tariffs from the first quarter to the second quarter.”

“Turning to slide seven, we delivered sales in the third quarter of $254.1 million, up 10.3% from the prior year period, or 8.5% on a constant currency basis. This was at the high end of the guidance we provided last quarter, supported by strong execution from the team and continued resilience in demand.”

“On Slide 6, net sales in the second quarter were $223.6 million, up 41.7% from the prior year period, which was heavily impacted by the pandemic. While we saw revenue improve almost 5% sequentially, like other industrial companies, we continue to experience supply chain challenges.”

“On Slide 5, net sales in the second quarter were $157.8 million or down 24% from a year ago. As David noted, this sales level was at the upper end of our prior guidance for second quarter fiscal 2021 revenue of approximately $150 million to $160 million.”

“On Slide 8, net sales in the fourth quarter were $189.5 million. Clearly, COVID-19 impacted our business results in the quarter. We were tracking towards our $200 million topline but saw order rates for our short cycle business decline in the second half of March.”