The company reported net sales of $138.3 million in the first quarter of 2026, a 19.1% increase from $116.1 million a year earlier, and gross profit of $26.7 million, up 37.7%. Net income reached $10.5 million, or $1.08 per diluted share, compared with $4.0 million, or $0.39 per share, in Q1 2025.

The Water Transmission Systems segment delivered $93.5 million in net sales, up 19.1%, and gross profit of $17.3 million, up 42.3%, driven by higher volumes and favorable product mix. Backlog for the segment rose to $373 million, with confirmed orders lifting total commitments to a record $430 million.

Precast Infrastructure and Engineered Systems segment net sales increased 18.9% to $44.8 million, supported by a 14% rise in selling prices and a 4% volume gain. Gross profit grew 30.0% to $9.3 million, while the unfilled order book stood at $55 million at quarter end.

Operating cash flow surged to $29.3 million from $4.8 million as working capital improvements complemented net income growth. The company held no revolver borrowings with $124 million of available capacity, invested $3.5 million in capital expenditures, repurchased $2.2 million of stock, and expects record revenue and profitability in 2026.