Pinchuk: This shows the administration is truly backing manufacturing

Business Performance & Strategy - The company experienced a boost from technicians seeking shorter payback items due to economic uncertainty [3] - A pivot to shorter payback items, representing about a third of the product line, saw a 1.6% increase, with profitability at 23.8% [4] - Rapid continuous improvement operations helped overcome a 50 basis points negative currency impact, maintaining gross margins at 50.5%, down 10 basis points [11] - Commercial industrial business was down due to project delays caused by uncertainty, but is expected to recover as customers adapt [13][14] Impact of Tax Cuts & Government Policy - The company benefits from bonus depreciation and the tax trifecta (R&D and capital expenditures) [6] - Small businesses, representing 93% of manufacturers, received a significant boost from tax cuts [6] - The administration's support for manufacturing is viewed positively for the industry's future [7][8] Currency Impact - A weaker dollar is generally considered beneficial for overseas sales, but the company experienced a negative impact due to sourcing from Sweden and currency fluctuations [9][10]