Financial Data and Key Metrics Changes - The company achieved net sales of $656 million and Adjusted EBITDA of $69 million in Q1, both exceeding the outlook range [4][9] - Adjusted EPS was $0.83, above the top end of the outlook range, while the prior year's EPS was $1.63 [9] - Organic volume increased by 2% year-over-year, driven by strong performance in the electrical segment [4][11] - The tax rate in Q1 was 3%, a significant decrease from 21% in the prior year, reflecting a one-time discrete benefit [9] Business Line Data and Key Metrics Changes - The electrical segment saw net sales increase year-over-year, driven by higher volume growth, although adjusted EBITDA margins compressed due to higher material costs and lower average selling prices [12] - The S&I segment experienced lower net sales compared to the previous year, primarily due to lower volume, but adjusted EBITDA and margins increased due to improved productivity [12] Market Data and Key Metrics Changes - The company expects mid-single-digit volume growth for the full year, supported by core construction growth and contributions from solar and global construction services [13][15] - The Dodge Momentum Index indicates favorable growth in core non-residential end markets, with significant investments expected in the data center market [18] Company Strategy and Development Direction - The company is focused on its core electrical infrastructure portfolio, supported by broader mega trends, and is advancing its 80/20 Initiative to streamline manufacturing capacity [5][7] - The divestiture of the TekTube mechanical tube product line aligns with the company's strategy to enhance focus on electrical end markets [5] - The company plans to exit three manufacturing facilities in the second fiscal quarter to further streamline operations [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the FY 2026 outlook, expecting net sales between $2.95 billion and $3.05 billion, with adjusted EBITDA remaining unchanged at $340 million to $360 million [6][15] - The management highlighted ongoing productivity improvements and a favorable cash position despite a year-over-year decline in operating cash flow [12][13] Other Important Information - The company recognized approximately $18 million in cash proceeds from the TekTube divestiture and anticipates an additional $7 million from real estate sales in Q2 [13] - The company is on track to deliver its fiscal year 2025 sustainability report, detailing ongoing initiatives and accomplishments [6] Q&A Session Summary Question: Can you provide more color on the core markets? - Management noted good growth in PVC and steel conduit markets, with strong backlogs and commitments for data center projects [24][26] Question: Why was there no increase in EBITDA and EPS guidance despite good Q1 results? - Management indicated it is early in the year and preferred to maintain current guidance while monitoring progress [28][32] Question: What is the update on the competitive environment and pricing? - Management acknowledged ongoing import competition in PVC conduit but noted improved pricing and margins in steel conduit [34][35] Question: Can you provide an update on the strategic review and cost-saving efforts? - Management confirmed ongoing strategic alternatives and highlighted expectations for productivity gains from facility closures [41][42] Question: How is the solar market performing? - Management indicated that solar activity was down year-over-year but noted a good backlog and expected demand growth in the second half of the year [85][86]