Financial Performance - GAAP diluted EPS for Q4 was $0.99 per share, a 22% increase from last year, while adjusted EPS was $1.10, up 36% [1][10] - Consolidated net sales for Q4 reached $597 million, a 27% increase year-over-year, with organic net sales growth of 18% [2] - Adjusted EBITDA for Q4 was $119.4 million, reflecting a 34% increase compared to last year, translating to a margin of 20% [2] - For the full year, adjusted EBITDA was $438.9 million, up 25%, with a margin of 20.1% [3] - Full year net sales were $2.18 billion, a record high, representing a 17% increase from the previous year [4] Orders and Backlog - Total orders for Q4 were $566 million, a 55% increase year-over-year, including $132 million of acquired backlog [6] - Orders for the full year amounted to $2.22 billion, a 20% increase from last year, with a backlog of $1.04 billion at year-end, up 5% [3][4] Operational Highlights - Corporate operating expenses in Q4 increased to $26.5 million, primarily due to acquisition-related expenses [7] - The company generated $97 million in cash from operations during Q4, a 7% increase from the previous year [11] - The company ended Q4 with $501 million in net debt and $925 million available under its credit facility, indicating strong financial flexibility [12] Strategic Initiatives - The company is focused on three multiyear growth initiatives: integration of acquired businesses, new product development, and strengthening its platform [24] - The acquisition of New Way is expected to yield annual synergies of $15 million to $20 million by 2028, with a focus on both cost and revenue synergies [25] - The company is also investing in internal centers of excellence to enhance competitive advantages in niche markets [28] Market Conditions and Outlook - The company anticipates net sales for 2026 to be between $2.55 billion and $2.65 billion, with adjusted EPS between $4.50 and $4.80 [30] - The outlook reflects a continuation of double-digit growth, supported by strong demand across various product lines, particularly in infrastructure and water projects [21][30] - The company expects to maintain a book-to-bill ratio around 1.0, indicating stable order trends moving forward [36]