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Our biggest challenge right now continues to be ramping up production fast enough.
biggest challenge
Transcript
2022 Q4
2 Mar 23
Overall, demand remained strong. Total backlog was up 110.6% from a year ago and up 6.5% from the end of third quarter. The fact that backlog continues to increase sequentially and is the sign that demand remains strong, particularly because our production is also increasing. Organic bookings in the quarter were up year-over-year 45%. Sequentially, they were up 14%, which is mostly driven by volume.
backlog up, organic bookings v strong
Transcript
2022 Q4
2 Mar 23
Demand continues to be a fairly broad-based -- demand continues to be fairly broad-based as far as our end markets. Lodging and office buildings remain soft, but outside of that, most sectors in which we participate are still quite strong. Data centers and semiconductor markets are very strong, as I mentioned already. K-12 education vertical is also solid.
I think that actually strengthens in 2023 with the majority of the stimulus money in the CARES Act having still not been spent.
Health care and manufacturing are also still very good.
We continue to see robust demand in growth facility markets. And while new construction of warehouses seems to be slowing, the end market remains good for us due to retrofit work. Overall, demand is solid across the board.
While we continue to monitor for the slowdown that everyone is anticipating, we still do not see it. Sentiment among our channel power group remains very positive and the macro data we track is still encouraging. Construction spending is back to pre-pandemic levels and construction starts are at the strongest level in years. The ABI and the Dodge Momentum Index, which tracks the pipeline of non-residential projects early in the planning stages, have recently peaked, but it still imply the pipeline is still at historically high levels.
demand outlook
Transcript
2022 Q4
2 Mar 23
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