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aimed, aluminum, attributable, audit, automation, backlog, binomial, compression, connecting, conversion, elevated, execution, experience, experienced, fee, fossil, fuel, GmbH, healthy, liquidation, macro, Malema, merchandising, mitigating, modern, modest, notably, October, offered, packaging, plastic, producing, pump, ratably, relevant, remodel, repurposing, satisfied, simulation, store, strength, supermarket, uncertainty, vaccine, Witte
Financial report summary
?Competition
Brother Industries • Ecolab • Weatherford International • Franklin Electric • Illinois Tool Works • LGL • Nordson • Paccar • SPX • Snap-onManagement Discussion
- Engineered Products segment revenue for the year ended December 31, 2023 decreased $39.0 million, or 1.9% organic revenue decline. Customer pricing favorably impacted revenue in 2023 by approximately 2.6% and by 10.4% in the prior year.
- The organic revenue decline was primarily due to lower volumes in our vehicle service business in Europe and Asia, as well as transient disruptions in North America from an ERP upgrade in this business that reduced volumes in the second and third quarter. Our other businesses saw robust demand, including in our waste handling business as large national waste haulers and municipal governments invest to upgrade their refuse collection vehicle fleets and implement our leading digital technologies to improve waste collection process efficiencies, and from key defense customers in our aerospace and defense business. We expect organic growth to be positive in 2024, driven by strong order demand trends in several of our key end markets, most notably in our waste handling and in our aerospace and defense businesses. Additionally, we expect revenue growth in our vehicle service business against prior year comparable periods.
- Engineered Products segment earnings for the year ended December 31, 2023 increased $30.9 million, or 8.9%, compared to the prior year. The increase included a fourth quarter benefit of $14.4 million as a result of the change from LIFO to FIFO method for an immaterial portion of inventories, customer pricing actions, productivity and cost reduction initiatives, and favorable business mix, partially offset by lower volumes and increased material and labor costs. As a result, segment margin increased to 18.8% from 17.0% in the prior year. See Note 1 — Description of Business and Summary of Significant Accounting Policies in the Consolidated Financial Statements in Item 8 of this Form 10-K for additional details regarding the change from LIFO to FIFO.