Transcat (TRNS) 29 Oct 242025 Q2 Earnings call transcript

Company Profile

Participants

Thomas Barbato	executive
Lee Rudow	executive
Scott Buck	analyst
Greg Palm	analyst
Edward Jackson	analyst
Martin Yang	analyst

Call transcript

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Operator

Greetings, and welcome to Transcat, Inc.

Second Quarter Fiscal Year 2025 Financial Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mr. Tom Barbato, Chief Financial Officer. Thank you, Mr. begin. may you Barbato,

Thomas Barbato

Rudow; and interest everyone. here in is: CEO, call operator, Mike Operating time West. on appreciate and today Lee and President your Transcat. our our good you, Chief We Officer, morning, your the and Thank With me

the some will open and will prepared then begin We the call remarks, we up for call with questions.

our be slides after the earnings Our on both that be transcat.com earnings Investor yesterday, will release in can markets Relations crossed closed prepared referenced our website, section. during the found in the remarks wire the release

X. If you would, please refer to Slide

As results filed cause as forward-looking future differ with well presentation the are in could teleconference. formal where you risks which we are we are actual of documents statements as other These These aware, release to the may as the events, statements news during that the this from uncertainties by the portion Q&A today. in materially make factors outlined are company the SEC. to apply as subject and to well factors and

any to information conjunction whether update those sec.gov. find these post the we We as events regularly in of or our precautionary forward-looking required website well review as otherwise, factors. the by this statements with no the company website contained as new undertake obligation where can in statements on as correct at call, our forward-looking or on You of about except result a information, SEC's future law. Please publicly

measures, in our will useful today's call, evaluating which certain we we during will believe non-GAAP Additionally, discuss performance. be

accordance or non-GAAP results of the call in provided presentation the for information turn Lee. GAAP with earnings to I'll not in in that, to measures tables compared GAAP. substitute a of the accompanying We've release. With isolation You over should reconciliations prepared as additional this consider this

Lee Rudow

control perform revenue of below and X% The Overall, growth year-over-year need services X% as the second to the Transcat's us Services to growth. the demand a that and by performance growth quarter magnitude cost into up we NEXA consistent was root trends Thank to at was driven decline as anticipated. We've organic beyond impacted Tom. need our growth and gross in level. Good and the Services second and Axiom as dynamic Consolidated that traditional X% for immediate of XXXX. our quarter for straight identified to core business XXnd historical is business was integrated very from both growth our and Transcat Calibration rental In by Distribution our joining driven fiscal call everyone. for our strong revenue both its you center well today. platforms. Consolidated sales the significantly Service calibration in primarily again our segments. morning, around profit revenue optimization be services Service quarter, X% what Service processes. proven on solid fully high be business, grew was million, Calibration you, marketing Thank our in includes continued delivered was which a and $XX.X which addressed, causes NEXA X% Transcat rental performance recorded in and of by the

Transcat to fully Transcat's we brand. business Solutions renaming In leverage are industry-leading addition, the

NEXA. All are these actions with of underway

generated the value markets sciences both to fiscal and NEXA, and of near X% year, prior of quarter, making we're a future. On in back we are reverting We growth second to business have organic a note, in the meaningful growth aerospace new half the life including progress, service of and back The highly to resonate proposition, continues as we year. from regulated continues excluding core strong to the positive committed service as throughout we benefit when defense. pipeline the well business entering industry-leading recurring and streams opportunities revenue our which serve, versus

to second gross Turning XX% double-digit growth. grew profits revenue In Distribution. the quarter, on

and was in second quarter quarter of which fiscal impacted Gulf core the distribution pressured revenue margins. the well Mexico, profit X Becnel business hurricanes by second performed is and negatively NEXA in the However, our pipeline Overall, exceptional team to Transcat's already which very strengthening. are which marketing we working channel believe near-term and include overcome expansion, is XXXX, of fixable and challenges,

sustainable sheet We improvements We balance fourth niche first third a a to are distribution to growth. fiscal the in fiscal the and market return opportunity to to the with and strong. of half XXXX. margins consistent continues fully of sequential be confident expect a Becnel the return strong in company second growth to business quarters levels will well-run remains quarter deliver significant XXXX. Becnel The and for with

in Our Tom for a last more support are an off to over includes excellent growth a plan active year, that, things revolving M&A our paid credit capital I'll financial look initiative. With to quarter results. position facility strategic the very we turn second and at that was detailed

Thomas Barbato

detail the provides which our on earnings the on consolidated posted for of of quarter and X segment Slide XXXX. our on fiscal start a I'll deck Lee. regarding by basis second revenue Thanks, website,

of was X% versus revenue up year. quarter Second $XX.X consolidated prior million

grew it X% at the coming X% and acquisition. Looking X% other by the growth organically segment, with of from Service revenue

mentioned, Lee revenue X% excluding NEXA. organically grew As when Service

XX%, higher-margin grew Turning the of Distribution performance rental to we revenue good traditional $XX.X continue and from see businesses. million to

X. Slide Turning to

was profit up profit gross $XX.X Service million quarter prior versus X% X% consolidated gross increased year. prior from for Our of the second year.

quarter. XX%, higher as proposition, the the was leverage lower-than-expected the could the in of profit margins Gulf X pressure productivity than a value as Mexico our to revenue. were result of impacting but NEXA Becnel result a results expected levels not of $X.X Distribution gross of differentiated continue We million offset hurricanes that up technician but lower saw segment we of and

up of X. Turning earnings QX the for report X, $X.X adjusted our and we $X.XX, at in as million where NEXA earnings year from Slide amended share ongoing the -- charge performance per generate came adjusted gauge acquisition-related was Diluted earn-out up to believe it normalize EBITDA to well included EBITDA the because show the million or year. measure diluted is was adjusted XX% related the ability and Slide of share of to operating last margin. of $X.XX. Flipping and of to $X.XX income noncash impact net the over to use EBITDA, We QX We million prior $X.X diluted QX business prior year. our per adjusted in agreement. $X.X we earnings non-GAAP a best share performance upfront costs. is which per cash. our adjusted to

the same acquisition noncash acquisition hit expenses in EBITDA. quarter NEXA it that down onetime well the for lower-than-expected EBITDA our of pressured does negatively to year, as consolidated from Services level that our $X.X As prior highlight we as strategy, important in accounting. With deal-related statement continue Distribution increased income to purchase was from of this impacted will becomes adjust EBITDA costs execute Becnel mind, as the as more on even metric million X% revenue second and quarter adjusted transaction

As always, and income this be a supplemental section presentation. the EBITDA reconciliation income in operating net of adjusted to found of can

growth around ratio quarter The capital Moving we sheet. from spend million Slide higher with our strong of $XX.X projects. year, cash prior We consistent total our pool assets, was At and to future were be QX credit net X Operating balance technology to available rental had X. $XX line continued than flow in X.XXx. segment expenditures capabilities, Service end, expectations. Slide centered highlights a mostly facility. last million million of $X.X was cash had with leverage with year.

our Lastly, we you, to to X. With November turn file expect on I'll that, Form Lee. XX-Q back it

Lee Rudow

Tom. Thanks, Okay.

service delivered XX growth, Over flow. organic successfully revenue we've years, strong consistently margin gross the and past delivered expansion and free cash sustainable

to metrics first of fiscal levels the improve these in return to XXXX. half of more half XXXX and expect We in back normal the fiscal

fiscal we in in the the normalized expect organic full the week channel, in digits for XXXX fiscal temporary the the mid-single year, growth service sales Given setback XXXX. extra when for NEXA revenue

opportunities component always and has growth course, core our markets. will bolt-on Our to our overall to continue look expect we of increase of in the important infrastructure to our our pipeline we M&A acquisitions, earlier, a the we capabilities expand expertise. currently both strong conversion strategy where we're to opportunities. We sheet, and our trajectory be leverage acquisition as a have our strengthen we current of footprint, business. Through and addressable continue mentioned of interested an And M&A to And with successful have robust drive geographical which to will and to growth balance I as our cost support plan been potential business the synergies expand pipeline. can very very continue

to improvement automation for and fiscal continue key expect enablers margin we continuous as margin expansion We service expansion, to year. gross XXXX the and future full process will leverage

operator, focus long-term please team on of the XXXX, fiscal value our our As the shareholders. With for that, through continue we for move will line half sustainable generating to questions. dedicated and open talented back

Operator

Buck the with The line comes first question Instructions] H.C. Scott Wainwright. [Operator from of

Scott Buck

NEXA give falling Lee, of that can us sense expectations? was you recognize a kind to you of short when of started

Lee Rudow

listen, full XX if have Well, organization, all quarter, time, they're not all so. multiple -- you And or the will. probably to throughout any capacity, we going operating we any in sales Scott, given at given channels be have to cylinders,

think you so, saw that eye believe have the that have us dropoff that QX. nothing some we And in first to there's of that in on. always we probably would the we would And but pockets quarter, led keep I little your had

into the the -- causes Earnings within manage I script, their up causes. their root that It's right came good root of but a some fixable was they kind right and saw pipeline. I very said mean, business, that So just way we unexpected. Like dove the into a dove the there really we processes in little

little hit all of in kind that we're the I them over get kind That's -- so, around a characterize it, of quickly. it. quarter how And second. in unexpected would just first us and it's pretty we'll and the But subtle bit turned

Scott Buck

of appreciate there, you additional rest based there's business the read-through sounds I on softness or the And in kind the it right? quarter macroeconomic second read-through the of that. saw like on no any

Lee Rudow

X%. No, I think organically mean, like I don't business so. Calibration grew the said, core I

half the like the the second quarter, So we pipeline not the like performance year. in the into going we only back of

component Certainly, strong. which that's the we is a And to big steady. well. perform Distribution days these of that's expect very segment, rental So the business, Becnel

this the sort more -- the We company just other we back the of I that isolated expect. of think fix. we're no, would have we of half areas going as as performing miss are to So year, in the look

Scott Buck

And besides open deal been year, talk and you are what of that's doing to deals. there? at then the M&A, about pricing bit little it's Can on a slow. Clearly, the larger seeing the guys beginning helpful. you relatively No, you're

the So I'm today. just other curious transactions those side look of what like

Lee Rudow

Right.

have perspective, pipeline M&A an any from I don't concern. So

robust. an as have word. like We to M&A good use We a -- that pipeline as of

I and think accurately. it characterizes it well

done fit good a at continue great We're the to to the infrastructure, you'll get it a time pipeline. Internally, I think for capacity we'll in that. And done see look as in Scott, to you'll -- at good And pipeline. out that do the the that. I past, they're deals quiet even And have we are appropriate get more strategic than if see externally. that not in you work lay it's goes We past, quiet they're we we've company. that because and near we've by. working future what And done fit the think appears all. got built as have the deals we

like pipeline end. So my the concern on I looks. no way the no,

Scott Buck

that, I Tom. one, And appreciate Lee. then last Great.

we fair for these of run the second there a growth some half OpEx operating support initiatives? see is the expense some you the should of half curious, Just rate? creep Or year, as first

Thomas Barbato

expect would QX. and QX increase into I Yes. sequentially some

Operator

Greg question Next comes Group. of the Craig-Hallum with Palm from line Capital

Greg Palm

little long kind follow were you wanted ago business exceeding up a to that that I as of too bit It expectations. on wasn't Yes. characterizing NEXA.

think, of acquired. I since don't that you doubled I last business about earlier it year more this was know, year, talked where than end even, being

still I'm little you dig went a Maybe a what into bit you if guess time? confused of can. could bit wrong short on that in I So little just more, such amount a

Lee Rudow

years we're them the talking high in Yes, look, gave we We're think of really Greg, growth this in about couple acquisition. we the couple performing since an Greg. of really of first I years high. autonomy I probably flying for was acquired Thanks, because them Yes, rates, typically the well. first more than And get would -- years, run that, talking good business, together, question. we We think what these that years. companies quickly. We And job quarters, get didn't talking synergies. because doing do you that honest, a We first NEXA makes the to integrating. different. of be not when we and with that's I us couple so bring have we're company well a the playbook, for we was integrate

And mean we a what to quarters. I let team of thing. We made We of kind we think us them Solutions. the day-to-day And working didn't business, decision we solve problem. name a was went operations, the the the We coordinating just We're the pipeline, and Transcat me win I support but too They I that that So kind the their processes, doing. their the helped pipeline, and the do keep the people We made probably all making confident probably long. expanding now. have on the doing of got under our will it X with involved it. very mistake. decision, top me it's get Calibration the them let's on that Transcat company, marketing they're procedures, them collaborated. marketing. let get

sometimes way why success of hides high-flyer up. X-plus little fixed we'll years, But it it. guess a characterize but again, and flaws, get a some caught that's kind it bit to off probably guard, that's fair So for us I

Greg Palm

Yes. visibility that. well. I appreciate kind I'm if the No, you're as just is you've level know us, to, then able the revenue? mostly specific of don't And That's provide remind I the what like. decline I is can it got revenue helpful NEXA? curious know mean, to you of if year-to-date to kind just project-based color.

Lee Rudow

get Yes. a We're to the combination. not numbers, going but it's into specific

which but recognition. probably some So some we It issues got a leans depends what that of the is got project-based what channel their ongoing within towards they've mix the project-based, sort behind core They've company, got of of on business. sort some without on around business. it's

So yes, and we fix that know how to combat it.

won't of an it them hopefully, we around. turned kind be So issue once get

Greg Palm

to guess, to It sounds trying I like clear, nature. that I'm get something something that's you're fixable. at. just related more -- But market-related, be than Yes. this characterizing competitively it as of sounds what company-specific

Lee Rudow

don't I so. problem the with think I a see industry.

industry, our that almost same the serve way. We same exact company have exact other the of areas in

If we space same a you they're business attributes characteristics the a called with of as that some business NEXA company acquired performing the Validation and in well. remember, We've SteriQual. same operates the and got

there So say see within that aren't -- it sciences mean, not I slowdown pockets and nothing we that's life don't cycle to quarter-to-quarter, certain but systemic. out industry in of

So I think that's why and we -- it's isolated fixable.

Thomas Barbato

just is confident in correct want remarks when growth. mention, Greg, to talked just return prepared I and One thing maybe will to we're business Lee something the his about

might you that it. think, said believe, to have of growth I half we business, fiscal misspoken XXXX. return We will in the first

So fix talk when mind. we our it fixable, we frame fix near-term talk about kind about the It's time it. a in being to of

Lee Rudow

Yes.

Greg Palm

Okay. question then my guess I on last just And other Becnel.

And But service give on quantify that a Becnel you revenue ex issues gave was? can be able organic a if you a NEXA? clarification side? the there the talked to would know, was don't helpful gross well. of like related about sort of cost the issue any little as Was kind well? ex as impact I margin You of bit there it mostly hurricanes. of kind are Or to you what

Lee Rudow

right? the Yes. of margins issue, the So of XX%. what with is we've half think half Well, year, expect just both so So in to more clarify, the had revenue second saw north issue. this right? year distribution to we kind last hurricanes release revenue we not those the that press in with line be a And it's certainly the Greg, way guided second we caused of in of in seen profit issues, and and the I issue a

Operator

with Next line from Jackson the question comes Securities. Ted Northland of

Edward Jackson

NEXA, dead services to our horse Transcat now. going the I'm of beat

that channels some there. kind of of and you're of and you doing some mentioned of had to couple to there with business sales the and things, going and and sales you channels of were basically repairs and in falloff repair now was channels some it, a stronger one terms make go various were in were those the them things So of that in and management weaker kind you

of Transcat the What the kind And of there of of are between to what got that the regards you in vis-a-vis ask curious you're refill were front, changes to where which what's actual how NEXA? different management, from around when issues? And pipeline your difference with that channels the maybe then kind the are get outside market kind business I've into pipeline pipeline? manages processes making and discussion the things then, with so that on you that the go NEXA to I'm some And next. to some after

Thomas Barbato

and Well, development their marketing one let like they performed plan, has last When for with execute example, had NEXA sales way and Transcat me think grew said. question you salesperson, start at pipeline salespeople. XX sales, they about I salesperson, look with you this your and first. that

and got if development touches people you NEXA operate. where particularly into salespeople well and customer you a to service in account count of soon services strategic be people, Solutions So business see the sciences, as we've life inside managers, Transcat the marketplace, lot

so, the sales It engine would helped gotten And helped. a sooner, behind have have of would difference in just way. big it's had our we it this

such And from and the -- I so, brand brand Transcat a marketing a strong has instrumentation mean, world. perspective the perspective, that's within most Plus, solution. clear strong, from a obvious

of no talking brand or services, Calibration So whether none second Distribution just -- to strength. there's in you're we're terms

going business, lot And when a so strength brand of behind get which put is benefit. that you the you're NEXA, to solutions

mean, of company with most. North pharmaceutical We device every in America. but almost have company, single a work I all maybe core them, -- we med do not

those we earlier instead integrated, this we And think really collaborating problem had I up have opened and of so, channels today. wouldn't

now. doing we're So that's what

of could Marine that just I your have ships could And That's we given into normal different any as can you biomedical, things affect deployed you here I softness to you There's see happen, of have just business. about aggregated have marine. channels, think long or as which hit there. like very, and most the quarter, in consistently. other one which perform we Middle East, that's those you questions, well. pipette mean mean, to don't channels, normal. channels, have timing said, generally, very But rental organic going your them as numbers far our As might you're but number, I Ted, we dive

I how didn't, about. Again, it. I those we are me. your -- but at of questions. were I So all of type If that the back characterize I just shoot it channels that's would got kind talking hope

Edward Jackson

very you I to and granted, a little you And them, it did. a going them were on. would, if of of with And really around wrong. perception building before bit were was and being that was NEXA I them letting managing me operate. actually, you No, move can kind I do -- to am of around ask kind I'm how business you successful more kind letting you're My NEXA -- you if correct regards

go to its like such to which shift of really happens. But kind it everything of is in at this channels it for a outside restructuring change it. with seems in should of the to it's on if NEXA. your talent the some person And Transcat a turnover of us with like your where why It seeing a you end so because bringing NEXA on that be culture if NEXA, be regards -- Transcat and me, going is structure some more -- that's through I is we're -- NEXA, a like was a management at to business, of the within think concern inside with core the pipeline managed mean, Consulting the and shift and of for business, bring and it you such change it because me, not is really go-to-market more day, the a somewhat in of processes more I and there have I'm base

discussion NEXA, some around So then promise. I'll just drop I that, and

Thomas Barbato

at as capabilities they services. well does what all. the When the I delivery look don't well, at NEXA it's see of Okay. have I concern and that does still and a their

They've fit well their always services You of services. it had delivery -- some with and characterizing Consulting strong them that that mentioned of way.

don't Reliability going leadership to was what They do point. is their bringing So of that some have I CMMS sales do the that's optimization process what and not they incremental. to like strong XX% and to with see hindsight, do exactly this the we're their the going change. I at to is incrementally work. work. -- really adjustments. happen We're brand problem That's They bringing because a was and it marketing probably where do. they mean in staff the interval sales. XX%, and And They predictable

and put plus X interject, expertise, So we that's or companies both together, X what we've get late quarter they a intercede collaboration the They'll we by really I past. X, the think well. we where to integration. And than I do companies are done have integrate X. think albeit the to when today. starts That's doing in keep a the the different it equals and And become better. game but where that's We'll

is high. my why that's level confidence So

So and which always we delivery incremental strong. services, core been their of brand bring the to has benefits their

So all. see change cultural don't a I at

Edward Jackson

Okay.

other won't sort be loosey. like The of ones as

say and you of business. X might it's you construction a to lot Going But business, case, business Becnel, an regards the more get with flow. that and events hurricanes equipment there's to just over I'm like a of like event that, how and kind than after this into times is just because in the this have actually -- ignorant the impacted things

just hurricanes in it your asking to have Do Would would to back been? kind understand to kind need of just the because you it things to You be have some wind of a its in there's will bounce it actually disruption to maintenance, it have -- state where normal case I'm done what but Or repair that that get Becnel? additional actually then of be business, the with is the there? sales. additional you back extra that to because

Thomas Barbato

incremental that not could is amount more normal be it Yes, meaningful. be Ted. of state, generated The will

Lee Rudow

Okay.

sequentially. your about go there I mean, Then third we don't as $X that know, dropped and beyond? Is we -- would the that drove next down? by, million I to think beyond that go question, into quarter, close quarter How something fourth Okay. inventory we

Thomas Barbato

No. when hyperfocused that you on It's focused inventory, in have West myself been a past and as something couple quarters. know, takes it little get on of it's just Mike And -- you time the to changes obviously, on Distribution it's business. cycle, build improve some not momentum. and But in that's to any conversion So right? been cash focused the that indicative just we've hyper of that, looking it's

Edward Jackson

Well, but you -- so, but of we norm then? -- would that how much the know about be new flowâ€¦ kind care cash If I

Thomas Barbato

the Absolutely. on making No, that, buys that to sorry. strategic I right, know, we'll missed new Yes. the think good you to no, as make continue subsequent be no. that, to No, But And or financial I'm its in additional current point, quarter. more maybe discounts, it we we the way opportunities the But at quarter sense. would we yes, expect and it do get that kind that through hopefully, makes of where of of yes, do occasion, when norm. is norm. it will work as

Edward Jackson

really that the it side, is not Distribution there on guess, went onetime? else anything was just quarter to it that Is as on to Or go in particularly caused margin since, I that there Becnel? your that the all level this of seen then at business, just there last year. gross the number a Or And is down? first relates

Thomas Barbato

the we're levels which we of second that Becnel. north more saying half should No, year, second half the in and that's comfortable for the primarily It's last of primarily to XX%. it's be had Becnel we are year, of why back

Edward Jackson

be I your will later Okay. And mean, me. XX-Q that's it today? for out

Thomas Barbato

A the from Wednesday, tomorrow. week on X. No, November

Operator

Co. of Next from Oppenheimer Martin & question line the Yang with comes

Martin Yang

help contribution Can of a in get basis? us sense your revenue big NEXA is an you annual how on

Lee Rudow

probably me services, Yes. XX%, but look going and It's it's between say, at wrong, -- correct when right in Tom, somewhere if middle. X% I'm to the I'm we and

Thomas Barbato

XX%. to closer Yes,

Lee Rudow

didn't Closer out business, what's you in didn't you and so now. the to of that that XX%. anticipate the arms changes on the a the but think of And it But part where we Martin, around interesting, revenue, it's I kind just that's labor some range of small see accurate. has can get -- you is we'll it again, business. got yes, our effect Yes. But such

Martin Yang

Services. all organic more -- for have One question reported quarter, just growing the In -- of on as past they are grown track them this other organically? all as the acquired when growth quarters well you business,

Lee Rudow

So the way.

Okay.

Thomas Barbato

we talk about at unit I level. performance the mean, don't really individual

So -- acquired a April a most keep haven't growth a our but by haven't we -- in service business Because from impacted mind last we is right? that -- growth, of didn't organic we had standpoint, since of Services year.

contributing -- we're our So NEXA, that all businesses organic the when the out to you at made and back growth. point are that is was we growth X%,

Martin Yang

Got for it. One last question me.

sales, marketing scrutiny So to in given of business processes? would or what you more other bit other acquired business had seen in terms NEXA, you apply a perhaps

Lee Rudow

was period extended and that. NEXA for related well very They very, playbook, It were They decided shows in record time, of it's is, the much think the we're an get in track different Transcat business, exception. our completely. at we and performing Martin. question. run integrate But high-flyer. although we fast, do. our we And good all a of an to And the When always I and I not we and it. knee-jerk run kind the which always of very integrate my were the was interesting, businesses integrate we So will acquire. Calibration historically, intention mean playbook, to our reaction we we really ecosystem a course, perform remember, acquisition services.

So I don't applies. this think

well, review the the other the Board while Board level well. speaking, year. very The and businesses, some we The businesses businesses performed this always had than quarters at internally generally mean, others, through across better as and I

again. And expect think I outlier from and wouldn't it. I more of did that There's question learn no happen about And we is that. to So exception. an an NEXA

-- sure. think I better respect for we'll So in that we'll get

Operator

Lee you. Rudow the to Thank time, end and now [Operator for session. are question-and-answer the have comments. ladies closing no I Instructions] As we there gentlemen, further turn to floor would reached at like over questions of this

Lee Rudow

call. Well, and I Craig-Hallum be York to time. in you attending Feel after joining Select appreciate conference to XXth continued Transcat. there. is us any results. Conference, talk with on free will your today's in Tom Otherwise, all quarter interest the City the check on everybody We'll Annual be in XX. New Alpha third or other November at really for thank We we'll us the which

So for participating. again, Take care. thanks

Operator

Thank This today's concludes you. teleconference.

your you for time. at your participation. may lines disconnect You this Thank

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