TRIMAS CORP
For the period ended Sep 30, 2025. Filed Oct 28, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 28, 2025
TRS$38.61+2.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-07-29.
0000842633-25-000116
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-28.
0000842633-25-000125
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 134 previous paragraphs and 136 current paragraphs.
61 unchanged; 60 reworded; 15 added; 13 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 12 previous and 12 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (15)
Current report
In third quarter 2025, we commissioned our actuary to update our asbestos study, and upon completion we recorded a pre-tax charge of $8.0 million. See Note 13, "Commitments and Contingencies," included in Part 1, Item 1, "Notes to Unaudited Consolidated Financial Statements," within this quarterly report on Form 10-Q for more information.
Current report
In August 2024, our labor agreement with the United Automobile, Aerospace and Agricultural Implement Workers of America ("UAW") at our TriMas Aerospace facility in Commerce, California, expired. On August 4, 2024, the UAW initiated a strike, causing a work stoppage that resulted in lost production volumes, reduced sales, manufacturing inefficiencies and $2.3 million of increased costs through the end of third quarter 2024, with the Company and the UAW reaching a new labor agreement in mid-October 2024.
Current report
The effective income tax rate forthird quarter 2025 was 23.3% as compared to 25.4% forthird quarter 2024. The decrease in the effective tax rate forthird quarter 2025 was primarily due to the distribution of income among jurisdictions with differing statutory tax rates.
Current report
•Expenses associated with our asbestos exposure to update the liability to recent actuarial studies;
Current report
•The third quarter 2024 labor union strike at one of our manufacturing facilities in our Aerospace segment; and
Current report
Operating profit margin (operating profit as a percentage of sales) approximated 6.2% and 3.6% for the three months ended September 30, 2025 and September 30, 2024, respectively. Operating profit increased $8.3 million to $16.6 million in the three months ended September 30, 2025, from $8.3 million for the three months ended September 30, 2024, primarily due to the impact of higher sales levels and related improved fixed cost absorption, a more favorable product sales mix, the impact of the labor union strike in 2024 that did not repeat, and favorable commercial actions within our Aerospace segment, as well as due to a $1.8 million pre-tax charge for environmental remediation obligations in third quarter 2024 that did not recur. These increases were partially offset by a decrease in operating profit within our Packaging segment due to the impact of $1.1 million of net gains on sales of non-core properties in the third quarter of 2024 that did not repeat, as well as the write-off of certain inventory to the lower of cost or market and increased input costs within the Packaging segment. Additionally, operating profit decreased due to a $8.0 million pre-tax charge related to updating our asbestos studies in the third quarter of 2025, as compared to a $5.5 million pre-tax charge taken in third quarter 2024. Operating profit further decreased due to incremental maintenance and a $0.5 million purchase accounting charge related to the step-up of GMT Aerospace's inventory to fair value within our Aerospace segment as well as higher employee-related costs.
Current report
Gross profit decreased $0.3 million to $30.7 million, or 22.6% of sales, in the three months ended September 30, 2025, as compared to $31.0 million, or 23.8% of sales, in the three months ended September 30, 2024, as increases due to higher sales levels were more than offset by a $1.5 million write-off of certain inventory to the lower of cost or market, and increased input costs.
Current report
Operating profit decreased $1.6 million to $16.3 million, or 12.0% of sales, in the three months ended September 30, 2025, as compared to $17.9 million, or 13.8% of sales, in the three months ended September 30, 2024, primarily due to the impact of $1.1 million of net gains on the sale of non-core properties in third quarter 2024 that did not repeat, as well as the write-off of certain inventory to the lower of cost or market, increased input costs, and higher selling, general and administrative expenses.
Current report
Gross profit decreased $0.5 million to $3.8 million, or 12.4% of sales, in the three months ended September 30, 2025, as compared to $4.2 million, or 14.9% of sales, in the three months ended September 30, 2024, as the increase in gross profit related to increased steel cylinder sales was more than offset by the impact of the divestiture of Arrow Engine, which yielded a higher contribution margin in third quarter 2024.
Current report
Corporate expenses increased $4.0 million to $22.3 million for the three months ended September 30, 2025, from $18.3 million for the three months ended September 30, 2024, primarily due to a $8.0 million pre-tax charge related to updating our asbestos studies in the third quarter of 2025, as compared to a $5.5 million pre-tax charge taken in third quarter 2024. Additionally, corporate expenses were favorably impacted by a $1.8 million pre-tax charge for environmental remediation obligations in third quarter 2024 that did not recur, which was partially offset by a $1.7 million increase in non-cash stock compensation expense due to timing and estimated attainment of existing awards and higher employee-related costs.
Current report
Nine Months Ended September 30, 2025 Compared with Nine Months Ended September 30, 2024
Current report
Gross profit increased $2.4 million to $97.7 million, or 24.1% of sales, in the nine months ended September 30, 2025, as compared to $95.4 million, or 24.5% of sales, in the nine months ended September 30, 2024, due to higher sales levels and resulting improved fixed cost absorption, as well as the favorable impact of prior year operational improvement actions. Although gross profit increased, gross profit margin decreased primarily due to increased input costs and a $1.5 million write-off of certain inventory to the lower of cost or market.
Current report
Selling, general and administrative expenses increased $0.8 million to $44.2 million, or 10.9% of sales, in the nine months ended September 30, 2025, as compared to $43.4 million, or 11.2% of sales, in the nine months ended September 30, 2024, primarily due to higher employee-related costs and higher information technology costs.
Current report
Gross profit decreased $4.2 million to $7.5 million, or 9.0% of sales, in the nine months ended September 30, 2025, as compared to $11.7 million, or 12.7% of sales, in the nine months ended September 30, 2024, primarily due to the year-over-year impact from the divestiture of our Arrow Engine business, which more than offset higher sales of steel cylinders and improved fixed costs absorption.
Current report
Operating profit decreased $3.0 million to $2.5 million, or 3.0% of sales, in the nine months ended September 30, 2025, as compared to $5.5 million, or 6.0% of sales, in the nine months ended September 30, 2024, primarily due to the year-over-year impact from the divestiture of our Arrow Engine business, which more than offset higher steel cylinder sales levels.
Removed paragraphs (13)
Previous report
In second quarter 2025, we incurred pre-tax costs of $2.2 million related to professional consulting fees and costs related to actions to reorganize our corporate office.
Previous report
The effective income tax rate for second quarter 2025 was 25.2% as compared to 13.7% for second quarter 2024. The increase in the effective tax rate for second quarter 2025 was primarily due to the recognition of approximately $1.4 million of tax benefit related to foreign tax loss carryforwards in second quarter 2024, and by a year-over-year increase in losses incurred in certain foreign subsidiaries for which no tax benefit is recognized.
Previous report
•Increased costs, primarily related to consulting costs and costs associated with actions to reorganize the corporate office; and
Previous report
Operating profit margin (operating profit as a percentage of sales) approximated 9.9% and 7.4% for the three months ended June 30, 2025 and 2024, respectively. Operating profit increased $9.3 million to $27.1 million in the three months ended June 30, 2025, from $17.9 million for the three months ended June 30, 2024, primarily due to higher sales levels and related improved fixed cost absorption within our Aerospace and Packaging segments, a more favorable product sales mix, and favorable commercial actions within our Aerospace segment, as well as due to the favorable impact of prior year operational improvement actions within our Packaging segment. The increase in operating profit was partially offset by reduced sales in our Specialty Products segment as the increase in operating profit related to increased steel cylinder sales was more than offset by the loss of sales related to the divestiture of our Arrow Engine business. In addition, operating profit decreased due to a $0.5 million purchase accounting charge related to the step-up of GMT Aerospace's inventory to fair value, increased input costs in our Packaging segment, higher employee-related costs, higher consulting costs and costs associated with actions to reorganize the corporate office.
Previous report
Gross profit increased $3.4 million to $35.6 million, or 24.9% of sales, in the three months ended June 30, 2025, as compared to $32.1 million, or 24.3% of sales, in the three months ended June 30, 2024, primarily due to higher sales levels and resulting improved fixed cost absorption, as well as the favorable impact of prior year operational improvement actions. These increases to gross profit were partially offset by increased input costs.
Previous report
Operating profit increased $2.0 million to $20.0 million, or 14.0% of sales, in the three months ended June 30, 2025, as compared to $18.0 million, or 13.7% of sales, in the three months ended June 30, 2024, primarily due to higher sales volume, improved fixed cost absorption and the favorable impact of cost reduction efforts, partially offset by increased input costs and higher selling, general and administrative expenses.
Previous report
Operating profit increased $0.7 million to $1.3 million, or 4.4% of sales, in the three months ended June 30, 2025, as compared to $0.6 million, or 1.9% of sales, in the three months ended June 30, 2024, primarily due to increased sales of steel cylinders and reduced spending levels, partially offset by the year-over-year impact from the divestiture of our Arrow Engine business.
Previous report
Corporate expenses increased $3.1 million to $14.3 million for the three months ended June 30, 2025, from $11.2 million for the three months ended June 30, 2024, primarily due to higher employee-related costs, an increase of $2.2 million related to consulting costs and costs associated with actions to reorganize the corporate office, and $0.7 million of higher costs associated with the upgrade of certain key information technology applications. These increases were partially offset by $1.0 million of lower professional costs associated with business acquisition, diligence and transaction-related activity and the impact of a $0.7 million environment settlement related to a legacy TriMas operation that occurred in second quarter 2024 that did not recur.
Previous report
Six Months Ended June 30, 2025 Compared with Six Months Ended June 30, 2024
Previous report
Gross profit increased $2.6 million to $67.0 million, or 24.8% of sales, in the six months ended June 30, 2025, as compared to $64.4 million, or 24.9% of sales, in the six months ended June 30, 2024, due to higher sales levels and resulting improved fixed cost absorption, as well as the favorable impact of prior year operational improvement actions. These increases to gross profit were partially offset by increased input costs.
Previous report
Selling, general and administrative expenses increased $0.5 million to $29.8 million, or 11.0% of sales, in the six months ended June 30, 2025, as compared to $29.2 million, or 11.3% of sales, in the six months ended June 30, 2024, primarily due to higher employee-related costs and higher information technology costs, partially offset by lower charges for the provision for losses on accounts receivable.
Previous report
Gross profit decreased $3.7 million to $3.8 million, or 7.0% of sales, in the six months ended June 30, 2025, as compared to $7.5 million, or 11.8% of sales, in the six months ended June 30, 2024, primarily due to the year-over-year impact from the divestiture of our Arrow Engine business as well as reduced sales of our steel cylinders and resulting less favorable absorption of fixed costs.
Previous report
Operating profit decreased $3.1 million to $0.1 million, or 0.2% of sales, in the six months ended June 30, 2025, as compared to $3.2 million, or 5.0% of sales, in the six months ended June 30, 2024, primarily due to the year-over-year impact from the divestiture of our Arrow Engine business as well as lower steel cylinder sales levels, which resulted in less favorable absorption of fixed costs.
Reworded paragraphs (60)
Previous wording
Ourresults of operations have been materially impacted over the past few years by macro-economic factors, most recently by cost inflation (raw materials, wage rates and freight) and a lack of material, and in certain regions, skilled labor availability. Additionally, during the first six months of 2025, the U.S. government altered its approach to international trade policy and announced baseline tariffs on products from all countries and additional individualized reciprocal tariffs on the countries with which the United States has the largest trade deficits, including China. This change in international trade policy has also created uncertainty with respect to future tariffs, including any retaliatory tariffs imposed by other countries, or other potential governmental actions. These factors have affected each of our businesses and how we operate, albeit in different ways and magnitudes. The current tariffs, predominately those imposed on China-based imports, have increased the costs of certain products sourced from non-U.S. countries. Sales of certain of our products for industrial applications, for example steel cylinders for packaged gas applications, have experienced volatility in demand related to customers securing a high order rates in prior periods, only to enter a period of destocking in more recent periods. This significant level of volatility in demand levels, input and transportation costs, and material and labor availability, have pressured our ability to operate efficiently in recent periods. While some areas of demand volatility and softness remain, such as in our Specialty Products segment, and more specifically our Norris Cylinder business, we have experienced more steady and consistent demand in our Packaging and Aerospace segments.
Current wording
Ourresults of operations have been materially impacted over the past few years by macro-economic factors, most recently by cost inflation (raw materials, wage rates and freight) and a lack of material, and in certain regions, skilled labor availability. Additionally, during the first nine months of 2025, the U.S. government altered its approach to international trade policy and announced baseline tariffs on products from all countries and additional individualized reciprocal tariffs on the countries with which the United States has the largest trade deficits, including China. This change in international trade policy has also created uncertainty with respect to future tariffs, including any retaliatory tariffs imposed by other countries, or other potential governmental actions. These factors have affected each of our businesses and how we operate, albeit in different ways and magnitudes. The current tariffs, predominately those imposed on China-based imports, have increased the costs of certain products sourced from non-U.S. countries. Sales of certain of our products for industrial applications, for example steel cylinders for packaged gas applications, have experienced volatility in demand related to customers securing a high order rates in prior periods, only to enter a period of destocking in more recent periods. This significant level of volatility in demand levels, input and transportation costs, and material and labor availability, have pressured our ability to operate efficiently in recent periods. While some areas of demand volatility and softness remain, such as in our Specialty Products segment, and more specifically our Norris Cylinder business, we have experienced more steady and consistent demand in our Packaging and Aerospace segments.
Previous wording
Overall, oursecond quarter 2025 net sales increased $34.3 million, or 14.2%, compared tosecond quarter 2024. We experienced organic growth of 23.8% and 7.9% within our Aerospace and Packaging segments, respectively, compared to second quarter 2024. We also experienced growth from acquisitions of 8.7% in our Aerospace segment. These increases were partially offset by lower sales of 6.8% in our Specialty Products segment as compared to the prior year quarter, as higher sales of steel cylinders were more than offset by the lost sales due to the divestiture of our Arrow Engine business in January 2025. Our overall sales increase included$0.6 million of currency exchange, as our reported results in U.S. dollars were favorably impacted as a result of a weakening U.S. dollar relative to foreign currencies.
Current wording
Overall, ourthird quarter 2025 net sales increased $39.9 million, or 17.4%, compared tothird quarter 2024. We experienced organic growth of 37.1% and 2.6% within our Aerospace and Packaging segments, respectively, compared to third quarter 2024. We also experienced growth from acquisitions of 8.7% in our Aerospace segment. Net sales increased 7.2% in our Specialty Products segment as compared to the prior year quarter, as higher sales of steel cylinders more than offset the lost sales due to the divestiture of our Arrow Engine business in January 2025. Our overall sales increase included$2.1 million of currency exchange, as our reported results in U.S. dollars were favorably impacted as a result of a weakening U.S. dollar relative to foreign currencies.
Previous wording
The most significant drivers affecting our financial results in second quarter 2025 compared with second quarter 2024, other than as directly impacted by sales changes, were higher consulting costs and costs incurred related to actions to reorganize our corporate office and an increase in our effective tax rate.
Current wording
The most significant drivers affecting our financial results in third quarter 2025 compared with third quarter 2024, other than as directly impacted by sales changes, were a charge to update our asbestos liability based on our recent actuarial valuation, the year-over-year impact ofa prolonged labor union strike at one of our manufacturing facilities within our Aerospace segment beginning in third quarter 2024, and a decrease in our effective tax rate.
Previous wording
On January 31, 2025, we completed the divestiture of our Arrow Engine business within our Specialty Products segment for net cash proceeds of $20.5 million, with the final sale price remaining subject to a working capital adjustment, if any. We recognized a pre-tax gain of $5.3 million on the sale of Arrow Engine. Arrow Engine contributed $5.4 million of sales in second quarter 2024
Current wording
On January 31, 2025, we completed the divestiture of our Arrow Engine business within our Specialty Products segment for net cash proceeds of $21.0 million. We recognized a pre-tax gain of $5.4 million on the sale of Arrow Engine. Arrow Engine contributed $5.2 million of sales in third quarter 2024.
Previous wording
In February 2025, we acquired the aerospace business of GMT Gummi-Metall-Technik GmbH (“GMT”) for a purchase price of $37.2 million. GMT’s aerospace division (“GMT Aerospace”), which is reported in our Aerospace segment, is located in Germany and contributed $6.7 million of acquisition-related sales growth during second quarter 2025.
Current wording
In February 2025, we acquired the aerospace business of GMT Gummi-Metall-Technik GmbH (“GMT”) for a purchase price of $37.7 million. GMT’s aerospace division (“GMT Aerospace”), which is reported in our Aerospace segment, is located in Germany and contributed $6.2 million of acquisition-related sales growth during third quarter 2025.
Previous wording
We continue to evaluate alternatives to redeploy the cash generated by our businesses, one of which includes returning capital to our shareholders. In 2020, our Board of Directors increased the authorization of share repurchases to a cumulative amount of $250 million. During second quarter 2025, we purchased 85,729 shares of our outstanding common stock for an aggregate purchase price of $1.8 million. As of June 30, 2025, we had $65.4 million remaining under the repurchase authorization.
Current wording
We continue to evaluate alternatives to redeploy the cash generated by our businesses, one of which includes returning capital to our shareholders. In 2020, our Board of Directors increased the authorization of share repurchases to a cumulative amount of $250 million. During third quarter 2025, no shares were purchased. As of September 30, 2025, we had $65.4 million remaining under the repurchase authorization.
Previous wording
In addition, insecond quarter 2025, we declared dividends of $0.04 per share of common stock and paid dividends of$1.7 million. We will continue to evaluate opportunities to return capital to shareholders through the purchase of our common stock, as well as dividends, depending on market conditions and other factors.
Current wording
In addition, inthird quarter 2025, we declared dividends of $0.04 per share of common stock and paid dividends of$1.7 million. We will continue to evaluate opportunities to return capital to shareholders through the purchase of our common stock, as well as dividends, depending on market conditions and other factors.
Previous wording
The following table summarizes financial information for our reportable segments for the six months ended June 30, 2025 and 2024 (dollars in thousands):
Current wording
The following table summarizes financial information for our reportable segments for the nine months ended September 30, 2025 and 2024 (dollars in thousands):
Previous wording
The following table summarizes detail on the year-over-year sales growth percentages for our reportable segments for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024:
Current wording
The following table summarizes detail on the year-over-year sales growth percentages for our reportable segments for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024:
Previous wording
•An increase in our effective tax rate in second quarter 2025 compared with second quarter 2024.
Current wording
•A decrease in our effective tax rate in third quarter 2025 compared with third quarter 2024.
Previous wording
Overall, net sales increased $34.3 million, or 14.2%, to $274.8 million for the three months ended June 30, 2025, as compared with $240.5 million in the three months ended June 30, 2024. Acquisition-related sales growth was $6.7 million from our February 2025 acquisition of GMT Aerospace. Organic sales, excludingthe impact of currency exchange, increased $32.3 million, or 13.4%, as organic sales increased 23.8% and 7.9% within our Aerospace and Packaging segments, respectively, due to improved throughput and commercial actions with Aerospace and end market demand improvements within Packaging. Sales decreased 6.8% in our Specialty Products segment as an organic sales increase of 13.1% for our steel cylinders was more than offset by the impact of the divestiture of our Arrow Engine business. In addition, net sales increased by $0.6 million due to currency exchange, as our reported results in U.S. dollars were favorably impacted as a result of the weakening of the U.S. dollar relative to foreign currencies.
Current wording
Overall, net sales increased $39.9 million, or 17.4%, to $269.3 million for the three months ended September 30, 2025, as compared with $229.4 million in the three months ended September 30, 2024. Acquisition-related sales growth was $6.2 million from our February 2025 acquisition of GMT Aerospace. Organic sales, excludingthe impact of currency exchange, increased $36.8 million, or 16.1%, as organic sales increased 37.1% and 2.6% within our Aerospace and Packaging segments, respectively, due to improved throughput and commercial actions with Aerospace and certain end market demand improvements within Packaging. Sales increased 7.2% in our Specialty Products segment as an organic sales increase of 31.3% for our steel cylinders was offset by the impact of the divestiture of our Arrow Engine business. In addition, net sales increased by $2.1 million due to currency exchange, as our reported results in U.S. dollars were favorably impacted as a result of the weakening of the U.S. dollar relative to foreign currencies.
Previous wording
Gross profit margin (gross profit as a percentage of sales) approximated 25.4% and 22.5% for the three months ended June 30, 2025 and 2024, respectively. Gross profit margin increased primarily due to higher sales levels and related improved fixed cost absorption within our Aerospace and Packaging segments, a more favorable product sales mix, and favorable commercial actions within our Aerospace segment, as well as due to the favorable impact of prior year operational improvement actions within our Packaging segment. The increase in gross profit was partially offset by reduced sales in our Specialty Products segment as the increase in gross profit related to increased steel cylinder sales was more than offset by the loss of sales related to the divestiture of our Arrow Engine business. Additionally, gross profit decreased due to a $0.5 million purchase accounting charge related to the step-up of GMT Aerospace's inventory to fair value and increased input costs in our Packaging segment.
Current wording
Gross profit margin (gross profit as a percentage of sales) approximated 24.5% and 22.5% for the three months ended September 30, 2025 and September 30, 2024, respectively. Gross profit margin increased primarily due to higher sales levels and related improved fixed cost absorption, a more favorable product sales mix, the impact of the labor union strike in 2024 that did not repeat, and favorable commercial actions within our Aerospace segment. These improvements were partially offset by lower margin within our Packaging segment primarily due to a $1.5 million write-off of certain inventory to the lower of cost or market, and increased input costs, as well as lower margin within our Specialty segment as the increase in gross profit related to increased steel cylinder sales was more than offset by the loss of sales related to the divestiture of our Arrow Engine business. Additionally, the increase in gross profit was partially offset by incremental maintenance and a $0.5 million purchase accounting charge related to the step-up of GMT Aerospace's inventory to fair value.
Previous wording
Interest expense decreased $0.7 million, to $4.6 million for the three months ended June 30, 2025, compared to $5.2 million for the three months ended June 30, 2024, due to a decrease in our weighted average borrowings and a lower effective interest rate on our revolving credit facility.
Current wording
Interest expense decreased $0.5 million, to $4.4 million for the three months ended September 30, 2025, compared to $4.9 million for the three months ended September 30, 2024, due to a decrease in our weighted average borrowings and a lower effective interest rate on our revolving credit facility as a result of decreased borrowings from our revolving credit facility.
Previous wording
Other income (expense) decreased $0.3 million to $0.2 million of expense for the three months ended June 30, 2025, as compared to a nominal amount of income for the three months ended June 30, 2024, primarily due to mark-to-market gains on our de-designated cross currency swap in second quarter 2024 that did not repeat in second quarter 2025.
Current wording
Other income (expense) increased $0.1 million to $0.1 million of expense for the three months ended September 30, 2025, as compared to a nominal amount of expense for the three months ended September 30, 2024, primarily due to a decrease in other miscellaneous income, which was largely offset by a decrease in realized losses in foreign currency transactions.
Previous wording
The effective income tax rate for the three months ended June 30, 2025 and 2024 was 25.2% and 13.7%, respectively. We recorded income tax expense of $5.6 million and $1.7 million for the three months ended June 30, 2025 and 2024, respectively. The increase in the effective tax rate for the three months ended June 30, 2025 was primarily due to the recognition of approximately $1.4 million of tax benefit related to foreign tax loss carryforwards in the three months ended June 30, 2024, and by a year-over-year increase in losses incurred in certain foreign subsidiaries for which no tax benefit is recognized.
Current wording
The effective income tax rate for the three months ended September 30, 2025 and September 30, 2024 was 23.3% and 25.4%, respectively. We recorded income tax expense of $2.8 million and $0.9 million for the three months ended September 30, 2025 and September 30, 2024, respectively. The decrease in the effective tax rate for the three months ended September 30, 2025 was primarily due to the attribution of income among jurisdictions with differing statutory tax rates.
Previous wording
Net income increased $5.8 million, to $16.7 million for the three months ended June 30, 2025, as compared to $10.9 million for the three months ended June 30, 2024. The increase was primarily the result of an increase in operating profit of $9.3 million and a decrease in interest expense of $0.7 million, partially offset by an increase in income tax expense of $3.9 million and an increase in other expense of $0.3 million.
Current wording
Net income increased $6.8 million, to $9.3 million for the three months ended September 30, 2025, as compared to $2.5 million for the three months ended September 30, 2024. The increase was primarily the result of an increase in operating profit of $8.3 million and a decrease in interest expense of $0.5 million, partially offset by an increase in income tax expense of $2.0 million and an increase in other expense of $0.1 million.
Previous wording
Packaging. Net sales increased $11.1 million, or 8.4% (of which 7.9% was organic and 0.5% was foreign currency exchange), to $143.0 million in the three months ended June 30, 2025, as compared to $131.9 million in the three months ended June 30, 2024. Sales of dispensing products used primarily for beauty, personal care and home care applications increased by $13.4 million. Sales of products used for industrial applications increased by $0.2 million and sales of other consumer goods products increased by $3.2 million. These increases were partially offset by the decrease in sales of products used in food and beverage applications of $6.3 million, primarily due to reduced demand for certain dairy applications in North America and beverage closure applications in Europe. Net sales increased by $0.6 million due to currency exchange, as our reported results in U.S. dollars were favorably impacted as a result of the weakening of the U.S. dollar relative to foreign currencies, as compared to second quarter 2024.
Current wording
Packaging. Net sales increased $5.5 million, or 4.2% (of which 2.6% was organic and 1.6% was foreign currency exchange), to $135.7 million in the three months ended September 30, 2025, as compared to $130.2 million in the three months ended September 30, 2024. Sales of dispensing products used primarily for beauty, personal care and home care applications increased by $7.4 million and sales of other consumer goods products increased by $1.1 million. These increases were partially offset by the decrease in sales of products used in food and beverage applications of $5.2 million. Sales of products used for industrial applications remained flat. Net sales increased by $2.1 million due to currency exchange, as our reported results in U.S. dollars were favorably impacted as a result of the weakening of the U.S. dollar relative to foreign currencies, as compared to third quarter 2024.
Previous wording
Selling, general and administrative expenses increased $1.5 million to $15.5 million, or 10.9% of sales, in the three months ended June 30, 2025, as compared to $14.0 million, or 10.6% of sales, in the three months ended June 30, 2024, primarily due to higher employee-related costs and higher information technology costs.
Current wording
Selling, general and administrative expenses increased $0.3 million to $14.4 million, or 10.6% of sales, in the three months ended September 30, 2025, as compared to $14.2 million, or 10.9% of sales, in the three months ended September 30, 2024, primarily due to higher employee-related costs.
Previous wording
Aerospace. Net sales for the three months ended June 30, 2025 increased $25.3 million, or 32.5% (of which 23.8% was organic and 8.7% related to acquisitions), to $103.0 million, as compared to $77.7 million in the three months ended June 30, 2024. Acquisition-related sales growth from our February 2025 acquisition of GMT Aerospace was $6.7 million. Sales of our fasteners products increased by $14.1 million due to increases in aircraft build rates, improved production yield and commercial actions. Sales of our engineered components products increased by $4.5 million due to improved production throughput.
Current wording
Aerospace. Net sales for the three months ended September 30, 2025 increased $32.4 million, or 45.8% (of which 37.1% was organic and 8.7% related to acquisitions), to $103.2 million, as compared to $70.8 million in the three months ended September 30, 2024. Acquisition-related sales growth from our February 2025 acquisition of GMT Aerospace was $6.2 million. Sales of our fasteners products increased by $24.2 million due to increases in aircraft build rates, improved production yield and commercial actions. Sales of our engineered components products increased by $2.0 million due to improved production throughput.
Previous wording
Gross profit increased $12.5 million to $31.8 million, or 30.8% of sales, in the three months ended June 30, 2025, from $19.3 million, or 24.8% of sales, in the three months ended June 30, 2024. Gross profit increased primarily due to higher sales levels and resulting improved fixed cost absorption, a more favorable product sales mix and favorable commercial actions. These increases in gross profit were partially offset by a $0.5 million purchase accounting charge related to the step-up of GMT Aerospace's inventory to fair value.
Current wording
Gross profit increased $15.0 million to $31.4 million, or 30.5% of sales, in the three months ended September 30, 2025, from $16.5 million, or 23.3% of sales, in the three months ended September 30, 2024. Gross profit increased primarily due to higher sales levels and resulting improved fixed cost absorption, a more favorable product sales mix and favorable commercial actions. Additionally, third quarter 2024 was impacted by increased costs and manufacturing inefficiencies resulting from a prolonged labor union strike that did not repeat. These increases in gross profit were partially offset by incremental maintenance and a $0.5 million purchase accounting charge related to the step-up of GMT Aerospace's inventory to fair value.
Previous wording
Selling, general and administrative expenses increased $2.8 million to $11.6 million, or 11.3% of sales, in the three months ended June 30, 2025, as compared to $8.9 million, or 11.4% of sales, in the three months ended June 30, 2024, primarily due to higher employee-related costs and higher ongoing selling, general and administrative costs associated with our acquisition of GMT Aerospace.
Current wording
Selling, general and administrative expenses increased $0.9 million to $11.1 million, or 10.7% of sales, in the three months ended September 30, 2025, as compared to $10.2 million, or 14.4% of sales, in the three months ended September 30, 2024, primarily due to higher employee-related costs and higher ongoing selling, general and administrative costs associated with our acquisition of GMT Aerospace. These increases were partially offset by the impact of $1.3 million of costs related to the labor union strike in third quarter 2024 that did not repeat.
Previous wording
Operating profit increased $9.7 million to $20.1 million, or 19.6% of sales, in the three months ended June 30, 2025, as compared to $10.4 million, or 13.4% of sales, in the three months ended June 30, 2024, primarily due to the impact of higher sales levels, improved fixed cost absorption, a more favorable product sales mix, and commercial actions. These increases were partially offset by higher selling, general and administrative expenses and the recognition of the purchase accounting charge related to the step-up of GMT Aerospace's inventory to fair value.
Current wording
Operating profit increased $13.9 million to $20.2 million, or 19.6% of sales, in the three months ended September 30, 2025, as compared to $6.3 million, or 8.9% of sales, in the three months ended September 30, 2024, primarily due to the impact of higher sales levels, improved fixed cost absorption, a more favorable product sales mix, the impact of the labor union strike in 2024 that did not repeat, and commercial actions. These increases were partially offset by higher selling, general and administrative expenses, costs related to incremental maintenance and the recognition of the purchase accounting charge related to the step-up of GMT Aerospace's inventory to fair value.
Previous wording
Specialty Products. Net sales for the three months ended June 30, 2025 decreased $2.1 million, or 6.8% (of which 10.8% was organic and (17.6)% was due to the divestiture of Arrow Engine), to $28.7 million, as compared to $30.9 million in the three months ended June 30, 2024. Sales of steel cylinders increased $3.3 million, or 13.1%, to $28.7 million, as compared to $25.4 million, due to improved order intake. Arrow Engine contributed $5.4 million of sales in second quarter 2024. See Note 5, "Acquisitions and Sale of Business," included in Part 1, Item 1, "Notes to Unaudited Consolidated Financial Statements," within this quarterly report on Form 10-Q for more information.
Current wording
Specialty Products. Net sales for the three months ended September 30, 2025 increased $2.0 million, or 7.2% (of which 25.6% was organic and (18.4)% was due to the divestiture of Arrow Engine), to $30.3 million, as compared to $28.3 million in the three months ended September 30, 2024. Sales of steel cylinders increased $7.2 million, or 31.3%, to $30.3 million, as compared to $23.1 million, due to improved order intake and overall market conditions. Arrow Engine contributed $5.2 million of sales in third quarter 2024. See Note 5, "Acquisitions and Sale of Business," included in Part 1, Item 1, "Notes to Unaudited Consolidated Financial Statements," within this quarterly report on Form 10-Q for more information.
Previous wording
Selling, general and administrative expenses decreased $0.9 million to $1.1 million, or 4.0% of sales, in the three months ended June 30, 2025, as compared to $2.0 million, or 6.5% of sales, in the three months ended June 30, 2024, primarily due to reduced spending levels and the year-over-year impact from the divestiture of our Arrow Engine business.
Current wording
Selling, general and administrative expenses decreased $0.5 million to $1.3 million, or 4.3% of sales, in the three months ended September 30, 2025, as compared to $1.8 million, or 6.5% of sales, in the three months ended September 30, 2024, primarily due to the year-over-year impact from the divestiture of our Arrow Engine business.
Previous wording
Gross profit decreased $0.2 million to $2.4 million, or 8.4% of sales, in the three months ended June 30, 2025, as compared to $2.6 million, or 8.5% of sales, in the three months ended June 30, 2024, as the increase in gross profit related to increased steel cylinder sales was more than offset by the impact of the divestiture of Arrow Engine.
Current wording
Operating profit increased $0.1 million to $2.4 million, or 7.8% of sales, in the three months ended September 30, 2025, as compared to $2.3 million, or 8.1% of sales, in the three months ended September 30, 2024, primarily due to increased sales of steel cylinders, which was largely offset by the year-over-year impact from the divestiture of our Arrow Engine business.
Previous wording
Overall, net sales increased $48.8 million, or 10.4%, to $516.4 million for the six months ended June 30, 2025, as compared with $467.6 million in the six months ended June 30, 2024. Acquisition-related sales growth was $10.0 million from our February 2025 acquisition of GMT Aerospace. Organic sales, excluding the impact of currency exchange and acquisitions, increased $51.0 million, or 10.9%, as organic sales increases of 25.7% and 5.7% within our Aerospace and Packaging segments, respectively, driven by end market demand improvements, were partially offset by a 15.7% sales decrease in our Specialty Products segment due to lower market demand and the divestiture of our Arrow Engine business. In addition, net sales decreased by $3.2 million due to currency exchange, as our reported results in U.S. dollars were unfavorably impacted as a result of a strengthening U.S. dollar relative to foreign currencies.
Current wording
Overall, net sales increased $88.7 million, or 12.7%, to $785.7 million for the nine months ended September 30, 2025, as compared with $697.0 million in the nine months ended September 30, 2024. Acquisition-related sales growth was $16.2 million from our February 2025 acquisition of GMT Aerospace. Organic sales, excluding the impact of currency exchange and acquisitions, increased $87.8 million, or 12.6%, as organic sales increases of 29.4% and 4.6% within our Aerospace and Packaging segments, respectively, driven by end market demand improvements, were partially offset by a 8.6% sales decrease in our Specialty Products segment as the organic sales increase of 8.2% for our steel cylinders was more than offset by the impact of the divestiture of our Arrow Engine business. In addition, net sales decreased by $1.1 million due to currency exchange, as our reported results in U.S. dollars were unfavorably impacted as a result of a strengthening U.S. dollar relative to foreign currencies.
Previous wording
Gross profit margin (gross profit as a percentage of sales) approximated 24.5% for the six months ended June 30, 2025 and 22.8% for the six months ended June 30, 2024. Gross profit margin increased primarily due to higher sales levels and related improved fixed cost absorption within our Aerospace and Packaging segments, a more favorable product sales mix, and favorable commercial actions within our Aerospace segment, as well as due to the favorable impact of prior year operational improvement actions within our Packaging segment. The increase in gross profit was partially offset by reduced sales of steel cylinders and related reduction in absorption of fixed costs, and the loss of sales related to the divestiture of our Arrow Engine business within our Specialty Products segment. Additionally, gross profit decreased due to a $0.7 million purchase accounting charge related to the step-up of GMT Aerospace's inventory to fair value and increased input costs in our Packaging segment.
Current wording
Gross profit margin (gross profit as a percentage of sales) approximated 24.5% for the nine months ended September 30, 2025 and 22.7% for the nine months ended September 30, 2024. Gross profit margin increased primarily due to higher sales levels and related improved fixed cost absorption within our Aerospace and Packaging segments, a more favorable product sales mix, the impact of the labor union strike in 2024 that did not repeat, and favorable commercial actions within our Aerospace segment. The increase in gross profit was partially offset by lower sales within our Specialty segment driven by the loss of sales related to the divestiture of our Arrow Engine business. Additionally, gross profit decreased due to a $1.2 million purchase accounting charge related to the step-up of GMT Aerospace's inventory to fair value and incremental maintenance within our Aerospace segment as well as increased input costs and a $1.5 million write-off of certain inventory to the lower of cost or market in our Packaging segment.
Previous wording
Operating profit margin (operating profit as a percentage of sales) approximated 9.5% and 6.5% for the six months ended June 30, 2025 and 2024, respectively. Operating profit increased $18.6 million, to $48.9 million, for the six months ended June 30, 2025, compared to $30.3 million for the six months ended June 30, 2024, primarily due to higher sales levels and related improved fixed cost absorption within our Aerospace and Packaging segments, a more favorable product sales mix, and favorable commercial actions within our Aerospace segment. Additionally, operating profit increased due to a $5.3 million gain on the sale of Arrow Engine and the favorable impact of prior year operational improvement actions within our Packaging segment. The increase in operating profit was partially offset by reduced sales of steel cylinders and related reduction in absorption of fixed costs, and the loss of sales related to the divestiture of Arrow Engine within our Specialty Products segment. In addition, operating profit decreased due to increased tariff related input costs in our Packaging segment and by $4.8 million primarily related to consulting costs and costs associated with actions to reorganize the corporate office. We also recorded a $0.7 million purchase accounting charge related to the step-up of GMT Aerospace's inventory to fair value and recognized higher employee-related costs.
Current wording
Operating profit margin (operating profit as a percentage of sales) approximated 8.3% and 5.5% for the nine months ended September 30, 2025 and September 30, 2024, respectively. Operating profit increased $26.9 million, to $65.5 million, for the nine months ended September 30, 2025, compared to $38.6 million for the nine months ended September 30, 2024, primarily due to higher sales levels and related improved fixed cost absorption within our Aerospace and Packaging segments, a more favorable product sales mix, the impact of the labor union strike in 2024 that did not repeat, and favorable commercial actions within our Aerospace segment. Operating profit further increased due to a $5.4 million gain on the sale of Arrow Engine, $2.6 million of lower professional costs associated with business acquisition, diligence and transaction-related activity, and the impact of $2.5 millions of pre-tax charges for environmental remediation obligations in the nine months ended 2024 that did not recur. The increase in operating profit was partially offset by reduced sales within our Specialty segment driven by the loss of sales related to the divestiture of our Arrow Engine business and due to increased tariff and related input costs and a $1.5 million write-off of certain inventory to the lower of cost or market in our Packaging segment. In addition, operating profit decreased by $4.5 million primarily related to consulting services and costs associated with actions to reorganize the corporate office and due to a $8.0 million pre-tax charge related to updating our asbestos studies in 2025, as compared to a $5.5 million pre-tax charge taken in 2024. Operating profit further decreased due to a $1.2 million purchase accounting charge related to the step-up of GMT Aerospace's inventory to fair value and incremental maintenance within our Aerospace segment, and higher employee-related costs.
Previous wording
Interest expense decreased $1.1 million, to $9.1 million, for the six months ended June 30, 2025, as compared to $10.2 million for the six months ended June 30, 2024, due to a decrease in our weighted average borrowings and a lower effective interest rate as a result of decreased borrowings from our revolving credit facility.
Current wording
Interest expense decreased $1.6 million, to $13.4 million, for the nine months ended September 30, 2025, as compared to $15.0 million for the nine months ended September 30, 2024, due to a decrease in our weighted average borrowings and a lower effective interest rate as a result of decreased borrowings from our revolving credit facility.
Previous wording
Other income (expense) remained flat at $0.3 million of expense, for the six months ended June 30, 2025 and 2024, as decreased losses on foreign currency transactions was offset by lower miscellaneous income.
Current wording
Other income (expense) increased $0.1 million to $0.4 million of expense, for the nine months ended September 30, 2025, from $0.3 million of expense for the nine months ended September 30, 2024, as decreased losses on foreign currency transactions were largely offset by lower miscellaneous income.
Previous wording
The effective income tax rate for the six months ended June 30, 2025 and 2024 was 26.2% and 19.0%, respectively. We recorded tax expense of $10.4 million for the six months ended June 30, 2025, as compared to $3.8 million for the six months ended June 30, 2024. The effective tax rate for the six months ended June 30, 2025 was higher than in the prior year primarily due to the recognition of approximately $1.4 million of tax benefit related to foreign tax loss carryforwards in the three months ended June 30, 2024. Additionally, the sale of the Arrow Engine business resulted in a taxable capital gain and related income tax expense of approximately $1.4 million in the first half of 2025.
Current wording
The effective income tax rate for the nine months ended September 30, 2025 and September 30, 2024 was 25.5% and 20.0%, respectively. We recorded tax expense of $13.2 million for the nine months ended September 30, 2025, as compared to $4.6 million for the nine months ended September 30, 2024. The effective tax rate for the nine months ended September 30, 2025 was higher than in the prior year primarily due to the recognition of approximately $1.7 million of tax benefit related to foreign tax loss carryforwards in the nine months ended September 30, 2024. Additionally, the sale of the Arrow Engine business resulted in a taxable capital gain and related income tax expense of approximately $1.4 million in the first nine months of 2025.
Previous wording
Net income increased by $13.1 million, to $29.1 million, for the six months ended June 30, 2025, compared to $16.1 million for the six months ended June 30, 2024. The increase was primarily the result of an increase in operating profit of $18.6 million and a decrease in interest expense of $1.1 million, partially offset by a $6.6 million increase in income tax expense.
Current wording
Net income increased by $19.8 million, to $38.4 million, for the nine months ended September 30, 2025, compared to $18.6 million for the nine months ended September 30, 2024. The increase was primarily the result of an increase in operating profit of $26.9 million and a decrease in interest expense of $1.6 million, partially offset by an increase in income tax expense of $8.6 million and an increase in other expense of $0.1 million.
Previous wording
Packaging. Net sales increased $11.6 million, or 4.5% (of which 5.7% was organic and (1.2)% was foreign currency exchange), to $270.6 million in the six months ended June 30, 2025, as compared to $259.0 million in the six months ended June 30, 2024. Sales of dispensing products used primarily for beauty, personal care and home care applications increased by $20.2 million. Sales of products used for industrial applications increased by $2.1 million and sales of other consumer goods products increased by $5.5 million. These increases were partially offset by the decrease in sales of products used in food and beverage applications of $13.0 million, primarily due to reduced demand for certain dairy applications in North America and beverage closure applications in Europe. Net sales decreased by $3.1 million due to currency exchange, as our reported results in U.S. dollars were unfavorably impacted as a result of the strengthening U.S. dollar relative to foreign currencies, as compared to 2024.
Current wording
Packaging. Net sales increased $17.1 million, or 4.4% (of which 4.6% was organic and (0.2)% was foreign currency exchange), to $406.3 million in the nine months ended September 30, 2025, as compared to $389.2 million in the nine months ended September 30, 2024. Sales of dispensing products used primarily for beauty, personal care and home care applications increased by $27.6 million. Sales of products used for industrial applications increased by $2.0 million and sales of other consumer goods products increased by $6.7 million. These increases were partially offset by the decrease in sales of products used in food and beverage applications of $18.2 million. Net sales decreased by $1.0 million due to currency exchange, as our reported results in U.S. dollars were unfavorably impacted as a result of the strengthening U.S. dollar relative to foreign currencies, as compared to 2024.
Previous wording
Operating profit increased $2.1 million to $37.2 million, or 13.8% of sales, in the six months ended June 30, 2025, as compared to $35.1 million, or 13.6% of sales, in the six months ended June 30, 2024, primarily due to higher sales volume, improved fixed cost absorption and the favorable impact of cost reduction efforts, partially offset by increased input costs and higher selling, general and administrative expenses.
Current wording
Operating profit increased $0.5 million to $53.5 million, or 13.2% of sales, in the nine months ended September 30, 2025, as compared to $53.1 million, or 13.6% of sales, in the nine months ended September 30, 2024, primarily due to higher sales volume, improved fixed cost absorption and the favorable impact of cost reduction efforts, partially offset by increased input costs, the write-off of certain inventory to the lower of cost or market, higher selling, general and administrative expenses, and the impact of $1.2 million of net gains on sale of non-core properties in the first nine months of 2024 that did not repeat.
Previous wording
Aerospace. Net sales for the six months ended June 30, 2025 increased $47.2 million, or 32.5% (of which 25.7% was organic, 6.9% related to acquisitions, and (0.1)% was foreign currency exchange), to $192.2 million, as compared to $145.1 million in the six months ended June 30, 2024. Acquisition-related sales growth from our February 2025 acquisition of GMT Aerospace was $10.0 million. Sales of our fasteners products increased by $26.1 million due to increases in aircraft build rates, improved production yield and commercial actions. Sales of our engineered components products increased by $11.1 million due to improved production throughput.
Current wording
Aerospace. Net sales for the nine months ended September 30, 2025 increased $79.6 million, or 36.9% (of which 29.4% was organic and 7.5% related to acquisitions), to $295.5 million, as compared to $215.9 million in the nine months ended September 30, 2024. Acquisition-related sales growth from our February 2025 acquisition of GMT Aerospace was $16.2 million. Sales of our fasteners products increased by $50.3 million due to increases in aircraft build rates, improved production yield and commercial actions. Sales of our engineered components products increased by $13.1 million due to improved production throughput.
Previous wording
Gross profit increased $21.1 million to $56.0 million, or 29.1% of sales, in the six months ended June 30, 2025, from $34.9 million, or 24.0% of sales, in the six months ended June 30, 2024. Gross profit increased primarily due to higher sales levels and resulting improved fixed cost absorption, a more favorable product sales mix and favorable commercial actions. These increases in gross profit were partially offset by a $0.7 million purchase accounting charge related to the step-up of GMT Aerospace's inventory to fair value.
Current wording
Gross profit increased $36.1 million to $87.4 million, or 29.6% of sales, in the nine months ended September 30, 2025, from $51.3 million, or 23.8% of sales, in the nine months ended September 30, 2024. Gross profit increased primarily due to higher sales levels and resulting improved fixed cost absorption, a more favorable product sales mix and favorable commercial actions. Additionally, 2024 was impacted by increased costs and manufacturing inefficiencies resulting from a prolonged labor union strike that did not repeat. These increases in gross profit were partially offset by a $1.2 million purchase accounting charge related to the step-up of GMT Aerospace's inventory to fair value and incremental maintenance.
Previous wording
Selling, general and administrative expenses increased $3.4 million to $20.8 million, or 10.8% of sales, in the six months ended June 30, 2025, as compared to $17.3 million, or 11.9% of sales, in the six months ended June 30, 2024, primarily due to higher employee-related costs, higher ongoing selling, general and administrative costs associated with our acquisition of GMT Aerospace, and higher information technology costs. These increases were partially offset by lower charges for the provision for losses on accounts receivable and lower professional fees.
Current wording
Selling, general and administrative expenses increased $4.4 million to $31.8 million, or 10.8% of sales, in the nine months ended September 30, 2025, as compared to $27.5 million, or 12.7% of sales, in the nine months ended September 30, 2024, primarily due to higher employee-related costs, higher ongoing selling, general and administrative costs associated with our acquisition of GMT Aerospace, and higher information technology costs. These increases were partially offset by the impact of $1.3 million of costs related to the labor union strike in 2024 that did not repeat as well as lower charges for the provision for losses on accounts receivable and lower professional fees.
Previous wording
Operating profit increased $17.7 million to $35.2 million, or 18.3% of sales, in the six months ended June 30, 2025, as compared to $17.6 million, or 12.1% of sales, in the six months ended June 30, 2024, primarily due to the impact of higher sales levels, improved fixed cost absorption, a more favorable product sales mix, and commercial actions. These increases were partially offset by higher selling, general and administrative expenses and the recognition of the purchase accounting charge related to the step-up of GMT Aerospace's inventory to fair value.
Current wording
Operating profit increased $31.5 million to $55.4 million, or 18.8% of sales, in the nine months ended September 30, 2025, as compared to $23.9 million, or 11.1% of sales, in the nine months ended September 30, 2024, primarily due to the impact of higher sales levels, improved fixed cost absorption, a more favorable product sales mix, the impact of the labor union strike in 2024 that did not repeat, and commercial actions. These increases were partially offset by higher selling, general and administrative expenses, the recognition of the purchase accounting charge related to the step-up of GMT Aerospace's inventory to fair value and costs related to incremental maintenance.
Previous wording
Specialty Products. Net sales for the six months ended June 30, 2025 decreased $10.0 million, or 15.7% (of which (1.5)% was organic and (14.2)% was due to the divestiture of Arrow Engine), to $53.6 million, as compared to $63.6 million in the six months ended June 30, 2024. Sales of steel cylinders decreased $1.0 million, or 1.8%, to $52.2 million, as compared to $53.2 million, due predominantly to lower demand for industrial applications as customers continued to work through high prior period inventory balances. Arrow Engine contributed $1.4 million of sales in first half 2025, as compared to $10.4 million in first half 2024. See Note 5, "Acquisitions and Sale of Business," included in Part 1, Item 1, "Notes to Unaudited Consolidated Financial Statements," within this quarterly report on Form 10-Q for more information.
Current wording
Specialty Products. Net sales for the nine months ended September 30, 2025 decreased $7.9 million, or 8.6% (of which 6.8% was organic and (15.4)% was due to the divestiture of Arrow Engine), to $84.0 million, as compared to $91.9 million in the nine months ended September 30, 2024. Sales of steel cylinders increased $6.3 million, or 8.2%, to $82.5 million, as compared to $76.3 million, due predominantly to improved demand for industrial applications as customers continued to work through high prior period inventory balances. Arrow Engine contributed $1.4 million of sales in first nine months of 2025, as compared to $15.6 million in first nine months of 2024. See Note 5, "Acquisitions and Sale of Business," included in Part 1, Item 1, "Notes to Unaudited Consolidated Financial Statements," within this quarterly report on Form 10-Q for more information.
Previous wording
Selling, general and administrative expenses decreased $0.6 million to $3.7 million, or 6.8% of sales, in the six months ended June 30, 2025, as compared to $4.3 million, or 6.7% of sales, in the six months ended June 30, 2024, due to reduced spending levels and the year-over-year impact from the divestiture of our Arrow Engine business, partially offset by $0.9 million of transaction-related costs associated with the divestiture of our Arrow Engine business.
Current wording
Selling, general and administrative expenses decreased $1.2 million to $5.0 million, or 5.9% of sales, in the nine months ended September 30, 2025, as compared to $6.1 million, or 6.7% of sales, in the nine months ended September 30, 2024, due to the year-over-year impact from the divestiture of our Arrow Engine business and reduced spending levels, partially offset by $0.9 million of transaction-related costs associated with the divestiture of our Arrow Engine business.
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