Search every filing
2,477,667 paragraphs from 10-Ks, 10-Qs and 8-Ks with press releases.
Matching paragraphs
In 2025, the U.S. government enacted incremental tariffs of 10% on imported products as well as higher tariffs on imports from certain other countries, including an additional 145% tariff on imports from China that has been recently reduced to 30%, a 25% tariff on non-USMCA products imported from Mexico, a 10% tariff on products imported from Switzerland that has recently been increased to 39%, and a 10% tariff on imports from the European Union that has recently increased to 15%. In response to the U.S. tariffs, the Chinese government implemented an additional tariff of 125% on imports from the U.S. that has recently been reduced to 10%. All the above-referenced tariffs became effective at various points during 2025, especially in April 2025.
Read in the filing ↗
Following the U.S. Supreme Court’s decision, the U.S. government effectively replaced IEEPA tariffs with a 10% tariff on imports from most countries and indicated certain tariff rates could increase in the future. In April 2026, the U.S. government also issued an update to the definition of Section 232 tariffs, which is not expected to have a significant effect on our ongoing tariff obligations. Any changes to tariff rates in the future could adversely impact our financial results.
Read in the filing ↗
We estimate the associated annualized cost increase of the incremental 2025 tariffs is approximately $95 million (assuming the above-referenced tariff rates). The U.S. government has indicated it may make further changes to tariff rates in the future. We are implementing various actions to mitigate the effect of the tariffs.
Read in the filing ↗
Following the U.S. Supreme Court’s decision in February 2026, the U.S. government effectively replaced IEEPA tariffs with a temporary Section 122 tariff that included a 10% tariff on imports from most countries that expired near the end of July 2026. In April 2026, the U.S. government also issued an update to the definition of Section 232 tariffs, which is not expected to have a significant effect on our ongoing tariff obligations.
Read in the filing ↗ Also in 10-Q of Nov 6, 2026
In 2025, the U.S. government enacted incremental tariff rates on U.S. imports from certain foreign countries. In response to the U.S. tariffs, the Chinese government implemented an additional tariff on imports from the U.S. We estimate that we incurred costs before mitigation actions from the 2025 incremental tariffs of approximately $50 million in 2025, and we implemented various actions to fully offset the effect of the current incremental tariffs in 2026. At the beginning of 2026, incremental tariffs rates were 15% on imports from Switzerland, 25% on non-USMCA imports from
Read in the filing ↗ Also in 10-Q of Jul 31, 2026, 10-K of Feb 6, 2026, 10-Q of Nov 6, 2026
• the level of U.S. import tariffs, as well as the impact of retaliatory tariffs from other countries
Read in the filing ↗
On July 23, 2026, the U.S. government imposed new Section 301 tariffs to effectively replace the expired Section 122 tariffs. The new Section 301 tariffs include a 12.5% rate on imports from Switzerland and China, and a 10% rate on imports from the European Union, United Kingdom, and non-USMCA imports from Mexico. The U.S. government has also discussed the potential of additional tariffs on certain countries, as well as a potential ending of USMCA on imports from Mexico that are currently not subject to tariffs. Any additional changes to tariff rates in the future could adversely impact our financial results.
Read in the filing ↗ Also in 10-Q of Nov 6, 2026
In 2025, the U.S. government enacted incremental tariff rates at various levels ranging from 10% to 145% on U.S. imports from certain foreign countries. In response to the U.S. tariffs, the Chinese government implemented an additional tariff of 125% on imports from the U.S. that has been reduced to 10%. We estimate we will incur costs before mitigation actions from the incremental 2025 tariff rates of approximately $50 million in 2025. We are implementing various actions to fully offset the effect of the current incremental tariffs in 2026. Incremental tariff rates during 2025 are currently 39% on imports from Switzerland, 25% on non-USMCA imports from Mexico, 30% on imports from China, 15% on imports from the European Union and 10% on imports from the United Kingdom. The U.S. government has indicated it may make further changes to tariff rates in the future, especially related to China, that may adversely impact our financial results in future periods.
Read in the filing ↗
The escalation in global trade disputes/tariffs may negatively impact our gross margins in future periods. As previously mentioned, we have implemented various actions to mitigate the effect of the tariffs.
Read in the filing ↗
Political policies in the U.S., China, Europe, Mexico, and Canada may affect global trade, reduce domestic purchasing power, and create uncertainty. In 2025, the U.S. government enacted incremental tariff rates on imports from several foreign countries, which remain subject to negotiation and change, and the Chinese government implemented retaliatory tariffs resulting in incremental tariff costs of approximately $50 million in 2025. Accordingly, tariffs have raised the cost of our products, components, and raw materials, negatively impacting our gross margin. In addition, foreign governments, including
Read in the filing ↗
Additional changes in global trade disputes/tariffs may negatively impact our gross margins in future periods. As previously mentioned, we have implemented various actions to mitigate the effect of the current tariffs.
Read in the filing ↗
The escalation in global trade disputes/tariffs may negatively impact our gross margins during the remainder of 2025. As previously mentioned, we have implemented various actions to mitigate the effect of the tariffs.
Read in the filing ↗
U.S. trade policy under the new administration, including potential new or increased tariffs, along with trade policies in China, Mexico, the U.K., Canada, and parts of Europe, may impact global trade and create uncertainty, potentially harming our business. Additionally, before taking office, President Trump pledged to impose 60% tariffs on all Chinese imports in his first year. In response, foreign governments, including China, have enacted retaliatory tariffs and domestic purchasing requirements favoring local competition, which could reduce our sales.
Read in the filing ↗
Segment profit increased $36.9 million and $40.4 million for the three and six months ended June 30, 2026, compared to the corresponding periods in 2025. Segment profit during the three and six months ended June 30, 2026 includes a net benefit of $24.6 million related to one-time tariff-related refunds. Excluding the net tariff refund benefit, segment profit during the three and six months ended June 30, 2026 includes benefits from our margin expansion initiatives and lower tariff rates.
Read in the filing ↗
The recent escalation in global trade disputes/tariffs has increased economic uncertainty in
Read in the filing ↗ Also in 10-Q of Nov 7, 2025
Segment profit increased $12.2 million and $52.6 million for the three and nine months ended September 30, 2026, compared to the corresponding periods in 2025. Segment profit during the nine months ended September 30, 2026 includes a net benefit of $24.6 million related to one-time tariff-related refunds. Excluding the net tariff refund benefit, segment profit during the three and nine months ended September 30, 2026 includes benefits from lower tariff rates, favorable mix, and our margin expansion initiatives, offset in part by higher transportation costs.
Read in the filing ↗
We have implemented mitigating actions, including increasing our pricing and optimizing our global supply chain. Although we have implemented various actions to mitigate the effect of current tariffs, they may be inadequate to cover the potential costs of future tariffs that may be enacted. In addition, higher prices may also reduce our competitiveness and customer demand.
Read in the filing ↗
Excluding the effect of the one-time tariff-related U.S. government and customer refunds, the increase in gross profit as a percentage of net sales for the three months ended June 30, 2026 primarily reflects favorable price realization, lower tariff costs, and benefits from our SternDrive program, partially offset by unfavorable foreign currency and higher transportation costs.
Read in the filing ↗
As further described in Note 14, the Company’s operating results for the nine months ended September 30, 2026 include a one-time benefit of $52 million from U.S government IEEPA tariff refunds that reduced cost of sales, offset in part by tariff-related customer refunds of $28 million that reduced net sales. This is reflected in the U.S. Operations segment.
Read in the filing ↗
In February 2026, the U.S. Supreme Court issued a decision invalidating tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”). During the nine months ended September 30, 2026, the Company received refunds, including interest, from the U.S. Customs and Border Protection of $52 million, which resulted in a one-time gross benefit that reduced cost of sales for the nine months ended September 30, 2026. In addition, the Company committed to refund approximately $28 million to customers, which reduced net sales for the nine months ended September 30, 2026. The Company began distributing tariff-related refunds to customers during the third quarter of 2026. The remaining $25 million of accrued tariff-related customer refunds is included in accrued and other liabilities on the interim consolidated balance sheet as of September 30, 2026. The Company anticipates distributing additional tariff-related refunds to customers during the fourth quarter of 2026.
Read in the filing ↗ Also in 10-Q of Nov 6, 2026, 10-Q of Jul 31, 2026, 10-Q of Jul 31, 2026
As further described in Note 14, the Company’s operating results for the three and six months ended June 30, 2026 include a one-time benefit of $52.4 million from U.S government IEEPA tariff refunds that reduced cost of sales, offset in part by tariff-related customer refunds of $27.8 million that reduced net sales. This is reflected in the U.S. Operations segment.
Read in the filing ↗
• Reported sales increased 4% compared with the prior year. In local currency, sales increased 6% excluding a one-time tariff refund to customers.
Read in the filing ↗
Global trade disputes/tariffs create economic uncertainty in our end markets and the overall global economic environment and market conditions may change quickly.
Read in the filing ↗ Also in 10-Q of Nov 6, 2026
For the full year 2026, management anticipates local currency sales will increase approximately 5%, which excludes the impact of tariff refunds to customers. Adjusted EPS is forecast to be in the range of $47.70 to $47.90, representing growth of approximately 12%. This compares with previous local currency sales growth guidance of approximately 4% to 5% excluding tariff refunds and Adjusted EPS guidance of $47.15 to $47.50.
Read in the filing ↗
Compared with the prior year, local currency sales increased 6%, or 4% excluding acquisitions, before a one-time tariff refund to customers that reduced sales growth by 3%. By region, local currency sales increased 1% in the Americas, 4% in Europe, and 9% in Asia/Rest of World excluding acquisitions and tariff refunds. Adjusted Operating Profit amounted to $309.3 million, compared with the prior-year amount of $283.3 million.
Read in the filing ↗ Also in 8-K of Jul 30, 2026
Compared with the prior year, local currency sales increased 5% before a one- time tariff refund to customers in the second quarter of 2026, or 4% before acquisitions. By region, local currency sales increased 1% in the -1- Americas, 2% in Europe, and 8% in Asia/Rest of World excluding acquisitions and tariff refunds. Adjusted Operating Profit amounted to $889.0 million, compared with the prior-year amount of $829.9 million.
Read in the filing ↗
Kaltenbach concluded, “I am proud of our team’s agility as we continue to navigate uncertain market conditions, especially our ability to implement mitigation actions that will largely offset the current impact of tariffs this year. We currently estimate gross incremental tariff costs of approximately $60 million on an annualized basis, which has been reduced from our previous estimate of $115 million due to lower tariff rates. While we anticipate that many customers will remain cautious with their investments in the near-term due to global trade disputes and various governmental policy uncertainties, we are well positioned for increased investment opportunities in the future. We are confident that our unique global go-to-market approach and innovative portfolio will enable us to seize these promising growth opportunities.”
Read in the filing ↗
one-time tariff related U.S. government refunds, the decrease for the six months ended June 30, 2026 is primarily related to the timing of tax payments.
Read in the filing ↗
Chinese goods. These tariffs could raise the cost of our products, components, and raw materials, impacting our gross margin. Higher prices may also reduce competitiveness and consumer demand.
Read in the filing ↗
We may be adversely affected by tariffs and other trade restrictions and by failure to comply with regulations of governmental agencies or by the adoption of new regulations.
Read in the filing ↗
tariff-related U.S. government and customer refunds, gross profit as a percentage of product net sales was 61.6% for the nine months ended September 30, 2026.
Read in the filing ↗
Cash provided by operating activities totaled $758.8 million during the nine months ended September 30, 2026, compared to $730.2 million in the corresponding period in 2025, and includes a net benefit of $49.6 million related to one-time tariff related U.S. government refunds and associated refunds to customers. Excluding the one-time tariff related U.S. government refunds, the decrease for the nine months ended September 30, 2026 is primarily related to the timing of tax payments.
Read in the filing ↗
The recent escalation in global trade disputes/tariffs has increased economic uncertainty in our end markets and the global economic environment, including increasing the risk of recession in many
Read in the filing ↗
The continued volatility related to global trade disputes/tariffs has increased economic uncertainty in our end markets and the overall global economic environment, including increasing the risk of recession in many countries, and market conditions may change quickly.
Read in the filing ↗
The Company’s non-GAAP results exclude a one-time $52 million benefit from IEEPA tariff refunds that benefited Cost of Sales, as well as a one-time $28 million related refund to customers that reduced Net Sales.
Read in the filing ↗ Also in 8-K of Jul 30, 2026, 8-K of Nov 5, 2026
The increase in gross profit as a percentage of net sales for the three months ended September 30, 2026 primarily reflects favorable price realization, lower tariff costs, and increased sales volume, partially offset by higher material and transportation costs.
Read in the filing ↗
countries, and market conditions may change quickly. Although we have implemented various actions to mitigate the effect of current tariffs, they could adversely impact our financial results and could have a greater impact on our operating results in future periods.
Read in the filing ↗
the beginning of 2026, incremental tariffs rates were 15% on imports from Switzerland, 25% on non-USMCA imports from Mexico, 30% on imports from China, 15% on imports from the European Union, and 10% on imports from the United Kingdom.
Read in the filing ↗
The decrease in gross profit as a percentage of net sales for the three months ended March 31, 2026 primarily related to higher tariff costs, unfavorable foreign currency, and business mix, partially offset by favorable price realization and benefits from our SternDrive program.
Read in the filing ↗
China represents a significant portion of our business and financial results and has an important role in our global supply chain. For example, our Chinese operations accounted for 16% of sales to external customers, 29% of total segment profit, and approximately 30% of our global production during 2024. In recent years, geopolitical tensions have increased, particularly between the United States and China. Among other issues, these geopolitical topics have resulted in increased tariffs and trade restrictions. The Chinese government and other governments have also increased their focus on domestic purchasing requirements. In addition, due to increasing political tensions and potential tariff increases, many companies are seeking increased flexibility in their supply chains that may result in reduced foreign investment in China. The Chinese economy remains under pressure and is impacted by challenges with the country's real estate market that affects domestic consumption and has historically been a source of funds for government stimulus. These risks, all of which will be exacerbated by trade wars and tariffs, could lead to reduced sales in China, as well as higher costs.
Read in the filing ↗ Also in 10-K of Feb 6, 2026
Following Brexit, the E.U.-U.K. Trade and Cooperation Agreement (TCA) took effect on May 1, 2021, allowing tariff-free and quota-free trade. However, additional inspections and documentation requirements may cause delays at ports, potentially disrupting our supply chain and affecting delivery schedules.
Read in the filing ↗
The decrease in gross profit as a percentage of net sales for 2025 primarily reflects increased tariff costs, lower sales volume related to the recovery of shipping delays in the prior year, and unfavorable business mix, partially offset by favorable price realization and benefits from our SternDrive program.
Read in the filing ↗
Segment profit decreased $0.9 million in our Chinese Operations segment during 2025, compared to a decrease of $21.3 million in 2024. The decrease in segment profit during 2025 primarily reflects increased tariff costs, offset in part by benefits from increased sales and our margin expansion initiatives.
Read in the filing ↗
Segment profit increased $3.5 million for the three months ended March 31, 2026 compared to the corresponding period in 2025. Segment profit during the three months ended March 31, 2026 includes favorable pricing and benefits from our margin expansion initiatives, offset in part by higher tariff costs.
Read in the filing ↗
Cash provided by operating activities totaled $450.2 million during the six months ended June 30, 2026, compared to $430.8 million in the corresponding period in 2025 and includes a benefit of $42.9 million related to one-time tariff related U.S. government refunds. Excluding the
Read in the filing ↗
Note: As further described below, our operating results for the nine months ended September 30, 2026 include a one-time benefit of $52 million from IEEPA tariff-related refunds that reduced cost of sales, offset in part by related customer refunds of $28 million that reduced net sales.
Read in the filing ↗
The accompanying interim consolidated financial statements reflect all adjustments which, in the opinion of management, are necessary for a fair statement of the results of the interim periods presented. Operating results for the three and six months ended June 30, 2026 are not necessarily indicative of the results to be expected for the full year ending December 31, 2026. As further described in Note 14, the Company’s operating results for the three and six months ended June 30, 2026 include a one-time benefit of $52.4 million from U.S. government International Emergency Economic Powers Act ("IEEPA") tariff refunds that reduced cost of sales, offset in part by tariff-related customer refunds of $27.8 million that reduced net sales.
Read in the filing ↗ Also in 10-Q of Nov 6, 2026
Net sales were $1.1 billion and $1.0 billion for the three months ended September 30, 2026, and 2025, respectively, and $3.1 billion and $2.9 billion for the nine months ended September 30, 2026 and 2025, respectively. Sales in U.S. dollars increased 6% for both the three months and nine months ended September 30, 2026. Excluding the effect of currency exchange fluctuations, or in local currencies, net sales increased 6% for the three months and 5% for the nine months ended September 30, 2026, respectively, before the previously described one-time tariff-related customer refunds. Organic local currency net sales, which exclude acquisitions and the one-time tariff-related customer refunds, increased 4% for the nine months ended September 30, 2026.
Read in the filing ↗
Note: As further described below, our operating results for the three and six months ended June 30, 2026 include a one-time benefit of $52.4 million from IEEPA tariff-related refunds that reduced cost of sales, offset in part by related customer refunds of $27.8 million that reduced net sales.
Read in the filing ↗
Market conditions have improved, and we continue to benefit from the execution of our global sales and marketing programs, our innovative product portfolio, and investments in our field organization, particularly surrounding digital tools and techniques. However, ongoing developments in Iran and the Middle East, as well as global trade disputes/tariffs, create uncertainty in our end markets and the global economic environment and market conditions may change quickly. The ongoing developments related to global trade disputes/tariffs, Ukraine, and the conflicts in Iran and the Middle East also present several risks to our business as further described in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025. These topics could adversely impact our financial results in future periods.
Read in the filing ↗
difference between our projected annual effective tax rate and the reported tax rate is related to the timing of excess tax benefits associated with stock option exercises. The difference for the nine months ended September 30, 2026 also includes the impact of the one-time tariff related U.S. government and customer refunds.
Read in the filing ↗
Market conditions have improved during 2026, and we continue to benefit from the execution of our global sales and marketing programs, our innovative product portfolio, and investments in our field organization, particularly surrounding digital tools and techniques. However, ongoing developments in Iran and the Middle East, as well as global trade disputes/tariffs, create uncertainty in our end markets and the global economic environment and market conditions may change quickly. The ongoing developments related to global trade disputes/tariffs, Ukraine, and the conflicts in Iran and the Middle East also present several risks to our business as further described in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025. These topics could adversely impact our financial results in future periods.
Read in the filing ↗
Segment profit decreased $17.7 million in our U.S. Operations segment during 2025, compared to an increase of $28.0 million during 2024. The segment profit decline in 2025 includes higher tariff costs and lower sales volume related to the previously disclosed shipping delay recovery in the prior year, offset in part by pricing.
Read in the filing ↗
We continue to benefit from the execution of our global sales and marketing programs, our innovative product portfolio, and investments in our field organization, particularly surrounding digital tools and techniques. However, the recent escalation in global trade disputes/tariffs has increased uncertainty in our end markets and the global economic environment, including increasing the risk of recession in many countries, and market conditions may change quickly. The ongoing developments related to global trade disputes/tariffs, Ukraine, and the conflict in the Middle East also present several risks to our business as further described in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024. These topics could adversely impact our financial results and could have a greater impact on our operating results in future periods.
Read in the filing ↗ Also in 10-Q of May 8, 2026, 10-Q of Nov 7, 2025
Net sales were $1.0 billion and $983.2 million for the three months ended June 30, 2026, and 2025, respectively, and $2.0 billion and $1.9 billion for the six months ended June 30, 2026, and 2025, respectively. Sales in U.S. dollars increased 4% for the three months and increased 6% for the six months ended June 30, 2026, respectively. Excluding the effect of currency exchange fluctuations, or in local currencies, net sales increased 6% for the three months and 4% for the six months ended June 30, 2026, respectively, before the previously described one-time tariff-related customer refunds. Organic local currency net sales, which exclude acquisitions and the one-time tariff-related customer refunds, increased 4% for the three months and 3% for the six months ended June 30, 2026, respectively.
Read in the filing ↗
The various trade policy and regulatory actions described above may restrict our access to lower-cost countries in certain circumstances or otherwise create uncertainty, negatively impact global markets, and make it more difficult or costly for us to import our products into certain countries. The adoption and expansion of trade restrictions or other governmental action related to tariffs or trade agreements or policies could also lead to an economic downturn, increased inflation, and/or could create unfavorable fluctuations in currency exchange rates (see above description "Currency fluctuations affect our operating profits."). In times of uncertainty, some customers delay investments or defer normal replacement cycles, which could have an adverse impact on our sales. The adoption and expansion of trade restrictions or other governmental action related to tariffs, trade agreements, or policies have the potential to adversely impact our business and financial performance.
Read in the filing ↗ Also in 10-K of Feb 6, 2026
Segment profit decreased $10.2 million and $10.0 million for the three and six month periods ended June 30, 2025, respectively, compared to the corresponding periods in 2024. The decrease in segment profit during the three and six months ended June 30, 2025 includes lower sales volume and increased tariff costs, offset in part by benefits from our cost savings initiatives.
Read in the filing ↗
We also expect our competitors to continue to improve the design and performance of their products and to introduce new products with competitive prices. Prices have been affected by recently imposed tariffs and, if we cannot continue to pass the increased costs of tariffs to our customers, our margins could be impacted as we work to remain competitive. In addition, our competitors are expected to continue to improve their technology infrastructure, as well as the technology services offered to their customers, including the use of AI and machine learning solutions, to interact with suppliers, sell their products and services, and support and grow their customer base. Our ability to innovate our own technology infrastructure and appropriately address user experience could affect our ability to compete. Although we believe that our products and services have advantages over our competitors, we may not be able to realize and maintain these advantages.
Read in the filing ↗
Net sales of our industrial products and services, which represented approximately 40% of our total net sales, increased 6% and 8% in U.S. dollars for the three and six months ended June 30, 2026, respectively. Local currency industrial net sales increased 6% and 5% for the three and six months ended June 30, 2026, respectively, before the one-time tariff-related customer refunds.
Read in the filing ↗
For the full year 2026, management anticipates local currency sales will increase approximately 4% to 5% excluding tariff refunds to customers. Adjusted EPS is forecast to be in the range of $47.15 to $47.50, representing growth of approximately 10% to 11%. This compares with previous local currency sales growth guidance of approximately 4% and Adjusted EPS guidance of $46.30 to $46.95.
Read in the filing ↗
Management cautions that market conditions are uncertain and could change quickly. Based on today's assessment, management anticipates local currency sales for the fourth quarter of 2025 will increase approximately 3%. Adjusted EPS is forecast to be $12.68 to $12.88, a growth rate of 2% to 4%. Included in the fourth quarter guidance is an estimated 7% gross headwind to Adjusted EPS growth due to higher tariff costs.
Read in the filing ↗ Also in 8-K of May 1, 2025, 8-K of Aug 1, 2025
Most of our business is derived from companies in developed countries. Economic uncertainty and challenging market conditions in many parts of the world, including international trade disputes, tariffs, inflation, governmental monetary policies, interest rates, armed conflicts, and sovereign debt levels in the European Union and the United States, are situations that we monitor closely. If developed countries continue to experience slow growth or experience a recession, we could see the following effects:
Read in the filing ↗
The decrease in gross profit as a percentage of net sales for the three and six months ended June 30, 2025 primarily reflects increased tariff costs, partially offset by favorable price realization and benefits from our SternDrive program. The decrease in gross profit as a percentage of net sales for the six months ended June 30, 2025 also includes lower sales volume related to the recovery of shipping delays in the prior year.
Read in the filing ↗
The decrease in gross profit as a percentage of net sales for the three and nine months ended September 30, 2025 primarily reflects increased tariff costs and unfavorable business mix, partially offset by favorable price realization and benefits from our SternDrive program. The decrease in gross profit as a percentage of net sales for the nine months ended September 30, 2025 also includes lower sales volume related to the recovery of shipping delays in the prior year.
Read in the filing ↗
Gross profit as a percentage of net sales was 59.8% and 59.2% for the three months ended September 30, 2026 and 2025, respectively, and 60.6% and 59.2% for the nine months ended September 30, 2026 and 2025, respectively. Excluding the effect of both the one-time tariff-related U.S. government and customer refunds, gross profit as a percentage of net sales was 59.3% for the nine months ended September 30, 2026.
Read in the filing ↗
Net sales of products increased 3% and 4% in U.S. dollars for the three and six months ended June 30, 2026, respectively. Local currency product net sales increased 4% and 3% for the three and six months ended June 30, 2026, respectively, before the one-time tariff-related customer refunds. Organic local currency product net sales increased 3% and 2% for the three and six months ended June 30, 2026, respectively, compared to the corresponding periods in 2025.
Read in the filing ↗
Net sales of products increased 6% and 5% in U.S. dollars for the three and nine months ended September 30, 2026, respectively. Local currency product net sales increased 6% and 4% for the three and nine months ended September 30, 2026, respectively, before the one-time tariff-related customer refunds. Organic local currency product net sales increased 5% and 3% for the three and nine months ended September 30, 2026, respectively, compared to the corresponding periods in 2025.
Read in the filing ↗
The Company disaggregates revenue from contracts with customers by product, service, timing of revenue recognition and geography. As further described in Note 14, revenue for the nine months ended September 30, 2026 includes a one-time reduction of net sales of $28 million for tariff-related customer refunds, which is included in the U.S. Operations segment. A summary of revenue by the Company’s reportable segments for the three and nine months ended September 30, 2026 and 2025 follows:
Read in the filing ↗ Also in 10-Q of Jul 31, 2026
our end markets and the global economic environment, including increasing the risk of recession in many countries, and market conditions may change quickly. Although we are implementing various actions to mitigate the effect of the tariffs, they could adversely impact our financial results and could have a greater impact on our operating results in future periods. Please refer to Part 1, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024 for more information.
Read in the filing ↗ Also in 10-Q of Nov 7, 2025
Service net sales (including spare parts) increased 10% and 11% in U.S. dollars for the three and six months ended June 30, 2026, respectively. Local currency service net sales increased 9% and 8% for the three and six months ended June 30, 2026, respectively, before the one-time tariff-related customer refunds. Organic local currency service net sales increased 7% and 6% for the three and six months ended June 30, 2026, respectively, compared to the corresponding periods in 2025.
Read in the filing ↗
Service net sales (including spare parts) increased 6% and 10% in U.S. dollars for the three and nine months ended September 30, 2026, respectively. Local currency service net sales increased 7% and 8% for the three and nine months ended September 30, 2026, respectively, before the one-time tariff-related customer refunds. Organic local currency service net sales increased 7% and 6% for both the three and nine months ended September 30, 2026, compared to the corresponding periods in 2025.
Read in the filing ↗
You should not rely on forward-looking statements to predict our actual results. Our actual results or performance may be materially different than reflected in forward-looking statements because of various risks and uncertainties, including statements about expected revenue growth, inflation, ongoing developments related to global trade disputes/tariffs, and the conflicts in Ukraine and the Middle East. You can identify forward-looking statements by terminology such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “potential,” or “continue.”
Read in the filing ↗ Also in 10-Q of May 8, 2026, 10-Q of Jul 31, 2026, 10-Q of Nov 6, 2026
Segment profit increased $2.6 million and decreased $14.3 million for the three and nine months ended September 30, 2025, compared to the corresponding periods in 2024. Segment profit during the three and nine months ended September 30, 2025 includes higher tariff costs offset in part by pricing. Segment profit during the nine months ended September 30, 2025 was also negatively impacted by lower sales volume in the first quarter related to the previously disclosed shipping delay recovery in the prior year.
Read in the filing ↗
Gross profit as a percentage of net sales was 63.3% and 59.0% for the three months ended June 30, 2026 and 2025, respectively, and 61.1% and 59.2% for the six months ended June 30, 2026 and 2025, respectively. Excluding the effect of both the one-time tariff-related U.S. government and customer refunds, gross profit as a percentage of net sales was 59.3% and 59.0% for the three and six months ended June 30, 2026, respectively.
Read in the filing ↗
Gross profit as a percentage of net sales for services (including spare parts) was 52.9% and 53.9% for the three months ended September 30, 2026 and 2025, respectively, and 53.7% and 53.9% for the nine months ended September 30, 2026 and 2025, respectively. Excluding the effect of both the one-time tariff-related U.S. government and customer refunds, gross profit as a percentage of service net sales was 52.9% for the nine months ended September 30, 2026.
Read in the filing ↗