EPS of $0.73 beat estimates of $0.541 and revenues of $730.8M beat estimates of $667.03M. Sales grew by 21.2% for the quarter and net income declined from $39.9M in the prior year to $29.6M. Its order bookings grew by 15.5% for the quarter, and its order backlog increased by 49.7%. These strong results were driven by organic revenue growth, contributions from acquired companies, and a positive impact from foreign exchange. For Q1 FY2024 management expects the conversion of Order Backlog to revenues to be in the 32% to 35% range. Management is pursuing several initiatives to grow its revenues and improve profitability, in order to expand its adjusted earnings from operations margin to 15% over the long term. These were strong results and the market is indicating it feels the same. For an investor with a long timeframe, we would be comfortable adding to a position here.
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