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Consolidated Statements of Operations - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]      
Net sales $ 825,742 $ 836,281 $ 813,067
Cost of sales 549,688 565,476 [1] 553,981
Gross profit 276,054 270,805 259,086
Selling, general and administrative expenses [3] 172,401 [2],[4] 174,028 [5],[6] 167,281 [5],[6],[7]
Depreciation and amortization 17,447 18,077 8,746
Freight out 11,046 12,003 10,849
(Gain) loss on disposal of fixed assets 604 201 (195)
Impairment charges 0 22,016 [8] 0
Operating income (loss) [9] 74,556 44,480 72,405
Interest expense, net 29,421 30,937 6,349
Income before income taxes 45,135 13,543 66,056
Income tax expense 10,207 6,342 17,189
Net income $ 34,928 $ 7,201 $ 48,867
Net income per common share:      
Basic $ 0.93 $ 0.19 $ 1.33
Diluted 0.93 0.19 1.32
Dividends declared per share $ 0.54 $ 0.54 $ 0.54
[1] The Company recognized $4.5 million of non-cash inventory step-up that was amortized to Cost of sales for the year ended December 31, 2024, related to the reporting of inventory at fair value in conjunction with the acquisition of Signature, as described in Note 3.
[2] In the year ended December 31, 2025, the Company recognized a $1.6 million pre-tax pension settlement charge within the Material Handling segment, as described in Note 12.
[3] The Company recognized $0.2 million, $(0.2) million and $3.2 million of expense (income) related to the estimated environmental reserve, net of expected insurance recoveries in the years ended December 31, 2025, 2024 and 2023, respectively, as described in Note 9. Environmental charges are not included in segment results and are shown with Corporate.
[4] The Company recognized a $3.2 million recovery of purchased credit deteriorated assets for the year ended December 31, 2025, as described in Note 3. The recovery was recognized as a reduction to bad debt expense included in Selling, general and administrative within the Material Handling segment.
[5] The Company incurred $4.6 million and $3.1 million of acquisition related costs associated with the acquisitions of Signature and Mohawk, as described in Note 3, for the years ended December 31, 2024, and 2023, respectively, of which $4.3 million and $2.7 million are included in Corporate, for the years ended December 31, 2024, and 2023, respectively, $0.3 million is included in Material Handling's results, for the year ended December 31, 2024 and $0.4 million is included in Distribution's results, for the year ended December 31, 2023. Corporate costs also include $1.3 million of consulting costs to improve the Company's capabilities to screen and execute large acquisitions for the year ended December 31, 2023.
[6] The Company recognized $1.4 million of executive severance which is included in Corporate's results for the year ended December 31, 2024. In the year ended December 31, 2023 the Company recognized $0.7 million of executive severance, of which $0.4 million was recognized in the Distribution Segment related to severance and benefits and $0.3 million was recognized in Corporate related to charges for the acceleration of stock compensation.
[7] In the year ended December 31, 2023, the Company recognized a $10 million recovery of legal costs within the Material Handling Segment related to a settlement agreement with one of its insurers. $6.7 million of these recovered costs were originally incurred prior to 2023.
[8] The Company recognized $22.0 million of non-cash impairment charges, as described in Note 4, for the year ended December 31, 2024, which are included in Material Handling's results.
[9] The Company incurred $11.2 million, $7.5 million and $2.5 million of restructuring costs associated with the restructuring initiatives described in Note 6, for the years ended December 31, 2025, 2024, and 2023, respectively, of which $3.9 million, $3.9 million and $1.5 million are included in Material Handling, $3.1 million, $1.4 million and $0.9 million are included in Distribution's results and $4.2 million, $2.3 million and $0.2 million are included in Corporate's results, for the years ended December 31, 2025, 2024, and 2023, respectively.