Income Taxes

9 Months Ended

Jan. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The effective income tax rates for the three- and nine-month periods ended January 31, 2025 was 16.0% and 21.9%, respectively, compared with 25.4% and 23.8% in the comparable periods in the prior fiscal year. The effective rates, except for the three-month period ended January 31, 2025, were higher than the 21.0% U.S. statutory rate for all periods presented primarily due to state income taxes. The effective rate for the three-month period ended January 31, 2025 was lower than the comparable prior year period primarily due to the benefit recognized from the purchase of third party federal renewable energy tax credits and higher research and experimentation tax credits.