Good morning, thanks for joining. Fiscal 2026 (year ended March 31, 2026): record adjusted results despite a demand recession in electric-forklift and transportation markets. Sales an all-time high near $3.8B, up 4%. Adjusted operating earnings $540M including a $159M 45X credit; excluding it, a record $382M at 10.2% margin. A step back is never something to celebrate — reported net earnings fell ~19% to $293.6M, driven by a lower 45X credit ($158.6M vs $184.6M) and higher restructuring ($51M vs $14.4M). Free cash flow $468M. Cautiously optimistic.

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ENS / The year: records before the credit, a lower number after it

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/p/p-day-20260725-ens-src-ens-fy2026-results-rotation ↗

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2026-07-26T03:27:34.578Z