Oct 29, 2026 earnings call — Record quarter driven by equipment and aftermarket
Consolidated net sales were $656 million in Q3, up 18% year-over-year, with orders of $620 million and backlog of $967 million.
Revenue $0.7B (est $0.7B) · EPS $1.34 (est $1.32) · Next-quarter revenue outlook $0.7B–$0.7B
Key quotes
"For the quarter, aftermarket revenue increased 21% year-over-year, primarily driven by higher demand for aftermarket parts, higher used equipment sales, and rental income growth."
"Taking a step back, following the acquisitions of Hog, New Way, Mega, and Western Technology, Global marks our fifth acquisition completed within the last two years."
"Order intake was again strong with Q3 orders of $620 million, representing an increase of $153 million or 33% compared to last year."
Analyst Q&A 7
ESG orders and 2027 growth
Q (Tim Thein · Raymond James): Analyst asked for color on ESG order activity across contractor vs government customers and for thoughts on the organic growth construct going into 2027, especially pricing.
A: Both publicly funded and industrial orders were strong, with vacuum trucks, aftermarket, and specialty equipment up nicely and strength across Safe Digging trucks, sewer cleaners, metal extraction, and road marking. Management said they target low digit annual growth split 50/50 between M&A and organic, feel well positioned for another year of growth in 2027, and noted the discontinuance of the Labrie business must be factored into the organic growth math. They also said some expected truck deliveries for 2026 may slip into 2027, which affected their revised Q4 revenue outlook.
"As I talked about in the prepared remarks, we feel pretty good about the fundamentals of our end markets." — Jennifer Sherman (CEO)
Organic growth and cash flow
Q (Chris Moore · CJS): Analyst asked what the revenue guide implies for organic growth this year and whether the strong cash flow in 2026 can repeat in 2027.
A: The Q4 guide implies a range of $659 million to $689 million, which implies Q4 year-over-year growth of 10%-15%, with roughly half of that growth expected to be organic. During the quarter organic growth was about 5%-6% and management still expects high single-digit organic growth for the full year; they continue to target 100% cash conversion, noted an average closer to 105% over five years, and said this year's strong cash was helped by working capital improvements at New Way but they expect cash conversion north of 100%.
"I think the guide would imply, I think for Q4 particularly, the range is $659 million to $689 million." — Ian Hudson (CFO)
Drivers of ESG strength and service centers
Q (Ross Sparenblek · William Blair): Analyst asked if the strong seasonal quarter was macro-driven or from internal efforts, where visibility is best for 2027 product categories, and how far along they are building out service centers.
A: Management said both macro and internal efforts helped, but they were particularly encouraged by internal growth initiatives around the power of the platform and broad strength across sewer cleaners, mineral extraction, aftermarket, road marking, and hydros. They explained mid-single digit organic growth included about 3% price this quarter with the remainder from volumes and mix, ESG orders were up 43% with order-level gains in the high teens (largely from New Way), and service centers still have white space in Canada and some U.S. regions to support more direct sales as they add products.
"When we think about the mid-single digit organic growth, price was about 3% during the quarter." — Ian Hudson (CFO)
Refuse trends and capacity
Q (Jacob · KeyBanc): Analyst asked whether refuse (New Way) is seeing signs of recovery and for details on current capacity utilization and where more capacity is needed.
A: Management said New Way has tracked to their expectation that the industry would be down double digits this year, they are encouraged by order patterns and strategic progress, and they expect the industry to normalize in 2027 and then grow. On capacity, they acquired an "80,000 plus" manufacturing facility from Global to support vacuum trucks, have excess capacity from New Way, are building two warehouses on existing sites, and excluding the Global deal they are "running around mid-70," which they believe supports growth for 2027 and 2028.
"With all that being said, excluding the Global transaction, we are running around mid-70." — Jennifer Sherman (CEO)
Pricing, conquest customers, buybacks
Q (Walter Liptak · Seaport): Analyst asked how they are handling inflation and selling price increases in ESG, what they meant by "conquest customers," and how they plan to use remaining buyback authorization.
A: Management said their main input exposure is steel, which they lock on a six-month basis and factor into pricing; for the quarter pricing was about 3% to 3.5% and they were net price-cost positive and slightly margin accretive year-over-year. "Conquest" customers are newly won direct customers targeted with new, used, or rental packages and some ESG order growth came from those new customers; on buybacks management said they did about $5 million of buybacks in the quarter and that buybacks are opportunistic after priorities of organic growth, M&A, and dividends, with cash generation supporting the ability to execute.
"Overall, for the quarter, pricing was about 3%, 3.5%." — Ian Hudson (CFO)
Dump truck orders and New Way rollout
Q (Kyle Menges · Citi): Analyst asked why dump truck orders were down year-over-year and whether chassis/EPA uncertainty is a factor, and asked for an update on New Way product reception and timing to commercialize new products in Canada.
A: Management said dump truck orders were down year-over-year but up year-to-date, they have not seen material pre-buy activity, and there remains uncertainty around chassis regulations; the company is chassis agnostic and expects final regulations will give customers clarity. On New Way, they report strong early execution, are fast-tracking new product development, have demo-intensive products in a multi-quarter Canadian penetration strategy with early customer orders and good reception, but said it is too early to give a defined commercialization timeline.
"These are demo-intensive products, so we're in the middle of our multi-quarter Canadian penetration strategy." — Jennifer Sherman (CEO)
Where they are gaining share
Q (Gregory Burns · Sidoti & Company): Analyst asked where they have gained the most share year-to-date and where they see the biggest opportunities to gain share going forward.
A: Management said share gain has been broad-based across many businesses, with aftermarket especially strong as parts, rental, and used equipment were up meaningfully. They pointed to sewer cleaners, hydro (including multi-year opportunities from mega projects and data centers), metal extraction (including water trucks), and road marking (after aligning Hog, MRL, Blasters) as areas of momentum, and they said SSG has strong new product development and they expect Q4 to be up year-over-year.
"Aftermarkets had a particularly strong quarter with parts, rental, and used equipment all being up very meaningfully." — Jennifer Sherman (CEO)