Revenue in 2Q:25 increased 0.7% from a year ago to $19.1 million, beating our $402.7 million forecast. EPS grew 9.5% to $2.57 missing our $2.74 due to elevated non-operating charges. The Industrial Equipment segment continued its strong run of growth and margin expansion. Revenue and operating income in the Vegetation Management segment declined; but further signs of an early turnaround were evident in the second quarter results. Alamo's balance sheet remains in strong shape, with net debt of just $11.3 million, down $164 million from a year ago. We maintain our Moderate risk rating and $252 price target, based on 20x our 2026 EPS estimate of $12.62 (from $12.58).