Revenue in 3Q:25 increased 4.7% from a year earlier to $420 million, beating our $397.3 million forecast. But EPS missed our forecast, declining 1.7% to $2.34 versus our $2.51 estimate. Revenue in both segments beat our expectations, with the Vegetation Management segment nearing a bottom and continued strength in the Industrial Equipment segment, though growth here will likely slow. Tariffs and operating inefficiencies led to narrower margins and the earnings miss. The headwinds should diminish next year when we expect margins and earnings to rebound, albeit to a lesser degree than we previously expected. Alamo's balance sheet remains in strong shape. The company end 3Q:25 with a net cash position of $35 million, down from net debt of $84 million a year earlier. We lower our price target to $224, based on 18x our newly introduced 2027 EPS estimate of $12.46. Our previous $243 price target was based on 20x our previous 2026 EPS estimate of $12.16. The lower multiple reflects our reduced earnings growth forecast along with the longer time horizon of our estimates. We maintain our Moderate risk rating.