ESCO Technologies delivered a robust start to 2025, with across-the-board strength in all three segments (A&D, Utility Solutions Group, and Test). Revenue rose 13% year-over-year to $247.0 million, backlogged orders reached a fresh high of $907 million, and book-to-bill remained solid at 1.11x, underscoring durable demand. Management raised the full-year earnings outlook, increasing the low/high end of adjusted EPS guidance by $0.25 to a new range of $5.55–$5.75, while reaffirming sales growth guidance of 6–8% for 2025. The quarter featured meaningful margin expansion (adjusted EBIT margins up 250 bps) and a notable shift toward cash generation (operating cash flow of $34.2 million and free cash flow of $28.97 million), culminating in a leverage ratio (debt to EBITDA) of 0.4x and a strong balance sheet. Notable strategic developments include ongoing SMNP acquisition closing discussions and VACCO strategic review, with management signaling a clearer path forward by May. The year has started with positive momentum that, if sustained, supports a constructive investment thesis, supported by a diversified portfolio, strong order intake, and improving profitability across segments.