What changed
EPS of $4.96 beat consensus by $0.12 (2.5%), driven by strong operational execution. Revenue of $1.235B topped estimates, with organic sales up 3.0% and gross margin expanding 90bps to 51.4%. The key nuance: operating margin before financial services dipped 20bps to 21.8%, but the gross margin improvement signals pricing and mix benefits that may be overlooked amid macro turbulence.