It's hard to tell what's going on but they far surpassed their targets so management compensation was way up .
"In addition to the share price improvement, the Company surpassed its financial and operational internal targets for the year which impacted short and long-term incentive compensation costs." BY $16 million dollars in the quarter / $38 million on the year.
Very little debt.
Providing some guidance on their future capital , on where they are investing money .
"
The Company expects to make sizeable organic investments during 2023 and 2024 to expand capacity within its Composite Systems and Automotive and Industrial segments. Capital expenditures for 2023 are anticipated to be between $160 - 180 million for the year. Approximately 40-45% of these anticipated expenditures are related to the Pipeline and Pipe Services segment, primarily customer funded growth activities to re-establish equipment and facilities in Altamira, Mexico during the first half of 2023 in support of the SGP project. The remaining 55-60% of 2023 capital expenditures are anticipated to be made in the Composite Systems and Automotive and Industrial segments, with such planned investments to be deployed into high-return growth opportunities, including the construction of new and modernization of existing production facilities in North America. In aggregate, if completed, these planned growth capital investments are expected to result in the Company creating at least $150 million per year of incremental revenue generating capacity with comparable margins to those realized in its Composite Systems and Automotive and Industrial segments, which the Company expects to realize over a 3 - 5 year period following the completion of these capital investments as such facilities reach efficient utilization levels on their currently expected timelines."
"The strategic review process for the Pipeline and Pipe Services segment is ongoing and is progressing as expected. As material new developments occur, the Company will provide further information as necessary. The Company currently allocates a portion of its corporate costs (approximately $8 million per year) to the Pipeline and Pipe Services segment. In the event of a sale as part of the strategic review, these costs would be absorbed by the remaining businesses for a period of time, driven in part by potential transitional service agreement obligations. Over time, these costs are expected to decrease."
I think they are providing data with the two comments above . for analysts to do some modelling of the company post divesture.
Next two quarters are expected to be flat and the second half improves.