{"success":true,"data":{"pressRelease":{"id":"25650","rtpr_id":"nACSsCKPxa","ticker":"LOAR","exchange":"NYSE","all_tickers":["LOAR"],"title":"Loar Holdings Inc. Reports Q1 2026 Record Results and Upward Revision to 2026 Outlook","author":"ACCESSWIRE","published_at":"2026-05-07T12:30:00.601Z","article_body":"WHITE PLAINS, NY / ACCESS Newswire (https://www.accessnewswire.com/) / May 7,\n2026 / Loar Holdings Inc. (NYSE:LOAR) (the \"Company,\" \"Loar,\" \"we,\" \"us\" and\n\"our\"), reported record results for the first quarter of 2026.\n\nFirst Quarter 2026\n*\nNet sales of $156.1 million, up 36.1% compared to the prior year's quarter.\n*\nNet income of $11.1 million, compared to $15.3 million for the prior year's\nquarter, primarily resulting from higher interest, higher non-cash\namortization of acquired intangible assets, and the non-recurring non-cash\nrecognition of inventory step-up related to the LMB and Harper Engineering\nacquisitions.\n*\nDiluted earnings per share of $0.12 compared to $0.16 for the prior year's\nquarter, primarily resulting from higher interest, higher amortization of\nacquired intangible assets, and the non-recurring non-cash recognition of\ninventory step-up related to the LMB and Harper Engineering acquisitions.\n*\nAdjusted EBITDA of $63.2 million, up 46.6% compared to the prior year's\nquarter.\n*\nNet income margin of 7.1% compared to 13.4% for the prior year's quarter.\n*\nAdjusted EBITDA Margin for the quarter improved to 40.5% compared to 37.6% for\nthe prior year's quarter.\n*\nAdjusted Earnings Per Share((1)) of $0.34, up 21.4% compared to $0.28 for the\nprior year's quarter.\n\n\"Loar had a strong start to the year with net sales, Adjusted EBITDA and\nAdjusted EBITDA Margin achieving record highs. As a result of these first\nquarter results, with further evaluation of orders to date, and considering\nthe proprietary content of our portfolio, we have increased our guidance for\n2026,\" said Dirkson Charles, Loar Holdings Chief Executive Officer and\nExecutive Co-Chairman of the Board of Directors. \"In addition, we have made\ncontinued advancement in new product development and qualification, adding to\nour confidence that we are well positioned to meet our higher guidance for\n2026,\" continued Mr. Charles.\n\nLoar reported net sales for the quarter of $156.1 million, an increase of\n$41.4 million or 36.1% over the prior year's quarter. Organically((2)) net\nsales increased 11.4% or $13.0 million, to $127.7 million.\n\nNet income for the quarter was $11.1 million, a decrease of $4.2 million\ncompared to the prior year's quarter. The decrease in net income for the\nquarter was primarily driven by higher interest expense, higher amortization\nof acquired intangible assets, and recognition of inventory step-up related to\nthe LMB and Harper Engineering acquisitions, partially offset by a lower tax\nprovision.\n\nAdjusted EBITDA for the quarter was $63.2 million, an increase of 46.6% or\n$20.1 million compared to the prior year's quarter. Adjusted EBITDA Margin was\n40.5%, compared to 37.6% in the first quarter of the prior year. The increase\nin Adjusted EBITDA Margin was due to the execution of our strategic value\ndrivers and the accretive impact of increased sales.\n\n(1) The calculation of Adjusted Earnings Per Share has been updated for the\ncurrent and prior year's quarter to reflect an adjustment for amortization of\nacquired intangible assets. We believe this adjustment provides a more\nconsistent view of our earnings.\n(2) Net organic sales represent net sales from our existing businesses for\ncomparable periods and exclude net sales from acquisitions. We include net\nsales from new acquisitions in net organic sales from the 13th month after the\nacquisition on a comparative basis with the prior period.\n\nFull Year 2026 Outlook - Revised\n\n\"Our strong bookings and backlog indicate continued strength in demand\nthroughout the balance of the year, and we have adjusted our guidance\naccordingly,\" said Glenn D'Alessandro, Treasurer and Chief Financial Officer.\n\"Additionally, we revised our calculation of Adjusted Earnings Per Share to\nexclude the non-cash amortization of acquired intangibles. As an acquisitive\ncompany, we believe this adjustment provides a more consistent view of our\nearnings. Please refer to the reconciliation tables for additional\ninformation.\"\n*\nNet sales - between $645 million and $655 million, up from between $640\nmillion and $650 million.\n*\nNet income - between $53 million and $57 million, down from between $59\nmillion and $63 million.\n*\nAdjusted EBITDA - between $257 million and $262 million, up from between $253\nmillion and $258 million.\n*\nAdjusted EBITDA Margin - approximately 40%.\n*\nDiluted Earnings per share - between $0.54 and $0.59, down from between $0.60\nand $0.65.\n*\nNet income margin - approximately 8%, down from approximately 9%\n*\nAdjusted Earnings Per Share((3)) - between $1.26 and $1.30 up from between\n$1.21 and $1.25.\n*\nInterest expense - approximately $80 million.\n*\nDepreciation expense, approximately $15 million.\n*\nAmortization expense, approximately $65 million.\n*\nMarket Assumptions - Full year outlook is based on the following assumptions:\n*\nCommercial, Business Jet, and General Aviation OEM growth of low-double\ndigits.\n*\nCommercial, Business Jet, and General Aviation aftermarket growth of\nlow-double digits.\n*\nDefense growth of mid-single digits.\n\nAdjusted EBITDA, Adjusted Earnings Per Share and Adjusted EBITDA Margin are\nnon-GAAP financial measures provided in the \"Full Year 2026 Outlook - Revised\"\nsection on a forward-looking basis. The Company does not provide a\nreconciliation of such forward-looking measures to the most directly\ncomparable financial measures calculated and presented in accordance with GAAP\nbecause to do so would be potentially misleading and not practical given the\ndifficulty of projecting event-driven transactional and other non-core\noperating items in any future period. The magnitude of these items, however,\nmay be significant.\n\n(3) The calculation of Adjusted Earnings Per Share has been updated in the\ncurrent and prior outlook to reflect an adjustment for amortization of\nacquired intangible assets. We believe this adjustment provides a more\nconsistent view of our earnings.\n\nEarnings Conference Call\n\nA conference call will be held at 10:30 a.m., Eastern Time on May 7, 2026. To\nparticipate in the call telephonically please dial +1 877-407-0670 / +1\n215-268-9902. International participants can find a list of toll-free numbers\nhere (https://pr.report/lcjz). A live audio webcast will also be available at\nthe following link (https://pr.report/lck0) as well as through the Investor\nsection of Loar Holdings website; https://ir.loargroup.com.\n\nThe webcast will be archived and available for replay later in the day.\n\nAbout Loar Holdings Inc.\n\nLoar Holdings Inc. is a diversified manufacturer and supplier of niche\naerospace and defense components that are essential for today's aircraft and\naerospace and defense systems. Loar has established relationships across\nleading aerospace and defense original equipment manufacturers and Tier Ones\nworldwide.\n\nNon-GAAP Supplemental Information\n\nWe present in this press release certain financial information based on our\nEBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and\nAdjusted Earnings Per Share. References to \"EBITDA\" mean earnings before\ninterest, taxes, depreciation and amortization, references to \"Adjusted\nEBITDA\" mean EBITDA plus, as applicable for each relevant period, certain\nadjustments as set forth in the reconciliations of net income to EBITDA and\nAdjusted EBITDA, and references to \"Adjusted EBITDA Margin\" refer to Adjusted\nEBITDA divided by net sales. References to \"Adjusted Net Income\" mean net\nincome plus certain adjustments as set forth in the reconciliations below to\nderive Adjusted EBITDA from EBITDA and the amortization of acquired intangible\nassets, less the tax effect of these adjustments. References to \"Adjusted\nEarnings Per Share\" mean Adjusted Net Income divided by weighted average\ncommon shares outstanding-diluted. EBITDA, Adjusted EBITDA, Adjusted EBITDA\nMargin, Adjusted Net Income and Adjusted Earnings Per Share are not\nmeasurements of financial performance under U.S. GAAP. We present EBITDA,\nAdjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Adjusted\nEarnings Per Share because we believe they are useful indicators for\nevaluating operating performance. In addition, our management uses Adjusted\nEBITDA to review and assess the performance of the management team in\nconnection with employee incentive programs and to prepare its annual budget\nand financial projections. Moreover, our management uses Adjusted EBITDA of\ntarget companies to evaluate acquisitions.\n\nAlthough we use EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net\nIncome and Adjusted Earnings Per Share as measures to assess the performance\nof our business and for the other purposes set forth above, the use of\nnon-GAAP financial measures as analytical tools has limitations, and you\nshould not consider any of them in isolation, or as a substitute for analysis\nof our results of operations as reported in accordance with U.S. GAAP. Some of\nthese limitations are:\n*\nEBITDA, Adjusted EBITDA and Adjusted EBITDA Margin do not reflect the\nsignificant interest expense, or the cash requirements necessary to service\ninterest payments on our indebtedness.\n*\nAlthough depreciation and amortization are non-cash charges, the assets being\ndepreciated and amortized will often have to be replaced in the future, and\nthe cash requirements for such replacements are not reflected in EBITDA,\nAdjusted EBITDA and Adjusted EBITDA Margin.\n*\nEBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and\nAdjusted Earnings Per Share exclude the cash expense we have incurred to\nintegrate acquired businesses into our operations, which is a necessary\nelement of certain of our acquisitions.\n*\nThe omission of the substantial amortization expense associated with our\nintangible assets further limits the usefulness of EBITDA, Adjusted EBITDA,\nAdjusted EBITDA Margin, Adjusted Net Income and Adjusted Earnings Per Share.\n*\nEBITDA, Adjusted EBITDA and Adjusted EBITDA Margin do not include the payment\nof taxes, which is a necessary element of our operations.\n\nBecause of these limitations, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin,\nAdjusted Net Income and Adjusted Earnings Per Share should not be considered\nas measures of cash available to us to invest in the growth of our business.\nManagement compensates for these limitations by not viewing EBITDA, Adjusted\nEBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Adjusted Earnings Per\nShare in isolation and specifically by using other U.S. GAAP measures, such as\nnet sales and operating profit, to measure our operating performance. EBITDA,\nAdjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Adjusted\nEarnings Per Share are not measurements of financial performance under U.S.\nGAAP, and they should not be considered as alternatives to net income or cash\nflow from operations determined in accordance with U.S. GAAP. Our calculations\nof EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and\nAdjusted Earnings Per Share may not be comparable to the calculations of\nsimilarly titled measures reported by other companies.\n\nFuture Looking Statements\n\nThis press release includes express or implied forward-looking statements.\nForward-looking statements include all statements that are not historical\nfacts, including those that reflect our current views with respect to, among\nother things, our operations and financial performance. The words\n\"anticipate,\" \"assume,\" \"believe,\" \"continue,\" \"could,\" \"estimate,\" \"expect,\"\n\"intend,\" \"may,\" \"plan,\" \"potential,\" \"predict,\" \"project,\" \"future,\" \"will,\"\n\"seek,\" \"foreseeable,\" the negative version of these words or similar terms\nand phrases may identify forward-looking statements in this press release, but\nthe absence of these words does not mean that a statement is not\nforward-looking.\n\nThe forward-looking statements contained in this press release, including, but\nnot limited to, the statements under the heading \"Full Year 2026 Outlook -\nRevised\" are based on management's current expectations and are not guarantees\nof future performance. Our expectations and beliefs are expressed in\nmanagement's good faith, and we believe there is a reasonable basis for them,\nhowever, the forward-looking statements are subject to various known and\nunknown risks, uncertainties, assumptions, or changes in circumstances that\nare difficult to predict or quantify. Actual results may differ materially\nfrom these expectations due to changes in global, regional, or local economic,\nbusiness, competitive, market, regulatory, and other factors, many of which\nare beyond our control. We believe that these factors include but are not\nlimited to the following: the almost exclusive focus of our business on the\naerospace and defense industry; our heavy reliance on certain customers for a\nsignificant portion of our sales; the fact that we have in the past\nconsummated acquisitions and our intention to continue to pursue acquisitions,\nand that our business may be adversely affected if we cannot consummate\nacquisitions on satisfactory terms, or if we cannot effectively integrate\nacquired operations; and the other risks and uncertainties described in Part\nI, Item 1A of the Annual Report on Form 10-K for the year ended December 31,\n2025 filed with the Securities and Exchange Commission (\"SEC\"), and other\nperiodic reports filed by the Company from time to time with the SEC.\n\nThese factors should not be construed as exhaustive and should be read in\nconjunction with the other cautionary statements that are included in this\npress release. Should one or more of these risks or uncertainties materialize,\nor should any of our assumptions prove incorrect, our actual results may vary\nin material respects from those projected in the forward-looking statements.\nAny forward-looking statement made by us in this press release speaks only as\nof the date of this press release and is expressly qualified in its entirety\nby the cautionary statements included in this press release. Factors or events\nthat could cause our actual results to differ may emerge from time to time,\nand it is not possible for us to predict all of them. We may not actually\nachieve the plans, intentions or expectations disclosed in our forward-looking\nstatements and you should not place undue reliance on our forward-looking\nstatements. Our forward-looking statements do not reflect the potential impact\nof any future acquisitions, mergers, dispositions, joint ventures,\ninvestments, or other strategic transactions we may make. We undertake no\nobligation to publicly update or review any forward-looking statement, whether\nas a result of new information, future developments or otherwise, except as\nmay be required by any applicable law.\n\nContact\n\nIan McKillop\nLoar Holdings Inc. Investor Relations\nIR@loargroup.com\n\nLoar Holdings Inc.\n\nTable 1: Condensed Consolidated Balance Sheets\n\n(Unaudited, amounts in thousands except share amounts\n\n March 31, 2026 December 31, 2025 \n Assets \n Current assets: \n Cash and cash equivalents $ 94,882 $ 84,827 \n Accounts receivable, net 100,687 88,026 \n Inventories 122,557 109,036 \n Other current assets 11,556 11,123 \n Income taxes receivable 5,405 5,486 \n Total current assets 335,087 298,498 \n Property, plant and equipment, net 88,473 82,536 \n Finance lease assets 1,825 1,894 \n Operating lease assets 6,877 6,229 \n Other long-term assets 27,347 25,935 \n Intangible assets, net 757,592 606,406 \n Goodwill 1,081,154 1,008,377 \n Total assets $ 2,298,355 $ 2,029,875 \n \n Liabilities and stockholders' equity \n Current liabilities: \n Accounts payable $ 23,885 $ 18,606 \n Current portion of long-term debt, net 6,720 4,362 \n Current portion of finance lease liabilities 288 279 \n Current portion of operating lease liabilities 1,370 818 \n Income taxes payable 2,533 3,022 \n Accrued expenses and other current liabilities 38,684 36,419 \n Total current liabilities 73,480 63,506 \n Deferred income taxes 74,469 68,377 \n Long-term debt, net 943,346 711,338 \n Finance lease liabilities 2,813 2,891 \n Operating lease liabilities 5,746 5,605 \n Other long-term liabilities 18,593 3,405 \n Total liabilities 1,118,447 855,122 \n \n Commitments and contingencies \n \n Stockholders' equity: \n Preferred stock, $0.01 par value, 1,000,000 shares authorized, and no shares issued or outstanding - - \n Common stock, $0.01 par value, 485,000,000 shares authorized; 93,624,471 and 93,622,471 issued and outstanding at March 31, 2026 and December 31, 2025, respectively 936 936 \n Additional paid-in capital 1,129,463 1,125,015 \n Retained earnings 62,729 51,586 \n Accumulated other comprehensive loss (13,220 ) (2,784 ) \n Total stockholders' equity 1,179,908 1,174,753 \n Total liabilities and stockholders' equity $ 2,298,355 $ 2,029,875 \n\nLoar Holdings Inc.\n\nTable 2: Condensed Consolidated Statements of Income\n\n(Unaudited, amounts in thousands except per common share amounts)\n\n Three Months Ended March 31, \n 2026 2025 \n Net sales $ 156,088 $ 114,659 \n Cost of sales 76,847 54,953 \n Gross profit 79,241 59,706 \n Selling, general and administrative expenses 44,485 33,102 \n Transaction expenses 1,239 460 \n Operating income 33,517 26,144 \n Interest expense, net 18,710 6,459 \n Income before income taxes 14,807 19,685 \n Income tax provision (3,664 ) (4,369 ) \n Net income $ 11,143 $ 15,316 \n Net income per common share: \n Basic $ 0.12 $ 0.16 \n Diluted $ 0.12 $ 0.16 \n Weighted average common shares outstanding: \n Basic 93,623 93,556 \n Diluted 95,651 95,771 \n\nLoar Holdings Inc.\n\nTable 3: Condensed Consolidated Statements of Cash Flows\n\n(Unaudited, amounts in thousands)\n\n Three Months Ended March 31, \n 2026 2025 \n Operating activities \n Net income $ 11,143 $ 15,316 \n Adjustments to reconcile net income to net cash provided by operating activities: \n Depreciation 3,252 2,899 \n Amortization of intangible and other long-term assets 15,690 9,560 \n Amortization of debt issuance costs 915 231 \n Recognition of inventory step-up 4,916 - \n Stock-based compensation 4,392 3,089 \n Deferred income taxes 943 669 \n Non-cash lease expense 311 173 \n Changes in assets and liabilities, net of acquisitions: \n Accounts receivable (7,370 ) (7,099 ) \n Inventories (6,146 ) (3,534 ) \n Other assets (1,868 ) (1,304 ) \n Accounts payable 5,253 1,930 \n Income taxes (receivable) payable (23 ) 3,561 \n Accrued expenses and other current liabilities (234 ) 3,032 \n Operating lease liabilities (259 ) (163 ) \n Net cash provided by operating activities 30,915 28,360 \n \n Investing activities \n Capital expenditures (4,108 ) (1,847 ) \n Payment for acquisitions, net of cash acquired (249,868 ) - \n Net cash used in investing activities (253,976 ) (1,847 ) \n \n Financing activities \n Net proceeds from issuance of common stock 56 - \n Proceeds from issuance of long-term debt 240,000 - \n Payments of long-term debt (1,713 ) - \n Financing costs (4,800 ) - \n Payments of finance lease liabilities (69 ) (55 ) \n Net cash provided by (used in) financing activities 233,474 (55 ) \n \n Effect of translation adjustments on cash and cash equivalents (358 ) (26 ) \n Net increase in cash, cash equivalents and restricted cash 10,055 26,432 \n \n Cash, cash equivalents and restricted cash, beginning of period 84,827 54,066 \n Cash, cash equivalents and restricted cash, end of period $ 94,882 $ 80,498 \n \n Supplemental information \n Interest paid during the period, net of capitalized amounts $ 18,944 $ 6,476 \n Income taxes paid during the period, net $ 2,634 $ 375 \n\nLoar Holdings Inc.\n\nTable 4: Reconciliation of Net income to EBITDA and Adjusted EBITDA\n\n(Unaudited, amounts in thousands)\n\n Three Months Ended March 31, \n 2026 2025 \n Net income $ 11,143 $ 15,316 \n Adjustments: \n Interest expense, net 18,710 6,459 \n Income tax provision 3,664 4,369 \n Operating income 33,517 26,144 \n Depreciation 3,252 2,899 \n Amortization 15,690 9,560 \n EBITDA 52,459 38,603 \n Adjustments: \n Recognition of inventory step-up ((1)) 4,916 - \n Transaction expenses ((2)) 1,239 460 \n Stock-based compensation ((3)) 4,392 3,089 \n Acquisition and facility integration costs ((4)) 213 981 \n Adjusted EBITDA $ 63,219 $ 43,133 \n Net sales $ 156,088 $ 114,659 \n Net income margin 7.1 % 13.4 % \n Adjusted EBITDA Margin 40.5 % 37.6 % \n1.\nRepresents accounting adjustments to inventory associated with acquisitions of\nbusinesses that were charged to cost of sales when inventory was sold.\n2.\nRepresents third party transaction-related costs for acquisitions comprising\ndeal fees, legal, financial and tax due diligence expenses, and valuation\ncosts that are required to be expensed as incurred.\n3.\nRepresents the non-cash compensation expense recognized by the Company for\nequity awards.\n4.\nRepresents costs incurred to integrate acquired businesses and product lines\ninto our operations, facility relocation costs and other acquisition-related\ncosts.\n\nLoar Holdings Inc.\n\nTable 5: Sales by End-Market\n\n(Unaudited, amounts in thousands)\n\n Three Months Ended March 31, \n 2026 2025 \n Commercial Net Sales \n Commercial aerospace OEM $ 31,521 $ 16,064 \n Commercial aerospace aftermarket 43,515 32,403 \n Total commercial aerospace 75,036 48,467 \n \n Business jet & general aviation OEM 19,633 19,423 \n Business jet & general aviation aftermarket 11,066 11,435 \n Total business jet & general aviation 30,699 30,858 \n \n Total commercial OEM 51,154 35,487 \n Total commercial aftermarket 54,581 43,838 \n Total commercial 105,735 79,325 \n \n Defense Net Sales \n Total defense OEM 23,042 11,726 \n Total defense aftermarket 17,607 17,056 \n Total defense 40,649 28,782 \n \n Other Net Sales \n Total other OEM 4,768 2,866 \n Total other aftermarket 4,936 3,686 \n Total other 9,704 6,552 \n Net Sales $ 156,088 $ 114,659 \n\nLoar Holdings Inc.\n\nTable 6: Reconciliations of Earnings Per Share to Adjusted Earnings Per Share\nand Net Income to Adjusted Net Income\n\n(Unaudited, amounts in thousands except per share amounts)\n\n Three Months Ended March 31, \n 2026 2025 \n Reported earnings per share \n Net income $ 11,143 $ 15,316 \n Denominator for basic and diluted earnings per common share: \n Weighted-average common shares outstanding-basic 93,623 93,556 \n Effect of dilutive common shares 2,028 2,215 \n Weighted average common shares outstanding-diluted 95,651 95,771 \n Net income per common shares-basic $ 0.12 $ 0.16 \n Net income per common shares-diluted $ 0.12 $ 0.16 \n \n Adjusted Earnings Per Share \n Net income $ 11,143 $ 15,316 \n Gross adjustments to EBITDA 10,760 4,530 \n Amortization of acquired intangible assets ((1)) 15,690 9,560 \n Tax adjustment ((2)) (5,334 ) (2,455 ) \n Adjusted Net Income $ 32,259 $ 26,951 \n Adjusted Earnings Per Share-diluted $ 0.34 $ 0.28 \n \n Diluted earnings per share to Adjusted Earnings Per Share \n Net income per common share-diluted $ 0.12 $ 0.16 \n Adjustments to diluted earnings per share: \n Recognition of inventory step-up 0.05 - \n Transaction expenses 0.01 0.01 \n Stock-based compensation 0.05 0.03 \n Acquisition and facility integration costs - 0.01 \n Gross adjustments to EBITDA 0.11 0.05 \n Amortization of acquired intangible assets ((1)) 0.16 0.10 \n Tax adjustment ((2)) (0.05 ) (0.03 ) \n Adjusted Earnings Per Share-diluted $ 0.34 $ 0.28 \n1.\nThe calculation of Adjusted Earnings Per Share has been updated for the\ncurrent and prior year's quarter to reflect an adjustment for amortization of\nacquired intangible assets. We believe this adjustment provides a more\nconsistent view of our earnings.\n2.\nThe tax adjustment represents the tax effect of the adjustments at the\napplicable effective tax rate. To determine the applicable effective tax rate,\ntransaction expenses and stock-based compensation are excluded from Adjusted\nNet Income and therefore we have excluded the impact those items have on the\neffective tax rate.\n\nSOURCE: Loar Group Inc.\nView the original press release\n(https://www.accessnewswire.com/newsroom/en/aerospace-and-defense/loar-holdings-inc.-reports-q1-2026-record-results-and-upward-revision-to-2026-1164712)\non ACCESS Newswire\n\n\nCopyright 2026 ACCESS Newswire. All Rights Reserved.","article_body_html":"","raw_payload":{"data":{"id":"nACSsCKPxa","title":"Loar Holdings Inc. Reports Q1 2026 Record Results and Upward Revision to 2026 Outlook","author":"ACCESSWIRE","ticker":"LOAR","created":"2026-05-07T12:30:00.601Z","tickers":["LOAR"],"exchange":"NYSE","article_body":"WHITE PLAINS, NY / ACCESS Newswire (https://www.accessnewswire.com/) / May 7,\n2026 / Loar Holdings Inc. (NYSE:LOAR) (the \"Company,\" \"Loar,\" \"we,\" \"us\" and\n\"our\"), reported record results for the first quarter of 2026.\n\nFirst Quarter 2026\n*\nNet sales of $156.1 million, up 36.1% compared to the prior year's quarter.\n*\nNet income of $11.1 million, compared to $15.3 million for the prior year's\nquarter, primarily resulting from higher interest, higher non-cash\namortization of acquired intangible assets, and the non-recurring non-cash\nrecognition of inventory step-up related to the LMB and Harper Engineering\nacquisitions.\n*\nDiluted earnings per share of $0.12 compared to $0.16 for the prior year's\nquarter, primarily resulting from higher interest, higher amortization of\nacquired intangible assets, and the non-recurring non-cash recognition of\ninventory step-up related to the LMB and Harper Engineering acquisitions.\n*\nAdjusted EBITDA of $63.2 million, up 46.6% compared to the prior year's\nquarter.\n*\nNet income margin of 7.1% compared to 13.4% for the prior year's quarter.\n*\nAdjusted EBITDA Margin for the quarter improved to 40.5% compared to 37.6% for\nthe prior year's quarter.\n*\nAdjusted Earnings Per Share((1)) of $0.34, up 21.4% compared to $0.28 for the\nprior year's quarter.\n\n\"Loar had a strong start to the year with net sales, Adjusted EBITDA and\nAdjusted EBITDA Margin achieving record highs. As a result of these first\nquarter results, with further evaluation of orders to date, and considering\nthe proprietary content of our portfolio, we have increased our guidance for\n2026,\" said Dirkson Charles, Loar Holdings Chief Executive Officer and\nExecutive Co-Chairman of the Board of Directors. \"In addition, we have made\ncontinued advancement in new product development and qualification, adding to\nour confidence that we are well positioned to meet our higher guidance for\n2026,\" continued Mr. Charles.\n\nLoar reported net sales for the quarter of $156.1 million, an increase of\n$41.4 million or 36.1% over the prior year's quarter. Organically((2)) net\nsales increased 11.4% or $13.0 million, to $127.7 million.\n\nNet income for the quarter was $11.1 million, a decrease of $4.2 million\ncompared to the prior year's quarter. The decrease in net income for the\nquarter was primarily driven by higher interest expense, higher amortization\nof acquired intangible assets, and recognition of inventory step-up related to\nthe LMB and Harper Engineering acquisitions, partially offset by a lower tax\nprovision.\n\nAdjusted EBITDA for the quarter was $63.2 million, an increase of 46.6% or\n$20.1 million compared to the prior year's quarter. Adjusted EBITDA Margin was\n40.5%, compared to 37.6% in the first quarter of the prior year. The increase\nin Adjusted EBITDA Margin was due to the execution of our strategic value\ndrivers and the accretive impact of increased sales.\n\n(1) The calculation of Adjusted Earnings Per Share has been updated for the\ncurrent and prior year's quarter to reflect an adjustment for amortization of\nacquired intangible assets. We believe this adjustment provides a more\nconsistent view of our earnings.\n(2) Net organic sales represent net sales from our existing businesses for\ncomparable periods and exclude net sales from acquisitions. We include net\nsales from new acquisitions in net organic sales from the 13th month after the\nacquisition on a comparative basis with the prior period.\n\nFull Year 2026 Outlook - Revised\n\n\"Our strong bookings and backlog indicate continued strength in demand\nthroughout the balance of the year, and we have adjusted our guidance\naccordingly,\" said Glenn D'Alessandro, Treasurer and Chief Financial Officer.\n\"Additionally, we revised our calculation of Adjusted Earnings Per Share to\nexclude the non-cash amortization of acquired intangibles. As an acquisitive\ncompany, we believe this adjustment provides a more consistent view of our\nearnings. Please refer to the reconciliation tables for additional\ninformation.\"\n*\nNet sales - between $645 million and $655 million, up from between $640\nmillion and $650 million.\n*\nNet income - between $53 million and $57 million, down from between $59\nmillion and $63 million.\n*\nAdjusted EBITDA - between $257 million and $262 million, up from between $253\nmillion and $258 million.\n*\nAdjusted EBITDA Margin - approximately 40%.\n*\nDiluted Earnings per share - between $0.54 and $0.59, down from between $0.60\nand $0.65.\n*\nNet income margin - approximately 8%, down from approximately 9%\n*\nAdjusted Earnings Per Share((3)) - between $1.26 and $1.30 up from between\n$1.21 and $1.25.\n*\nInterest expense - approximately $80 million.\n*\nDepreciation expense, approximately $15 million.\n*\nAmortization expense, approximately $65 million.\n*\nMarket Assumptions - Full year outlook is based on the following assumptions:\n*\nCommercial, Business Jet, and General Aviation OEM growth of low-double\ndigits.\n*\nCommercial, Business Jet, and General Aviation aftermarket growth of\nlow-double digits.\n*\nDefense growth of mid-single digits.\n\nAdjusted EBITDA, Adjusted Earnings Per Share and Adjusted EBITDA Margin are\nnon-GAAP financial measures provided in the \"Full Year 2026 Outlook - Revised\"\nsection on a forward-looking basis. The Company does not provide a\nreconciliation of such forward-looking measures to the most directly\ncomparable financial measures calculated and presented in accordance with GAAP\nbecause to do so would be potentially misleading and not practical given the\ndifficulty of projecting event-driven transactional and other non-core\noperating items in any future period. The magnitude of these items, however,\nmay be significant.\n\n(3) The calculation of Adjusted Earnings Per Share has been updated in the\ncurrent and prior outlook to reflect an adjustment for amortization of\nacquired intangible assets. We believe this adjustment provides a more\nconsistent view of our earnings.\n\nEarnings Conference Call\n\nA conference call will be held at 10:30 a.m., Eastern Time on May 7, 2026. To\nparticipate in the call telephonically please dial +1 877-407-0670 / +1\n215-268-9902. International participants can find a list of toll-free numbers\nhere (https://pr.report/lcjz). A live audio webcast will also be available at\nthe following link (https://pr.report/lck0) as well as through the Investor\nsection of Loar Holdings website; https://ir.loargroup.com.\n\nThe webcast will be archived and available for replay later in the day.\n\nAbout Loar Holdings Inc.\n\nLoar Holdings Inc. is a diversified manufacturer and supplier of niche\naerospace and defense components that are essential for today's aircraft and\naerospace and defense systems. Loar has established relationships across\nleading aerospace and defense original equipment manufacturers and Tier Ones\nworldwide.\n\nNon-GAAP Supplemental Information\n\nWe present in this press release certain financial information based on our\nEBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and\nAdjusted Earnings Per Share. References to \"EBITDA\" mean earnings before\ninterest, taxes, depreciation and amortization, references to \"Adjusted\nEBITDA\" mean EBITDA plus, as applicable for each relevant period, certain\nadjustments as set forth in the reconciliations of net income to EBITDA and\nAdjusted EBITDA, and references to \"Adjusted EBITDA Margin\" refer to Adjusted\nEBITDA divided by net sales. References to \"Adjusted Net Income\" mean net\nincome plus certain adjustments as set forth in the reconciliations below to\nderive Adjusted EBITDA from EBITDA and the amortization of acquired intangible\nassets, less the tax effect of these adjustments. References to \"Adjusted\nEarnings Per Share\" mean Adjusted Net Income divided by weighted average\ncommon shares outstanding-diluted. EBITDA, Adjusted EBITDA, Adjusted EBITDA\nMargin, Adjusted Net Income and Adjusted Earnings Per Share are not\nmeasurements of financial performance under U.S. GAAP. We present EBITDA,\nAdjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Adjusted\nEarnings Per Share because we believe they are useful indicators for\nevaluating operating performance. In addition, our management uses Adjusted\nEBITDA to review and assess the performance of the management team in\nconnection with employee incentive programs and to prepare its annual budget\nand financial projections. Moreover, our management uses Adjusted EBITDA of\ntarget companies to evaluate acquisitions.\n\nAlthough we use EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net\nIncome and Adjusted Earnings Per Share as measures to assess the performance\nof our business and for the other purposes set forth above, the use of\nnon-GAAP financial measures as analytical tools has limitations, and you\nshould not consider any of them in isolation, or as a substitute for analysis\nof our results of operations as reported in accordance with U.S. GAAP. Some of\nthese limitations are:\n*\nEBITDA, Adjusted EBITDA and Adjusted EBITDA Margin do not reflect the\nsignificant interest expense, or the cash requirements necessary to service\ninterest payments on our indebtedness.\n*\nAlthough depreciation and amortization are non-cash charges, the assets being\ndepreciated and amortized will often have to be replaced in the future, and\nthe cash requirements for such replacements are not reflected in EBITDA,\nAdjusted EBITDA and Adjusted EBITDA Margin.\n*\nEBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and\nAdjusted Earnings Per Share exclude the cash expense we have incurred to\nintegrate acquired businesses into our operations, which is a necessary\nelement of certain of our acquisitions.\n*\nThe omission of the substantial amortization expense associated with our\nintangible assets further limits the usefulness of EBITDA, Adjusted EBITDA,\nAdjusted EBITDA Margin, Adjusted Net Income and Adjusted Earnings Per Share.\n*\nEBITDA, Adjusted EBITDA and Adjusted EBITDA Margin do not include the payment\nof taxes, which is a necessary element of our operations.\n\nBecause of these limitations, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin,\nAdjusted Net Income and Adjusted Earnings Per Share should not be considered\nas measures of cash available to us to invest in the growth of our business.\nManagement compensates for these limitations by not viewing EBITDA, Adjusted\nEBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Adjusted Earnings Per\nShare in isolation and specifically by using other U.S. GAAP measures, such as\nnet sales and operating profit, to measure our operating performance. EBITDA,\nAdjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Adjusted\nEarnings Per Share are not measurements of financial performance under U.S.\nGAAP, and they should not be considered as alternatives to net income or cash\nflow from operations determined in accordance with U.S. GAAP. Our calculations\nof EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and\nAdjusted Earnings Per Share may not be comparable to the calculations of\nsimilarly titled measures reported by other companies.\n\nFuture Looking Statements\n\nThis press release includes express or implied forward-looking statements.\nForward-looking statements include all statements that are not historical\nfacts, including those that reflect our current views with respect to, among\nother things, our operations and financial performance. The words\n\"anticipate,\" \"assume,\" \"believe,\" \"continue,\" \"could,\" \"estimate,\" \"expect,\"\n\"intend,\" \"may,\" \"plan,\" \"potential,\" \"predict,\" \"project,\" \"future,\" \"will,\"\n\"seek,\" \"foreseeable,\" the negative version of these words or similar terms\nand phrases may identify forward-looking statements in this press release, but\nthe absence of these words does not mean that a statement is not\nforward-looking.\n\nThe forward-looking statements contained in this press release, including, but\nnot limited to, the statements under the heading \"Full Year 2026 Outlook -\nRevised\" are based on management's current expectations and are not guarantees\nof future performance. Our expectations and beliefs are expressed in\nmanagement's good faith, and we believe there is a reasonable basis for them,\nhowever, the forward-looking statements are subject to various known and\nunknown risks, uncertainties, assumptions, or changes in circumstances that\nare difficult to predict or quantify. Actual results may differ materially\nfrom these expectations due to changes in global, regional, or local economic,\nbusiness, competitive, market, regulatory, and other factors, many of which\nare beyond our control. We believe that these factors include but are not\nlimited to the following: the almost exclusive focus of our business on the\naerospace and defense industry; our heavy reliance on certain customers for a\nsignificant portion of our sales; the fact that we have in the past\nconsummated acquisitions and our intention to continue to pursue acquisitions,\nand that our business may be adversely affected if we cannot consummate\nacquisitions on satisfactory terms, or if we cannot effectively integrate\nacquired operations; and the other risks and uncertainties described in Part\nI, Item 1A of the Annual Report on Form 10-K for the year ended December 31,\n2025 filed with the Securities and Exchange Commission (\"SEC\"), and other\nperiodic reports filed by the Company from time to time with the SEC.\n\nThese factors should not be construed as exhaustive and should be read in\nconjunction with the other cautionary statements that are included in this\npress release. Should one or more of these risks or uncertainties materialize,\nor should any of our assumptions prove incorrect, our actual results may vary\nin material respects from those projected in the forward-looking statements.\nAny forward-looking statement made by us in this press release speaks only as\nof the date of this press release and is expressly qualified in its entirety\nby the cautionary statements included in this press release. Factors or events\nthat could cause our actual results to differ may emerge from time to time,\nand it is not possible for us to predict all of them. We may not actually\nachieve the plans, intentions or expectations disclosed in our forward-looking\nstatements and you should not place undue reliance on our forward-looking\nstatements. Our forward-looking statements do not reflect the potential impact\nof any future acquisitions, mergers, dispositions, joint ventures,\ninvestments, or other strategic transactions we may make. We undertake no\nobligation to publicly update or review any forward-looking statement, whether\nas a result of new information, future developments or otherwise, except as\nmay be required by any applicable law.\n\nContact\n\nIan McKillop\nLoar Holdings Inc. Investor Relations\nIR@loargroup.com\n\nLoar Holdings Inc.\n\nTable 1: Condensed Consolidated Balance Sheets\n\n(Unaudited, amounts in thousands except share amounts\n\n March 31, 2026 December 31, 2025 \n Assets \n Current assets: \n Cash and cash equivalents $ 94,882 $ 84,827 \n Accounts receivable, net 100,687 88,026 \n Inventories 122,557 109,036 \n Other current assets 11,556 11,123 \n Income taxes receivable 5,405 5,486 \n Total current assets 335,087 298,498 \n Property, plant and equipment, net 88,473 82,536 \n Finance lease assets 1,825 1,894 \n Operating lease assets 6,877 6,229 \n Other long-term assets 27,347 25,935 \n Intangible assets, net 757,592 606,406 \n Goodwill 1,081,154 1,008,377 \n Total assets $ 2,298,355 $ 2,029,875 \n \n Liabilities and stockholders' equity \n Current liabilities: \n Accounts payable $ 23,885 $ 18,606 \n Current portion of long-term debt, net 6,720 4,362 \n Current portion of finance lease liabilities 288 279 \n Current portion of operating lease liabilities 1,370 818 \n Income taxes payable 2,533 3,022 \n Accrued expenses and other current liabilities 38,684 36,419 \n Total current liabilities 73,480 63,506 \n Deferred income taxes 74,469 68,377 \n Long-term debt, net 943,346 711,338 \n Finance lease liabilities 2,813 2,891 \n Operating lease liabilities 5,746 5,605 \n Other long-term liabilities 18,593 3,405 \n Total liabilities 1,118,447 855,122 \n \n Commitments and contingencies \n \n Stockholders' equity: \n Preferred stock, $0.01 par value, 1,000,000 shares authorized, and no shares issued or outstanding - - \n Common stock, $0.01 par value, 485,000,000 shares authorized; 93,624,471 and 93,622,471 issued and outstanding at March 31, 2026 and December 31, 2025, respectively 936 936 \n Additional paid-in capital 1,129,463 1,125,015 \n Retained earnings 62,729 51,586 \n Accumulated other comprehensive loss (13,220 ) (2,784 ) \n Total stockholders' equity 1,179,908 1,174,753 \n Total liabilities and stockholders' equity $ 2,298,355 $ 2,029,875 \n\nLoar Holdings Inc.\n\nTable 2: Condensed Consolidated Statements of Income\n\n(Unaudited, amounts in thousands except per common share amounts)\n\n Three Months Ended March 31, \n 2026 2025 \n Net sales $ 156,088 $ 114,659 \n Cost of sales 76,847 54,953 \n Gross profit 79,241 59,706 \n Selling, general and administrative expenses 44,485 33,102 \n Transaction expenses 1,239 460 \n Operating income 33,517 26,144 \n Interest expense, net 18,710 6,459 \n Income before income taxes 14,807 19,685 \n Income tax provision (3,664 ) (4,369 ) \n Net income $ 11,143 $ 15,316 \n Net income per common share: \n Basic $ 0.12 $ 0.16 \n Diluted $ 0.12 $ 0.16 \n Weighted average common shares outstanding: \n Basic 93,623 93,556 \n Diluted 95,651 95,771 \n\nLoar Holdings Inc.\n\nTable 3: Condensed Consolidated Statements of Cash Flows\n\n(Unaudited, amounts in thousands)\n\n Three Months Ended March 31, \n 2026 2025 \n Operating activities \n Net income $ 11,143 $ 15,316 \n Adjustments to reconcile net income to net cash provided by operating activities: \n Depreciation 3,252 2,899 \n Amortization of intangible and other long-term assets 15,690 9,560 \n Amortization of debt issuance costs 915 231 \n Recognition of inventory step-up 4,916 - \n Stock-based compensation 4,392 3,089 \n Deferred income taxes 943 669 \n Non-cash lease expense 311 173 \n Changes in assets and liabilities, net of acquisitions: \n Accounts receivable (7,370 ) (7,099 ) \n Inventories (6,146 ) (3,534 ) \n Other assets (1,868 ) (1,304 ) \n Accounts payable 5,253 1,930 \n Income taxes (receivable) payable (23 ) 3,561 \n Accrued expenses and other current liabilities (234 ) 3,032 \n Operating lease liabilities (259 ) (163 ) \n Net cash provided by operating activities 30,915 28,360 \n \n Investing activities \n Capital expenditures (4,108 ) (1,847 ) \n Payment for acquisitions, net of cash acquired (249,868 ) - \n Net cash used in investing activities (253,976 ) (1,847 ) \n \n Financing activities \n Net proceeds from issuance of common stock 56 - \n Proceeds from issuance of long-term debt 240,000 - \n Payments of long-term debt (1,713 ) - \n Financing costs (4,800 ) - \n Payments of finance lease liabilities (69 ) (55 ) \n Net cash provided by (used in) financing activities 233,474 (55 ) \n \n Effect of translation adjustments on cash and cash equivalents (358 ) (26 ) \n Net increase in cash, cash equivalents and restricted cash 10,055 26,432 \n \n Cash, cash equivalents and restricted cash, beginning of period 84,827 54,066 \n Cash, cash equivalents and restricted cash, end of period $ 94,882 $ 80,498 \n \n Supplemental information \n Interest paid during the period, net of capitalized amounts $ 18,944 $ 6,476 \n Income taxes paid during the period, net $ 2,634 $ 375 \n\nLoar Holdings Inc.\n\nTable 4: Reconciliation of Net income to EBITDA and Adjusted EBITDA\n\n(Unaudited, amounts in thousands)\n\n Three Months Ended March 31, \n 2026 2025 \n Net income $ 11,143 $ 15,316 \n Adjustments: \n Interest expense, net 18,710 6,459 \n Income tax provision 3,664 4,369 \n Operating income 33,517 26,144 \n Depreciation 3,252 2,899 \n Amortization 15,690 9,560 \n EBITDA 52,459 38,603 \n Adjustments: \n Recognition of inventory step-up ((1)) 4,916 - \n Transaction expenses ((2)) 1,239 460 \n Stock-based compensation ((3)) 4,392 3,089 \n Acquisition and facility integration costs ((4)) 213 981 \n Adjusted EBITDA $ 63,219 $ 43,133 \n Net sales $ 156,088 $ 114,659 \n Net income margin 7.1 % 13.4 % \n Adjusted EBITDA Margin 40.5 % 37.6 % \n1.\nRepresents accounting adjustments to inventory associated with acquisitions of\nbusinesses that were charged to cost of sales when inventory was sold.\n2.\nRepresents third party transaction-related costs for acquisitions comprising\ndeal fees, legal, financial and tax due diligence expenses, and valuation\ncosts that are required to be expensed as incurred.\n3.\nRepresents the non-cash compensation expense recognized by the Company for\nequity awards.\n4.\nRepresents costs incurred to integrate acquired businesses and product lines\ninto our operations, facility relocation costs and other acquisition-related\ncosts.\n\nLoar Holdings Inc.\n\nTable 5: Sales by End-Market\n\n(Unaudited, amounts in thousands)\n\n Three Months Ended March 31, \n 2026 2025 \n Commercial Net Sales \n Commercial aerospace OEM $ 31,521 $ 16,064 \n Commercial aerospace aftermarket 43,515 32,403 \n Total commercial aerospace 75,036 48,467 \n \n Business jet & general aviation OEM 19,633 19,423 \n Business jet & general aviation aftermarket 11,066 11,435 \n Total business jet & general aviation 30,699 30,858 \n \n Total commercial OEM 51,154 35,487 \n Total commercial aftermarket 54,581 43,838 \n Total commercial 105,735 79,325 \n \n Defense Net Sales \n Total defense OEM 23,042 11,726 \n Total defense aftermarket 17,607 17,056 \n Total defense 40,649 28,782 \n \n Other Net Sales \n Total other OEM 4,768 2,866 \n Total other aftermarket 4,936 3,686 \n Total other 9,704 6,552 \n Net Sales $ 156,088 $ 114,659 \n\nLoar Holdings Inc.\n\nTable 6: Reconciliations of Earnings Per Share to Adjusted Earnings Per Share\nand Net Income to Adjusted Net Income\n\n(Unaudited, amounts in thousands except per share amounts)\n\n Three Months Ended March 31, \n 2026 2025 \n Reported earnings per share \n Net income $ 11,143 $ 15,316 \n Denominator for basic and diluted earnings per common share: \n Weighted-average common shares outstanding-basic 93,623 93,556 \n Effect of dilutive common shares 2,028 2,215 \n Weighted average common shares outstanding-diluted 95,651 95,771 \n Net income per common shares-basic $ 0.12 $ 0.16 \n Net income per common shares-diluted $ 0.12 $ 0.16 \n \n Adjusted Earnings Per Share \n Net income $ 11,143 $ 15,316 \n Gross adjustments to EBITDA 10,760 4,530 \n Amortization of acquired intangible assets ((1)) 15,690 9,560 \n Tax adjustment ((2)) (5,334 ) (2,455 ) \n Adjusted Net Income $ 32,259 $ 26,951 \n Adjusted Earnings Per Share-diluted $ 0.34 $ 0.28 \n \n Diluted earnings per share to Adjusted Earnings Per Share \n Net income per common share-diluted $ 0.12 $ 0.16 \n Adjustments to diluted earnings per share: \n Recognition of inventory step-up 0.05 - \n Transaction expenses 0.01 0.01 \n Stock-based compensation 0.05 0.03 \n Acquisition and facility integration costs - 0.01 \n Gross adjustments to EBITDA 0.11 0.05 \n Amortization of acquired intangible assets ((1)) 0.16 0.10 \n Tax adjustment ((2)) (0.05 ) (0.03 ) \n Adjusted Earnings Per Share-diluted $ 0.34 $ 0.28 \n1.\nThe calculation of Adjusted Earnings Per Share has been updated for the\ncurrent and prior year's quarter to reflect an adjustment for amortization of\nacquired intangible assets. We believe this adjustment provides a more\nconsistent view of our earnings.\n2.\nThe tax adjustment represents the tax effect of the adjustments at the\napplicable effective tax rate. To determine the applicable effective tax rate,\ntransaction expenses and stock-based compensation are excluded from Adjusted\nNet Income and therefore we have excluded the impact those items have on the\neffective tax rate.\n\nSOURCE: Loar Group Inc.\nView the original press release\n(https://www.accessnewswire.com/newsroom/en/aerospace-and-defense/loar-holdings-inc.-reports-q1-2026-record-results-and-upward-revision-to-2026-1164712)\non ACCESS Newswire\n\n\nCopyright 2026 ACCESS Newswire. All Rights Reserved."},"type":"article","timestamp":"2026-05-07T12:30:00.670767446Z","server_sent_at_ms":1778157000670},"received_at":"2026-05-07T12:30:00.794Z","source_url":"https://www.accessnewswire.com/newsroom/en/aerospace-and-defense/loar-holdings-inc.-reports-q1-2026-record-results-and-upward-revision-to-2026-1164712"},"analysis":null,"durationMs":null,"modelName":null}}