Adjusted diluted EPS was $0.57 versus $0.89 last year.
AEC gross profit decreased from $24 million to $14 million, reflecting cumulative EAC adjustments.
Cash balance was $107 million with $355 million borrowing capacity under credit facility.
Consolidated adjusted EBITDA was $52 million versus $63 million last year; Machine Clothing adjusted EBITDA was $52 million versus $59 million last year; AEC adjusted EBITDA was $11 million versus $20 million last year.
Consolidated gross profit was $98 million or 31.3% of sales, down from $112 million or 33.9% last year.
Consolidated net sales were $311 million, down 6.2% from $332 million in the second quarter of last year.
Consolidated SG&A expenses increased to $59 million from $56 million due to currency effects and higher professional fees.
Effective tax rate was 31.3% versus 27.9% last year, due to prior year favorable discrete tax adjustments.
Engineered Composites (AEC) net sales were $130 million, lower by 5.7% versus the second quarter of 2024, impacted by cumulative catch-up adjustments but offset by growth in new programs.
Free cash flow was positive $18 million in Q2 versus negative $14 million in Q1; first half free cash flow was $4 million versus $46 million last year.
GAAP net income was $9.2 million versus $24.6 million last year; GAAP diluted EPS was $0.31 versus $0.39 last year.
Machine Clothing gross profit decreased from $89 million to $84 million, but gross margin improved by 40 basis points to 46.3%.
Machine Clothing net sales were $181 million, a decrease of 6.5% versus the second quarter of last year, adjusted decrease approximately 4% after strategic business exits.
Net R&D expenses increased to 4% of sales, reflecting emphasis on material science and new business ventures.
Adjusted EBITDA margin expanded by 140 basis points to 16%, marking a record for Q3.
Adjusted free cash flow is expected to grow approximately 27% year-over-year with a conversion rate of about 34%, a 500 basis point increase.
BrightView delivered its highest-ever adjusted EBITDA and margin in Q3 2025, with adjusted EBITDA reaching $113 million, a 5% increase year-over-year.
Net leverage improved to 2.3x from 2.4x in the prior year period, driven by lower debt levels and improved profitability.
Total revenue for Q3 was $708 million, a 4% decrease due to macroeconomic headwinds affecting maintenance discretionary spending and development projects.
Trailing 12-month EBITDA improved by $45 million or 15% over seven quarters, now totaling $344 million.
Asia Pacific income declined due to high single-digit volume decreases, impacted by tariffs and weaker consumer confidence.
Earnings for the quarter were $1.81 per share compared to $1.45 per share in the prior year quarter, with adjusted earnings per share at $2.15 versus $1.81 last year.
European beverage unit volumes grew 6%, continuing record income levels.
Free cash flow for the first six months improved to $387 million from $178 million, aided by higher income and lower capital spending.
Net sales increased 3.6% year-over-year, driven by higher shipments in North American beverage (1%), European beverage (7%), and North American food cans (5%), along with raw material cost pass-through and favorable currency translation.
North American beverage segment income increased 10%, with shipment gains in North America and Brazil.
North American food demand increased 9%, driven by strong vegetable volumes, leading to a 150% income improvement in the Other segment.
Segment income rose to $476 million from $437 million last year, reflecting volume growth and improved global manufacturing operations.
Trailing 12 months EBITDA is approaching $2.1 billion.
Dafinchi