Adjusted EBITDA was $65 million versus $98 million in the prior year quarter.
Adjusted pretax earnings were $15 million compared to $45 million in Q2 2024.
Agribusiness segment adjusted pretax income was $17 million, down from $33 million in Q2 2024, with improved fertilizer volumes and margins but weak grain merchandising.
Gross profit declined due to challenging agricultural fundamentals and a strong comparative quarter in Renewables last year.
Renewables segment pretax income was $10 million compared to $23 million in Q2 2024, with record ethanol yields but offset by lower board crush and higher input costs.
Revenues increased slightly due to the addition of Skyland despite lower commodity prices overall.
The Andersons reported adjusted net income of $8 million and adjusted EPS of $0.24 in Q2 2025, down from $39 million and $1.15 in Q2 2024.
Adjusted EBITDA was $146 million, including a negative noncash metal price lag impact of $13 million; excluding this, adjusted EBITDA was $159 million versus $180 million last year.
Free cash flow was strong at $41 million for the quarter, with $35 million returned to shareholders via share repurchases.
Free cash flow year-to-date was $38 million; full-year free cash flow guidance remains above $120 million with CapEx around $325 million.
Holdings and corporate expenses were $12 million, up $6 million from last year due to IT upgrades and higher accrued labor costs.
Leverage ended at 3.6x, expected to be the peak for 2025 and to trend down through the year.
Net debt increased by $120 million to $1.9 billion, mainly due to foreign exchange translation; liquidity remains strong at $841 million.
Net income was $36 million, down from $77 million in Q2 2024.
Revenue was $2.1 billion, a 9% increase compared to Q2 2024, driven by higher shipments and favorable price and mix including higher metal prices.
Segment performance: A&T adjusted EBITDA decreased 13% to $78 million due to volume headwinds; P&ARP adjusted EBITDA increased 12% to $74 million driven by packaging volume growth; AS&I adjusted EBITDA decreased 40% to $18 million due to volume and price/mix headwinds.
Shipments were 384,000 tons, up 2% compared to Q2 2024 due to higher shipments in packaging partially offset by lower shipments in A&T and AS&I.
Accelera revenues decreased 5% with an EBITDA loss of $100 million, improved from a $117 million loss a year ago due to restructuring.
Cummins reported second quarter 2025 revenues of $8.6 billion, down 2% year-over-year, with North America revenues declining 6% and international revenues increasing 5%.
EBITDA increased to $1.6 billion or 18.4% of sales, up from $1.3 billion or 15.3% a year ago, driven by higher Power Generation demand, operational efficiencies, pricing, and lower compensation expenses.
Gross margin improved by 150 basis points to 26.4%, supported by favorable pricing and operational improvements, especially in Power Systems and Distribution segments.
Net earnings were $890 million or $6.43 per diluted share, compared to $726 million or $5.26 per diluted share a year ago.
Operating cash flow was $785 million inflow compared to an $851 million outflow a year ago, excluding a $1.9 billion settlement outflow in the prior year.
Segment performance highlights included Engine segment revenues down 8% with EBITDA at 13.8%, Components revenues down 9% with EBITDA at 14.7%, Distribution revenues up 7% with record EBITDA of $445 million at 14.6%, and Power Systems revenues up 19% with record EBITDA of $433 million at 22.8%.
Dafinchi