Adjusted diluted earnings per share increased 18.2% to $0.39.
Adjusted EBITDA increased by 17.7% with a margin expansion of 30 basis points to 13.7%.
Adjusted free cash flow for the first half of 2025 was $186 million, up $52 million year-over-year, with a 40% free cash flow conversion rate.
APi Group reported record second quarter results with net revenues increasing by 15% to $2 billion, including 8.3% organic growth driven by strong project revenue growth, pricing improvements, and growth in inspection, service and monitoring revenues.
Net debt to adjusted EBITDA ratio was approximately 2.2x at quarter end.
Safety Services segment revenues grew 15.8% to $1.36 billion with 5.6% organic growth and an 80 basis point increase in segment earnings margin to 17%.
Specialty Services segment delivered 13.3% organic revenue growth to $629 million but experienced a 350 basis point decrease in adjusted gross margin to 18.1%, with segment earnings margin down 190 basis points to 11.3%.
Adjusted free cash flow for the quarter was $201.3 million and $287.5 million for the full fiscal year 2025, net of brownfield expansion capital expenditures.
Carpenter Technology delivered a record fourth quarter with $151 million in adjusted operating income, a 21% increase year-over-year and 10% sequentially.
Fiscal year 2025 adjusted operating income was $525.4 million, a 48% increase over fiscal year 2024, nearly 4x the fiscal year 2023 level.
Gross profit increased 12% year-over-year to $213.9 million, while SG&A expenses remained flat sequentially and slightly down year-over-year at $62.5 million.
Sales excluding surcharge decreased 2% year-over-year on 14% lower volumes but increased 4% sequentially on 5% higher volume.
The company repurchased $101.9 million in shares during fiscal year 2025 and paid $40 million in dividends.
The PEP segment reported $11.7 million in operating income for the quarter, up from $10.6 million a year ago, driven by titanium business and additive sales.
The SAO segment achieved a 30.5% adjusted operating margin, up from 25.2% a year ago, with operating income of $167 million, a 19% year-over-year increase.
Adjusted EBIT margins in Custom Containers expanded 190 basis points due to cost reduction activities.
Adjusted EPS for Q2 was $1.01, a 15% increase from the prior year quarter.
Custom Containers sales decreased 3% due to exit of lower margin business, but adjusted EBIT increased 11% due to cost savings and favorable price/cost mix.
Dispensing and Specialty Closures segment sales increased 24% year-over-year, with record adjusted EBIT growing 16%, including a $5 million headwind from lower North American beverage volumes.
First half adjusted EPS was 17% above prior year, with record first half adjusted EBIT and EBITDA.
Metal Containers sales increased 4% with adjusted EBIT up 21%, driven by favorable price cost and normalized production environment.
Record total adjusted EBIT for Q2 was $193 million, up 17% year-over-year, driven by strong growth in dispensing products, the Weener acquisition, improved price cost in Metal Containers, and cost reduction efforts.
Silgan Holdings reported net sales of approximately $1.5 billion in Q2 2025, an 11% increase from the prior year period, driven primarily by growth in dispensing products and higher raw material pass-through in Metal Containers.
Non-GAAP earnings per share increased more than 40% year-over-year with solid revenue growth in both segments.
Non-GAAP earnings per share of $1.11 was delivered in the second quarter, representing 41% year-over-year EPS growth ahead of internal expectations.
Non-GAAP operating margin expanded 200 basis points year-over-year to 11%, the highest on record for the second quarter.
Profitability improvements were driven by volume growth, profit transformation efforts, and KII synergies.
Residential Building Products second quarter revenue increased more than 5% year-over-year, with new construction channel up more than 4% and remodel-retrofit sales up over 7%.
Residential Building Products segment operating profit grew 20% year-over-year, and operating margin expanded 190 basis points to 15.7%.
Consultant headcount ended at 937, a 3.2% decrease year-over-year, but flat when adjusted for portfolio optimization.
Consultant utilization improved year-over-year to 76%, supported by replenishing sales pipeline and a 2% increase in project lead flow, or 5% adjusted for IP team transition projects.
DSO stood at 110 days, consistent with prior year, with 73 days billed and 37 days unbilled.
Effective tax rate on a non-GAAP basis was 29.0%, down from 29.4% in Q2 2024.
First half of fiscal 2025 surpassed the record first half of fiscal 2024 for non-GAAP net income, EPS, and EBITDA by 6%, 8%, and 8%, respectively.
Legal and regulatory services revenue increased nearly 11%, supported by a 17% increase in total case filings and 6% increase in court judgments compared to Q2 2024.
Non-GAAP selling, general and administrative expenses were 16.3% of revenue, slightly improved from 16.4% a year ago.
North American and international operations contributed to revenue growth, increasing 9.4% and 7.0%, respectively.
Returned $46.6 million to shareholders in Q2, including $3.4 million dividends and $43.2 million share repurchases.
Revenue in the second quarter increased by 9% year-over-year to $186.9 million.
Seven of eleven practices grew year-over-year, with Antitrust & Competition Economics, Energy, Intellectual Property, and Labor & Employment practices posting double-digit revenue growth.
Adjusted EBITDA increased by $3.1 million year-over-year in Q4 but declined $35.5 million for the full year.
Advertising as a percentage of revenue declined 120 basis points to 11.3% in Q4, contributing to a 5% growth in contribution profit and slight margin improvement.
Consolidated Q4 revenue grew 4% on a reported basis and 2% on an organic constant currency basis; full year revenue grew 3% on both reported and constant currency basis.
Currency fluctuations, notably euro strengthening, benefited adjusted EBITDA by $3.6 million in Q4.
Gross margin compressed by 110 basis points in Q4, including a $3 million tariff impact, but gross profit dollars grew year-over-year.
Legacy products such as business cards declined, with Vista's business cards down 6% in Q4, impacting gross margins due to product mix shift.
Tariff impacts primarily affected National Pen and promotional products with Chinese origin; mitigated through pricing and sourcing.
Vista's organic constant currency revenue grew 4% in Q4, driven by promotional products, apparel, gifts, signage, packaging, and labels.
Year-over-year adjusted EBITDA decline driven by non-repeating fiscal '24 benefits and one-time negative items in fiscal '25.
Dafinchi
