Adjusted EBITDA for the quarter was $213 million, driven by strong contract operations and aftermarket services performance, including a $4 million net gain on asset sales and $3 million in other income.
Aftermarket services revenue reached $65 million, the highest since 2018, with a gross margin percentage of 23%, slightly down sequentially due to a higher mix of part sales.
Archrock reported outstanding second quarter 2025 results with record adjusted EPS and adjusted EBITDA, increasing adjusted EPS by nearly 70% and adjusted EBITDA by more than 60% year-over-year.
Contract operations revenue was $318 million, up 6% sequentially and 41% year-over-year, with a record adjusted gross margin percentage of approximately 70% for the third consecutive quarter.
Net income was $63.4 million, with adjusted net income of $68.4 million or $0.39 per share, including a $0.04 per share negative impact from an impairment related to the sale of the high-pressure gas lift business.
The company repurchased 1.2 million shares for $29 million during the quarter, with $59 million remaining capacity under the buyback program.
The fleet utilization remained high at 96%, with total operating horsepower increasing to 4.7 million from 4.3 million last quarter, including organic growth and acquisitions.
Eversource reported second quarter earnings of $0.96 per share, in line with expectations, compared to $0.95 per share last year.
FFO to debt ratio improved to 11.5% as of Q1 2025, up over 200 basis points from December 31, 2024.
Higher utility earnings from transmission, distribution, and natural gas segments were partially offset by increased parent losses due to higher interest expense after the sale of the offshore wind business.
Natural gas segment earnings improved by $0.02 per share due to base distribution rate increases, offset by higher O&M and other expenses.
Operating cash flows improved by over $1 billion year-over-year through the first half of 2025.
Parent losses increased by $0.07 per share primarily due to higher interest expense from the absence of capitalized interest post offshore wind sale.
Transmission earnings increased by $0.02 per share due to investments and lower interest expense; distribution earnings increased by $0.02 per share due to rate increases in New Hampshire and Massachusetts.
Water distribution earnings improved by $0.02 per share due to higher revenues and lower interest expense.
Dafinchi