Ashland reported Q3 sales of $463 million, down 15% year-over-year, including a $53 million impact from portfolio optimization. Excluding this, sales declined 5%, primarily due to lower organic volumes. Adjusted EBITDA was $113 million, down 19% year-over-year or 10% excluding portfolio actions, with margins resilient at 24.4%. Adjusted EPS, excluding acquisition amortization, was $1.04 million, down 30% from the prior year. The company recorded a noncash goodwill impairment of $706 million related to Life Sciences and Specialty Additives, reflecting market capitalization decline. Free cash flow conversion was nearly 100%, supported by disciplined capital spending and working capital management. Liquidity at quarter end was over $800 million, with net leverage at 2.9x, providing flexibility for strategic investments.
Adjusted EPS was $0.11 per share, a 10% increase compared to last year, or $0.13 on an apples-to-apples basis excluding convertible notes and other share impacts.
Adjusted free cash flow in Q2 was $6 million, an 11% conversion of adjusted EBITDA, bringing the first half of 2025 total to $35 million.
Capital structure improvements included a $400 million convertible note offering and refinancing of Term Loan B to $450 million, lowering total cost of capital.
Medical segment adjusted EBITDA was $30.1 million, up nearly 20% versus last year, with margins increasing approximately 280 basis points.
Nuclear & Safety segment revenue grew 5.8% to $141.7 million, with organic revenue growth of 2.9%. Adjusted EBITDA declined slightly to $37.9 million, down 2.6% year-over-year.
Second quarter adjusted EBITDA was $51.2 million, up 4.9% versus last year's second quarter.
Second quarter revenue totaled $222.9 million, reflecting a 5.4% increase in organic revenue and a 7.6% increase in total revenue versus Q2 2024.
Year-to-date CapEx totaled $17 million, approximately $7 million lower than the first half of 2024, on track for $40 million in 2025, an 18% reduction versus 2024.
Adjusted net income was negative $6.1 million or negative $0.15 per diluted share, beating expectations due to higher revenue and cost containment.
Capital allocation included $6 million traditional CapEx, $0.7 million invested in Trailers as a Service, $10.4 million share repurchases, and $3.4 million dividends.
Gross margins were 9% with breakeven adjusted operating margins.
In Q2 2025, Wabash reported consolidated revenue of $459 million, slightly better than expectations and at the top end of guidance.
Liquidity was $312 million with a net debt leverage ratio of 6.2x as of June 30.
Parts and Services segment generated $60 million revenue and $9.1 million operating income, showing sequential and year-over-year growth.
Transportation Solutions segment generated $400 million revenue and $13 million operating income.
Year-to-date operating cash flow was negative $16.1 million due to timing of revenue and working capital drag.
Adjusted gross margin declined 10 basis points due to Mott acquisition dilution, unfavorable mix, and volume deleverage, partially offset by price/cost and operational productivity.
Free cash flow increased 25% year-over-year to $147 million, representing 94% conversion versus adjusted net income.
In Q2 2025, IDEX delivered strong financial performance with revenue toward the midpoint of guidance, adjusted EBITDA margin at 27.4%, and adjusted EPS outperforming expectations.
Liquidity remained strong at approximately $1.1 billion, with $568 million in cash and $541 million in undrawn revolver capacity after debt repayments.
Organic orders grew 2% and organic sales increased 1% year-over-year, supported by positive pricing and favorable results in aerospace, defense, data centers, pharmaceuticals, and North American fire OEMs.
Platform optimization and delayering initiatives delivered $14 million in savings in Q2, on track for $62 million full year savings.
Adjusted EBITDA totaled $336 million, a slight increase over the first quarter of 2025.
Cash from operations was $396 million; ended quarter with approximately $600 million cash and total debt just under $5.2 billion.
Engineered Wood Products adjusted EBITDA was $57 million, a slight increase compared to the first quarter.
Lumber adjusted EBITDA was $11 million, a $29 million decrease compared to the first quarter.
OSB adjusted EBITDA was $30 million, a $29 million decrease compared to the first quarter.
Real Estate and ENR contributed $106 million to second quarter earnings and $143 million to adjusted EBITDA, $61 million higher than the prior quarter.
Share repurchase activity totaled $100 million in the second quarter, highest quarterly level since late 2022.
Timberlands contributed $88 million to second quarter earnings with adjusted EBITDA of $152 million, a $15 million decrease compared to the first quarter.
Weyerhaeuser reported second quarter GAAP earnings of $87 million or $0.12 per diluted share on net sales of $1.9 billion.
Wood Products contributed $46 million to second quarter earnings and $101 million to adjusted EBITDA.
Adjusted EBITDA margins declined year-over-year across segments, with Arcadia at 10.9%, DynaEnergetics at 13.4%, and NobelClad at 16.5%.
Arcadia sales totaled $62 million, down 5% sequentially and 11% year-over-year due to weakness in high-end residential and commercial exterior markets.
DynaEnergetics sales were $66.9 million, up 2% sequentially but down 12% year-over-year, impacted by pricing pressure and weak U.S. unconventional market demand.
NobelClad sales were $26.6 million, down 5% sequentially but up 6% year-over-year, with a declining order backlog due to tariff-related customer hesitancy.
Second quarter adjusted net income attributable to DMC was $2.5 million, with adjusted EPS of $0.12.
Second quarter consolidated sales were $155.5 million, with adjusted EBITDA attributable to DMC at $13.5 million, exceeding guidance.
Total debt was reduced by 17% sequentially to approximately $59 million, improving the balance sheet.
Dafinchi