Adjusted earnings per diluted share increased 4% to $1.50, excluding a $0.03 dilution impact from convertible notes and related warrants; GAAP net income decreased 32% to $32 million due to a nonrecurring legal settlement.
Adjusted EBITDA grew 4% to $135 million with a margin of 12.9%, up 10 basis points year-over-year.
Cash flow from operations for the first six months was $189 million, with free cash flow of approximately $151 million; capital expenditures were $18 million in Q2 and $38 million year-to-date.
Gross margin improved by 110 basis points to 23.9%, reflecting diversification, acquisitions, labor management, and automation benefits; operating margin remained flat at 8.3%.
Net liquidity stood at $835 million, including $22 million cash and $813 million unused revolving credit facility capacity; net leverage ratio improved slightly to 2.6x from 2.7x in Q1.
Patrick Industries reported second quarter 2025 revenue of approximately $1.05 billion, a 3% increase year-over-year, driven by 7% growth in RV and 3% growth in housing, offsetting declines in marine (-1%) and powersports (-7%).
The company returned value to shareholders with $13 million in dividends and over $23 million in share repurchases during the quarter.
Adjusted EPS grew 10% year-over-year, or 16% excluding the Wolverine divestiture, reflecting profitable growth and operational improvements.
Free cash flow increased to $214 million year-to-date, with a free cash flow margin of 14% in Q2, and $500 million of shares repurchased year-to-date.
In Q2 2025, ITT delivered $1 billion in orders, up 16% total and 13% organic, driven by all businesses including acquisitions kSARIA and Svanehøj.
Margins expanded across segments: IP margin grew 100 basis points to nearly 22%, MT margin grew 140 basis points despite 100 basis points FX headwind, and CCT margin grew 270 basis points excluding M&A dilution.
Operating income grew more than twice the organic sales growth rate, with operating margin expanding over 100 basis points excluding M&A impacts.
Operating margin increased 30 basis points to 18.4%, driven by higher volumes, pricing actions, and operational improvements, offsetting FX and temporary acquisition amortization costs.
Revenue reached a record quarterly level of over $970 million, up 7% total and 4% organic, with contributions from all segments.
Segment highlights include Industrial Process growing 5% organically, Svanehøj growing 43%, Connect & Control (CCT) growing 4% organically, and Motion Technologies (MT) friction OE growing 7% organically.
Cash flow from operations was $247 million, with $191 million in net CapEx deployed; liquidity stood at $824 million with net debt leverage ratio improving to 2.5x.
Company-wide adjusted EBITDA was down 1% year-over-year, with operating income up 1% to $198 million and net income of $106 million ($0.89 diluted EPS).
LTL adjusted EBITDA grew 1% year-over-year to $300 million, with margin expansion of 90 basis points to 24.2%.
Maintenance cost per mile improved 6%, supported by a younger fleet with average tractor age under 4 years.
North American LTL segment revenue declined 3% year-over-year due to lower fuel surcharge revenue but increased 6% sequentially excluding fuel.
Purchase transportation expense declined 53% year-over-year due to insourcing linehaul miles, resulting in $36 million in savings.
XPO reported $2.1 billion in revenue and adjusted EBITDA of $340 million for Q2 2025, with adjusted diluted EPS of $1.05 exceeding expectations.
Dafinchi