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.
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 earnings per share were $3.47, and operating cash flow was $296 million, generally in line with Q2 2024.
E-Systems segment sales were $1.6 billion, down 1% from 2024, with adjusted operating margins of 4.9%.
Lear Corporation delivered $6 billion of revenue in Q2 2025, with core operating earnings of $292 million and a total company operating margin of 4.8%.
Operating cash flow improved slightly compared to last year, driven by working capital improvements despite lower core operating earnings.
Sales were flat year-over-year at $6 billion, excluding foreign exchange and other impacts, sales were down 1%.
Seating segment sales were $4.5 billion, up 1% from 2024, with adjusted operating margins of 6.7%.
The company repurchased $25 million of shares in Q2 and $50 million in the first half, maintaining a dividend of $0.77 per share.
Adjusted EBITDA margin was 22%, down 20 basis points excluding Industrial Systems.
Adjusted gross margin was 38.2%, up 10 basis points excluding Industrial Systems, aided by $17 million in cost synergies.
Free cash flow was $493 million, including $368.5 million from an accounts receivable securitization program used to pay down higher cost debt.
Regal Rexnord reported second quarter 2025 sales down 1.2% organically, in line with expectations, with headwinds from project timing in metals and mining and rare earth magnet availability.
Blue Point project cost is expected to be $3.7 billion, with CF's portion and common facilities totaling about $2 billion over the next 4 years.
CF Industries reported adjusted EBITDA of $1.4 billion for the first half of 2025 and $760 million for Q2 2025.
EBITDA and free cash flow expected to increase by over $100 million annually starting Q3 due to Donaldsonville CCS project tax incentives and product premiums.
Net earnings attributable to common stockholders were $698 million for the first half and $386 million for Q2 2025, with diluted EPS of $4.20 and $2.37 respectively.
Returned approximately $280 million to shareholders in Q2 2025, including $202 million for repurchasing 2.8 million shares.
Trailing 12-month net cash from operations was $2.5 billion and free cash flow was $1.7 billion, including a net benefit from the Blue Point joint venture.
Dafinchi