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.
Cash and short-term investments increased to $433 million, with no debt on the balance sheet.
Domestic revenues decreased by 8% due to project timing, while international revenues increased 39%, driven by Canadian and Middle East/Africa operations.
Electric Utility market revenues grew 31%, Commercial and Other Industrial by 18%, and traction market by 61%, albeit from a small base.
Gross profit increased by $6 million to $88 million, with gross margin improving by 230 basis points to 30.7%.
Net income rose 4% year-over-year to $48.2 million, generating a record quarterly EPS of $3.96.
New orders totaled $362 million, a 2% increase from the prior year, with a book-to-bill ratio of 1.3x and backlog growth of 7% to $1.4 billion.
Operating cash flow was $47 million, and capital expenditures totaled $5.1 million related to facility expansion and new equipment.
Powell Industries reported third quarter fiscal 2025 revenue of $286 million, roughly flat compared to $288 million in the prior year period.
SG&A expenses increased by $3 million to $25 million, driven by higher compensation and acquisition-related costs, with SG&A as a percentage of revenue rising to 8.8%.
Cash and cash equivalents increased to $190.4 million, debt was $374.5 million, and inventory decreased by $32.2 million compared to March 31, 2025.
Gross margin was 46.7%, consistent with the prior year quarter despite higher input and labor costs, with North America gross margin at 49.7% and Europe at 36.2%.
Net income totaled $103.5 million or $2.47 per fully diluted share, compared to $97.8 million or $2.31 per share last year.
Net sales for Q2 2025 were $631.1 million, up 5.7% year-over-year, with North America net sales increasing 6.4% to $492.7 million and Europe net sales increasing 2.7% to $133.4 million.
Operating expenses increased 6.5% to $154.4 million, driven by higher personnel costs, variable compensation, and software/hardware costs.
Operating margin was 22.2%, flat with the prior year, and consolidated adjusted EBITDA increased 4.8% to $159.6 million, with a margin of 25.3%.
Strong cash flow from operations of $124.7 million enabled capital expenditures of $39.9 million, dividends of $11.8 million, and $35 million in share repurchases.
Volumes were relatively flat year-on-year, with North American volumes exceeding U.S. housing starts by approximately 240 basis points over the last 12 months.
Average headcount was down 11.2% year-over-year and 3.7% sequentially.
C.H. Robinson delivered a 21% year-over-year increase in enterprise Q2 income from operations.
Effective tax rate for Q2 was 21.4%, with full year 2025 expected to be 18% to 20%.
Ended Q2 with $1.22 billion liquidity and net debt-to-EBITDA leverage of 1.40x, improved from 1.54x in Q1.
Generated $227.1 million in cash from operations in Q2; capital expenditures were $20.2 million.
NAST AGP increased 3% and global forwarding AGP increased 1.9% year-over-year.
NAST operating margin was approximately 38% in Q2, increasing year-over-year and sequentially.
NAST outgrew the market in both truckload and LTL, expanding gross margins and improving productivity year-over-year and sequentially.
Personnel expenses were $335.3 million including $3.9 million charges related to workforce reductions; excluding charges, personnel expenses were down $20.3 million.
Q2 SG&A expenses were $142 million, down slightly excluding divestiture charges.
Returned approximately $161 million to shareholders in Q2 through share repurchases and dividends.
Total AGP increased by $5.8 million year-over-year despite a $15 million decline from the sale of European Surface Transportation business.
Total operating expenses declined $32 million or 6.3% year-over-year.
Dafinchi