Adjusted free cash flow for the quarter was $201.3 million and $287.5 million for the full fiscal year 2025, net of brownfield expansion capital expenditures.
Carpenter Technology delivered a record fourth quarter with $151 million in adjusted operating income, a 21% increase year-over-year and 10% sequentially.
Fiscal year 2025 adjusted operating income was $525.4 million, a 48% increase over fiscal year 2024, nearly 4x the fiscal year 2023 level.
Gross profit increased 12% year-over-year to $213.9 million, while SG&A expenses remained flat sequentially and slightly down year-over-year at $62.5 million.
Sales excluding surcharge decreased 2% year-over-year on 14% lower volumes but increased 4% sequentially on 5% higher volume.
The company repurchased $101.9 million in shares during fiscal year 2025 and paid $40 million in dividends.
The PEP segment reported $11.7 million in operating income for the quarter, up from $10.6 million a year ago, driven by titanium business and additive sales.
The SAO segment achieved a 30.5% adjusted operating margin, up from 25.2% a year ago, with operating income of $167 million, a 19% year-over-year increase.
Adjusted diluted earnings per share increased 18.2% to $0.39.
Adjusted EBITDA increased by 17.7% with a margin expansion of 30 basis points to 13.7%.
Adjusted free cash flow for the first half of 2025 was $186 million, up $52 million year-over-year, with a 40% free cash flow conversion rate.
APi Group reported record second quarter results with net revenues increasing by 15% to $2 billion, including 8.3% organic growth driven by strong project revenue growth, pricing improvements, and growth in inspection, service and monitoring revenues.
Net debt to adjusted EBITDA ratio was approximately 2.2x at quarter end.
Safety Services segment revenues grew 15.8% to $1.36 billion with 5.6% organic growth and an 80 basis point increase in segment earnings margin to 17%.
Specialty Services segment delivered 13.3% organic revenue growth to $629 million but experienced a 350 basis point decrease in adjusted gross margin to 18.1%, with segment earnings margin down 190 basis points to 11.3%.
Adjusted operating income margin was 14.5% and adjusted EBITDA margin was 17.8%, with adjusted EPS increasing 11% year-over-year.
Agtech backlog increased 71%, despite delays in controlled environment agriculture projects, with adjusted EBITDA margin improving 20 basis points.
Gibraltar Industries delivered 14% adjusted sales growth in Q2 2025, driven by acquisitions in metal roofing and structures, participation gains in building accessories, and growth in infrastructure.
Infrastructure net sales grew 1.6%, with operating and EBITDA margins improving by approximately 300 basis points each.
Operating cash flow was $44 million and free cash flow was $25 million, with capital expenditures at 5.9% of sales in the quarter.
Residential segment sales increased 8.9%, led by metal roofing acquisitions, while organic revenue was slightly down less than 1%.
Dafinchi