Adjusted EBITDA was $146 million, including a negative noncash metal price lag impact of $13 million; excluding this, adjusted EBITDA was $159 million versus $180 million last year.
Free cash flow was strong at $41 million for the quarter, with $35 million returned to shareholders via share repurchases.
Free cash flow year-to-date was $38 million; full-year free cash flow guidance remains above $120 million with CapEx around $325 million.
Holdings and corporate expenses were $12 million, up $6 million from last year due to IT upgrades and higher accrued labor costs.
Leverage ended at 3.6x, expected to be the peak for 2025 and to trend down through the year.
Net debt increased by $120 million to $1.9 billion, mainly due to foreign exchange translation; liquidity remains strong at $841 million.
Net income was $36 million, down from $77 million in Q2 2024.
Revenue was $2.1 billion, a 9% increase compared to Q2 2024, driven by higher shipments and favorable price and mix including higher metal prices.
Segment performance: A&T adjusted EBITDA decreased 13% to $78 million due to volume headwinds; P&ARP adjusted EBITDA increased 12% to $74 million driven by packaging volume growth; AS&I adjusted EBITDA decreased 40% to $18 million due to volume and price/mix headwinds.
Shipments were 384,000 tons, up 2% compared to Q2 2024 due to higher shipments in packaging partially offset by lower shipments in A&T and AS&I.
Adjusted EBITDA was $65 million versus $98 million in the prior year quarter.
Adjusted pretax earnings were $15 million compared to $45 million in Q2 2024.
Agribusiness segment adjusted pretax income was $17 million, down from $33 million in Q2 2024, with improved fertilizer volumes and margins but weak grain merchandising.
Gross profit declined due to challenging agricultural fundamentals and a strong comparative quarter in Renewables last year.
Renewables segment pretax income was $10 million compared to $23 million in Q2 2024, with record ethanol yields but offset by lower board crush and higher input costs.
Revenues increased slightly due to the addition of Skyland despite lower commodity prices overall.
The Andersons reported adjusted net income of $8 million and adjusted EPS of $0.24 in Q2 2025, down from $39 million and $1.15 in Q2 2024.
Aerospace segment posted 10% order growth on a rolling 12-month basis and backlog expansion of 16% year-over-year.
Data center market showed exceptional growth with orders up approximately 55% and sales up 50% versus Q2 2024.
Eaton posted record quarterly revenue of $7 billion in Q2 2025, with adjusted EPS of $2.95, up 8% year-over-year, hitting the high end of guidance.
Electrical Americas backlog grew 17% year-over-year to $11.4 billion, with orders accelerating to +2% on a trailing 12-month basis from -4% last quarter.
Organic sales growth was 8% overall, driven by strong performance in Electrical Americas (12%), Electrical Global (7% organic plus 2% FX), and Aerospace (11%).
Segment margins expanded by 20 basis points to 23.9%, with Electrical Americas operating margin at 29.5%, Electrical Global at 20.1%, Aerospace at 22.2%, Vehicle at 17%, and eMobility operating loss of $10 million.
Vehicle segment declined 8% organically due to weakness in North America truck market, while eMobility revenue decreased 4% with an operating loss.
Dafinchi