APS segment revenue was $38 million, up 3% year-over-year and 6% sequentially, with adjusted gross margin at 26%.
Average rental fleet utilization was just under 78%, up nearly 600 basis points from prior year.
Custom Truck delivered 21% revenue growth and 17% adjusted EBITDA growth in Q2 2025 versus Q2 2024.
ERS adjusted gross profit was $100 million, up 20% year-over-year, with a 59% adjusted gross margin slightly lower due to higher rental asset sales mix.
ERS segment revenue increased more than 23% to $170 million, with rental revenue up 17% and rental asset sales up 40%.
Net leverage improved to 4.66x at quarter end, with plans to reduce below 3x by end of fiscal 2026.
Net rental CapEx was $64 million in Q2, with fleet age improving slightly to 3 years.
Q2 revenue was $511 million, adjusted gross profit $157 million, and adjusted EBITDA $93 million, up 21%, 17%, and 17% respectively year-over-year.
TES gross margin was 15.5%, down year-over-year but up 45 basis points sequentially, expected to improve in H2 2025.
TES segment sales were $303 million, up more than 22% year-over-year and 30% sequentially, marking the second highest quarterly sales in history.
Capital Allocation and Tax Savings Reinvested into Fleet Expansion
BrightView plans to reinvest tax savings, including approximately $20 million from reduced federal taxes, into fleet expansion and technology upgrades.
The company is prioritizing organic growth over acquisitions, focusing on reinvesting savings into operational improvements.
Management highlighted that accelerated depreciation and tax benefits will enable further fleet refreshes without increasing tax payments in 2026.
These strategic reinvestments are expected to enhance employee satisfaction, customer service, and long-term profitability.
Adjusted EBITDA for the quarter was $100 million, and adjusted EPS was $1.63.
Adjusted EBITDA margins compressed in the Electrical segment due to pricing declines but improved in the S&I segment due to volume growth and productivity gains.
Atkore reported net sales of $735 million in Q3 2025, with 2% organic volume growth.
Cash flow from operations was $192 million year-to-date, with $14 million proceeds from divestitures and equipment sales.
The balance sheet remains strong with no debt maturities until 2028 and a net leverage ratio of approximately 1x.
Year-to-date volume growth was driven by metal framing, cable management, construction services, PVC and fiberglass conduit products, and electrical cable and flexible conduit.
A. O. Smith reported second quarter 2025 sales of $1 billion, a 1% decrease year-over-year, with earnings per share of $1.07, a 1% increase compared to the prior period.
China sales declined 11% in local currency due to economic challenges and limited government subsidies, but operating margin was maintained through restructuring and cost controls.
North America segment sales decreased 1% to $779 million, driven by lower water heater volumes but offset by higher boiler sales; segment operating margin expanded by 30 basis points to 25.4%.
Operating cash flow for the first half of 2025 was $178 million, with free cash flow of $140 million, both higher than the prior year period.
Rest of the World segment sales decreased 2% to $240 million, including $16 million from the Pureit acquisition; earnings remained flat at $25 million with a slight margin decline to 10.5%.
Share repurchases totaled approximately 3.8 million shares for $251 million in the first half of 2025, with full-year repurchase plans increased to approximately $400 million.
The company ended June with $178 million in cash and a net debt position of $126 million, with a leverage ratio of 14.1%.
Dafinchi