Corteva delivered top and bottom line growth in Q2 and first half 2025, with over 200 basis points of operating EBITDA margin expansion in Q2 and 300 basis points for the half.
Crop Protection segment achieved over 350 basis points of margin expansion for the half, driven by productivity, deflation benefits, and volume gains, notably in Brazil.
Currency headwinds, primarily from Turkish Lira and Canadian Dollar, negatively impacted EBITDA by roughly $150 million.
Operating EBITDA grew 13% in Q2 and 14% in the first half, reaching over $3.35 billion for the half.
Organic sales increased 7% in Q2 and 5% in the first half, driven by gains in both Seed and Crop Protection segments.
Seed segment showed 280 basis points of margin expansion and volume gains, especially in North America, with strong branded share gains in corn and soybeans.
SG&A expenses increased due to higher commissions, compensation, and bad debt, aligned with increased R&D investment targeting 8% of sales.
Backlog excluding USAID and Department of State was $4.15 billion, slightly up from Q2, with nearly $2 billion in new U.S. federal contract capacity added in the quarter.
Commercial/International Group (CIG) segment revenue was $633 million, up slightly, with a margin of 15.2%, up 130 basis points, supported by growth in U.K. and EU operations but offset by declines in U.S. commercial and Australian activities.
Government Services Group (GSG) segment revenue increased 29% to $429 million with a margin of 19.9%, up 230 basis points, driven by disaster response and reduction of lower margin USAID work.
International revenue was flat, down 1% year-over-year, with growth in U.K. and Ireland offset by declines in Australia.
Net revenue increased 11% year-over-year to $1.06 billion, excluding USAID and Department of State work.
State and local revenue grew 30% year-over-year, with ongoing water programs up 18% excluding episodic disaster response.
Tetra Tech reported record highs for operating income and earnings per share in Q3 fiscal 2025, with operating income of $159 million, up 37% year-over-year, and EPS of $0.41, up 46%.
U.S. federal work was up 46% year-over-year, representing about 25% of total business, with disaster response contributing $70 million.
Gross profit was $108.3 million with a margin of 25.8%, slightly down from 26% in the prior year quarter.
Industrial Equipment division achieved record net sales of $240.7 million, up 17.6% organically, with operating income of $34.3 million and a 14.3% margin.
Interest expense decreased by $2.4 million due to lower debt levels, partially offsetting foreign exchange headwinds.
Net income increased nearly 10% to $31.1 million or $2.57 per diluted share, compared to $28.3 million or $2.35 per share in Q2 2024.
Operating income rose significantly to $47.1 million, with an operating margin of 11.2%, up 83 basis points year-over-year.
Second quarter 2025 revenue was $419.1 million, a modest increase from $416.3 million in Q2 2024.
Total debt was reduced by 93.5% year-over-year to $213.1 million, with net debt near zero at $11.3 million.
Vegetation Management division sales declined 15.7% to $178.4 million but showed an 8.8% sequential improvement.
Balance sheet liquidity was over $300 million with net debt to adjusted EBITDA at 3.3x, 95% fixed rate debt, and a weighted average interest rate of 4.67%.
G&A expenses decreased 3.3% year-over-year to approximately $7 million for the quarter.
Q2 CRE and Corporate-related FFO per share was $0.29, up 3.6% from last year, including a $0.01 non-cash straight-line rent adjustment.
Q2 dividend was $0.225 per share, with a third quarter dividend declared at the same rate.
Q2 NOI was $33.6 million, a 6.3% increase year-over-year, reflecting higher occupancy.
The portfolio delivered strong results in Q2 2025 with same-store NOI growth of 5.3%, driven by a 140 basis point improvement in same-store economic occupancy.
Total company FFO was $0.48 per share, $0.20 higher than Q2 2024, with $0.19 from land operations due to legacy obligation resolutions, land sales, and joint venture income.
Cash position as of June 30, 2025, was $35.8 million with $100 million of debt outstanding, resulting in a net loan-to-value ratio of 7%.
Declared a dividend of $0.15 per share for Q2 2025, maintaining 24 consecutive quarters of dividends and representing 41% of the current share price.
Genco Shipping & Trading reported a net loss of $6.8 million or $0.16 per share in Q2 2025, with an adjusted net loss of $0.14 per share excluding a $0.7 million noncash impairment charge.
Pro forma for the acquisition of a 2020 built Capesize vessel, net loan-to-value is expected to rise to approximately 13%.
Dafinchi