Adjusted EBITDA for continuing operations was $145 million, representing a 7.5% margin, up 210 basis points from last year due to cost savings and productivity improvements.
Adjusted free cash flow for Q2 2025 was a use of $5 million, $109 million lower than last year, impacted by lower Off-Highway earnings, one-time costs, and working capital use.
Cost reduction initiatives delivered nearly $60 million in savings in Q2, totaling $110 million year-to-date, on track for a $310 million run rate by 2026.
Dana reported second quarter 2025 continuing operations sales of $1.94 billion, down $112 million year-over-year due to lower end market demand.
Earnings before tax from continuing operations improved by $30 million to a loss of $24 million.
Tariff headwinds impacted Q2 by about 80 basis points, with an 80% recovery expected for the full year.
The company returned $257 million to shareholders through share repurchases in Q2, buying back over 10% of shares outstanding.
The Off-Highway business was reclassified as discontinued operations, with sales down $125 million in the quarter and expected sale closing in Q4 2025.
Comparable earnings per share from continuing operations were $3.32 in the second quarter, up 11% from $3 in the prior year.
Dedicated operating revenue decreased 3% due to lower fleet count, but earnings before tax (EBT) increased 1% due to acquisition synergies and prior year integration cost benefits.
Fleet Management Solutions operating revenue increased 1%, driven by ChoiceLease revenue up 2%, but pretax earnings declined due to weaker freight market conditions and increased used vehicle wholesale volumes.
Operating revenue for the second quarter was $2.6 billion, up 2% year-over-year, primarily reflecting contractual revenue growth in Supply Chain Solutions (SCS) and Fleet Management Solutions (FMS).
Return on equity (ROE) was 17% for the trailing 12-month period, in line with expectations during a freight cycle downturn.
Ryder delivered its third consecutive quarter of double-digit earnings per share growth with second quarter results above expectations, driven by outperformance in the Supply Chain segment.
Supply Chain operating revenue increased 3%, with earnings up 16% reflecting new business, higher volumes, pricing, and operational improvements.
Used vehicle sales pricing declined 17% year-over-year for tractors and trucks, with increased wholesale volumes to manage aged inventory impacting results.
Year-to-date free cash flow increased to $461 million from $71 million in the prior year, reflecting lower working capital needs and reduced capital expenditures.
Adjusted EBITDA was $28 million, down $40 million year-over-year, impacted by tariff disruptions, operational challenges, and foreign exchange losses.
Adjusted free cash flow year-to-date was negative $52 million, with full-year guidance revised to negative $10 million to $25 million.
Operating loss was $1 million, a decline of $29 million compared to the prior year.
RYAM reported Q2 2025 revenue of $340 million, down $79 million year-over-year.
Segment results showed declines in Cellulose Specialties, Paperboard, and High-yield Pulp, with some improvement in Cellulose Commodities operating loss.
Adjusted EBITDA was $9.8 million or 7.1% margin, the strongest quarterly performance in fiscal 2025.
A noncash goodwill impairment charge of $69 million was recorded in the Consulting segment due to business performance and market capitalization decline.
Average bill rate improved by 4% year-over-year overall, with Consulting segment up 13% and Europe/Asia Pac up 7%.
Balance sheet remains strong with $86 million cash and no debt.
Consulting segment revenue declined 14% year-over-year to $51 million with adjusted EBITDA margin of 16%.
Enterprise run rate SG&A expense improved slightly to $46.2 million despite a 14-week quarter.
Europe and Asia Pac segment revenue was flat year-over-year at $21.3 million with improved adjusted EBITDA margin of 9%.
On-Demand segment revenue declined 16% year-over-year to $53 million with a stable 12% adjusted EBITDA margin.
Outsourced Services segment revenue grew 4% year-over-year to $11.3 million with a 28% adjusted EBITDA margin.
RGP delivered Q4 revenue of $139.3 million and gross margin of 40.2%, both above the high end of guidance.
Dafinchi