Dafinchi AI

ECVT

Industrial

6d

Financial Performance and Cash Flow Management

Ecovyst exceeded guidance with adjusted EBITDA just under $56 million in Q2 2025, above the high end of guidance.
The company’s free cash flow was a use of $2 million in the first half, impacted by acquisition costs and share repurchases.
Guidance for 2025 free cash flow was raised to a range of $70 million to $80 million, with expectations of leverage ratio approaching 3x by year-end, aligning with long-term targets.

Clearwater Paper Corporation

CLW

Industrial

2w

Financial Performance Summary

Adjusted EBITDA margin was 10.2% in the quarter, a significant improvement from a negative $8.6 million adjusted EBITDA in the prior year.
Clearwater Paper delivered $40 million of adjusted EBITDA in Q2 2025, in the middle of the guidance range of $35 million to $45 million.
Consolidated net income from continuing operations was $4 million or $0.22 per diluted share.
Net sales were $392 million, up 14% year-over-year primarily due to the Augusta acquisition, and up 4% sequentially driven by increased shipments in the food service business.
Operating cash flow was approximately $30 million in Q2, largely offset by capital expenditures as part of the $80 million to $90 million annual CapEx guidance.
Pricing was stable sequentially but down approximately 3% year-over-year reflecting broader market trends.
SG&A expenses decreased nearly 14% year-over-year to 6.7% of net sales, within the target range of 6% to 7%, driven by cost reduction initiatives and Augusta integration completion.
Share repurchases totaled $4 million in Q2 and $18 million year-to-date against a $100 million authorization.

Mercury Systems, Inc.

MRCY

Industrial

2d

Financial Performance Summary

Bookings in Q4 were a record $342 million with a book-to-bill ratio of 1.25, resulting in a record backlog of $1.4 billion, up 6% year-over-year.
Free cash flow for Q4 was $34 million, exceeding expectations, and full year free cash flow was a record $119 million.
GAAP net income in Q4 was $16 million versus a net loss of $11 million in the prior year quarter; full year GAAP net loss improved to $38 million from $138 million.
Q4 adjusted EBITDA was $51 million with a margin of 18.8%, up over 700 basis points sequentially; full year adjusted EBITDA was $119 million with a 13.1% margin.
Q4 revenue was $273 million, up 9.9% year-over-year, with full year revenue of $912 million, up 9.2%.

Cleveland-Cliffs Inc.

CLF

Industrial

3w

Financial Performance Summary

Adjusted EBITDA improved by $271 million from the prior quarter in Q2 2025.
Average selling price rose to $1,015 per ton, a $35 increase from the prior quarter, driven by higher index pricing.
Capital expenditure and SG&A budgets were reduced by $50 million for the full year 2025.
Liquidity ended at $2.7 billion with no near-term maturities and manageable net debt.
Q2 free cash flow showed a $67 million outflow, driven by working capital reductions, with expectations for improved free cash flow in H2 2025.
Shipment volumes increased by 150,000 tons quarter-over-quarter to 4.3 million tons, improving operational efficiency and lowering production costs.
Stelco acquisition contributed to cost synergies, especially through internal coke production reducing external coke purchases.
Unit costs decreased by $15 per ton in Q2, contrary to prior expectations of a slight increase.

Zurn Elkay Water Solutions Corporation

ZWS

Industrial

2w

Financial Performance Summary

Adjusted EBITDA was $118 million with a margin expansion of 120 basis points to 26.5%, the highest since the Zurn Elkay merger.
First half sales and EBITDA increased by $47 million and $22 million respectively, with a 47% drop-through on volume increase.
Free cash flow exceeded $100 million for the first time, ending at $102 million in the quarter.
Net debt leverage ended at 0.7x, the lowest as a public company, inclusive of $33 million share repurchases.
Second quarter sales totaled $445 million, representing 8% core growth year-over-year.