Cash and investments stood at $2.3 billion with total debt of $4.7 billion; net cash from operations was $135 million while capital expenditures were $267 million in the quarter.
FIFO accounting method caused an unfavorable pretax impact of $13 million in PEM compared to LIFO.
HIP segment delivered strong EBITDA of $275 million on sales of $1.1 billion, representing a 24% EBITDA margin, driven by seasonal volume increases and demand in municipal water applications.
Net income improved by $28 million sequentially but decreased by $325 million year-over-year due to higher feedstock and energy costs and lower average sales prices.
PEM segment EBITDA was $52 million, down from prior quarters due to planned and unplanned outages and global oversupply pressures, with sales of $1.8 billion.
Westlake reported second quarter 2025 EBITDA of $340 million on net sales of $3 billion, with a net loss of $12 million or $0.09 per share.
Fire Safety segment revenue was $120.3 million in Q2, a 22% increase year-over-year, driven by normalized U.S. wildfire activity and strong international performance.
GAAP loss per share was $0.22 in Q2 2025 versus GAAP earnings per share of $0.14 in Q2 2024; adjusted EPS was $0.39 compared to $0.25 in the prior year quarter.
Second quarter adjusted EBITDA reached $91.3 million, a 41% increase year-over-year, with year-to-date adjusted EBITDA at $109.4 million, up 42%.
Specialty Products segment net sales rose 47% to $42.4 million in Q2, including a $9.3 million contribution from IMS acquisitions, despite operational challenges at the Sauget plant.
The company repurchased 2.9 million shares for approximately $32 million in Q2, reflecting confidence in intrinsic value and capital allocation discipline.
Year-to-date free cash flow was $3.3 million, with Q2 free cash flow negative $15.6 million due to seasonal working capital build and capital expenditures.
Dafinchi