Net debt decreased by $1.2 billion to $7.2 billion, interest expense expected around $330 million for the year.
Net debt decreased by $1.2 billion to $7.2 billion, interest expense increased slightly to $88 million for the quarter.
Operating cash flow was $1.6 billion, free cash flow $1.4 billion, with a cash conversion rate of 138% for the quarter.
Operating cash flow was $1.6 billion with free cash flow of $1.4 billion and a cash conversion rate of 138% for the quarter.
Orders totaled over $28 billion with a book-to-bill ratio of 2.2:1, backlog at a record $103.7 billion, up 14% year-over-year.
Orders totaled over $28 billion with a book-to-bill ratio of 2.2:1, backlog at record $103.7 billion, up 14% year-over-year.
Reported earnings of $3.74 per diluted share on revenue of $13 billion, operating earnings of $1.3 billion, and net income slightly over $1 billion for Q2 2025.
Revenue increased 8.9% year-over-year, operating earnings up almost 13%, net earnings up 12%, and EPS up 14.7%.
Segment highlights: Aerospace revenue $3.06 billion (+4.1%), operating earnings $403 million (+26.3%), Marine revenue $4.22 billion (+22.2%), Combat Systems revenue flat at $2.28 billion, Technologies revenue $3.5 billion (+5.5%).
Year-to-date revenue of $25.3 billion is up 11.3%, operating earnings nearly $2.6 billion up 17.4%, and EPS up 20.5%.
Adjusted Q2 operating profit was $5 million, significantly down from prior year, excluding $15 million in severance and asset impairment costs.
Bolzoni revenues declined year-over-year due to phasing out lower-margin legacy products, but showed sequential revenue growth.
Lift Truck segment margins were negatively impacted by $10 million in tariff-driven material and freight cost increases.
Net debt improved year-over-year due to excess cash generation and debt reduction; liquidity remains strong with nearly $260 million unused borrowing capacity.
Operating cash flow improved to approximately $30 million in Q2, driven by working capital management and inventory reductions.
Q2 2025 revenues declined 19% year-over-year due to lower volumes and tariff-related economic uncertainty.
Tax expense was $200,000 in Q2 compared to $26 million prior year, influenced by lower pretax earnings and capitalization of R&D costs.
Dafinchi