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%.
Cash from operations was $60 million, up 47%, with net debt at $204 million and credit availability of $515 million.
Corporate operating expenses increased to $15.7 million from $10.1 million, mainly due to higher post-retirement and stock compensation costs.
Dividends of $0.14 per share were paid, and $20 million of shares were repurchased during the quarter.
Environmental Solutions Group (ESG) net sales grew 18% to $481 million, operating income up 26%, and adjusted EBITDA margin improved by 150 basis points to 23.1%.
Federal Signal delivered 15% year-over-year net sales growth to $565 million in Q2 2025, with organic sales growth of 9%.
GAAP diluted EPS was $1.16, up 17%, and adjusted EPS was $1.17, up 23% year-over-year.
Gross margin improved by 60 basis points to 30%, and selling, engineering, general and administrative expenses decreased slightly as a percentage of sales.
Operating income increased 20% to $97.7 million, and adjusted EBITDA rose 21% to $118.2 million, with a margin expansion of 100 basis points to 20.9%.
Orders reached $540 million, a 14% increase, with backlog at $1.08 billion, slightly up from last year.
Safety and Security Systems Group (SSG) net sales increased 3% to $84 million, operating income up 17%, and adjusted EBITDA margin rose 320 basis points to 26.9%.
For the first half of 2025, petroleum additives sales were $1.3 billion, essentially flat compared to the same period in 2024.
Net debt-to-EBITDA ratio improved to 1.0 as of June 30, 2025, from 1.2x at the end of 2024.
Net income for Q2 2025 was $111 million or $11.84 per share compared to $112 million or $11.63 per share in Q2 2024.
Net income for the first half of 2025 was a record $237 million or $25.11 per share compared to $219 million or $22.87 per share for the first half of 2024.
Petroleum additives operating profit for Q2 2025 was $140 million compared to $148 million in Q2 2024.
Petroleum additives operating profit for the first half of 2025 was $282 million compared to $299 million in 2024.
Petroleum additives sales for Q2 2025 were $654 million compared to $670 million in Q2 2024.
Returned $129 million to shareholders in the first half of 2025 through $77 million in share repurchases and $52 million in dividends.
Shipments in petroleum additives declined 2.5% in Q2 and 4.9% in the first half of 2025 compared to 2024.
Specialty Materials operating profit for Q2 2025 was $11 million compared to $5 million in Q2 2024.
Specialty Materials operating profit for the first half of 2025 was $34 million compared to slightly above breakeven in the first half of 2024.
Specialty Materials sales for Q2 2025 were $42 million compared to $38 million in Q2 2024.
Specialty Materials sales for the first half of 2025 were $96 million compared to $55 million in the same period in 2024.
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.
Dafinchi