Adjusted earnings per share was $0.39, an increase of approximately 8%, driven by underlying operating performance, offset partially by prior year nonrecurring gains and unfavorable foreign exchange.
Adjusted EBITDA was $199 million with a margin of 22.5%, a decrease of 30 basis points compared to prior year, impacted by a $7 million one-time real estate gain in the prior year.
Fluid Power segment sales were $334 million, down 2.5% on a core basis, with mixed end market dynamics including weaker on-highway and construction demand but low single-digit growth in agriculture.
Free cash flow grew 11% year-over-year to $74 million, with 73% conversion to adjusted net income and net leverage declined to 2.2x, improving 0.1x year-over-year.
Gross margin expanded 40 basis points to 40.8%, remaining above 40% for five consecutive quarters.
Power Transmission segment revenues were $550 million, up slightly on a core basis, with high single-digit growth in industrial OEM and 18% growth in personal mobility.
Second quarter total sales were $884 million, representing a 0.6% decline on a core basis with slightly positive foreign currency impact.
Dafinchi