Non-GAAP earnings per share increased more than 40% year-over-year with solid revenue growth in both segments.
Non-GAAP earnings per share of $1.11 was delivered in the second quarter, representing 41% year-over-year EPS growth ahead of internal expectations.
Non-GAAP operating margin expanded 200 basis points year-over-year to 11%, the highest on record for the second quarter.
Profitability improvements were driven by volume growth, profit transformation efforts, and KII synergies.
Residential Building Products second quarter revenue increased more than 5% year-over-year, with new construction channel up more than 4% and remodel-retrofit sales up over 7%.
Residential Building Products segment operating profit grew 20% year-over-year, and operating margin expanded 190 basis points to 15.7%.
Depreciation per unit (DPU) was $251, well below the sub-$300 North Star target, exceeding it by 16%, driven by fleet rotation and strong residual values.
Direct operating expenses per transaction day declined 3% year-over-year to about $36, reflecting disciplined cost control and operational efficiency.
Hertz reported $2.2 billion in revenue for Q2 2025, with adjusted corporate EBITDA turning positive at $1 million, a $460 million improvement year-over-year.
Liquidity stood at $1.4 billion at the end of June, supported by delayed Wells Fargo litigation resolution and efficient balance sheet management.
Vehicle utilization improved to 83%, a 300 basis point increase year-over-year, despite a 6% reduction in fleet size.
Adjusted diluted earnings per share increased 18.2% to $0.39.
Adjusted EBITDA increased by 17.7% with a margin expansion of 30 basis points to 13.7%.
Adjusted free cash flow for the first half of 2025 was $186 million, up $52 million year-over-year, with a 40% free cash flow conversion rate.
APi Group reported record second quarter results with net revenues increasing by 15% to $2 billion, including 8.3% organic growth driven by strong project revenue growth, pricing improvements, and growth in inspection, service and monitoring revenues.
Net debt to adjusted EBITDA ratio was approximately 2.2x at quarter end.
Safety Services segment revenues grew 15.8% to $1.36 billion with 5.6% organic growth and an 80 basis point increase in segment earnings margin to 17%.
Specialty Services segment delivered 13.3% organic revenue growth to $629 million but experienced a 350 basis point decrease in adjusted gross margin to 18.1%, with segment earnings margin down 190 basis points to 11.3%.
Dafinchi