Adjusted earnings per share rose 11% to $4.93, outpacing operating profit growth due to lower tax rates and $225 million in share repurchases.
Adjusted operating profit grew 8% to $362 million, with margins widening to 24.4%, benefiting from favorable mix and effective price-cost management.
Electrical segment sales grew 4% to $545 million, driven by organic growth and a small contribution from the Ventev acquisition, with 9% operating profit growth and margin expansion to 22.5%.
Free cash flow showed good growth, tracking to a 90% conversion target for 2025.
Hubbell delivered double-digit adjusted earnings per share growth in Q2 2025, driven by strong organic growth in Grid Infrastructure and Electrical Solutions and a 120 basis point adjusted operating margin expansion.
Sales increased 2% to just under $1.5 billion, with Electrical segment strength and 7% organic growth in grid infrastructure offset by a 13% contraction in grid automation.
Utility segment sales grew 1% organically to $936 million, with 7% growth in grid infrastructure and a 13% decline in grid automation.
Combined adjusted EBITDA for Q2 2025 was $249.5 million, down from $273.6 million in Q2 2024.
Excluding DGD, Q2 2025 EBITDA was approximately $207 million versus $197 million in Q2 2024.
Feed Segment sales increased slightly to $936.5 million in Q2 2025 with improved EBITDA and stable volumes.
Food Segment sales rose to $386.1 million with stable gross margins at 26.9%.
Fuel Segment EBITDA declined to $61.3 million in Q2 2025 from $96.8 million in Q2 2024, reflecting challenges in the renewable fuel environment.
Gross margins improved to 23.3% in Q2 2025 from 22.5% in Q2 2024.
Leverage ratio improved to 3.34x at Q2 2025 from 3.93x at year-end 2024.
Net income was $12.7 million or $0.08 per diluted share in Q2 2025, down from $78.9 million or $0.49 per diluted share in Q2 2024.
Refinancing improved financial flexibility with a Eurobond upsized to EUR 750 million at 4.5% fixed rate and new credit facilities totaling $2.9 billion.
Total net sales for Q2 2025 were $1.48 billion, slightly up from $1.46 billion in Q2 2024.
Year-to-date combined adjusted EBITDA was $445.3 million compared to $553.7 million in 2024.
Year-to-date net loss was $13.5 million or negative $0.09 per diluted share.
Adjusted EBITDA was down 6% year-over-year, with margin compression primarily due to delivery and installation margins and upfront investments in in-sourcing.
Adjusted free cash flow was $130 million in the quarter with a 22.1% margin, and 23.6% margin over the past 12 months.
Average monthly rental rates increased 5% year-over-year for modular products and 7% for storage products.
Cash from operations increased 17% year-over-year to $205 million.
Invested $75 million in net CapEx in Q2, a 37% increase over prior year, focused on FLEX, larger complexes, and VAPS.
Leverage ratio at 3.6x exiting Q2, with a gradual path to target range over 3-5 years.
Returned $53 million to shareholders through share repurchases and dividends, reducing share count by 3.4% over 12 months.
Total revenue was $589 million, with leasing revenues of $443 million, reflecting a 3% year-over-year decline in leasing revenues.
Trailing 12-month adjusted EBITDA margin stands at 43.8%.
Units on rent declined 5.6% year-over-year for modular products and 3.8% for storage.
WillScot delivered adjusted EBITDA of $249 million in Q2 2025, representing a 42.3% margin, up 140 basis points sequentially.
Dafinchi