Bedding Products sales decreased 11% year-over-year, with strong trade rod and wire sales offset by weakness in mattresses and adjustable bases.
Furniture, Flooring & Textile Products sales were down 2%, with positive growth in Work Furniture and Textiles offset by declines in home furniture and flooring products.
Liquidity at quarter end was $878 million, including $369 million cash and $509 million revolving credit facility capacity.
Operating cash flow was $84 million, down $10 million versus prior year, mainly due to less benefit from working capital and noncash earnings items.
Second quarter earnings per share were $0.38; adjusted EPS was $0.30, a 3% increase from $0.29 in second quarter 2024.
Second quarter EBIT was $90 million and adjusted EBIT was $76 million, up $4 million versus second quarter 2024 adjusted EBIT, driven by metal margin expansion, restructuring benefits and cost management, partially offset by lower volume.
Second quarter sales were $1.1 billion, down 6% versus second quarter of 2024, due to softness in residential end markets, Automotive and Hydraulic Cylinders, partially offset by strength in trade wire and rod sales, Textiles, Work Furniture and Aerospace.
Specialized Products declined 5%, with Aerospace growing 6% but Automotive and Hydraulic Cylinders declining.
Total debt was reduced by $143 million to $1.8 billion, with net debt to trailing 12-month adjusted EBITDA at 3.5x.
Celanese reported a second quarter 2025 EPS run rate target of $2 per share, with Q3 guidance midpoint at $1.25.
Free cash flow guidance remains strong at $700 million to $800 million for 2025, driven primarily by operations despite $650 million to $700 million in interest expense.
Inventory reduction efforts in Engineered Materials caused a sequential $25 million negative earnings impact in Q3, offset by a prior Q2 benefit.
The company experienced volume weakness in China automotive orders, European demand in Engineered Materials, and the Western Hemisphere Acetyl Chain.
Volumes in the Western Hemisphere acetyl demand are at the lowest levels in 20 years, with Engineered Materials volumes down 5-6% year-over-year.
Dafinchi