Aerojet Rocketdyne delivered its highest revenue quarter on record with a 2.0 book-to-bill.
Free cash flow was $574 million, driven by increased operating income and improved working capital performance.
L3Harris reported record $8.3 billion in orders for Q2 2025, resulting in a 1.5 book-to-bill ratio.
Non-GAAP EPS was $2.78, up 16% year-over-year; pension-adjusted EPS was $2.42, up 22% year-over-year.
Revenue was $5.4 billion, reflecting strong organic growth of 6%.
Segment operating margin was 15.9%, up 30 basis points, marking the seventh consecutive quarter of year-over-year margin expansion.
Segment results included CS revenue up 2% with 24.4% margin, IMS revenue up 6% organically with 13.2% margin, SAS revenue up 7% organically with 12.3% margin, and Aerojet Rocketdyne with 12% organic growth and 13.3% margin.
Adjusted EPS increased by $0.02 year-over-year, aided by share repurchases.
Adjusted operating income was $373 million, slightly down $8 million on a comparable basis due to $31 million lower sales but offset by cost controls and tariff management.
Adjusted operating margin was strong at 10.3%, despite a 40 basis point tariff headwind, marking the fifth consecutive quarter with margin at or above 10%.
BorgWarner reported second quarter 2025 sales of just over $3.6 billion, relatively flat year-over-year excluding foreign exchange, in line with market production.
Free cash flow was $507 million, a 71% increase from the prior year, driven by strong working capital and capital expenditure performance.
Light vehicle eProduct sales increased 31% year-over-year, driven by strong growth in Europe and Asia.
The company returned over $130 million to shareholders in the quarter through dividends and share repurchases.
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.
Backlog totaled just under $11.5 billion, up $100 million sequentially, with MSA backlog increasing by over $600 million.
Energy segment gross profit increased 9.4% to $134.2 million, but margins declined to 10.8% from 12.6% due to fewer project closeouts and weather impacts on renewables.
Gross profit increased 24.1% to $231.7 million with gross margins improving to 12.3% from 11.9% the prior year.
Net income increased approximately 70% to $84.3 million or $1.54 per diluted share; adjusted EPS rose over 60% to $1.68; adjusted EBITDA grew over 30% to $154.8 million.
Net interest expense decreased by $9.6 million to $7.6 million due to lower debt and interest rates.
Operating cash flow for Q2 was a record $78 million, with year-to-date cash flow nearly $145 million, a $157 million improvement over prior year.
Primoris reported record Q2 2025 results with revenue just under $1.9 billion, up 20.9% year-over-year, driven by double-digit growth in both Energy and Utilities segments.
SG&A expenses rose modestly by $4.4 million to $104.5 million, representing 5.5% of revenue, showing improved operating leverage.
Strong liquidity position with $690 million available, including $390 million cash and $300 million revolver capacity; net debt-to-EBITDA ratio improved to 0.5x.
Utilities segment gross profit rose 52.3% to $97.5 million with margins expanding to 14.1% from 10.3%, led by power delivery improvements.
Adjusted net income was $20 million, up 149%, and adjusted net income per diluted share was $0.97, up 106% compared to the prior year period.
Aviation adjusted EBITDA increased 48% to a record $47 million or 17.1% of revenue, while consolidated adjusted EBITDA rose 52% to $43 million or 16% of revenue.
Free cash flow improved by approximately $28 million versus Q2 2024, generating about $6 million in the quarter, supported by disciplined working capital management and record operating results.
The adjusted net leverage ratio was 2.2x following the sale of the fleet business and acquisition of Turbine Weld, providing significant financial flexibility.
VSE Corporation reported record revenue of $272 million in Q2 2025, a 41% increase year-over-year, driven by strong performance in aviation distribution and MRO businesses and contributions from recent acquisitions.
Dafinchi