Container volume increased 2.6% in Hawaii, decreased 14.6% in China, decreased 2.2% in Guam, and increased 0.9% in Alaska year-over-year in the second quarter.
Logistics operating income decreased primarily due to a lower contribution from transportation brokerage.
Net income decreased 16.3% year-over-year to $94.7 million and diluted earnings per share decreased 11.8% to $2.92 per share, noting a $10.2 million one-time interest income in the prior year quarter.
Ocean Transportation operating income was lower year-over-year primarily due to lower volume in China service, partially offset by higher freight rates and timing of fuel-related surcharge collections.
Second quarter consolidated operating income decreased $11.6 million year-over-year to $113 million, driven by lower contributions from Ocean Transportation and Logistics of $10.4 million and $1.2 million respectively.
SSAT terminal joint venture contributed $7.3 million in Q2, a $6.1 million increase year-over-year due to higher lift volume.
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.
Aspen Aerogels reported Q2 2025 revenue of $78 million, a 34% year-over-year decline but flat quarter-over-quarter, with an annual run rate of approximately $312 million.
Debt was reduced by $6.5 million, ending the quarter with $168 million in cash and equivalents and $308.8 million in shareholders' equity.
Energy Industrial segment revenue declined 38% year-over-year to $22.8 million due to distributor inventory rebalancing and project delays, especially in the Subsea market.
EV Thermal Barrier segment revenue was $55.2 million, down 32% year-over-year but up 14% quarter-over-quarter, driven by stabilized and increased GM production volumes.
Gross profit margin was 32% with gross profit of $25.3 million, down 51% year-over-year; Energy Industrial margins held at 36%, and EV Thermal Barrier margins improved to 31%, up 8 points quarter-over-quarter.
Net loss was $9.1 million or $0.11 per diluted share, with adjusted EBITDA of $9.7 million, exceeding guidance by 38% and nearly doubling quarter-over-quarter despite slightly lower revenues.
Operating cash flow was $3.9 million positive, with $12.9 million in CapEx, including $3.6 million for Plant 2 obligations, which are largely completed.
Adjusted EBITDA was $9.8 million or 7.1% margin, the strongest quarterly performance in fiscal 2025.
A noncash goodwill impairment charge of $69 million was recorded in the Consulting segment due to business performance and market capitalization decline.
Average bill rate improved by 4% year-over-year overall, with Consulting segment up 13% and Europe/Asia Pac up 7%.
Balance sheet remains strong with $86 million cash and no debt.
Consulting segment revenue declined 14% year-over-year to $51 million with adjusted EBITDA margin of 16%.
Enterprise run rate SG&A expense improved slightly to $46.2 million despite a 14-week quarter.
Europe and Asia Pac segment revenue was flat year-over-year at $21.3 million with improved adjusted EBITDA margin of 9%.
On-Demand segment revenue declined 16% year-over-year to $53 million with a stable 12% adjusted EBITDA margin.
Outsourced Services segment revenue grew 4% year-over-year to $11.3 million with a 28% adjusted EBITDA margin.
RGP delivered Q4 revenue of $139.3 million and gross margin of 40.2%, both above the high end of guidance.
Dafinchi