Consolidated adjusted EBITDA grew nearly 70% to $39.6 million with a margin of 16.9%, a 340 basis point improvement over the prior year.
GAAP net income was positive at $18.4 million or $0.42 per diluted share, compared to a net loss in the prior year period.
Leverage ratio improved to 2.5x at quarter end and pro forma leverage after preferred stock redemption is 2.99x.
Montrose Environmental reported record Q2 2025 revenue of $234.5 million, a 35.3% increase year-over-year, driven by organic growth, environmental emergency response revenue, and acquisitions.
Operating cash flow improved by $48.5 million year-over-year to $27.4 million in the first half of 2025, with free cash flow increasing by $63.1 million to $16.7 million.
Year-to-date revenue increased 25.5% to $412.4 million, and adjusted EBITDA rose 46% to $58.6 million with a 14.2% margin.
Average closing price slightly decreased by 1% to $479,000 compared to $482,000 last year.
Earnings per diluted share decreased 14% to $4.42 from $5.12 last year, while book value per share increased 17% to $117.
Gross margins declined to 25% from the previous year, impacting pretax income which decreased 18% to $160.1 million, but still resulted in a strong 14% pretax income return and 17% return on equity.
M/I Homes reported record second quarter revenue of $1.2 billion, a 5% increase year-over-year, and record homes delivered at 2,348, a 6% increase from last year.
Mortgage and title operations achieved a pretax income of $14.5 million, slightly up from $14.4 million last year, with revenue increasing 2% to a record $31.5 million.
The company ended the quarter with a strong balance sheet including $800 million cash, zero borrowings on a $650 million credit facility, and a debt-to-capital ratio of 18%, down from 20% a year ago.
Adjusted diluted earnings per share for the second quarter was $0.21.
Adjusted income from operations was $57 million, a 9% increase year-over-year.
Enterprise revenues, excluding fuel surcharge, were $1.3 billion, up 10% compared to 1 year ago.
Free cash flow increased approximately $10 million compared to the same period in 2024.
Intermodal operating income was $16 million, a 10% increase compared to the same period last year.
Intermodal operating ratio was 93.9%, an improvement of 30 basis points compared to second quarter 2024.
Intermodal revenues, excluding fuel surcharge, were $265 million for the second quarter, up 5% year-over-year.
Logistics income from operations was $8 million, near first quarter levels, but down 29% from last year's high watermark.
Logistics operating ratio was 97.7%, an increase of 120 basis points compared to prior year.
Logistics revenue, excluding fuel surcharge, totaled $340 million in the second quarter, up 7% from the same period 1 year ago.
Net debt leverage was 0.6x at the end of the quarter, an improvement from 0.8x at the end of the first quarter.
Network margins improved sequentially by 150 basis points.
Truckload earnings improved nearly 60% sequentially and over 30% year-over-year.
Truckload operating income reached $40 million, a 31% increase year-over-year.
Truckload operating ratio was 93.6%, an improvement of 70 basis points compared to last year and approximately 230 basis points better than the first quarter.
Truckload revenue, excluding fuel surcharge, was $622 million in the second quarter, up 15% year-over-year.
Advanced Polymer Solutions segment EBITDA was $40 million, stable with prior quarter despite ongoing challenges in automotive markets.
Cash balance at the end of the quarter was $1.7 billion, above the target cash balance of $1.5 billion, supporting financial flexibility.
Cash conversion rate over the past 12 months was 75%, close to the long-term target of 80%, with strong shareholder returns totaling $2.1 billion over the last 12 months.
Cash generation resumed in the quarter with cash returns to shareholders exceeding $500 million through increased dividends and opportunistic share repurchases.
Intermediates and Derivatives segment EBITDA increased by $79 million to $290 million, primarily from improved styrene and propylene oxide margins.
Olefin and Polyolefin Americas segment EBITDA improved by more than 25% sequentially to $318 million, driven by higher integrated polyethylene margins and less downtime.
Olefin and Polyolefin Europe, Asia and International segment EBITDA was $46 million, improving due to lower feedstock costs and seasonal demand.
Second quarter earnings were $0.62 per share with EBITDA of $715 million, showing sequential improvement due to less downtime and lower feedstock costs.
Technology segment EBITDA was $34 million, lower than guidance due to inventory cost adjustments and sales mix changes, with licensing activity remaining subdued.
Dafinchi