Aggregates revenues increased 6% to $1.32 billion, with gross profit rising 9% to $430 million and gross margin improving by 94 basis points to 33%.
Asphalt and Paving revenues decreased 7%, with gross profit down 8% due to lower shipments and higher costs.
Building Materials revenues rose 2% to $1.7 billion, with gross profit up 3% to $517 million and gross margin improving modestly to 30%.
Cement and Concrete revenues declined 6%, with gross profit down 25% due to lower operating leverage and higher raw material costs.
Full year 2025 adjusted EBITDA guidance was increased to $2.3 billion at the midpoint, reflecting strong first half results and contributions from the Premier Magnesia acquisition.
Magnesia Specialties achieved new quarterly record revenues of $90 million and set second quarter records for gross profit and gross margin, with margin increasing by 605 basis points.
Martin Marietta reported record second quarter 2025 financial results with consolidated adjusted EBITDA of $630 million, an 8% increase year-over-year.
Adjusted EBITDA totaled $336 million, a slight increase over the first quarter of 2025.
Cash from operations was $396 million; ended quarter with approximately $600 million cash and total debt just under $5.2 billion.
Engineered Wood Products adjusted EBITDA was $57 million, a slight increase compared to the first quarter.
Lumber adjusted EBITDA was $11 million, a $29 million decrease compared to the first quarter.
OSB adjusted EBITDA was $30 million, a $29 million decrease compared to the first quarter.
Real Estate and ENR contributed $106 million to second quarter earnings and $143 million to adjusted EBITDA, $61 million higher than the prior quarter.
Share repurchase activity totaled $100 million in the second quarter, highest quarterly level since late 2022.
Timberlands contributed $88 million to second quarter earnings with adjusted EBITDA of $152 million, a $15 million decrease compared to the first quarter.
Weyerhaeuser reported second quarter GAAP earnings of $87 million or $0.12 per diluted share on net sales of $1.9 billion.
Wood Products contributed $46 million to second quarter earnings and $101 million to adjusted EBITDA.
Adjusted EBITDA grew 4% year-over-year to $313 million, with margin expanding 160 basis points to 38.5%.
Diluted earnings per share increased 8% to a quarterly record $2.29, supported by higher net income and lower diluted shares outstanding.
Gross profit increased $8 million to $402 million, driven by price increases partially offset by lower volumes and unfavorable material costs.
Net cash provided by operating activities was $184 million, up from $171 million, driven by lower working capital needs and higher gross profit, partially offset by acquisition expenses.
Net income rose $8 million to $195 million, helped by higher gross profit and unrealized mark-to-market gains, offset by $15 million acquisition-related expenses.
Net leverage ratio stood at 1.38x with $778 million cash and $745 million available credit, maintaining a flexible, covenant-light debt structure.
Second quarter 2025 net sales were $814 million, flat year-over-year, with a 47% increase in defense end market sales and record $142 million sales outside North America On-Highway, up 11%.
Capital expenditures were $71 million in Q2, primarily maintenance-related; stock repurchases totaled $31.2 million at an average price of $94.
Cash on hand was $68 million with total debt around $1.12 billion; net debt-to-EBITDA was just under 1.4x.
Commercial and Industrial revenues rose 5% year-over-year with operating income up 24%.
Distribution and Services segment revenues were $363 million with operating income of $35 million and operating margin of 9.8%.
Inland Marine barge utilization was in the low to mid-90% range; Coastal Marine utilization was in the mid- to high 90% range.
Kirby Corporation reported second quarter earnings per share of $1.67, a 17% increase year-over-year from $1.43 in Q2 2024.
Marine Transportation segment revenues were $493 million with operating income of $99 million and an operating margin of 20.1%.
Net cash from operating activities was $94 million, impacted by a working capital build of approximately $83 million.
Oil and Gas revenues declined 27% year-over-year but operating income increased 182%, driven by growth in e-frac equipment and cost management.
Power Generation revenues increased 31% year-over-year, driven by data centers and industrial customers, with backlog growth of 15% to 20%.
Total Marine revenues increased 2% year-over-year and operating income increased 4%. Sequentially, Marine revenues increased 3% and operating income increased 14%.
Adjusted earnings per share were $0.89, up 7% as reported and 10% on a constant currency basis.
Adjusted EBITDA was $293 million, up 3% on a constant currency basis, with a margin of 22%, up 70 basis points year-over-year.
Food segment net sales were $896 million, flat year-over-year, with adjusted EBITDA of $210 million, up 3%, and margin at 23.4%.
Free cash flow for the first six months was $81 million, down from $207 million in the prior year period, driven by increased incentive compensation and tax payments.
Net leverage ratio stood at 3.6x, with a target to reduce to approximately 3.0x by end of 2026.
Net sales for Q2 2025 were $1.34 billion, down 1% on a constant currency basis.
Protective segment net sales were $439 million, down 3% reported and 4% constant currency, with adjusted EBITDA of $78 million, down 5%, and margin at 17.8%.
Volumes declined 2% overall, with Food volume weakness primarily due to softer industrial food processing volumes in North America.
Dafinchi
