Bookings in Q4 were a record $342 million with a book-to-bill ratio of 1.25, resulting in a record backlog of $1.4 billion, up 6% year-over-year.
Free cash flow for Q4 was $34 million, exceeding expectations, and full year free cash flow was a record $119 million.
GAAP net income in Q4 was $16 million versus a net loss of $11 million in the prior year quarter; full year GAAP net loss improved to $38 million from $138 million.
Q4 adjusted EBITDA was $51 million with a margin of 18.8%, up over 700 basis points sequentially; full year adjusted EBITDA was $119 million with a 13.1% margin.
Q4 revenue was $273 million, up 9.9% year-over-year, with full year revenue of $912 million, up 9.2%.
Adjusted cost applicable to sales (CAS) per ounce decreased by 5% for gold and 6% for silver compared to last quarter.
All five operations delivered strong production, cost, and financial performance, contributing to record quarterly free cash flow and net income of $127 million or $0.20 per share.
Coeur Mining reported strong Q2 2025 results with free cash flow of $146 million and adjusted EBITDA of $244 million.
Gold and silver production increased significantly, with gold up 25% and silver up 27% compared to the previous quarter.
The company fully repaid the $110 million balance on its revolving credit facility one quarter ahead of schedule, reducing total debt below $400 million.
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%.
Ecovyst exceeded guidance with adjusted EBITDA just under $56 million in Q2 2025, above the high end of guidance.
The company’s free cash flow was a use of $2 million in the first half, impacted by acquisition costs and share repurchases.
Guidance for 2025 free cash flow was raised to a range of $70 million to $80 million, with expectations of leverage ratio approaching 3x by year-end, aligning with long-term targets.
EPS was $4.72, down 35 cents from last year, with 25 cents of headwinds including pension amortization and legal payment impacts.
Financial services operating earnings were $68.2 million, down 2.8% from $70.2 million last year.
Gross margin was 50.5%, down 10 basis points, with 50 basis points unfavorable currency offset by RCI initiatives.
Operating income before financial services was $259.1 million, down 7.6% from last year, impacted by a $11.2 million nonrecurring legal benefit in 2024.
Operating income margin was 22%, down 180 basis points from last year, reflecting investments in product, brand, and people.
Segment results: Commercial & Industrial sales declined 7.6% organically; Tools Group sales up 1.6% organically; RSNI sales up 2.3% organically with margin improvement.
Snap-on reported second quarter sales of $1,179.4 million, flat year-over-year, with organic sales down 0.7% excluding $8.6 million favorable currency impact.
Adjusted segment EBITDA margins reached a record above 25%, supported by portfolio actions, positive mix, and rigorous cost containment and productivity.
Dover's second quarter results were strong, driven by excellent production performance, positive margin mix from growth platforms, and carryforward cost actions from prior periods.
Margin improvements were noted across segments, including 80 basis points in Clean Energy & Fueling and 60 basis points in Climate Sustainability.
Order trends were positive, up 7% year-over-year, with the majority of third quarter revenue already in backlog and July orders tracking well.
Segment revenue performance varied: Engineered Products down on vehicle services volumes; Clean Energy & Fueling up 8%; Imaging & ID stable; Pumps & Process Solutions up 4% organically; Climate Sustainability down due to declines in food retail cases and engineering services.
Top line performance accelerated with broad-based shipment growth in short-cycle components and outperformance over secular growth exposed end markets.
Year-to-date free cash flow was $261 million or 7% of revenue, up $41 million over prior year, with expectations to accelerate in the second half of the year.
Dafinchi