C&I operating income margin was 5.6% compared to 0.4% last year, helped by absence of prior contingent compensation expense and better project margins.
C&I revenues were $394 million, up 6% year-over-year, driven primarily by fixed price contracts.
EBITDA was $56 million compared to negative $5 million in the prior year quarter.
Funded debt-to-EBITDA leverage ratio remained strong at 0.46x.
Gross margin improved to 11.5% from 4.9% in the prior year quarter, due to better productivity and favorable job closeouts, partially offset by labor and project inefficiencies.
Net income was $27 million versus a net loss of $15 million last year; diluted EPS was $1.70 versus negative $0.91.
Operating cash flow was $33 million, up from $23 million last year; free cash flow was $12 million versus $3 million last year.
Second quarter 2025 revenues were $900 million, an increase of $71 million or 8.6% compared to the same period last year.
SG&A expenses increased by $2 million to $63 million, mainly due to higher employee incentive compensation and support for growth.
T&D operating income margin was 8% compared to an operating loss margin of 1.8% last year.
T&D revenues were $506 million, up 10% year-over-year, with $305 million from Transmission and $201 million from Distribution.
Total backlog as of June 30, 2025, was $2.64 billion, 4% higher than a year ago, with $927 million in T&D and $1.72 billion in C&I.
Working capital was $251 million, funded debt $86 million, and borrowing availability $383 million as of June 30, 2025.
Adjusted EBITDA was $65 million versus $98 million in the prior year quarter.
Adjusted pretax earnings were $15 million compared to $45 million in Q2 2024.
Agribusiness segment adjusted pretax income was $17 million, down from $33 million in Q2 2024, with improved fertilizer volumes and margins but weak grain merchandising.
Gross profit declined due to challenging agricultural fundamentals and a strong comparative quarter in Renewables last year.
Renewables segment pretax income was $10 million compared to $23 million in Q2 2024, with record ethanol yields but offset by lower board crush and higher input costs.
Revenues increased slightly due to the addition of Skyland despite lower commodity prices overall.
The Andersons reported adjusted net income of $8 million and adjusted EPS of $0.24 in Q2 2025, down from $39 million and $1.15 in Q2 2024.
Ended the quarter with $19 million in cash and a net leverage ratio of 0.1x, with no outstanding borrowings under the revolving credit facility.
Government segment revenue was approximately $7 million, impacted by contract terminations but partially offset by reactivation of Dilley, Texas assets.
HFS and other segments delivered approximately $39 million in revenue, maintaining substantial asset utilization.
Recurring corporate expenses were approximately $10 million for the quarter.
Second quarter total revenue was approximately $62 million with adjusted EBITDA of approximately $4 million.
Strong cash flow from operations of over $15 million in the first half of 2025.
Total capital spending was approximately $6 million, focused on Government segment asset enhancements.
Workforce Hospitality Solutions segment generated approximately $15 million in revenue, primarily from construction activity.
Adjusted EBITDA margin increased by 80 basis points to 26.4%, and adjusted EPS grew by 7%.
Adjusted net income for Q4 was $992 million with an 18.9% return on sales, and adjusted EPS was $7.69, up 14%.
Backlog finished at a record $11 billion, driven by strong Aerospace orders and backlog growth.
Fiscal year 2025 was a record year for Parker Hannifin with sales reaching $19.9 billion and adjusted segment operating margin expanding to 26.1%, up 120 basis points from prior year.
Fourth quarter 2025 saw record sales growth of 1%, organic growth of 2%, and adjusted segment operating margin of 26.9%, up 160 basis points year-over-year.
Record cash flow from operations was $3.8 billion, free cash flow was $3.3 billion, with conversion at 109%, both up 12% from prior year.
Dafinchi