For the first half of 2025, petroleum additives sales were $1.3 billion, essentially flat compared to the same period in 2024.
Net debt-to-EBITDA ratio improved to 1.0 as of June 30, 2025, from 1.2x at the end of 2024.
Net income for Q2 2025 was $111 million or $11.84 per share compared to $112 million or $11.63 per share in Q2 2024.
Net income for the first half of 2025 was a record $237 million or $25.11 per share compared to $219 million or $22.87 per share for the first half of 2024.
Petroleum additives operating profit for Q2 2025 was $140 million compared to $148 million in Q2 2024.
Petroleum additives operating profit for the first half of 2025 was $282 million compared to $299 million in 2024.
Petroleum additives sales for Q2 2025 were $654 million compared to $670 million in Q2 2024.
Returned $129 million to shareholders in the first half of 2025 through $77 million in share repurchases and $52 million in dividends.
Shipments in petroleum additives declined 2.5% in Q2 and 4.9% in the first half of 2025 compared to 2024.
Specialty Materials operating profit for Q2 2025 was $11 million compared to $5 million in Q2 2024.
Specialty Materials operating profit for the first half of 2025 was $34 million compared to slightly above breakeven in the first half of 2024.
Specialty Materials sales for Q2 2025 were $42 million compared to $38 million in Q2 2024.
Specialty Materials sales for the first half of 2025 were $96 million compared to $55 million in the same period in 2024.
Cash flow from operations was $247 million, with $191 million in net CapEx deployed; liquidity stood at $824 million with net debt leverage ratio improving to 2.5x.
Company-wide adjusted EBITDA was down 1% year-over-year, with operating income up 1% to $198 million and net income of $106 million ($0.89 diluted EPS).
LTL adjusted EBITDA grew 1% year-over-year to $300 million, with margin expansion of 90 basis points to 24.2%.
Maintenance cost per mile improved 6%, supported by a younger fleet with average tractor age under 4 years.
North American LTL segment revenue declined 3% year-over-year due to lower fuel surcharge revenue but increased 6% sequentially excluding fuel.
Purchase transportation expense declined 53% year-over-year due to insourcing linehaul miles, resulting in $36 million in savings.
XPO reported $2.1 billion in revenue and adjusted EBITDA of $340 million for Q2 2025, with adjusted diluted EPS of $1.05 exceeding expectations.
Adjusted EBITDA improved by $5 million to $34 million, with an adjusted EBITDA margin expansion of 40 basis points to 10.7%.
Adjusted net income was $18.1 million and adjusted diluted EPS was $0.85, a 27% increase over last year.
Cash position strengthened to $400 million, up $103 million from June 2024.
Executive Search adjusted EBITDA was $54.6 million with a margin of 22.9%.
Executive Search revenue grew 13% to $238 million, with regional growth of 9% in the Americas, 31% in Europe, and 12% in APAC.
General and administrative expenses improved by $4.3 million to $42.2 million, or 13.3% of net revenue, a 340 basis point improvement from the prior year quarter.
Heidrick Consulting revenue increased 17% to $31 million, with adjusted EBITDA positive at $0.6 million.
On-Demand Talent revenue increased 14% to $48 million, turning adjusted EBITDA positive at $1 million versus a loss of $1.6 million last year.
Q2 2025 revenue reached approximately $317 million, a 14% increase compared to Q2 2024.
R&D spend was $6 million or 1.9% of net revenue, focused on technology investments powering all business lines.
Salary and benefits increased 17.6% year-over-year, driven by higher base salaries, payroll taxes, deferred compensation, talent acquisition, retention costs, retirement benefits, and stock compensation.
Aerojet Rocketdyne delivered its highest revenue quarter on record with a 2.0 book-to-bill.
Free cash flow was $574 million, driven by increased operating income and improved working capital performance.
L3Harris reported record $8.3 billion in orders for Q2 2025, resulting in a 1.5 book-to-bill ratio.
Non-GAAP EPS was $2.78, up 16% year-over-year; pension-adjusted EPS was $2.42, up 22% year-over-year.
Revenue was $5.4 billion, reflecting strong organic growth of 6%.
Segment operating margin was 15.9%, up 30 basis points, marking the seventh consecutive quarter of year-over-year margin expansion.
Segment results included CS revenue up 2% with 24.4% margin, IMS revenue up 6% organically with 13.2% margin, SAS revenue up 7% organically with 12.3% margin, and Aerojet Rocketdyne with 12% organic growth and 13.3% margin.
Cash position as of June 30, 2025, was $35.8 million with $100 million of debt outstanding, resulting in a net loan-to-value ratio of 7%.
Declared a dividend of $0.15 per share for Q2 2025, maintaining 24 consecutive quarters of dividends and representing 41% of the current share price.
Genco Shipping & Trading reported a net loss of $6.8 million or $0.16 per share in Q2 2025, with an adjusted net loss of $0.14 per share excluding a $0.7 million noncash impairment charge.
Pro forma for the acquisition of a 2020 built Capesize vessel, net loan-to-value is expected to rise to approximately 13%.
Dafinchi
