Consolidated net income was $9.1 million or $0.91 per diluted share, up from $8.6 million or $0.86 per diluted share in Q2 2024.
Free cash flow turned positive at $3.1 million in the first half of 2025 compared to negative $14.4 million in the same period last year.
Gross profit decreased 1.7% to $25.4 million with a gross margin of 19%, down from 19.9% in the prior year.
NWPX reported record-setting second quarter 2025 results with net sales of $133.2 million, a 2.8% increase year-over-year.
Precast segment sales grew 21.5% to a record $48.6 million driven by strong residential demand and higher selling prices.
Water Transmission Systems (WTS) segment sales declined 5.5% to $84.6 million due to lower production volumes but saw a 4% increase in selling price per ton.
WTS gross margin declined by 120 basis points to 17.8%, while Precast gross margin decreased by 90 basis points to 21.2%.
Adjusted EBITDA was $3.9 million, an improvement of $6.6 million year-over-year, reflecting strong operating leverage.
CapEx was $6.9 million, primarily software-related, with expected quarterly CapEx of approximately $7 million for the remainder of 2025.
Cash and cash equivalents and marketable securities totaled $226 million at quarter end, down $5 million from Q1 due to CapEx investments.
Completed convertible debt refinancing with $250 million of new 0.75% convertible notes due 2030, improving terms and reducing dilution risk.
Gross profit was $65.2 million with a record gross margin of 40.1%, marketplace gross margin reached 35.4%, up 190 basis points year-over-year.
Marketplace revenue was $148 million, up 26% year-over-year, while supplier services revenue was $14.3 million, declining slightly.
Q2 2025 revenue increased 23% year-over-year to $163 million, driven by strong marketplace growth.
U.S. segment adjusted EBITDA was $6.9 million with a 5.1% margin, improving $6.6 million year-over-year; International segment loss was $2.9 million, flat year-over-year.
Adjusted operating profit was $489 million, up 28% year-over-year, with an adjusted operating margin of 18.5%, down 110 basis points primarily due to tariffs.
Free cash flow for Q2 was $277 million, lower year-over-year, but adjusted free cash flow for the first half was $542 million, up 24%.
Net leverage ratio stood at 0.6x at quarter-end, reflecting strong balance sheet management.
Organic sales grew 34% year-on-year, with Americas up mid-40s, APAC mid-30s, and EMEA high single digits.
Q2 orders surpassed $3 billion, up 15% from Q2 2024 and 11% sequentially from Q1 2025, with a trailing 12-month organic orders growth of 11%.
Segment results showed Americas with 43% organic sales growth and 24% adjusted operating margin; APAC with 37% growth and 10.6% margin; EMEA with 7% growth but facing operational challenges and investments.
Vertiv reported adjusted diluted earnings per share of $0.95 in Q2 2025, a 42% increase year-over-year, driven by higher adjusted operating profit.
Dafinchi