Dafinchi AI

PSN

Industrial

Adjusted EBITDA was $149 million, comparable to Q2 2024, with margin expansion of 40 basis points to 9.4%, a second quarter record.
Critical Infrastructure segment revenue increased 14% year-over-year, with adjusted EBITDA margin expanding 350 basis points to 10.5%, a segment record.
Excluding a confidential contract, total revenue grew 13% and 8% on an organic basis, driven by transportation and cyber markets.
Federal Solutions segment revenue decreased 19% year-over-year but increased 8% excluding the confidential contract.
Free cash flow conversion was 151% for the quarter and 125% on a trailing 12-month basis.
Net debt leverage ratio was 1.5x after the acquisition of Chesapeake Technology International (CTI).
Operating cash flow was $160 million, consistent with prior year, with a trailing 12-month record of $574 million, a 17% increase.
Share repurchases totaled approximately 219,000 shares in Q2 at an average price of $68.56.
Total revenue for Q2 2025 was $1.6 billion, down 5% year-over-year and 9% on an organic basis.

IFF

Industrial

Adjusted operating EBITDA rose 6% to $552 million, with a 50 basis point margin expansion.
Food Ingredients sales increased 1% to $850 million, with a 21% adjusted operating EBITDA growth and a 170 basis point margin improvement to 14.6%.
Health & Biosciences segment grew 4% in sales and 3% in adjusted operating EBITDA.
IFF reported Q2 2025 sales of over $2.75 billion, marking a 3% year-over-year increase driven by volume gains across all segments.
Net debt to credit adjusted EBITDA ratio improved to 2.5x, the lowest since 2018, following divestitures and debt tender offering.
Pharma Solutions sales increased 21% year-over-year but was divested on May 1, 2025.
Scent segment sales rose 1%, with Fine Fragrance showing double-digit growth while Fragrance Ingredients faced declines due to low-cost competition.
Taste segment sales grew 6% to $631 million, with a 3% increase in adjusted operating EBITDA.

ETN

Industrial

Aerospace segment posted 10% order growth on a rolling 12-month basis and backlog expansion of 16% year-over-year.
Data center market showed exceptional growth with orders up approximately 55% and sales up 50% versus Q2 2024.
Eaton posted record quarterly revenue of $7 billion in Q2 2025, with adjusted EPS of $2.95, up 8% year-over-year, hitting the high end of guidance.
Electrical Americas backlog grew 17% year-over-year to $11.4 billion, with orders accelerating to +2% on a trailing 12-month basis from -4% last quarter.
Organic sales growth was 8% overall, driven by strong performance in Electrical Americas (12%), Electrical Global (7% organic plus 2% FX), and Aerospace (11%).
Segment margins expanded by 20 basis points to 23.9%, with Electrical Americas operating margin at 29.5%, Electrical Global at 20.1%, Aerospace at 22.2%, Vehicle at 17%, and eMobility operating loss of $10 million.
Vehicle segment declined 8% organically due to weakness in North America truck market, while eMobility revenue decreased 4% with an operating loss.

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