Comparable earnings per share from continuing operations were $3.32 in the second quarter, up 11% from $3 in the prior year.
Dedicated operating revenue decreased 3% due to lower fleet count, but earnings before tax (EBT) increased 1% due to acquisition synergies and prior year integration cost benefits.
Fleet Management Solutions operating revenue increased 1%, driven by ChoiceLease revenue up 2%, but pretax earnings declined due to weaker freight market conditions and increased used vehicle wholesale volumes.
Operating revenue for the second quarter was $2.6 billion, up 2% year-over-year, primarily reflecting contractual revenue growth in Supply Chain Solutions (SCS) and Fleet Management Solutions (FMS).
Return on equity (ROE) was 17% for the trailing 12-month period, in line with expectations during a freight cycle downturn.
Ryder delivered its third consecutive quarter of double-digit earnings per share growth with second quarter results above expectations, driven by outperformance in the Supply Chain segment.
Supply Chain operating revenue increased 3%, with earnings up 16% reflecting new business, higher volumes, pricing, and operational improvements.
Used vehicle sales pricing declined 17% year-over-year for tractors and trucks, with increased wholesale volumes to manage aged inventory impacting results.
Year-to-date free cash flow increased to $461 million from $71 million in the prior year, reflecting lower working capital needs and reduced capital expenditures.
Adjusted gross margins expanded 260 basis points to 34.9%, marking the seventh consecutive quarter of sequential margin improvement.
FCD segment sales grew 7% driven by Mogas acquisition, but adjusted operating margins were 12.2%, negatively impacted by approximately 260 basis points due to fabricated modules and inventory write-offs.
Flowserve delivered second quarter revenue of $1.2 billion, representing 3% growth versus prior year, with adjusted operating margin of 14.6% and adjusted earnings per share of $0.91, a 25% increase year-over-year.
Incremental margins during the quarter were an impressive 94%, with adjusted operating income increasing 20% to $174 million.
Net debt to adjusted EBITDA ratio was 1.25x, the lowest in a decade, providing significant capital allocation flexibility.
Strong cash from operations of $154 million and free cash flow of $138 million were reported, with a free cash conversion ratio of 115%.
The FPD segment achieved adjusted operating margins of 20.3%, a 340 basis point increase year-over-year, driven by 80/20 program, productivity gains, and favorable mix.
Closings volume increased 4% year-over-year, with spec sales penetration rising to 65% in Q2 from 58% in Q1 and 59% a year ago.
Delivered 3,340 homes at an average price of $589,000, generating $2 billion in home closings revenue with an adjusted home closings gross margin of 23%.
Financial services revenue increased to $53 million with a gross margin of 51.1%, up from $49 million and 42.5% a year ago.
Home closings gross margin was 22.3% in Q2; adjusted margin was 23%, in line with guidance.
Liquidity stood at approximately $1.1 billion with net homebuilding debt to capitalization ratio at 22.9%.
Reported net income of $194 million or $1.92 per diluted share, adjusted net income of $204 million or $2.02 per diluted share, both up year-over-year.
Repurchased 1.7 million shares for $100 million in Q2; targeting at least $350 million in total share repurchases for 2025.
SG&A expense ratio improved by 90 basis points year-over-year to 9.3% of home closings revenue.
Adjusted EBITDA for continuing operations was $145 million, representing a 7.5% margin, up 210 basis points from last year due to cost savings and productivity improvements.
Adjusted free cash flow for Q2 2025 was a use of $5 million, $109 million lower than last year, impacted by lower Off-Highway earnings, one-time costs, and working capital use.
Cost reduction initiatives delivered nearly $60 million in savings in Q2, totaling $110 million year-to-date, on track for a $310 million run rate by 2026.
Dana reported second quarter 2025 continuing operations sales of $1.94 billion, down $112 million year-over-year due to lower end market demand.
Earnings before tax from continuing operations improved by $30 million to a loss of $24 million.
Tariff headwinds impacted Q2 by about 80 basis points, with an 80% recovery expected for the full year.
The company returned $257 million to shareholders through share repurchases in Q2, buying back over 10% of shares outstanding.
The Off-Highway business was reclassified as discontinued operations, with sales down $125 million in the quarter and expected sale closing in Q4 2025.
Dafinchi