Capital expenditures budget for 2025 remains at $325 million, with over 50% dedicated to growth projects, and total cash outlay expected between $360 million and $380 million.
Cash flow from operations was $229 million in Q2, supporting investments in growth and acquisitions.
Non-GAAP FIFO gross profit margin increased slightly from 30.4% in Q1 2025 to 30.6% in Q2 2025, while LIFO gross profit margin rose by 20 basis points to 29.9%.
Non-GAAP pretax income increased sequentially by over 15%, and non-GAAP earnings per share rose by more than 17% to $4.43 compared to the prior quarter.
Operating cash flow of $229 million was generated despite over $100 million investment in working capital due to higher metal costs.
Reliance reported a record second quarter tons sold, outperforming the industry average volume by 7 percentage points, maintaining a gross profit margin within the sustainable range of 29% to 31%.
Second quarter results benefited from 2024 acquisitions, with financial strength maintained to pursue further M&A opportunities.
SG&A expenses increased 6.2% year-over-year in Q2, driven by inflationary wage adjustments and higher variable costs, but per-ton SG&A expenses increased only 2% compared to Q2 2024, showing operating leverage.
Total debt was $1.43 billion as of June 30, 2025, with a net debt-to-EBITDA ratio of less than 1, indicating strong liquidity.
Celanese reported a second quarter 2025 EPS run rate target of $2 per share, with Q3 guidance midpoint at $1.25.
Free cash flow guidance remains strong at $700 million to $800 million for 2025, driven primarily by operations despite $650 million to $700 million in interest expense.
Inventory reduction efforts in Engineered Materials caused a sequential $25 million negative earnings impact in Q3, offset by a prior Q2 benefit.
The company experienced volume weakness in China automotive orders, European demand in Engineered Materials, and the Western Hemisphere Acetyl Chain.
Volumes in the Western Hemisphere acetyl demand are at the lowest levels in 20 years, with Engineered Materials volumes down 5-6% year-over-year.
Adjusted cost applicable to sales (CAS) per ounce decreased by 5% for gold and 6% for silver compared to last quarter.
All five operations delivered strong production, cost, and financial performance, contributing to record quarterly free cash flow and net income of $127 million or $0.20 per share.
Coeur Mining reported strong Q2 2025 results with free cash flow of $146 million and adjusted EBITDA of $244 million.
Gold and silver production increased significantly, with gold up 25% and silver up 27% compared to the previous quarter.
The company fully repaid the $110 million balance on its revolving credit facility one quarter ahead of schedule, reducing total debt below $400 million.
Dafinchi