Adjusted EBITDA excluding LIFO was $45 million in Q2, up from $32.8 million in Q1.
Cash from operations was $24 million, with a cash conversion cycle of 66 days, improved from prior periods.
Excluding LIFO, gross margin expanded by 40 basis points sequentially to 19%.
Gross margin contracted by 10 basis points to 17.9%, impacted by a higher-than-expected LIFO expense of $13 million due to rising commodity prices outpacing selling prices.
LIFO charge increased due to rising metal costs, with full year LIFO expense estimated at approximately $40 million.
Net income attributable to Ryerson was $1.9 million or $0.06 per diluted share, compared to a net loss of $5.6 million and loss per share of $0.18 in the prior quarter.
Ryerson reported net sales of $1.17 billion in Q2 2025, a 3% increase compared to Q1, driven by a 2.8% rise in average selling prices and a slight increase in tons shipped.
Second quarter shipments decreased by 1.2% quarter-over-quarter, outperforming the North American industry volume decline of 2.1%.
Total company tons shipped were up fractionally quarter-over-quarter with strength in consumer durable and HVAC sectors, but weakness in construction equipment and commercial ground transportation.
Total debt ended at $510 million with net debt of $479 million, resulting in a leverage ratio of 4.4x, above the target range of 0.5x to 2x.
Warehousing, delivery, selling, general and administrative expenses increased slightly to $204 million due to one additional business day but decreased as a percentage of revenue and per day.
Intrepid Potash reported adjusted EBITDA of $16.4 million and adjusted net income of $6 million in Q2 2025, compared to adjusted EBITDA of $9.2 million and adjusted net loss of about $40,000 in Q2 2024.
Oilfield Solutions segment contributed $4.3 million in revenue and $1.3 million in gross margin, consistent with historical averages.
Potash production was 44,000 tons in Q2, 4,000 tons higher than the prior year period, with cost of goods sold improving 13% to $337 per ton.
Potash sales volumes increased by 25% year-over-year to 69,000 tons in Q2, with a net realized sales price of $361 per ton, up $50 per ton from Q1.
Trio segment sold 70,000 tons at an average net realized sales price of $368 per ton, with production also at 70,000 tons and cost of goods sold per ton improving 10% year-over-year.
AECOM's third quarter 2025 financial results exceeded expectations with record NSR, margins, EBITDA, EPS, backlog, and pipeline.
Backlog and contracted backlog both grew sequentially and year-over-year, reaching all-time highs.
Business development expenses increased above prior year and plan, supporting strong pipeline and backlog growth.
Capital allocation included returning nearly $240 million to shareholders year-to-date and maintaining a strong balance sheet with net leverage of 0.6.
Free cash flow increased by 27% year-to-date, with $262 million generated in the quarter.
International segment NSR grew 3%, driven by the U.K. and Middle East, with an 11.9% adjusted operating margin.
Organic NSR growth accelerated to 6%, led by 8% growth in the Americas segment, the highest margin segment.
Segment adjusted operating margin reached a record 17.1%, a 90 basis point improvement year-over-year.
The Americas segment NSR grew 8% with a 20.5% adjusted operating margin, a new quarterly record.
Third quarter adjusted EBITDA and EPS increased by 10% and 16%, respectively; year-to-date increases were 9% and 20%.
Dafinchi