Adjusted earnings per share were $0.89, up 7% as reported and 10% on a constant currency basis.
Adjusted EBITDA was $293 million, up 3% on a constant currency basis, with a margin of 22%, up 70 basis points year-over-year.
Food segment net sales were $896 million, flat year-over-year, with adjusted EBITDA of $210 million, up 3%, and margin at 23.4%.
Free cash flow for the first six months was $81 million, down from $207 million in the prior year period, driven by increased incentive compensation and tax payments.
Net leverage ratio stood at 3.6x, with a target to reduce to approximately 3.0x by end of 2026.
Net sales for Q2 2025 were $1.34 billion, down 1% on a constant currency basis.
Protective segment net sales were $439 million, down 3% reported and 4% constant currency, with adjusted EBITDA of $78 million, down 5%, and margin at 17.8%.
Volumes declined 2% overall, with Food volume weakness primarily due to softer industrial food processing volumes in North America.
Average closing price slightly decreased by 1% to $479,000 compared to $482,000 last year.
Earnings per diluted share decreased 14% to $4.42 from $5.12 last year, while book value per share increased 17% to $117.
Gross margins declined to 25% from the previous year, impacting pretax income which decreased 18% to $160.1 million, but still resulted in a strong 14% pretax income return and 17% return on equity.
M/I Homes reported record second quarter revenue of $1.2 billion, a 5% increase year-over-year, and record homes delivered at 2,348, a 6% increase from last year.
Mortgage and title operations achieved a pretax income of $14.5 million, slightly up from $14.4 million last year, with revenue increasing 2% to a record $31.5 million.
The company ended the quarter with a strong balance sheet including $800 million cash, zero borrowings on a $650 million credit facility, and a debt-to-capital ratio of 18%, down from 20% a year ago.
Adjusted EBITDA for Q2 2025 was $28.3 million, above the forecasted range of $21 million to $25 million, despite increased contractor and material costs in Unmanned Systems and a less favorable mix in Space, Training and Cyber.
Cash flow used in operations was $10.6 million, reflecting working capital needs from revenue growth, increased inventory, and investments in development initiatives.
Contract mix for Q2 was 65% fixed price, 31% cost plus, and 4% time and material, with 71% of revenues from U.S. government contracts.
Days sales outstanding (DSO) improved slightly from 104 to 103 days quarter-over-quarter.
Free cash flow used was $31.1 million after $20.5 million in capital expenditures, primarily for expanding manufacturing and production facilities.
KGS segment revenue increased by $64 million year-over-year with organic growth of 27.1%, excluding the impact of the Norden Millimeter acquisition.
Second quarter 2025 revenues were $351.5 million, exceeding the estimated range of $300 million to $310 million, with notable growth in defense rocket support and C5ISR businesses.
Unmanned Systems revenue declined by $12.6 million year-over-year due to prior year international target drone shipments, partially offset by increased tactical drone revenues.
Adjusted earnings per share were $1.36, down from $1.98 in the second quarter of 2024.
ArcBest generated just over $1 billion in revenue and $45 million in non-GAAP operating income for the second quarter of 2025.
Asset-Based segment revenue was $713 million, with a 1% per day increase; operating ratio was 92.8%, up 300 basis points year-over-year but improved 310 basis points sequentially.
Asset-Light non-GAAP operating income was $1 million, an improvement from a loss of $2.5 million last year, driven by margin improvements and reduced operating costs.
Asset-Light segment revenue was $342 million, a daily decrease of 13% year-over-year, with shipments per day down 7% due to strategic reduction of less profitable Truckload volumes.
Consolidated revenue was $1 billion, down 5% year-over-year, with non-GAAP operating income from continuing operations at $45 million compared to $64 million in the prior year.
Daily shipments in Asset-Based grew by 6%, weight per shipment decreased by 1%, resulting in a 4% increase in tons per day compared to the previous year.
July 2025 trends showed Asset-Based daily shipments grew 2% year-over-year with flat daily tonnage levels, while Asset-Light daily revenue was down 7% year-over-year.
Revenue per hundredweight declined 3% year-over-year, driven by growth in easier to handle freight and softness in manufacturing and household goods verticals.
The Asset-Based segment saw a $22 million decrease in operating income, while the Asset-Light segment's non-GAAP operating income of $1 million was an improvement of nearly $4 million over last year.
Aggregates revenues increased 6% to $1.32 billion, with gross profit rising 9% to $430 million and gross margin improving by 94 basis points to 33%.
Asphalt and Paving revenues decreased 7%, with gross profit down 8% due to lower shipments and higher costs.
Building Materials revenues rose 2% to $1.7 billion, with gross profit up 3% to $517 million and gross margin improving modestly to 30%.
Cement and Concrete revenues declined 6%, with gross profit down 25% due to lower operating leverage and higher raw material costs.
Full year 2025 adjusted EBITDA guidance was increased to $2.3 billion at the midpoint, reflecting strong first half results and contributions from the Premier Magnesia acquisition.
Magnesia Specialties achieved new quarterly record revenues of $90 million and set second quarter records for gross profit and gross margin, with margin increasing by 605 basis points.
Martin Marietta reported record second quarter 2025 financial results with consolidated adjusted EBITDA of $630 million, an 8% increase year-over-year.
Dafinchi
