Engineered Materials segment EBITDA was $1 million below prior year, Latex Binders $9 million below, and Polymer Solutions $11 million below prior year.
First half 2025 volumes were 13% below prior year, with significant declines in Latex Binders, paper and board, automotive applications, and polystyrene.
Second quarter 2025 adjusted EBITDA was $42 million, below guidance due to unfavorable raw material timing, lack of seasonal demand pickup, and lower equity earnings at Americas Styrenics.
Second quarter free cash flow was negative $3 million, in line with guidance, with total liquidity at $399 million at quarter end.
Adjusted EBITDA rose 23.2% to $103.3 million, exceeding analyst estimates by $21 million, supported by employee retention credits and operational improvements.
CoreCivic reported a 9.8% increase in total revenue for Q2 2025 compared to Q2 2024, driven by higher federal and state detention populations and increased per diem rates.
GAAP EPS was $0.35, with adjusted EPS at $0.36, up 80% year-over-year, and normalized FFO per share increased 40.5% to $0.59.
Operating margin improved to 26.2% from 23.7% in the prior year quarter, with a 90 basis point increase excluding employee retention credits.
The company repurchased 2 million shares in Q2 at a cost of $43.2 million, totaling 3.9 million shares repurchased year-to-date for $81 million.
Dafinchi