Adjusted EBITDA for Q2 2025 was $60.7 million, a $3 million increase from the previous quarter.
Bristow Group reported strong Q2 2025 financial results with revenues increasing by $25.9 million sequentially, driven primarily by Offshore Energy Services (OES) and Government Services segments.
Government Services revenues increased by $6.6 million, mainly from the Irish Coast Guard contract transition and UK Search and Rescue business, though adjusted operating income declined due to higher subcontractor and personnel costs.
OES segment revenues rose by $13 million due to higher utilization and favorable foreign exchange impacts across Europe, Americas, and Africa.
Operating cash flows improved by nearly $100 million sequentially and $38 million year-over-year, supported by better working capital management.
Other Services revenues increased by $6.3 million due to seasonal higher utilization in Australia, with adjusted operating income up by $4.1 million.
Depreciation and amortization expenses rose by $7.4 million due to higher depreciation rates, increased utility plant, and amortization of storm and deferred costs.
Electric adjusted gross margin for the first half of 2025 was $53.3 million, up 2.5% or $1.3 million, driven by higher distribution rates and customer growth.
For the first six months of 2025, adjusted net income was $33.1 million or $2.03 per share, an increase of $1.6 million or $0.07 per share compared to the same period in 2024.
Gas adjusted gross margin increased 17.1% to $108.1 million for the first half of 2025, reflecting higher rates, customer growth including 8,800 customers from Bangor Natural Gas acquisition, and return to normal winter weather.
Income taxes increased slightly by $0.2 million reflecting higher pretax earnings.
Interest expense increased by $3.7 million due to higher long-term debt and regulatory liabilities, partially offset by lower short-term borrowing costs.
Operation and maintenance expenses increased by $7.1 million, including $1.7 million related to Bangor Natural Gas and $2.2 million in transaction costs (excluded from adjusted earnings).
Other expenses decreased by $1 million due to lower retirement benefit costs.
Unitil reported adjusted net income of $4.7 million and adjusted earnings of $0.29 per share for Q2 2025, up $0.4 million and $0.02 per share from Q2 2024.
Adjusted EBITDA for the first 6 months of 2025 was $68.1 million, a record for current segments and $3.1 million above the upper range of prior guidance.
Completion Fluids & Products segment saw adjusted EBITDA margins increase by 100 basis points to 36.7%.
Free cash flow from the base business was strong at $37 million in Q2 and $53 million for the first half of 2025.
Industrial Chemicals grew 5.5% year-over-year, outpacing U.S. and global GDP growth.
Liquidity improved to approximately $219 million with a net leverage ratio of 1.2x trailing 12 months EBITDA.
Revenue increased 11% sequentially and 1% year-over-year, while adjusted EBITDA grew 17% year-over-year.
TETRA achieved an adjusted EBITDA of $35.9 million for Q2 2025 with margins of 20.6% and base business free cash flow of $37.4 million, exceeding expectations.
Water and Flowback Services revenue was flat sequentially but declined 10% year-over-year, outperforming U.S. frac activity declines.
Water & Flowback adjusted EBITDA margins declined to 10% from 13% due to nearly $2 million of nonrecurring costs, but would have been flat excluding those costs.
Cash, cash equivalents and marketable securities remained flat at $1.53 billion.
Enphase Energy reported Q2 2025 revenue of $363.2 million, shipping 1.53 million microinverters and 190.9 megawatt hours of batteries, generating $18.4 million in free cash flow.
GAAP net income was $37.1 million with diluted EPS of $0.28, up from $0.22 in Q1.
Non-GAAP net income was $89.9 million with diluted EPS of $0.69, compared to $0.68 in Q1.
Operating expenses on a non-GAAP basis were $77.8 million, down from $79.4 million in Q1.
Q2 non-GAAP gross margin was 48.6%, GAAP gross margin was 46.9%, both slightly down from Q1.
The company repurchased approximately 703,000 shares for $30 million in Q2 under its $1 billion share repurchase program.
Dafinchi