Category: Industrials

Release – The GEO Group Reports Second Quarter 2025 Results and Announces $300 Million Share Repurchase Program

Posted on by aweinsoff@channelchek.com

Research News and Market Data on GEO

August 6, 2025

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BOCA RATON, Fla.–(BUSINESS WIRE)–Aug. 6, 2025– The GEO Group, Inc. (NYSE: GEO) (“GEO”), a leading provider of contracted support services for secure facilities, processing centers, and reentry centers, as well as enhanced in-custody rehabilitation, post-release support, and electronic monitoring programs, reported its financial results for the second quarter 2025 and announced that its Board of Directors has authorized a $300 million share repurchase program.

Second Quarter 2025 Highlights

  • Total revenues of $636.2 million
  • Net Income of $29.1 million
  • Net Income Attributable to GEO of $0.21 per diluted share
  • Adjusted EBITDA of $118.6 million

For the second quarter 2025, we reported net income attributable to GEO of $29.1 million, or $0.21 per diluted share, compared to a net loss attributable to GEO of $32.5 million, or $0.25 per diluted share, for the second quarter 2024. Second quarter 2025 results reflect $0.6 million, pre-tax, in costs associated with the extinguishment of debt, compared to $82.3 million, pre-tax, in costs associated with the extinguishment of debt for the second quarter 2024. Excluding unusual and/or nonrecurring items, we reported adjusted net income for the second quarter 2025 of $30.7 million, or $0.22 per diluted share, compared to $30.1 million, or $0.23 per diluted share, for the second quarter 2024.

We reported total revenues for the second quarter 2025 of $636.2 million compared to $607.2 million for the second quarter 2024. We reported second quarter 2025 Adjusted EBITDA of $118.6 million, compared to $119.3 million for the second quarter 2024.

George C. Zoley, Executive Chairman of GEO, said, “We are very pleased with our strong second quarter results, and the significant progress we have made towards meeting our growth and strategic objectives. All our efforts are aimed at placing GEO in the best competitive position possible to pursue what we believe to be unprecedented growth opportunities. Given the intrinsic value of our owned real estate assets, as evidenced by the recent $312 million sale of our Lawon, Oklahoma Facility, and the unprecedented growth opportunities in front of us, we believe strongly that our current equity valuation offers an attractive opportunity for investors. To capitalize on this unique opportunity to enhance long-term shareholder value, our Board of Directors has authorized a $300 million share repurchase program. Our focus as a management team remains on enhancing value for our shareholders through the disciplined allocation of capital.”

First Six Months 2025 Highlights

  • Total revenues of $1.24 billion
  • Net Income of $48.6 million
  • Net Income Attributable to GEO of $0.35 per diluted share
  • Adjusted EBITDA of $218.4 million

For the first six months of 2025, we reported net income attributable to GEO of $48.7 million, or $0.35 per diluted share, compared to a net loss attributable to GEO of $9.8 million, or $0.08 per diluted share, for the first six months of 2024. Results for the first six months of 2025 reflect $0.6 million, pre-tax, in costs associated with the extinguishment of debt, compared to $82.4 million, pre-tax, in costs associated with the extinguishment of debt for the first six months of 2024. Excluding unusual and/or nonrecurring items, we reported adjusted net income for the first six months of 2025 of $50.3 million, or $0.36 per diluted share, compared to $53.8 million, or $0.43 per diluted share, for the first six months of 2024.

We reported total revenues for the first six months of 2025 of $1.24 billion compared to $1.21 billion for the first six months of 2024. We reported Adjusted EBITDA for the first six months of 2025 of $218.4 million, compared to $236.9 million for the first six months of 2024.

Share Repurchase Program

On August 4, 2025, our Board of Directors approved a share repurchase program authorizing GEO to repurchase up to $300 million of our Company’s common stock. Repurchases of GEO’s outstanding common stock will be made in accordance with applicable securities laws and may be made at our senior management’s discretion from time to time in the open market, by block purchase, through privately negotiated transactions, pursuant to a trading plan, or otherwise in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The authorization for the share repurchase program expires on June 30, 2028, and may be extended, increased, decreased, suspended or terminated by our Board of Directors in its discretion at any time. Repurchases of the Company’s common stock (and the timing thereof) will depend upon market conditions, regulatory requirements, the Company’s existing obligations, including its Credit Agreement, other corporate liquidity requirements and priorities and other factors as may be considered in the Company’s sole discretion. The authorization for the share repurchase program does not obligate GEO to purchase any particular amount of the Company’s common stock.

Recent Developments

On February 27, 2025, we announced a 15-year contract with U.S. Immigration and Customs Enforcement (“ICE”) to provide support services for the establishment of a federal immigration processing center at the company-owned, 1,000-bed Delaney Hall Facility (“Delaney Hall”) in Newark, New Jersey. At full occupancy, the support services contract for Delaney Hall would be expected to generate in excess of $60 million in annualized revenues for GEO, with margins consistent with GEO’s company-owned Secure Services facilities. Delaney Hall began intake of ICE detainees in the second quarter 2025 and remains in the process of ramping up.

On March 20, 2025, we announced a letter contract with ICE for the activation of a federal immigration processing center at the GEO-owned, 1,800-bed North Lake Facility (the “North Lake Facility”) in Baldwin, Michigan. GEO and ICE have finalized and executed a two-year support services contract for the North Lake Facility, effective July 18, 2025. Based on the scope of services and term of the contract, the North Lake Facility is expected to generate in excess of $85 million in annualized revenues at full occupancy, with margins consistent with GEO’s company-owned Secure Services facilities. The North Lake Facility has begun intake of ICE detainees, and we expect it to gradually ramp up during the third and fourth quarters of 2025.

On June 9, 2025, we announced the activation of our company-owned, 1,868-bed D. Ray James Facility (the “D. Ray James Facility”) in Georgia under a contract modification to the existing intergovernmental service agreement that is in place for our company-owned, 1,118-bed Folkston ICE Processing Center, thus creating a 2,986-bed facility complex. Under the modified agreement, the D. Ray James Facility is expected to generate approximately $66 million in incremental annualized revenues at full occupancy, with margins consistent with GEO’s company-owned Secure Services facilities. The D. Ray James Facility has begun intake of ICE detainees, and we expect it to gradually ramp up during the third and fourth quarters of 2025.

On June 10, 2025, we provided an update on a recent court settlement, which allowed for the immediate full intake at our company-owned, 1,940-bed Adelanto ICE Processing Center (the “Adelanto Center”) in California. Intake at the Adelanto Center had been prohibited by a court order issued more than four years ago based on then-prevailing COVID-19 conditions. With the lifting of these court restrictions, the Adelanto Center has been ramping up over the last two months. At full occupancy, the Adelanto Center would be expected to generate up to approximately $31 million in additional incremental annualized revenues, with margins consistent with GEO’s company-owned Secure Services facilities.

On June 30, 2025, we completed the previously announced depopulation of our company-owned, 1,200-bed Lea County Facility (the “Lea County Facility”) in Hobbs, New Mexico. The Lea County Facility was previously under contract with the New Mexico Corrections Department.

On July 17, 2025, ICE posted a Justification and Approval that notified the public of its intention to extend the Intensive Supervision Appearance Program (“ISAP”) contract for a period of 12 months to allow ICE to prepare for a new competitive procurement. On July 31, 2025, ICE and our wholly owned subsidiary, BI Incorporated, agreed to extend the ISAP contract through August 31, 2025, which we believe provides ICE additional time to extend the ISAP contract’s period of performance for six or twelve months, with possible further extensions.

On July 25, 2025, we completed the sale of our company-owned, 2,388-bed Lawton Correctional Facility (the “Lawton Facility”) in Lawton, Oklahoma to the State of Oklahoma for $312 million and simultaneously transitioned the Lawton Facility operations to the Oklahoma Department of Corrections.

On July 31, 2025, we used a portion of the net proceeds from the sale of the Lawton Facility to complete the previously announced purchase of the 770-bed Western Region Detention Facility in San Diego, California (the “San Diego Facility”) for approximately $60 million from SDCC Middle Block, LLC, an affiliate of Holland Partners Group. We previously leased the San Diego Facility for approximately $5.1 million annually. We have a long-standing contract with the U.S. Marshals Service for the exclusive use of the San Diego Facility, which generates approximately $57 million in annualized revenues.

Balance Sheet

At the end of the second quarter of 2025, our net debt totaled approximately $1.7 billion, and our net leverage was approximately 3.8 times Adjusted EBITDA. Subsequently, we completed an amendment to our Credit Agreement, increasing our Revolving Credit Facility (the “Revolver”) commitments from $310 million to $450 million; extending the Revolver’s maturity to July 14, 2030; and lowering the Revolver’s interest rate by 0.50% from the applicate rate prior to the amendment.

Prior to the execution of the Credit Agreement amendment, we had repaid $132 million of outstanding borrowings under our Term Loan B, and following the closing of the $312 million sale of the Lawton Facility, we used $222 million in net proceeds to pay off additional senior secured debt, including the remaining balance of our Term Loan B. As of today, our net debt totals approximately $1.47 billion and our net leverage is approximately 3.3 times Adjusted EBITDA.

Financial Guidance

Today, we updated our financial guidance for the full year 2025 and issued financial guidance for the third and fourth quarters of 2025. Consistent with our long-standing practice, our financial guidance does not include the impact of any new contract awards that have not been previously announced.

For the full year 2025, we expect Net Income Attributable to GEO to be in a range of $1.99 to $2.09 per diluted share, including a $228 million gain on the sale of the Lawton Facility, and Adjusted Net Income to be in a range $0.84 to $0.94 per diluted share, on revenues of approximately $2.56 billion and based on an effective tax rate of approximately 26 percent, inclusive of known discrete items. We expect full year 2025 Adjusted EBITDA to be between $465 million and $490 million.

We expect total Capital Expenditures for full year 2025 to be between $200 million and $210 million, which includes approximately $60 million for the purchase of the San Diego Facility.

For the third quarter 2025, we expect Adjusted Net Income to be in a range of $0.20 to $0.23 per diluted share, on quarterly revenues of $650 million to $660 million. We expect third quarter 2025 Adjusted EBITDA to be between $115 million and $125 million.

For the fourth quarter 2025, we expect Adjusted Net Income to be in a range of $0.28 to $0.35 per diluted share, on quarterly revenues of $658 million to $673 million. We expect fourth quarter 2025 Adjusted EBITDA to be between $132 million and $147 million.

Conference Call Information

We have scheduled a conference call and webcast for today at 11:00 AM (Eastern Time) to discuss our second quarter 2025 financial results as well as our outlook. The call-in number for the U.S. is 1-877-250-1553 and the international call-in number is 1-412-542-4145. In addition, a live audio webcast of the conference call may be accessed on the Webcasts section under the News, Events and Reports tab of GEO’s investor relations webpage at investors.geogroup.com. A replay of the webcast will be available on the website for one year. A telephonic replay of the conference call will be available through August 13, 2025, at 1-877-344-7529 (U.S.) and 1-412-317-0088 (International). The participant passcode for the telephonic replay is 2104307.

About The GEO Group

The GEO Group, Inc. (NYSE: GEO) is a leading diversified government service provider, specializing in design, financing, development, and support services for secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United Kingdom. GEO’s diversified services include enhanced in-custody rehabilitation and post-release support through the award-winning GEO Continuum of Care®, secure transportation, electronic monitoring, community-based programs, and correctional health and mental health care. GEO’s worldwide operations include the ownership and/or delivery of support services for 97 facilities totaling approximately 74,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 19,000 employees.

Reconciliation Tables and Supplemental Information

GEO has made available Supplemental Information which contains reconciliation tables of Net Income Attributable to GEO to Adjusted Net Income, and Net Income to EBITDA and Adjusted EBITDA, along with supplemental financial and operational information on GEO’s business and other important operating metrics. The reconciliation tables are also presented herein.

Please see the section below titled “Note to Reconciliation Tables and Supplemental Disclosure – Important Information on GEO’s Non-GAAP Financial Measures” for information on how GEO defines these supplemental Non-GAAP financial measures and reconciles them to the most directly comparable GAAP measures. GEO’s Reconciliation Tables can be found herein and in GEO’s Supplemental Information available on GEO’s investor webpage at investors.geogroup.com.

Note to Reconciliation Tables and Supplemental Disclosure – 
Important Information on GEO’s Non-GAAP Financial Measures

Adjusted Net Income, EBITDA, and Adjusted EBITDA are non-GAAP financial measures that are presented as supplemental disclosures. GEO has presented herein certain forward-looking statements about GEO’s future financial performance that include non-GAAP financial measures, including Net Debt, Net Leverage, and Adjusted EBITDA.

The determination of the amounts that are included or excluded from these non-GAAP financial measures is a matter of management judgment and depends upon, among other factors, the nature of the underlying expense or income amounts recognized in a given period.

While we have provided a high level reconciliation for the guidance ranges for full year 2025, we are unable to present a more detailed quantitative reconciliation of the forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures because management cannot reliably predict all of the necessary components of such GAAP measures.

The quantitative reconciliation of the forward-looking non-GAAP financial measures will be provided for completed annual and quarterly periods, as applicable, calculated in a consistent manner with the quantitative reconciliation of non-GAAP financial measures previously reported for completed annual and quarterly periods.

Net Debt is defined as gross principal debt less cash from restricted subsidiaries. Net Leverage is defined as Net Debt divided by Adjusted EBITDA.

EBITDA is defined as net income adjusted by adding provisions for income tax, interest expense, net of interest income, and depreciation and amortization. Adjusted EBITDA is defined as EBITDA adjusted for loss on asset divestiture/impairment, pre-tax, net loss attributable to non-controlling interests, stock-based compensation expenses, pre-tax, litigation costs and settlements, pre-tax, start-up expenses, pre-tax, ATM equity program expenses, pre-tax, transaction fees, pre-tax, employee restructuring expenses, pre-tax, close-out expenses, pre-tax, other non-cash revenue and expenses, pre-tax, and certain other adjustments as defined from time to time.

Given the nature of our business as a real estate owner and operator, we believe that EBITDA and Adjusted EBITDA are helpful to investors as measures of our operational performance because they provide an indication of our ability to incur and service debt, to satisfy general operating expenses, to make capital expenditures, and to fund other cash needs or reinvest cash into our business.

We believe that by removing the impact of our asset base (primarily depreciation and amortization) and excluding certain non-cash charges, amounts spent on interest and taxes, and certain other charges that are highly variable from year to year, EBITDA and Adjusted EBITDA provide our investors with performance measures that reflect the impact to operations from trends in occupancy rates, per diem rates and operating costs, providing a perspective not immediately apparent from net income.

The adjustments we make to derive the non-GAAP measures of EBITDA and Adjusted EBITDA exclude items which may cause short-term fluctuations in income from continuing operations and which we do not consider to be the fundamental attributes or primary drivers of our business plan and they do not affect our overall long-term operating performance.

EBITDA and Adjusted EBITDA provide disclosure on the same basis as that used by our management and provide consistency in our financial reporting, facilitate internal and external comparisons of our historical operating performance and our business units and provide continuity to investors for comparability purposes.

Adjusted Net Income is defined as net income attributable to GEO adjusted for certain items which by their nature are not comparable from period to period or that tend to obscure GEO’s actual operating performance, including for the periods presented loss on asset divestiture/impairment, pre-tax, loss on the extinguishment of debt, pre-tax, litigation costs and settlements, pre-tax, start-up expenses, pre-tax, ATM equity program expenses, pre-tax, transaction fees, pre-tax, employee restructuring expenses, pre-tax, close-out expenses, pre-tax, discreet tax benefits, and tax effect of adjustments to net income attributable to GEO.

Safe-Harbor Statement

This press release contains forward-looking statements regarding future events and future performance of GEO that involve risks and uncertainties that could materially and adversely affect actual results, including statements regarding GEO’s financial guidance for third quarter, fourth quarter, and the full year of 2025, the $300 million share repurchase program authorized by GEO’s Board of Directors, the anticipated timing and annualized revenues related to the reactivation of certain facilities, the intrinsic value of GEO’s assets, the Company’s efforts to position itself to pursue unprecedented growth opportunities, and its management team’s focus on enhancing long-term value for shareholders through the disciplined allocation of capital. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “estimate,” or “continue” or the negative of such words and similar expressions. Risks and uncertainties that could cause actual results to vary from current expectations and forward-looking statements contained in this press release include, but are not limited to: (1) GEO’s ability to meet its financial guidance for third quarter, fourth quarter, and full year 2025 given the various risks to which its business is exposed; (2) GEO’s ability to implement the $300 million share repurchase program authorized by GEO’s Board of Directors on the timeline it expects or at all; (3) GEO’s ability to deleverage and repay, refinance or otherwise address its debt maturities in an amount and on terms commercially acceptable to GEO, and on the timeline it expects or at all; (4) GEO’s ability to identify and successfully complete any potential sales of company-owned assets and businesses or potential acquisitions of assets or businesses on commercially advantageous terms on a timely basis, or at all; (5) changes in federal and state government policy, orders, directives, legislation and regulations that affect public-private partnerships with respect to secure, correctional and detention facilities, processing centers and reentry centers; (6) changes in federal immigration policy; (7) public and political opposition to the use of public-private partnerships with respect to secure correctional and detention facilities, processing centers and reentry centers; (8) any continuing impact of the COVID-19 global pandemic on GEO and GEO’s ability to mitigate the risks associated with COVID-19; (9) GEO’s ability to sustain or improve company-wide occupancy rates at its facilities; (10) fluctuations in GEO’s operating results, including as a result of contract activations, contract terminations, contract renegotiations, changes in occupancy levels and increases in GEO’s operating costs; (11) general economic and market conditions, including changes to governmental budgets and its impact on new contract terms, contract renewals, renegotiations, per diem rates, fixed payment provisions, and occupancy levels; (12) GEO’s ability to address inflationary pressures related to labor related expenses and other operating costs; (13) GEO’s ability to timely open facilities as planned, profitably manage such facilities and successfully integrate such facilities into GEO’s operations without substantial costs; (14) GEO’s ability to win management contracts for which it has submitted proposals and to retain existing management contracts; (15) risks associated with GEO’s ability to control operating costs associated with contract start-ups; (16) GEO’s ability to successfully pursue growth opportunities and continue to create shareholder value; (17) GEO’s ability to obtain financing or access the capital markets in the future on acceptable terms or at all; and (18) other factors contained in GEO’s Securities and Exchange Commission periodic filings, including its Form 10-K, 10-Q and 8-K reports, many of which are difficult to predict and outside of GEO’s control.

View full release here.

Pablo E. Paez, (866) 301 4436 
Executive Vice President, Corporate Relations

Source: The GEO Group, Inc.

Great Lakes Dredge & Dock (GLDD) – Another Strong Quarter

Posted on by slightbourne@noblecapitalmarkets.com


Wednesday, August 06, 2025

Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States. In addition, Great Lakes is fully engaged in expanding its core business into the rapidly developing offshore wind energy industry. The Company has a long history of performing significant international projects. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 131-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of approximately 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

2Q25 Results. Revenue was $193.8 million, compared to $170 million a year ago. We had forecast revenue of $175.5 million. Gross margin improved to 18.9% from 17.5% in the year ago quarter. Great Lakes reported adjusted EBITDA of $28 million in the quarter and EPS of $0.14. In 2Q24, the Company had adjusted EBITDA of $25.8 million and EPS of $0.11.

Drivers. Great Lakes delivered another solid quarter, supported by strong project execution, continued strength in capital dredging, and favorable equipment utilization, even with the headwinds of four dredges undergoing their regulatory drydocking at various points during the quarter.


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Release – Great Lakes Reports Second Quarter 2025 Results

Posted on by aweinsoff@channelchek.com

Research News and Market Data on GLDD

Aug 5, 2025

PDF Version

Second quarter net income of $9.7 million
Second quarter Adjusted EBITDA of $28.0 million
Dredging backlog of $1 billion at June 30, 2025

HOUSTON, Aug. 05, 2025 (GLOBE NEWSWIRE) — Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) (Nasdaq: GLDD), the largest provider of dredging services in the United States, today reported financial results for the second quarter ended June 30, 2025.

Second Quarter 2025 Highlights

  • Revenue was $193.8 million
  • Total operating income was $17.1 million
  • Net income was $9.7 million
  • Adjusted EBITDA was $28.0 million
  • Backlog as of June 30, 2025, was $1.0 billion

Management Commentary

Lasse Petterson, President and Chief Executive Officer, commented, “Great Lakes delivered a solid second quarter, driven by strong project execution and high equipment utilization. We ended the quarter with revenue of $193.8 million, net income of $9.7 million, and adjusted EBITDA of $28.0 million, despite four dredges undergoing their regulatory drydocking. Our substantial dredging backlog stood at approximately $1.0 billion as of the end of the second quarter, with an additional $215.4 million in low bids and options pending award, providing expected revenue visibility for the remainder of 2025 and well into 2026. Capital and coastal protection projects account for 93% of our dredging backlog, which typically yield higher margins.

Dredging activity for private clients in the Liquefied Natural Gas (LNG) sector remains strong. In the second quarter, we received notice to proceed for dredging operations on the Woodside Louisiana LNG project. This project has been added to our Q2 2025 backlog, along with two additional options currently included in our Q2 2025 options pending award. Dredging for this project is scheduled to begin in early 2026.

Our current backlog also includes two additional major LNG projects awarded in 2023: the Port Arthur LNG Phase 1 Project and the Brownsville Ship Channel Project, part of NextDecade Corporation’s Rio Grande LNG initiative, the latter marking the largest project in our Company’s history. Dredging operations for both projects began in Q3 2024 and are actively ongoing.

In the first quarter of 2025, we initiated a $50 million share repurchase program, as we believed our share price did not appropriately reflect the Company’s financial performance and long-term outlook. As of June 30, 2025, we have repurchased 1.3 million shares under the program for a total spend of $11.6 million.

In addition, on May 2, 2025, we executed an amendment to our Revolving Credit Facility, increasing the size from $300 million to $330 million, further enhancing our liquidity. All other terms remained the same.

Our newbuild program is coming towards completion with our newest hopper dredge, the Amelia Island, expected to be delivered within the next few weeks and plans to immediately go to work when she leaves the shipyard. The Amelia Island and her sister ship, the Galveston Island, which was delivered in early 2024, will primarily work on projects aimed at the redevelopment and enhancement of our shorelines, which are consistently impacted by severe weather.

The Acadia, the first U.S.-flagged, Jones Act-compliant subsea rock installation vessel, hit a key milestone with her launch from drydock in July with expected completion in the first quarter of 2026. Upon delivery, the Acadia is expected to immediately commence operations, first on Equinor’s Empire Wind I project and then onto Orsted’s Sunrise Wind project, which will provide full utilization for the vessel for 2026. The Acadia is designed to serve projects in both domestic and international markets focused on safeguarding critical subsea infrastructure, including subsea cables for power transmission, telecommunications cables, oil and gas pipelines and offshore wind developments.

The Company had an exceptional first half of 2025, which we expect to continue for the remainder of this year and into 2026 driven by a modernized fleet, superior project execution, and a robust backlog.” 

Operational Update

Second Quarter 2025

  • Revenue was $193.8 million, an increase of $23.7 million from the second quarter of 2024. The higher revenue in the second quarter of 2025 was due primarily to higher capital project revenue as compared to the same period in the second quarter last year, partially offset by lower coastal protection and maintenance project revenue.
  • Gross profit was $36.6 million, an improvement of $6.8 million compared to the gross profit from the second quarter of 2024 and gross margin percentage increased to 18.9% in the second quarter of 2025 from 17.5% in the second quarter of 2024 primarily due to improved utilization and project performance and a larger number of capital and coastal protection projects which typically yield higher margins, partially offset by higher drydocking cost.
  • Operating income was $17.1 million, which increased from $14.6 million in the prior year second quarter primarily driven by higher gross profit partially offset by an increase in general and administrative expenses primarily from higher incentive compensation due to the increased results in the first half of 2025.
  • Net income for the quarter was $9.7 million, which is a $2.0 million increase compared to net income of $7.7 million in the prior year second quarter. The increase is mostly driven by improved operating results partially offset by an increase in income tax provision.

Balance Sheet, Dredging Backlog & Capital Expenditures

  • At June 30, 2025, the Company had $2.9 million in cash and cash equivalents and total long-term debt of $419.6 million including $5.0 million drawn on our $330 million revolver. As of June 30, 2025, our liquidity was $272 million.
  • At June 30, 2025, the Company had $1.0 billion in dredging backlog as compared to $1.2 billion at December 31, 2024. Dredging backlog as of June 30, 2025 does not include approximately $215.4 million of awards and options pending.
  • Total capital expenditures for the second quarter of 2025 were $64.6 million including $28.7 million for the construction of the Acadia, $19.8 million for the Amelia Island, $8.8 million for support equipment, and $7.3 million for maintenance and growth.

Market Update

The Administration continues to demonstrate strong and consistent support for the dredging industry. The U.S. Army Corps of Engineers (the “Corps”) is operating in fiscal year 2025 under a continuing resolution, enacted on March 15, 2025, which sustains the funding levels established in the prior fiscal year’s record-setting budget through September 30, 2025. Our $1 billion project backlog and the inclusion of resources from the 2023 Disaster Relief Supplemental Appropriations should enable us to continue to deliver on a very busy 2025.

The Water Resources Development Act (WRDA), reauthorized every two years, funds the Corps’ projects related to flood protection, dredging, and ecosystem restoration. On January 4, 2025, WRDA 2024 was signed into law, authorizing new capital investments to enhance flood protection, coastal resilience, and ecosystem restoration. Previously, WRDA 2022 authorized deepening shipping channels in New York and New Jersey to 55 feet and advanced the Coastal Texas Protection and Restoration Program. In addition to the planned New York and New Jersey deepening, additional large-scale projects are expected to commence in the next two to three years in Tampa Bay, New Haven, Baltimore, among others.

Following the resolution of the temporary pause from the Bureau of Ocean Management, Equinor’s Empire Wind I project, which is part of our Offshore Energy backlog, has resumed in accordance with its schedule. We have secured full utilization of the Acadia for 2026 and are currently bidding work for 2027 and beyond.

In anticipation of potential delays in U.S. offshore wind projects, we proactively expanded the Acadia’s strategic target markets to include oil and gas pipeline protection, power and telecommunications cable protection, and international offshore wind. This diversification increases our opportunities into a broader range of services we now refer to as Offshore Energy. Our strategy is supported by a global shortage of rock placement vessels, and we are actively pursuing opportunities across these sectors to ensure strong and sustained utilization of the Acadia well into the future.

Conference Call Information

The Company will conduct a quarterly conference call, which will be held on Tuesday, August 5, 2025, at 9:00 a.m. C.D.T (10:00 a.m. E.D.T.). Investors and analysts are encouraged to pre-register for the conference call by using the link below. Participants who pre-register will be given a unique PIN to gain immediate access to the call. Pre-registration may be completed at any time up to the call start time.

To pre-register, go to https://register-conf.media-server.com/register/BI5eaab857a8e3428387524df1ea5a519c

The live call and replay can also be heard at https://edge.media-server.com/mmc/p/e9ususwz or on the Company’s website, www.gldd.com, under Events on the Investor Relations page. A copy of the press release will be available on the Company’s website.

Use of Non-GAAP Measures

Adjusted EBITDA, as provided herein, represents net income from continuing operations, adjusted for net interest expense, income taxes, depreciation and amortization expense, debt extinguishment, accelerated maintenance expense for new international deployments, goodwill or asset impairments and gains on bargain purchase acquisitions. Adjusted EBITDA is not a measure derived in accordance with GAAP. The Company presents Adjusted EBITDA as an additional measure by which to evaluate the Company’s operating trends. The Company believes that Adjusted EBITDA is a measure frequently used to evaluate the performance of companies with substantial leverage and that the Company’s primary stakeholders (i.e., its stockholders, bondholders and banks) use Adjusted EBITDA to evaluate the Company’s period to period performance. Additionally, management believes that Adjusted EBITDA provides a transparent measure of the Company’s recurring operating performance and allows management to readily view operating trends, perform analytical comparisons and identify strategies to improve operating performance. For this reason, the Company uses a measure based upon Adjusted EBITDA to assess performance for purposes of determining compensation under the Company’s incentive plan. Adjusted EBITDA should not be considered an alternative to, or more meaningful than, amounts determined in accordance with GAAP including: (a) net income as an indicator of operating performance or (b) cash flows from operations as a measure of liquidity. As such, the Company’s use of Adjusted EBITDA, instead of a GAAP measure, has limitations as an analytical tool, including the inability to determine profitability or liquidity due to the exclusion of accelerated maintenance expense for new international deployments, goodwill or asset impairments, gains on bargain purchase acquisitions, net interest expense and income tax expense and the associated significant cash requirements and the exclusion of depreciation and amortization, which represent significant and unavoidable operating costs given the level of indebtedness and capital expenditures needed to maintain the Company’s business. For these reasons, the Company uses net income to measure the Company’s operating performance and uses Adjusted EBITDA only as a supplement. Adjusted EBITDA is reconciled to net income in the table of financial results. For further explanation, please refer to the Company’s SEC filings.

The Company

Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States, which is complemented with a long history of performing significant international projects. In addition, Great Lakes is fully engaged in expanding its core business into the offshore energy industry. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 135-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of approximately 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this press release may constitute “forward-looking” statements, as defined in Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”), the Private Securities Litigation Reform Act of 1995 (the “PSLRA”) or in releases made by the Securities and Exchange Commission (the “SEC”), all as may be amended from time to time. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Great Lakes and its subsidiaries, or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements that are not historical fact are forward-looking statements. Forward-looking statements can be identified by, among other things, the use of forward-looking language, such as the words “plan,” “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “may,” “would,” “could,” “should,” “seeks,” “are optimistic,” “commitment to” or “scheduled to,” or other similar words, or the negative of these terms or other variations are being made pursuant to the Exchange Act and the PSLRA with the intention of obtaining of these terms or comparable language, or by discussion of strategy or intentions. These cautionary statements have the benefit of the “safe harbor” provisions of such laws. Great Lakes cautions investors that any forward-looking statements made by Great Lakes are not guarantees or indicative of future performance. Important assumptions and other important factors that could cause actual results to differ materially from those forward-looking statements with respect to Great Lakes include, but are not limited to: a reduction in government funding for dredging and other contracts, or government cancellation of such contracts, or the inability of the Corps to let bids to market; our ability to qualify as an eligible bidder under government contract criteria and to compete successfully against other qualified bidders in order to obtain government dredging and other contracts; the political environment and governmental fiscal and monetary policies; cost over-runs, operating cost inflation and potential claims for liquidated damages, particularly with respect to our fixed price contracts; the timing of our performance on contracts and new contracts being awarded to us; significant liabilities that could be imposed were we to fail to comply with government contracting regulations; project delays related to the increasingly negative impacts of climate change or other unusual, non-historical weather patterns; costs necessary to operate and maintain our existing vessels and the construction of new vessels, including with respect to changes in applicable regulations or standards; equipment or mechanical failures; pandemic, epidemic or outbreak of an infectious disease; disruptions to our supply chain for procurement of new vessel build materials or maintenance on our existing vessels; capital and operational costs due to environmental regulations; market and regulatory responses to climate change, including proposed regulations concerning emissions reporting and future emissions reduction goals; contract penalties for any projects that are completed late; force majeure events, including natural disasters, war and terrorists’ actions; changes in the amount of our estimated backlog; significant negative changes attributable to large, single customer contracts; our ability to obtain financing for the construction of new vessels, including our new offshore energy vessel; our ability to secure contracts to utilize our new offshore energy vessel; unforeseen delays and cost overruns related to the construction of our new vessels; any failure to comply with the Jones Act provisions on coastwise trade, or if those provisions were modified, repealed or interpreted differently; our ability to comply with anti-discrimination laws, including those pertaining to diversity, equity and inclusion programs; fluctuations in fuel prices, particularly given our dependence on petroleum-based products; impacts of nationwide inflation on procurement of new build and vessel maintenance materials; our ability to obtain bonding or letters of credit and risks associated with draws by the surety on outstanding bonds or calls by the beneficiary on outstanding letters of credit; acquisition integration and consolidation, including transaction expenses, unexpected liabilities and operational challenges and risks; divestitures and discontinued operations, including retained liabilities from businesses that we sell or discontinue; potential penalties and reputational damage as a result of legal and regulatory proceedings; any liabilities imposed on us for the obligations of joint ventures, and similar arrangements and subcontractors; increased costs of certain material used in our operations due to newly imposed tariffs; unionized labor force work stoppages; any liabilities for job-related claims under federal law, which does not provide for the liability limitations typically present under state law; operational hazards, including any liabilities or losses relating to personal or property damage resulting from our operations; our substantial amount of indebtedness, which makes us more vulnerable to adverse economic and competitive conditions; restrictions on the operation of our business imposed by financing terms and covenants; impacts of adverse capital and credit market conditions on our ability to meet liquidity needs and access capital; limitations on our hedging strategy imposed by statutory and regulatory requirements for derivative transactions; foreign exchange risks, in particular, related to the new offshore energy vessel build; losses attributable to our investments in privately financed projects; restrictions on foreign ownership of our common stock; restrictions imposed by Delaware law and our charter on takeover transactions that stockholders may consider to be favorable; restrictions on our ability to declare dividends imposed by our financing agreements or Delaware law; significant fluctuations in the market price of our common stock, which may make it difficult for holders to resell our common stock when they want or at prices that they find attractive; changes in previously recorded net revenue and profit as a result of the significant estimates made in connection with our methods of accounting for recognized revenue; maintaining an adequate level of insurance coverage; our ability to find, attract and retain key personnel and skilled labor; disruptions, failures, data corruptions, cyber-based attacks or security breaches of the information technology systems on which we rely to conduct our business; impairments of our goodwill or other intangible assets; and failure of our share repurchase program to be fully implemented or enhance long-term shareholder value. For additional information on these and other risks and uncertainties, please see Item 1A. “Risk Factors” of Great Lakes’ Annual Report on our most recent Form 10-K, Item 1A. “Risk Factors” of Great Lakes’ Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 and in other securities filings by Great Lakes with the SEC.

Although Great Lakes believes that its plans, intentions and expectations reflected in or suggested by such forward-looking statements are reasonable, actual results could differ materially from a projection or assumption in any forward-looking statements. Great Lakes’ future financial condition and results of operations, as well as any forward-looking statements, are subject to change and inherent risks and uncertainties. The forward-looking statements contained in this press release are made only as of the date hereof and Great Lakes does not have or undertake any obligation to update or revise any forward-looking statements whether as a result of new information, subsequent events or otherwise, unless otherwise required by law.

View full release here.

For further information contact:
Eric Birge
Vice President of Investor Relations
313-220-3053

Release – FreightCar America, Inc. Reports Second Quarter 2025 Results

Posted on by aweinsoff@channelchek.com

Research News and Market Data on RAIL

08/04/2025

Delivered Gross Margin of 15%, Expansion of 250 Basis Points
Operating Cash Flow of $8.5 Million and Adjusted Free Cash Flow of $7.9 Million
Strong Order Intake Driven by Operational Flexibility, Reaffirmed Full Year Guidance

CHICAGO, Aug. 04, 2025 (GLOBE NEWSWIRE) — FreightCar America, Inc. (NASDAQ: RAIL) (“FreightCar America” or the “Company”), a diversified manufacturer and supplier of railroad freight cars, railcar parts and components, today reported results for the second quarter ended June 30, 2025.

Second Quarter 2025 Highlights

  • Revenues of $118.6 million, compared to $147.4 million in the second quarter of 2024, with railcar deliveries of 939 units compared to 1,159 units in the prior year period
  • Gross margin of 15.0% with gross profit of $17.8 million, compared to gross margin of 12.5% with gross profit of $18.4 million in the second quarter of 2024
  • Net income of $11.7 million, or $0.34 per share, and Adjusted net income of $3.8 million, or $0.11 per share, reflecting a $51.9 million benefit from a valuation allowance release, partially offset by a $47.6 million non-cash adjustment from the change in warrant liability due to share price appreciation
  • Adjusted EBITDA was $10.0 million, representing a margin of 8.4%, compared to $12.1 million and a margin of 8.2% in the second quarter of 2024
  • Received new orders for 1,226 railcars within the quarter valued at $106.9 million
  • Ended the quarter with a backlog of 3,624 units valued at $316.9 million, up approximately 300 units from prior quarter, reflecting strong order activity and healthy demand

“In the second fiscal quarter, we delivered on our commercial excellence initiatives across the business, supported by strong order intake and healthy customer demand,” said Nick Randall, President and Chief Executive Officer of FreightCar America. “We increased utilization across our four production lines, delivered improved productivity, and benefited from a richer product mix from disciplined pricing. Our ability to remain agile and responsive to customer needs continues to be a key differentiator, particularly in rebuilds and conversions, enabling us to capture meaningful opportunities in a dynamic market.”

Randall continued, “While broader market uncertainty earlier in the year delayed some order activity, we believe the underlying fundamentals point to a meaningful replacement cycle ahead. As that takes shape, our agile manufacturing presence positions us well to capture incremental demand and grow our share. At the same time, we continue to advance our growth strategy by investing in our tank car capabilities, which we expect will strengthen our cost position and support long-term value creation.”

Fiscal Year 2025 Outlook

The Company has reaffirmed outlook for fiscal year 2025 as follows:

 Fiscal 2025 OutlookYear-over-Year Growth at Midpoint
Railcar Deliveries4,500 – 4,900 Railcars7.7%
Revenue$530 – $595 million0.6%
Adjusted EBITDA1$43 – $49 million7.0%

1. The Company does not provide a reconciliation of forward-looking Adjusted EBITDA guidance due to the inherent difficulty in forecasting and quantifying adjustments necessary to calculate such non-GAAP measure without unreasonable effort. Material changes to such adjustments, including warrant liability and non-core operating items, could affect future GAAP results.

Mike Riordan, Chief Financial Officer of FreightCar America, added, “We’re pleased to reaffirm our full-year guidance, supported by strong margin performance and continued commercial execution across the business, with order activity supporting our healthy backlog. In addition, this quarter marked our fifth consecutive quarter of positive operating cash flow, reflecting the consistency and sustainability of our cash generation engine. Our focus on working capital discipline and operational efficiency has positioned us well to maintain momentum and invest in growth opportunities as we deliver strong performance in the second half of the year.”

Second Quarter 2025 Conference Call & Webcast Information

The Company will host a conference call and live webcast on Tuesday, August 5, at 11:00 a.m. (Eastern Time) to discuss its second quarter 2025 financial results. FreightCar America invites shareholders and other interested parties to listen to its financial results conference call. Teleconference details are as follows:

An audio replay of the conference call will be available beginning at 3:00 p.m. (Eastern Time) on Tuesday, August 5, 2025, until 11:59 p.m. (Eastern Time) on Tuesday, August 19, 2025. To access the replay, please dial (844) 512-2921 or (412) 317-6671. The replay passcode is 13754875. An archived version of the webcast will also be available on the FreightCar America Investor Relations website.

About FreightCar America

FreightCar America, headquartered in Chicago, Illinois, is a leading designer, producer and supplier of railroad freight cars, railcar parts and components. We also specialize in railcar repairs, complete railcar rebody services and railcar conversions that repurpose idled rail assets back into revenue service. Since 1901, our customers have trusted us to build quality railcars that are critical to economic growth and instrumental to the North American supply chain. To learn more about FreightCar America, visit www.freightcaramerica.com.

Forward-Looking Statements

This press release contains statements relating to our expected financial performance, financial condition, and/or future business prospects, events and/or plans that are “forward-looking statements” as defined under the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent our estimates and assumptions only as of the date of this press release. Our actual results may differ materially from the results described in or anticipated by our forward-looking statements due to certain risks and uncertainties. These risks and uncertainties relate to, among other things, the cyclical nature of our business; adverse geopolitical, economic and market conditions, including inflation; material disruption in the movement of rail traffic for deliveries; fluctuating costs of raw materials, including steel and aluminum; delays in the delivery of raw materials; our ability to maintain relationships with our suppliers of railcar components; our reliance upon a small number of customers that represent a large percentage of our sales; the variable purchase patterns of our customers and the timing of completion; delivery and customer acceptance of orders; the highly competitive nature of our industry; the risk of lack of acceptance of our new railcar offerings; potential unexpected changes in laws, rules, and regulatory requirements, including tariffs and trade barriers (including recent United States tariffs imposed or threatened to be imposed on China, Canada, Mexico and other countries and any retaliatory actions taken by such countries); and other competitive factors. The factors listed above are not exhaustive. New factors emerge from time to time that may cause our business not to develop as we expect, and it is not possible for us to predict all of them. We expressly disclaim any duty to provide updates to any forward-looking statements made in this press release, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures

This press release includes measures not derived in accordance with generally accepted accounting principles (“GAAP”), such as EBITDA, Adjusted EBITDA, Adjusted net income (loss), Adjusted EPS, Free cash flow and Adjusted free cash flow. These non-GAAP measures should not be considered in isolation or as a substitute for any measure derived in accordance with GAAP and may also be inconsistent with similar measures presented by other companies. Reconciliations of these measures to the applicable most closely comparable GAAP measures, and reasons for the Company’s use of these measures, are presented in the attached pages.

Investor Contact: RAILIR@Riveron.com

View full release here.

Primary Logo

Source: FreightCar America, Inc.

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Release – CVG Reports Second Quarter 2025 Results

Posted on by aweinsoff@channelchek.com

Research News and Market Data on CVGI

August 4, 2025

Second quarter sales of $172 million, EPS of $(0.12), Adjusted EBITDA of $5.2 million
Continued strong free cash flow generation
Updates full year 2025 guidance

NEW ALBANY, Ohio, Aug. 04, 2025 (GLOBE NEWSWIRE) — CVG (NASDAQ: CVGI), a diversified industrial products and services company, today announced financial results for its second quarter ended June 30, 2025.

Second Quarter 2025 Highlights (Results from Continuing Operations; compared with prior year, where comparisons are noted)

  • Revenues of $172.0 million, down 11.2%, primarily due to softening in global demand.
  • Operating income of $0.8 million, adjusted operating income of $1.9 million, down compared to operating income of $1.1 million and adjusted operating income of $4.8 million. The decrease in operating income was driven primarily by lower sales volumes.
  • Net loss from continuing operations of $4.1 million, or $(0.12) per diluted share and adjusted net loss of $2.9 million, or $(0.09) per diluted share, compared to net loss from continuing operations of $1.3 million, or $(0.04) per diluted share and adjusted net income of $1.5 million, or $0.05 per diluted share.
  • Adjusted EBITDA of $5.2 million, down 36.6%, with an adjusted EBITDA margin of 3.0%, down from 4.2%.
  • Free cash flow of $17.3 million, up $16.5 million, due to better working capital management. Net debt decreased $31.8 million compared to the year end 2024 level.
  • Gross margin expansion of 80 basis points versus Q1 2025 due to operational efficiency improvements.

James Ray, President and Chief Executive Officer, said, “Despite continued macroeconomic volatility, particularly a softening in Construction and Agriculture and Class 8 end markets and ongoing concerns around tariff impacts, we were pleased with continued momentum in our second quarter results, which were highlighted by strong free cash generation. During the quarter, we made progress in implementing operational improvements and right sizing our manufacturing footprint, which drove sequential gross margin improvement for the second consecutive quarter. Additionally, as part of our efforts to preserve margin performance, we are continuing our efforts to further reduce our targeted SG&A levels, and we are having constructive negotiations with customers as it relates to mitigating tariff impacts.”

Mr. Ray continued, “We are encouraged by the improved performance in our Global Electrical Systems segment, driven by new business wins outside of the Construction and Agriculture end markets, which continue to see lower demand. The Global Electrical Systems segment also saw margin expansion despite revenues being flat year-over-year. Across our enterprise, we remain focused on execution, delivery, and driving operational efficiency, while managing the potential impact of trade policy.”

Andy Cheung, Chief Financial Officer, added, “We were pleased to see continued strong free cash generation in the quarter, as well as continued improvement in gross margin, as the benefits of our strategic initiatives take hold. Given our successful working capital initiatives, we are raising our free cash outlook to at least $30 million for the full fiscal year. Continued free cash generation and debt paydown remain key focus areas moving forward. During the quarter, we completed the refinancing of our credit facilities, which will further benefit our strategic initiatives and provide increased financial flexibility as we look to drive further cost reductions, margin improvement, and overall operational efficiency.”

Second Quarter Financial Results from Continuing Operations
(amounts in millions except per share data and percentages)

Consolidated Results from Continuing Operations

Second Quarter 2025 Results

  • Second quarter 2025 revenues were $172.0 million, compared to $193.7 million in the prior year period, a decrease of 11.2%. The overall decrease in revenues was due to lower sales as a result of a softening in customer demand across all segments.
  • Operating income in the second quarter 2025 was $0.8 million compared to $1.1 million in the prior year period. The decrease in operating income was attributable to the impact of lower sales volumes. Second quarter 2025 adjusted operating income was $1.9 million, compared to $4.8 million in the prior year period.
  • Interest associated with debt and other expenses was $2.3 million and $2.4 million for the second quarter 2025 and 2024, respectively.
  • Net loss from continuing operations was $4.1 million, or $(0.12) per diluted share, for the second quarter 2025 compared to net loss of $1.3 million, or $(0.04) per diluted share, in the prior year period. Second quarter 2025 adjusted net loss from continuing operations was $2.9 million, or $(0.09) per diluted share, compared to adjusted net income of $1.5 million, or $0.05 per diluted share.

On June 30, 2025, the Company had $30.3 million of outstanding borrowings on its U.S. revolving credit facility and $4.2 million outstanding borrowings on its China credit facility, $45.3 million of cash and $90.6 million of availability from the credit facilities (subject to customary borrowing base and other conditions), resulting in total liquidity of $135.9 million.

Second Quarter 2025 Segment Results

Global Seating Segment

  • Revenues were $74.5 million compared to $82.4 million for the prior year period, a decrease of 9.6%, due to lower sales volume as a result of decreased customer demand.
  • Operating income was $2.7 million, compared to $2.1 million in the prior year period, an increase of 29.1%, primarily attributable to lower SG&A expenses. Second quarter 2025 adjusted operating income was $3.1 million compared to $2.9 million in the prior year period.

Global Electrical Systems Segment

  • Revenues were $53.6 million compared to $53.6 million in the prior year period, essentially flat.
  • Operating income was $0.7 million compared to an operating loss of $0.5 million in the prior year period. The increase in operating income was primarily attributable to lower salary expense and lower restructuring costs in the current period compared to the prior period. Second quarter 2025 adjusted operating income was $1.2 million compared to $0.8 million in the prior year period.

Trim Systems and Components Segment

  • Revenues were $43.9 million compared to $57.6 million in the prior year period, a decrease of 23.8%, primarily as a result of decreased customer demand.
  • Operating income was $0.1 million compared to $2.3 million in the prior year period, a decrease of $2.2 million. The decrease in operating income was primarily attributable to lower sales volumes. Second quarter 2025 adjusted operating income was $0.3 million compared to $4.0 million in the prior year period.

Outlook

CVG updated the Company’s outlook for the full year 2025, based on current market conditions:

MetricPrior 2025 Outlook ($ millions)2025 Outlook ($ millions)
Net Sales$660- $690$650- $670
Adjusted EBITDA$22 – $27$21 – $25
Free Cash Flow> $20> $30
   

This outlook reflects, among others, current industry forecasts for North America Class 8 truck builds. According to ACT Research, 2025 North American Class 8 truck production levels are expected to be at 252,000 units. The 2024 actual Class 8 truck builds according to the ACT Research was 332,372 units.

Construction and Agriculture end markets are projected to decline approximately 5-15% in 2025. However, we expect the contribution from new business wins outside of Construction and Agriculture end markets in Electrical Systems to soften this decline.

GAAP to Non-GAAP Reconciliation

A reconciliation of GAAP to non-GAAP financial measures referenced in this release is included as Appendix A to this release.

Conference Call

A conference call to discuss this press release is scheduled for Tuesday, August 5, 2025, at 8:30 a.m. ET. Management intends to reference the Q2 2025 Earnings Call Presentation during the conference call. To participate, dial (800) 549-8228 using conference code 72110. International participants dial (289) 819-1520 using conference code 72110.

This call is being webcast and can be accessed through the “Investors” section of CVG’s website at ir.cvgrp.com, where it will be archived for one year.

A telephonic replay of the conference call will be available for a period of two weeks following the call. To access the replay, dial (888) 660-6264 using access code 72110#.

Company Contact
Andy Cheung
Chief Financial Officer
CVG
IR@cvgrp.com

Investor Relations Contact
Ross Collins or Stephen Poe
Alpha IR Group
CVGI@alpha-ir.com

About CVG

CVG is a global provider of systems, assemblies and components to the global commercial vehicle market and the electric vehicle market. We deliver real solutions to complex design, engineering and manufacturing problems while creating positive change for our customers, industries and communities we serve. Information about the Company and its products is available on the internet at www.cvgrp.com.

Forward-Looking Statements

This press release contains forward-looking statements that are subject to risks and uncertainties. These statements often include words such as “believe”, “anticipate”, “plan”, “expect”, “intend”, “will”, “should”, “could”, “would”, “project”, “continue”, “likely”, and similar expressions. In particular, this press release may contain forward-looking statements about the Company’s expectations for future periods with respect to its plans to improve financial results, the future of the Company’s end markets, changes in the Class 8 and Class 5-7 North America truck build rates, performance of the global construction and agricultural equipment business, the Company’s prospects in the wire harness and electric vehicle markets, the Company’s initiatives to address customer needs, organic growth, the Company’s strategic plans and plans to focus on certain segments, competition faced by the Company, volatility in and disruption to the global economic environment including global supply chain constraints, inflation and labor shortages, tariffs and counter-measures, financial covenant compliance, anticipated effects of acquisitions, production of new products, plans for capital expenditures, and the Company’s financial position or other financial information. These statements are based on certain assumptions that the Company has made in light of its experience as well as its perspective on historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. Actual results may differ materially from the anticipated results because of certain risks and uncertainties, including those included in the Company’s filings with the SEC. There can be no assurance that statements made in this press release relating to future events will be achieved. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on behalf of the Company are expressly qualified in their entirety by such cautionary statements.

Other Information

Throughout this document, certain numbers in the tables or elsewhere may not sum due to rounding. Rounding may have also impacted the presentation of certain year-on-year percentage changes.

View full release here.

Primary Logo

Source: Commercial Vehicle Group, Inc.

Titan International (TWI) – 2Q Results; End Markets Remain Challenging

Posted on by slightbourne@noblecapitalmarkets.com


Monday, August 04, 2025

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

2Q Overview. Titan reported 2Q25 results in-line with management expectations, even in an environment in which the Company’s end markets continue to be impacted by higher interest rates and tariff uncertainty. Significantly, the Company was able to maintain gross and EBITDA margins, which continue to be meaningfully above where they were in the last cyclical trough.

Results. Revenue of $460.8 million was down from $532.2 million a year ago. Lower end market demand in the Ag and Construction markets, along with a temporary slowdown at Titan Specialty, impacted the top line. We had estimated revenue of $480 million. Partly driven by a 431% income tax rate, Titan reported a net loss of $4.5 million, or a loss of $0.07/sh, compared to net income of $2.1 million, or EPS of $0.03/sh, last year. Adjusted loss was $0.02/sh compared to EPS of $0.10 in 2Q24.


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Release – Titan International, Inc. Reports Second Quarter Financial Results

Posted on by aweinsoff@channelchek.com
Titan International, Inc. logo. (PRNewsFoto/Titan International)

Research News and Market Data on TWI

Jul 31, 2025, 06:00 ET

WEST CHICAGO, Ill., July 31, 2025 /PRNewswire/ — Titan International, Inc. (NYSE: TWI) (“Titan” or the “Company”), a leading global manufacturer of off-highway wheels, tires, assemblies, and undercarriage products, today reported financial results for the second quarter ended June 30, 2025. The full earnings release including a reconciliation of GAAP to Non-GAAP figures can be found in the investor relations section of the Company’s website at https://ir.titan-intl.com/news-and-events/news-releases/default.aspx.

Q2 2025 Key Figures

  • Revenues of $461 million
  • Gross margin of 15%
  • Adjusted EBITDA of $30 million
  • Free Cash Flow of $4 million

Paul Reitz, President and Chief Executive Officer, commented, “Our One Titan team continued to execute, enabling the Company to report revenues and Adjusted EBITDA within our guidance range, as well as positive free cash flow for the quarter. Overall conditions in our end markets are currently defined primarily by the impact of higher interest rates and tariff uncertainty. On a longer-term basis, we are encouraged by the broad support the recently-passed legislation included for farmers.”

Mr. Reitz continued, “Among the highlights from our second quarter, we were able to maintain gross and EBITDA margins which continued to be meaningfully above where they were during the last cyclical trough. We also continued to focus on expanding our reach via our one-stop-shop strategy and our focus on innovation, and we expect those efforts to help drive growth when broad-based industry demand resumes. In the near term, we remain confident that wheel and tire inventories throughout the chain are reaching levels where the only path forward is up. We are well-positioned as a leader in our industry and fully expect to see improving financial results as macro tailwinds begin to emerge.” 

Company Outlook

David Martin, Chief Financial Officer, added, “We expect third quarter sales to be between $450 million and $475 million with Adjusted EBITDA between $25 million and $30 million, which are both improvements compared to the third quarter of 2024.”

About Titan

Titan International, Inc. (NYSE: TWI) is a leading global manufacturer of off-highway wheels, tires, assemblies, and undercarriage products. Headquartered in West Chicago, Illinois, the Company globally produces a broad range of products to meet the specifications of original equipment manufacturers (OEMs) and aftermarket customers in the agricultural, earthmoving/construction, and consumer markets. For more information, visit www.titan-intl.com.

Safe Harbor Statement

This press release contains forward-looking statements. These forward-looking statements are covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. The words “believe,” “expect,” “anticipate,” “plan,” “would,” “could,” “potential,” “may,” “will,” and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, these assumptions are subject to significant risks and uncertainties, and are subject to change based on various factors, some of which are beyond Titan International, Inc.’s control. As a result, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. The matters discussed in these forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results and trends to differ materially from those made, projected, or implied in or by the forward-looking statements depending on a variety of uncertainties or other factors including, but not limited to, the effect of a recession on the Company and its customers and suppliers; changes in the Company’s end-user markets into which the Company sells its products as a result of domestic and world economic or regulatory influences or otherwise; changes in the marketplace, including new products and pricing changes by the Company’s competitors; the Company’s ability to maintain satisfactory labor relations; unfavorable outcomes of legal proceedings; the Company’s ability to comply with current or future regulations applicable to the Company’s business and the industry in which it competes or any actions taken or orders issued by regulatory authorities; availability and price of raw materials; levels of operating efficiencies; the effects of the Company’s indebtedness and its compliance with the terms thereof; changes in the interest rate environment and their effects on the Company’s outstanding indebtedness; unfavorable product liability and warranty claims; actions of domestic and foreign governments, including the imposition of additional tariffs; geopolitical and economic uncertainties relating to the countries in which the Company operates or does business; risks associated with acquisitions, including difficulty in integrating operations and personnel, disruption of ongoing business, and increased expenses; results of investments; the effects of potential processes to explore various strategic transactions, including potential dispositions; fluctuations in currency translations; risks associated with environmental laws and regulations; risks relating to our manufacturing facilities, including that any of our material facilities may become inoperable; risks relating to financial reporting, internal controls, tax accounting, and information systems; and the other risks and factors detailed in the Company’s periodic reports filed with the Securities and Exchange Commission, including the disclosures under “Risk Factors” in those reports. These forward-looking statements are made only as of the date hereof. The Company cautions that any forward-looking statements included in this press release are subject to a number of risks and uncertainties, and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events, or for any other reason, except as required by law.

SOURCE Titan International, Inc.

MustGrow Biologics Corp. (MGROF) – An Offering and Other Changes to Capital Structure

Posted on by slightbourne@noblecapitalmarkets.com


Thursday, July 31, 2025

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Capital Structure. MustGrow announced a series of changes to be made to its capital structure including (i) a non-brokered private placement of up to 4,285,715 units of the Company (ii) the proposed repricing of outstanding share purchase warrants issued pursuant to its January 16, 2025 private placement and (iii) its intention to offer shares for debt settlement to all holders of unsecured convertible debentures issued pursuant to its January 16, 2025 private placement.

“LIFE” Offering. The 4,285,715 units will be offered at a price of CAD$0.70 per unit for gross proceeds of up to $3.0 million. Each unit will consist of one common share and one common share purchase warrant exercisable for 60 months at an exercise price of $0.90 per warrant. Net proceeds will be used for inventory production of TerraSante, inventory for agricultural products to sell via its Canadian distribution platform, NexusBioAg, and working capital and general corporate purposes.


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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Alliance Resource Partners (ARLP) – Solid Second Quarter Performance; Cash Flow Profile Remains Attractive

Posted on by slightbourne@noblecapitalmarkets.com


Wednesday, July 30, 2025

ARLP is a diversified natural resource company that generates operating and royalty income from coal produced by its mining complexes and royalty income from mineral interests it owns in strategic oil & gas producing regions in the United States, primarily the Permian, Anadarko and Williston basins. ARLP currently produces coal from seven mining complexes its subsidiaries operate in Illinois, Indiana, Kentucky, Maryland and West Virginia. ARLP also operates a coal loading terminal on the Ohio River at Mount Vernon, Indiana. ARLP markets its coal production to major domestic and international utilities and industrial users and is currently the second largest coal producer in the eastern United States. In addition, ARLP is positioning itself as an energy provider for the future by leveraging its core technology and operating competencies to make strategic investments in the fast growing energy and infrastructure transition.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Second quarter financial results. Alliance reported second quarter adjusted EBITDA and earnings per unit (EPU) of $161.9 million and $0.46, respectively, compared to $181.4 million and $0.77 during the prior year period. We had projected EBITDA and EPU of $159.8 million and $0.57. Reported earnings per unit include a $25 million non-cash impairment charge. Total revenue amounted to $547.5 million compared to $593.4 million during the prior year period and our $577.4 million estimate. The variance compared to our revenue estimate was largely due to lower coal sales.

Outlook for the remainder of 2025 and 2026. Management increased the top end of 2025 coal tonnage sales guidance, kept overall coal sales price expectations intact, and lowered guidance for segment adjusted EBITDA expense per ton sold. Notably, oil and gas royalty volume expectations were increased, while segment adjusted EBITDA expense as a percentage of oil and gas royalty revenues was decreased to 14% from 15%. While management expects the average coal sales price per ton to trend lower in 2026 due to higher-priced contracts rolling off, longwall moves in 2025 and actions to improve productivity and cost effectiveness are expected to offset the impact of lower prices.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Release – Graham Corporation Awarded $25.5 Million Follow On Order to Provide Engineered Products for MK48 Mod 7 Heavyweight Torpedo

Posted on by aweinsoff@channelchek.com

Research News and Market Data on GHM

July 29, 2025 8:00am EDT Download as PDF

BATAVIA, N.Y.–(BUSINESS WIRE)– Graham Corporation (NYSE: GHM) (“GHM” or “the Company”), a global leader in the design and manufacture of mission critical fluid, power, heat transfer and vacuum technologies for the Defense, Energy & Process, and Space industries, today announced that it has been awarded a follow-on order to produce mission-critical hardware for the MK48 Mod 7 Heavyweight Torpedo program valued at approximately $25.5 million.

Matthew J. Malone, President and CEO, commented, “This follow-on award underscores our competitive position as a trusted supplier of mission-critical components to the U.S. Navy and allied defense programs. It reflects the strength of our engineering capabilities, highly skilled and engaged workforce, and precision manufacturing expertise. We’ve made targeted investments to improve operational efficiency to fulfill current and future demand, positioning us to drive recurring revenue, expand margins, and deliver long-term value to shareholders.”

Graham manufactures and tests the alternators and regulators for the MK48 Mod 7 Heavyweight Torpedo through its Barber-Nichols subsidiary in Arvada, CO.

About Graham Corporation
Graham is a global leader in the design and manufacture of mission critical fluid, power, heat transfer and vacuum technologies for the Defense, Energy, & Process, and Space industries. Graham Corporation and its family of global brands are built upon world-renowned engineering expertise in vacuum and heat transfer, cryogenic pumps, and turbomachinery technologies, as well as its responsive and flexible service and the unsurpassed quality customers have come to expect from the Company’s products and systems. Graham Corporation routinely posts news and other important information on its website, grahamcorp.com, where additional information on Graham Corporation and its businesses can be found.

Safe Harbor Regarding Forward Looking Statements
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.

Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as “expects,” “future,” and other similar words. All statements addressing operating performance, events, or developments that Graham Corporation expects or anticipates will occur in the future, including but not limited to, profitability of future projects and the business, its ability to deliver to plan, its ability to secure future projects and applications, are forward-looking statements. Because they are forward-looking, they should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties are more fully described in Graham Corporation’s most recent Annual Report filed with the Securities and Exchange Commission (the “SEC”), included under the heading entitled “Risk Factors”, and in other reports filed with the SEC.

Should one or more of these risks or uncertainties materialize or should any of Graham Corporation’s underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on Graham Corporation’s forward-looking statements. Except as required by law, Graham Corporation disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this news release.

For more information, contact:
Christopher J. Thome
Vice President – Finance and CFO
Phone: (585) 343-2216

Tom Cook
Investor Relations
(203) 682-8250
Tom.Cook@icrinc.com

Source: Graham Corporation

Released July 29, 2025

Release – The GEO Group Closes Sale of Company-Owned Lawton Correctional Facility in Oklahoma for $312 Million

Posted on by aweinsoff@channelchek.com

Research News and Market Data on GEO

July 28, 2025

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BOCA RATON, Fla.–(BUSINESS WIRE)–Jul. 28, 2025– The GEO Group, Inc. (NYSE: GEO) (“GEO” or the “Company”) announced today that on July 25, 2025, the Company completed the sale of the GEO-owned Lawton Correctional Facility (the “Lawton Facility”) located in Lawton, Oklahoma to the State of Oklahoma for $312 million and simultaneously transitioned the Lawton Facility operations to the Oklahoma Department of Corrections.

As previously disclosed, GEO expects to use the net proceeds from the sale of the Lawton Facility to acquire the 770-bed Western Region Detention Facility located in San Diego, California in a like kind real estate property exchange expected to close on July 31, 2025, and to pay off additional senior secured debt, including the remaining balance of the Term Loan B outstanding under the Company’s recently amended Credit Agreement. These transactions are expected to reduce GEO’s total net debt to approximately $1.47 billion and position GEO to consider potential future capital returns.

George C. Zoley, Executive Chairman of GEO, said, “We believe that the successful sale of our Lawton Facility is representative of the intrinsic value of our Company-owned facilities, which now total approximately 50,000 beds. We believe this important transaction is a significant deleveraging event that further strengthens our balance sheet and represents an important step to position our Company to consider potential future capital returns. Our management team and Board of Directors remain focused on the disciplined allocation of capital to enhance long-term value for our shareholders.”

About The GEO Group

The GEO Group, Inc. (NYSE: GEO) is a leading diversified government service provider, specializing in design, financing, development, and support services for secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United Kingdom. GEO’s diversified services include enhanced in-custody rehabilitation and post-release support through the award-winning GEO Continuum of Care®, secure transportation, electronic monitoring, community-based programs, and correctional health and mental health care. GEO’s worldwide operations include the ownership and/or delivery of support services for 97 facilities totaling approximately 74,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 19,000 employees.

Use of forward-looking statements

This news release may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward-looking statements are qualified in their entirety by reference to the cautionary statements and risk factors contained in GEO’s filings with the U.S. Securities and Exchange Commission including its Form 10-K, 10-Q and 8-K reports. All forward-looking statements speak only as of the date of this news release and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements. Readers are strongly encouraged to read the full cautionary statements and risk factors contained in GEO’s filings with the U.S. Securities and Exchange Commission, including those referenced above. GEO disclaims any obligation to update or revise any forward-looking statements, except as required by law.

Pablo E. Paez 
Executive Vice President, Corporate Relations 
(866) 301 4436

Source: The GEO Group, Inc.

Release – NN, Inc. to Hold Second Quarter 2025 Earnings Conference Call on Thursday, August 7, 2025

Posted on by aweinsoff@channelchek.com

Research News and Market Data on NNBR

PDF Version

CHARLOTTE, N.C., July 24, 2025 (GLOBE NEWSWIRE) — NN, Inc. (NASDAQ: NNBR), a global diversified industrial company that engineers and manufactures high-precision components and assemblies, announced today that it will release its second quarter 2025 financial results for the period ended June 30th, 2025, after the close of the market on Wednesday, August 6th, 2025. The Company will hold a related conference call on Thursday, August 7th, 2025, at 9:00 a.m. E.T. Participants on the call are asked to register five to ten minutes prior to the scheduled start time by dialing 1-888-999-3182 and from outside the U.S. at 1-848-280-6330.

The conference call will be webcast simultaneously and in its entirety through the NN, Inc. Investor Relations website. Shareholders, media representatives and others may participate in the webcast by registering through the Investor Relations section on the company’s website at https://investors.nninc.com/.

For those who are unavailable to listen to the live call, a replay will be available shortly after the call on NN’s website through August 8th, 2026.

About NN, Inc.
NN, Inc., a global diversified industrial company, combines advanced engineering and production capabilities with in-depth materials science expertise to design and manufacture high-precision components and assemblies for a variety of markets on a global basis. Headquartered in Charlotte, North Carolina, NN has facilities in North America, Europe, South America, and Asia. For more information about the company and its products, please visit www.nninc.com.

Investor Relations:
Joe Caminiti or Stephen Poe
NNBR@alpha-ir.com
312-445-2870

Primary Logo

Source: NN, Inc.

FreightCar America (RAIL) – Updating Our Forward Estimates and Increasing our PT

Posted on by slightbourne@noblecapitalmarkets.com


Thursday, July 24, 2025

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Increasing longer-term rail car delivery estimates. While we have maintained our rail car delivery estimates for 2025 through 2027, we have increased our delivery estimates for 2028 through 2030. We now forecast rail car deliveries of 5,500, 5,750, and 6,000, respectively, compared with our prior estimates of 5,000, 5,000, and 5,000. While we had previously assumed that RAIL would operate four production lines with an aggregate capacity of 5,000 rail cars through 2030, we now assume the company will operate five production lines with a total capacity of 6,250 rail cars beginning in 2028. Our prior assumption had been that the company could begin producing a new line of higher-margin tank cars using existing capacity at the expense of lower margin products. Because we think tank cars could add an incremental 500 or more orders beginning in 2028, the tank cars would be incremental to existing orders with five production lines.

Updating earnings estimates. We forecast 2025 EBITDA and EPS of $45.9 million and $0.47, respectively, while our 2026 estimates are $48.6 million and $0.53. While our 2025 and 2026 EBITDA estimates are unchanged, we have increased our forward estimates, which may be found in the financial model at the end of this report. While our earnings estimates have increased, gross margin as a percentage of sales remains unchanged at 13.0%, 13.3%, 13.5%, and 13.8% in 2027, 2028, 2029, and 2030, respectively, while selling, general, and administrative expense as a percentage of sales increased modestly. 


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.