Aldevron Launches New Innovation Center in Waltham, MA
"Establishing a presence in Waltham puts Aldevron at the crossroads of scientific discovery.' - Venkta Indurthi, CSO of Aldevron
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The new Waltham site is designed to fast-track advancements in the manufacture of DNA, RNA and proteins for advanced therapies, expanding Aldevron's capabilities in cell-free DNA, molecular biology, gene editing, and mRNA analytics. By establishing a base in the Boston area, Aldevron is positioning itself at the epicenter of biotech innovation—enabling closer collaboration with clients, faster project timelines and enhanced support for the development of advanced therapies.
'Establishing a presence in Waltham puts Aldevron at the crossroads of scientific discovery,' said Venkata Indurthi, Chief Scientific Officer at Aldevron. 'This Innovation Center is a launchpad for transformative research, empowering us to innovate, collaborate and grow alongside the brightest minds in biotech.'
The Waltham Innovation Center will complement Aldevron's established scientific teams in Fargo, ND, and Madison, WI, and will serve as a catalyst for recruiting top talent from Boston's vibrant biotech community.
'Our recent role in the groundbreaking 'Baby KJ' CRISPR therapy delivery demonstrates the life-changing impact that comes from investing in innovation,' said Jennifer Meade, President of Aldevron. 'As one of the most established biotech partners in the U.S., this expansion is a natural evolution—opening new opportunities for growth, deeper client partnerships and greater support for the scientists shaping the future of medicine.'
About Aldevron
Founded in 1998, Aldevron is a global leader in enabling the development of next-generation genomic medicines. As part of Danaher Corporation, Aldevron empowers scientists and innovators worldwide to advance transformative therapies that are redefining the future of medicine. Aldevron's expertise and integrated solutions have supported landmark achievements—including playing a key role in manufacturing the world's first mRNA-based personalized CRISPR therapy. With facilities in Fargo, ND, Madison, WI and Waltham, MA, Aldevron is at the forefront of accelerating scientific discovery and expanding the possibilities of gene editing, gene therapy and other breakthrough modalities. By partnering with leading researchers and organizations, Aldevron is helping to turn the promise of genomic medicine into reality for patients around the globe.
To learn more about how Aldevron is advancing biological science, visit www.aldevron.com/about-us and follow the company on LinkedIn, Facebook and YouTube.
ABOUT DANAHER
Danaher is a leading global life sciences and diagnostics innovator, committed to accelerating the power of science and technology to improve human health. Our businesses partner closely with customers to solve many of the most important health challenges impacting patients around the world. Danaher's advanced science and technology - and proven ability to innovate - help enable faster, more accurate diagnoses and help reduce the time and cost needed to sustainably discover, develop and deliver life-changing therapies. Focused on scientific excellence, innovation and continuous improvement, our approximately 63,000 associates worldwide help ensure that Danaher is improving quality of life for billions of people today, while setting the foundation for a healthier, more sustainable tomorrow. Explore more at www.danaher.com.
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15 minutes ago
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Interface Reports Second Quarter 2025 Results
ATLANTA--(BUSINESS WIRE)--Interface, Inc. (Nasdaq: TILE), a worldwide commercial flooring company and global leader in sustainability, today announced results for the second quarter ended June 29, 2025. Second quarter highlights (all comparisons are year-over-year): Net sales totaled $376 million, up 8% and up 7% currency neutral. GAAP earnings per diluted share of $0.55, a 45% increase; Adjusted earnings per diluted share of $0.60, a 50% increase. One Interface strategy continues to drive shareholder value. 'We delivered strong second quarter results ahead of our expectations with currency-neutral net sales growth of 7% and significantly expanded profitability. We continued to see strong momentum and market share gains in the Americas with currency-neutral net sales growth of 11% driven by our combined selling teams and expanded product offerings,' commented Laurel Hurd, CEO of Interface. 'Our One Interface strategy continues to yield measurable results, fueling growth across all product categories and key market segments. Second quarter global billings increased 28% in Healthcare, 11% in Education, and 3% in Corporate Office. Our performance reflects the strength of our strategy and market position, and our team's disciplined execution, despite market uncertainty,' continued Hurd. 'Gross profit margin expanded 403 basis points driven by higher pricing, favorable product mix, and higher sales volumes that generated manufacturing cost benefits in the second quarter. We are operating from a position of strength, with a solid balance sheet that gives us flexibility and optionality as we remain focused on long-term value creation for shareholders,' added Bruce Hausmann, CFO of Interface. 6/29/2025 6/30/2024 Change 6/29/2025 6/30/2024 Change GAAP Net Sales $ 375.5 $ 346.6 8.3 % $ 672.9 $ 636.4 5.7 % Gross Profit Margin % of Net Sales 39.4 % 35.4 % 403 bps 38.5 % 36.6 % 186 bps SG&A Expenses $ 95.9 $ 84.5 13.6 % $ 183.7 $ 170.4 7.8 % SG&A Expenses % of Net Sales 25.5 % 24.4 % 118 bps 27.3 % 26.8 % 51 bps Operating Income $ 52.0 $ 38.2 36.4 % $ 75.3 $ 62.6 20.3 % Net Income $ 32.6 $ 22.6 44.3 % $ 45.6 $ 36.7 24.0 % Earnings per Diluted Share $ 0.55 $ 0.38 44.7 % $ 0.77 $ 0.63 22.2 % Non-GAAP Currency-Neutral Net Sales $ 371.1 $ 346.6 7.1 % $ 672.9 $ 636.4 5.7 % Adjusted Gross Profit Margin % of Net Sales 39.8 % 35.7 % 402 bps 38.9 % 37.0 % 184 bps Adjusted SG&A Expenses $ 93.4 $ 84.3 10.8 % $ 180.2 $ 170.5 5.7 % Adjusted SG&A Expenses % of Net Sales 24.9 % 24.3 % 56 bps 26.8 % 26.8 % (1) bps Adjusted Operating Income $ 55.9 $ 39.6 41.2 % $ 81.4 $ 65.1 24.9 % Adjusted Net Income $ 35.4 $ 23.6 49.9 % $ 50.0 $ 37.8 32.3 % Adjusted Earnings per Diluted Share $ 0.60 $ 0.40 50.0 % $ 0.85 $ 0.64 32.8 % Adjusted EBITDA $ 64.8 $ 50.5 28.4 % $ 101.8 $ 89.2 14.1 % Currency-Neutral Orders Increase Year-Over-Year 2.9 % Second quarter 2025 adjusted gross profit margin increased 402 basis points year-over-year, due to higher pricing, favorable product mix, and lower manufacturing costs per unit on higher volume; partially offset by higher raw material costs. Second quarter 2025 adjusted SG&A expenses increased $9.1 million year-over-year due to higher sales commissions and variable compensation on increased sales and profits, higher healthcare costs, inflation, and foreign currency exchange variances. Additional Metrics 6/29/2025 12/29/2024 Change Cash $ 121.7 $ 99.2 22.6 % Total Debt $ 304.4 $ 302.8 0.6 % Total Debt Minus Cash ("Net Debt") $ 182.7 $ 203.5 (10.2 )% Last 12-Months Adjusted EBITDA $ 201.6 Total Debt divided by Last 12-Months Net Income 3.2x Net Debt divided by Last 12-Months Adjusted EBITDA ("Net Leverage Ratio") 0.9x Expand Segment Results Summary (Unaudited) Three Months Ended Six Months Ended (in millions, except percentages) 6/29/2025 6/30/2024 Change 6/29/2025 6/30/2024 Change AMS Net Sales $ 239.4 $ 215.0 11.4 % $ 419.4 $ 384.9 9.0 % Currency-Neutral Net Sales $ 239.6 $ 215.0 11.5 % $ 420.3 $ 384.9 9.2 % Operating Income $ 48.8 $ 26.8 82.2 % $ 68.0 $ 45.0 51.1 % Adjusted Operating Income $ 48.8 $ 26.9 81.3 % $ 68.7 $ 45.0 52.6 % Currency-Neutral Orders Increase Year-Over-Year 2.1 % EAAA Net Sales $ 136.1 $ 131.6 3.4 % $ 253.6 $ 251.5 0.8 % Currency-Neutral Net Sales $ 131.5 $ 131.6 (0.1 )% $ 252.6 $ 251.5 0.4 % Operating Income $ 3.2 $ 11.3 (71.8 )% $ 7.3 $ 17.6 (58.5 )% Adjusted Operating Income $ 7.1 $ 12.7 (44.2 )% $ 12.7 $ 20.1 (37.0 )% Currency-Neutral Orders (Decrease) Year-Over-Year 4.3 % Expand Outlook Based on strong Q2 2025 results, Interface is raising its full fiscal year guidance, while acknowledging a dynamic and uncertain global macro environment. With that backdrop in mind, Interface anticipates the following: Webcast and Conference Call Information Interface will host a conference call on August 1, 2025, at 8:00 a.m. Eastern Time, to discuss its second quarter 2025 results. The conference call will be simultaneously broadcast live over the Internet. Listeners may access the conference call live over the Internet at: or through the Company's website at: The archived version of the webcast will be available at these sites for one year beginning approximately one hour after the call ends. Non-GAAP Financial Measures Interface provides adjusted earnings per share, adjusted net income, adjusted operating income ("AOI"), adjusted gross profit, adjusted gross profit margin, adjusted SG&A expenses, currency- neutral sales and currency-neutral sales growth, net debt, and adjusted EBITDA as additional information regarding its operating results in this press release. These non-GAAP measures are not in accordance with – or alternatives to – GAAP measures, and may be different from non-GAAP measures used by other companies. Adjusted EPS, adjusted net income, and AOI exclude nora purchase accounting amortization, restructuring, asset impairment, severance, and other, net, and the cyber event impact. Adjusted EPS and adjusted net income also exclude the property casualty loss impact. Adjusted gross profit and adjusted gross profit margin exclude the nora purchase accounting amortization. Adjusted SG&A expenses exclude restructuring, asset impairment, severance, and other, net and the cyber event impact. Currency-neutral sales and currency-neutral sales growth exclude the impact of foreign currency fluctuations. Net debt is total debt less cash on hand. Adjusted EBITDA is GAAP net income excluding interest expense, income tax expense, depreciation and amortization, share-based compensation expense, cyber event impact, property casualty loss impact, restructuring, asset impairment, severance, and other, net, the nora purchase accounting amortization, and the loss on foreign subsidiary liquidation. This news release should be read in conjunction with the Company's Current Report on Form 8-K furnished today to the U.S. Securities & Exchange Commission, which explains why Interface believes presentation of these non-GAAP measures provides useful information to investors, as well as any additional material purposes for which Interface uses these non-GAAP measures. About Interface Interface, Inc. (NASDAQ: TILE) is a global flooring solutions company and sustainability leader, offering an integrated portfolio of carpet tile and resilient flooring products that includes Interface® carpet tile and LVT, nora® rubber flooring, and FLOR® premium area rugs for commercial and residential spaces. Made with purpose and without compromise, Interface flooring brings more sophisticated design, more performance, more innovation, and more climate progress to interior spaces. A decades-long pioneer in sustainability, Interface remains 'all in' on becoming a restorative business. Today, the company is focusing on carbon reductions, not offsets, as it works toward achieving its verified science-based targets by 2030 and its goal to become a carbon negative enterprise by 2040. Learn more about Interface at and nora by Interface at FLOR at and the company's sustainability journey at Follow us on Facebook, Instagram, LinkedIn, X, and Pinterest. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Except for historical information contained herein, the other matters set forth in this news release are forward-looking statements. Forward-looking statements may be identified by words such as 'may,' 'expect,' 'forecast,' 'anticipate,' 'intend,' 'plan,' 'believe,' 'could,' 'should,' 'goal,' 'aim," 'objective,' 'seek,' 'project,' 'estimate,' 'target,' 'will' and similar expressions. Forward-looking statements in this press release include, without limitation, any projections we make regarding the Company's 2025 third quarter and full year 2025 under 'Outlook' above. The forward-looking statements set forth above involve a number of risks and uncertainties that could cause actual results to differ materially from any such statement, including but not limited to the risks under the following subheadings in 'Risk Factors' in the Company's Annual Report on Form 10-K for the fiscal year ended December 29, 2024: "We compete with a large number of manufacturers in the highly competitive floorcovering products market, and some of these competitors have greater financial resources than we do. We may face challenges competing on price, making investments in our business, or competing on product design or sustainability", "Our earnings could be adversely affected by non-cash adjustments to goodwill, when a test of goodwill assets indicates a material impairment of those assets", "Our success depends significantly upon the efforts, abilities and continued service of our senior management executives, our principal design consultant and other key personnel (including experienced sales and manufacturing personnel), and our loss of any of them could affect us adversely", "Large increases in the cost of our raw materials, shipping costs, duties or tariffs could adversely affect us if we are unable to pass these cost increases through to our customers", "Unanticipated termination or interruption of any of our arrangements with our primary third-party suppliers of synthetic fiber or our primary third-party supplier for luxury vinyl tile ('LVT') or other key raw materials could have a material adverse effect on us", "Changes to our facilities, manufacturing processes, product construction, and product composition could disrupt our operations, increase our manufacturing costs, increase customer complaints, increase warranty claims, negatively affect our reputation, and have a material adverse effect on our financial condition and results of operations", "Our business operations could suffer significant losses from natural disasters, acts of war, terrorism, catastrophes, fire, adverse weather conditions, pandemics, endemics, unstable geopolitical situations or other unexpected events", "The market price of our common stock has been volatile and the value of your investment may decline", "Sales of our principal products have been and may continue to be affected by adverse economic cycles, and effects in the new construction market and renovation market", "Disruptions to or failures of information technology systems we use could adversely affect our business", "The impact of potential changes to environmental laws and regulations and industry standards regarding climate change and other sustainability matters could lead to unforeseen disruptions to our business operations", "Health crisis events, such as epidemics or pandemics, have adversely impacted, and may continue to impact, the economy and disrupt our operations and supply chains, which may have an adverse effect on our results of operations", Our substantial international operations are subject to various political, economic and other uncertainties that could adversely affect our business results, including foreign currency fluctuations, restrictive taxation, custom duties, tariffs, border closings or other adverse government regulations", "The conflicts between Russia and Ukraine and in the Middle East could adversely affect our business, results of operations and financial position", "Fluctuations in foreign currency exchange rates have had, and could continue to have, an adverse impact on our financial condition and results of operations", "The uncertainty surrounding the ongoing implementation and effect of the U.K.'s exit from the European Union, and related negative developments in the European Union, could adversely affect our business, results of operations or financial condition", "We have a substantial amount of debt, which could adversely affect our business, financial condition and results of operations and our ability to meet our payment obligations under our debt", "Servicing our debt requires a significant amount of cash, and we may not have sufficient cash flow from our operations to pay our indebtedness", "We may incur substantial additional indebtedness, which could further exacerbate the risks associated with our substantial indebtedness", and "We face risks associated with litigation and claims". You should consider any additional or updated information we include under the heading 'Risk Factors' in our subsequent quarterly and annual reports. Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made. The Company assumes no responsibility to update or revise forward-looking statements made in this press release and cautions readers not to place undue reliance on any such forward-looking statements. - TABLES FOLLOW - Consolidated Balance Sheets (Unaudited) (In thousands) 6/29/2025 12/29/2024 Assets Cash and Cash Equivalents $ 121,701 $ 99,226 Accounts Receivable, net 194,251 171,135 Inventories, net 288,165 260,581 Other Current Assets 38,969 33,355 Total Current Assets 643,086 564,297 Property, Plant and Equipment, net 291,839 282,374 Operating Lease Right-of-Use Assets 80,619 76,815 Goodwill and intangibles assets, net 162,770 148,160 Other Assets 99,908 99,170 Total Assets $ 1,278,222 $ 1,170,816 Liabilities Accounts Payable $ 86,621 $ 68,943 Accrued Expenses 122,850 134,996 Current Portion of Operating Lease Liabilities 13,571 12,296 Current Portion of Long-Term Debt 506 482 Total Current Liabilities 223,548 216,717 Long-Term Debt 303,943 302,275 Operating Lease Liabilities 71,541 68,092 Other Long-Term Liabilities 104,165 94,584 Total Liabilities 703,197 681,668 Shareholders' Equity 575,025 489,148 Total Liabilities and Shareholders' Equity $ 1,278,222 $ 1,170,816 Expand Consolidated Statements of Cash Flows (Unaudited) Three Months Ended Six Months Ended (In thousands) 6/29/2025 6/30/2024 6/29/2025 6/30/2024 OPERATING ACTIVITIES Net Income $ 32,561 $ 22,558 $ 45,563 $ 36,737 Adjustments to Reconcile Net Income to Cash Provided by Operating Activities: Depreciation and Amortization 9,829 9,728 19,230 19,344 Share-Based Compensation Expense 2,771 2,616 6,917 6,531 Deferred Taxes 1,091 (361 ) 254 (1,039 ) Other (1,959 ) (58 ) 1,111 (3,766 ) Amortization of Acquired Intangible Assets 1,352 1,287 2,606 2,584 Change in Working Capital Accounts Receivable (25,414 ) (32,744 ) (14,739 ) (18,907 ) Inventories 4,238 14,816 (12,101 ) (5,661 ) Prepaid Expenses and Other Current Assets (970 ) (4,139 ) (4,408 ) (6,332 ) Accounts Payable and Accrued Expenses 6,629 7,836 (2,566 ) 4,667 Cash Provided by Operating Activities 30,128 21,539 41,867 34,158 INVESTING ACTIVITIES Capital Expenditures (7,354 ) (9,574 ) (14,821 ) (13,607 ) Proceeds from Sale of Property, Plant and Equipment — — — 1,040 Insurance Proceeds from Property Casualty Loss — — — 1,000 Cash Used in Investing Activities (7,354 ) (9,574 ) (14,821 ) (11,567 ) FINANCING ACTIVITIES Repayments of Long-term Debt (131 ) (12,147 ) (253 ) (46,930 ) Borrowing of Long-term Debt 1,306 7,334 1,306 17,334 Repurchase of Common Stock (4,286 ) — (4,286 ) — Tax Withholding Payments for Share-Based Compensation (6 ) (483 ) (7,736 ) (4,754 ) Dividends Paid (1,173 ) (1,167 ) (1,227 ) (1,173 ) Finance Lease Payments (782 ) (721 ) (1,544 ) (1,437 ) Cash Used in Financing Activities (5,072 ) (7,184 ) (13,740 ) (36,960 ) Net Cash Provided by (Used in) Operating, Investing and Financing Activities 17,702 4,781 13,306 (14,369 ) Effect of Exchange Rate Changes on Cash 6,242 (368 ) 9,169 (1,942 ) CASH AND CASH EQUIVALENTS Net Change During the Period 23,944 4,413 22,475 (16,311 ) Balance at Beginning of Period 97,757 89,774 99,226 110,498 Expand Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (Unaudited) (In millions, except per share amounts) Gross Profit SG&A Expenses Operating Income (Loss) Pre-tax Tax Effect Net Income (Loss) Diluted EPS Gross Profit SG&A Expenses Operating Income (Loss) Pre-tax Tax Effect Net Income (Loss) Diluted EPS Non-GAAP Adjustments: Purchase Accounting Amortization 1.4 — 1.4 1.4 (0.4 ) 1.0 0.02 1.3 — 1.3 1.3 (0.4 ) 0.9 0.02 Restructuring, Asset Impairment, Severance, and Other, net — (2.5 ) 2.5 2.5 (0.6 ) 1.9 0.03 — (0.1 ) 0.1 0.1 0.0 0.1 — Adjustments Subtotal * 1.4 (2.5 ) 3.9 3.9 (1.0 ) 2.8 0.05 1.3 (0.2 ) 1.5 1.5 (0.4 ) 1.0 0.02 Adjusted (non-GAAP) * $ 149.3 $ 93.4 $ 55.9 $ 35.4 $ 0.60 $ 123.9 $ 84.3 $ 39.6 $ 23.6 $ 0.40 Expand First Six Months 2025 First Six Months 2024 Adjustments Adjustments Gross Profit SG&A Expenses Operating Income (Loss) Pre-tax Tax Effect Net Income (Loss) Diluted EPS Gross Profit SG&A Expenses Operating Income (Loss) Pre-tax Tax Effect Net Income (Loss) Diluted EPS Non-GAAP Adjustments: Purchase Accounting Amortization 2.6 — 2.6 2.6 (0.8 ) 1.8 0.03 2.6 — 2.6 2.6 (0.8 ) 1.8 0.03 Restructuring, Asset Impairment, Severance, and Other, net — (3.5 ) 3.5 3.5 (0.9 ) 2.6 0.04 — (0.3 ) 0.3 0.3 (0.1 ) 0.3 — Cyber Event Impact — — — — — — — — 0.4 (0.4 ) (0.4 ) 0.1 (0.3 ) (0.01 ) Property Casualty Loss (1) — — — — — — — — — — (1.0 ) 0.2 (0.7 ) (0.01 ) Adjustments Subtotal * 2.6 (3.5 ) 6.1 6.1 (1.6 ) 4.5 0.08 2.6 0.1 2.5 1.6 (0.5 ) 1.1 0.02 Adjusted (non-GAAP) * $ 261.5 $ 180.2 $ 81.4 $ 50.0 $ 0.85 $ 235.6 $ 170.5 $ 65.1 $ 37.8 $ 0.64 (1) Represents property insurance (recovery) / loss * Note: Sum of reconciling items may differ from total due to rounding of individual components Expand Second Quarter 2025 Second Quarter 2024 GAAP Operating Income (Loss) $ 48.8 $ 3.2 $ 52.0 $ 26.8 $ 11.3 $ 38.2 Non-GAAP Adjustments: Purchase Accounting Amortization — 1.4 1.4 — 1.3 1.3 Restructuring, Asset Impairment, Severance, and Other, net — 2.5 2.5 0.1 — 0.1 Adjustments Subtotal * — 3.9 3.9 0.1 1.3 1.5 AOI * $ 48.8 $ 7.1 $ 55.9 $ 26.9 $ 12.7 $ 39.6 First Six Months 2025 First Six Months 2024 GAAP Operating Income (Loss) $ 68.0 $ 7.3 $ 75.3 $ 45.0 $ 17.6 $ 62.6 Non-GAAP Adjustments: Purchase Accounting Amortization — 2.6 2.6 — 2.6 2.6 Cyber Event Impact — — — (0.2 ) (0.2 ) (0.4 ) Restructuring, Asset Impairment, Severance, and Other, net 0.7 2.8 3.5 0.3 0.1 0.3 Adjustments Subtotal * 0.7 5.4 6.1 — 2.5 2.5 AOI * $ 68.7 $ 12.7 $ 81.4 $ 45.0 $ 20.1 $ 65.1 * Note: Sum of reconciling items may differ from total due to rounding of individual components Expand (in millions) Second Quarter 2025 Second Quarter 2024 First Six Months 2025 First Six Months 2024 Last Twelve Months (LTM) Ended 6/29/2025 Fiscal Year 2024 Net Income as Reported (GAAP) $ 32.6 $ 22.6 $ 45.6 $ 36.7 $ 95.8 $ 86.9 Income Tax Expense 11.6 8.6 15.7 13.4 28.9 26.6 Interest Expense (including debt issuance cost amortization) 4.4 6.2 8.9 12.6 19.5 23.2 Depreciation and Amortization (excluding debt issuance cost amortization) 9.6 9.1 18.7 18.4 37.6 37.3 Share-based Compensation Expense 2.8 2.6 6.9 6.5 13.3 12.9 Purchase Accounting Amortization 1.4 1.3 2.6 2.6 5.2 5.2 Restructuring, Asset Impairment, Severance, and Other, net 2.5 0.1 3.5 0.3 5.7 2.5 Cyber Event Impact — — — (0.4 ) (5.1 ) (5.5 ) Property Casualty Loss (1) — — — (1.0 ) (1.4 ) (2.3 ) Loss on Foreign Subsidiary Liquidation (2) — — — — 2.2 2.2 Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (AEBITDA)* $ 64.8 $ 50.5 $ 101.8 $ 89.2 $ 201.6 $ 189.0 (1) Represents insurance recovery. (2) In 2024 our Thailand subsidiary was substantially liquidated and the related cumulative translation adjustment was recognized in other expense. * Note: Sum of reconciling items may differ from total due to rounding of individual components Expand The impacts of changes in foreign currency presented in the tables are calculated based on applying the prior year period's average foreign currency exchange rates to the current year period. The Company believes that the above non-GAAP performance measures, which management uses in managing and evaluating the Company's business, may provide users of the Company's financial information with additional meaningful basis for comparing the Company's current results and results in a prior period, as these measures reflect factors that are unique to one period relative to the comparable period. However, these non‑GAAP performance measures should be viewed in addition to, and not as an alternative for, the Company's reported results under accounting principles generally accepted in the United States. Tax effects identified above (when applicable) are calculated using the statutory tax rate for the jurisdictions in which the charge or income occurred.
Business Wire
15 minutes ago
- Business Wire
Linde Reports Second-Quarter 2025 Results
WOKING, England--(BUSINESS WIRE)--Linde plc (Nasdaq: LIN) today reported second-quarter 2025 net income of $1,766 million and diluted earnings per share of $3.73, up 6% and up 8%, respectively. Excluding Linde AG purchase accounting impacts, adjusted net income was $1,937 million, up 4% versus prior year. Adjusted earnings per share was $4.09, 6% above prior year. Linde's sales for the second quarter were $8,495 million, up 3% versus prior year. Compared to prior year, underlying sales increased 1% from 2% price attainment partially offset by 1% lower volumes largely driven by the manufacturing end market. Second-quarter operating profit was $2,354 million. Adjusted operating profit of $2,556 million was up 6% versus prior year led by higher price and continued productivity initiatives across all segments. Adjusted operating profit margin of 30.1% was 80 basis points above prior year. Second-quarter operating cash flow of $2,211 million increased 15% versus prior year. After capital expenditures of $1,257 million, free cash flow was $954 million. During the quarter, the company returned $1,811 million to shareholders through dividends and stock repurchases, net of issuances. Commenting on the financial results and business outlook, Chief Executive Officer Sanjiv Lamba said, 'For the second quarter, Linde once again demonstrated strong resiliency as our employees delivered high-quality results against a muted industrial economy. EPS grew 6% and operating margins expanded 80 basis points versus prior year. In addition, we continue to secure future, contractual growth with the addition of several new wins to the project backlog, including another long-term agreement to supply gases to a world-scale low-carbon ammonia facility in the U.S. Gulf Coast. The current $7.1 billion sale-of-gas backlog will ensure attractive growth for years to come, and I'm confident in our ability to add even more high-quality projects, especially in the electronic and clean energy end markets.' 'For the second half of 2025, we maintain a more measured view of the underlying macro trends. But regardless of this economic outlook, we will continue to generate long-term shareholder value.' For the third quarter of 2025, Linde expects adjusted diluted earnings per share in the range of $4.10 to $4.20, up 4% to 7% versus prior-year quarter, or 3% to 6% when excluding 1% of estimated currency tailwind. For the full-year 2025, the company expects adjusted diluted earnings per share to be in the range of $16.30 to $16.50, up 5% to 6% versus prior year, or 4% to 5% when excluding 1% of estimated currency tailwind. Full-year capital expenditures are expected to be in the range of $5.0 billion to $5.5 billion to support growth and maintenance requirements including the $7.1 billion contractual sale of gas project backlog. Second-Quarter 2025 Results by Segment Americas sales of $3,812 million were up 4% versus prior year. Compared with second quarter 2024, underlying sales increased 4%, driven by 3% higher pricing and 1% higher volumes, primarily in the chemicals & energy end market. Operating profit of $1,209 million was 31.7% of sales, flat versus prior year. APAC (Asia Pacific) sales of $1,655 million were flat versus prior year. Compared with second quarter 2024, underlying sales decreased 1%, driven by stable pricing and 1% lower volumes, primarily in the manufacturing end market. Operating profit of $490 million was 29.6% of sales, 100 basis points above prior year. EMEA (Europe, Middle East & Africa) sales of $2,162 million were up 3% versus prior year. Compared with second quarter 2024, underlying sales decreased 1%, driven by 3% higher pricing that was more than offset by 4% lower volumes, primarily in the metals & mining and manufacturing end markets. Operating profit of $780 million was 36.1% of sales, 240 basis points above prior year. Linde Engineering sales were $551 million, up 1% versus prior year, and operating profit was $90 million or 16.3% of sales. Order intake for the quarter was $311 million and third-party sale of equipment backlog was $3.2 billion. Earnings Call A teleconference on Linde's second-quarter 2025 results is being held today at 9:00 am EDT. Materials to be used in the teleconference are also available on the website. About Linde Linde is a leading global industrial gases and engineering company with 2024 sales of $33 billion. We live our mission of making our world more productive every day by providing high-quality solutions, technologies and services which are making our customers more successful and helping to sustain, decarbonize and protect our planet. The company serves a variety of end markets such as chemicals & energy, food & beverage, electronics, healthcare, manufacturing, metals and mining. Linde's industrial gases and technologies are used in countless applications including production of clean hydrogen and carbon capture systems critical to the energy transition, life-saving medical oxygen and high-purity & specialty gases for electronics. Linde also delivers state-of-the-art gas processing solutions to support customer expansion, efficiency improvements and emissions reductions. For more information about the company and its products and services, please visit Adjusted amounts, free cash flow and return on capital are non-GAAP measures. See the attachments for a summary of non-GAAP reconciliations and calculations for adjusted amounts. Attachments: Summary Non-GAAP Reconciliations, Statements of Income, Balance Sheets, Statements of Cash Flows, Segment Information and Appendix: Non-GAAP Measures and Reconciliations. *Note: We are providing adjusted earnings per share ('EPS') guidance for 2025. This is a non-GAAP financial measure that represents diluted earnings per share from continuing operations (a GAAP measure) but excludes the impact of certain items that we believe are not representative of our underlying business performance, such as cost reduction and other charges, the impact of potential divestitures or other potentially significant items. Given the uncertainty of timing and magnitude of such items, we cannot provide a reconciliation of the differences between the non-GAAP adjusted EPS guidance and the corresponding GAAP EPS measure without unreasonable effort. Forward-looking Statements This document contains 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are identified by terms and phrases such as: anticipate, believe, intend, estimate, expect, continue, should, could, may, plan, project, predict, will, potential, forecast, and similar expressions. They are based on management's reasonable expectations and assumptions as of the date the statements are made but involve risks and uncertainties. These risks and uncertainties include, without limitation: the performance of stock markets generally; developments in worldwide and national economies and other international events and circumstances, including trade conflicts and tariffs; changes in foreign currencies and in interest rates; the cost and availability of electric power, natural gas and other raw materials; the ability to achieve price increases to offset cost increases; catastrophic events including natural disasters, epidemics, pandemics such as COVID-19 and acts of war and terrorism; the ability to attract, hire, and retain qualified personnel; the impact of changes in financial accounting standards; the impact of changes in pension plan liabilities; the impact of tax, environmental, healthcare and other legislation and government regulation in jurisdictions in which the company operates; the cost and outcomes of investigations, litigation and regulatory proceedings; the impact of potential unusual or non-recurring items; continued timely development and market acceptance of new products and applications; the impact of competitive products and pricing; future financial and operating performance of major customers and industries served; the impact of information technology system failures, network disruptions and breaches in data security; and the effectiveness and speed of integrating new acquisitions into the business. These risks and uncertainties may cause future results or circumstances to differ materially from adjusted projections, estimates or other forward-looking statements. Linde plc assumes no obligation to update or provide revisions to any forward-looking statement in response to changing circumstances. The above listed risks and uncertainties are further described in Item 1A. Risk Factors in Linde plc's Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on February 26, 2025 which should be reviewed carefully. Please consider Linde plc's forward-looking statements in light of those risks.
Business Wire
44 minutes ago
- Business Wire
Luvme Hair Launches Back to School Sale Featuring Special Savings on Wigs
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