INVESTOR DEADLINE TOMORROW: Robbins Geller Rudman & Dowd LLP Announces that Organon & Co. Investors with Substantial Losses Have Opportunity to Lead Class Action Lawsuit
If you suffered substantial losses and wish to serve as lead plaintiff of the Organon class action lawsuit, please provide your information here:
https://www.rgrdlaw.com/cases-organon-co-class-action-lawsuit-ogn.html
You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at [email protected]. Lead plaintiff motions for the Organon class action lawsuit must be filed with the court no later than this upcoming Tuesday, July 22, 2025.
CASE ALLEGATIONS: Organon develops and delivers health solutions through prescription therapies and medical devices.
The Organon class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Organon faced a higher risk of loss of exclusivity and price erosion as to Nexplanon than implied by its Class Period statements; (ii) as a result, Organon's long-term Nexplanon sales growth was not as strong as defendants' portended during the Class Period, and would not reach $1 billion by the end of fiscal year 2025 (much less upwards of $1.5 billion after that), and that Organon was likely not on track to achieve the $1 billion milestone payment from Merck & Co. on its Nexplanon sales thereafter; (iii) thus, Organon was not on track to achieve, much less maintain, the $1 billion in free cash flow required to sustain its outsized dividend; (iv) consequently, Organon was also not on track to maintain 4.0x debt leverage; (v) as such, Organon might not be able to maintain its corporate debt ratings at their then-current Class Period levels; and (vi) as a result, Organon lacked a reasonable basis to report its Class Period business metrics and financial projections.
The Organon class action lawsuit further alleges that on May 1, 2025, in connection with announcing its first quarter 2025 financial results for the interim period ended March 31, 2025, Organon slashed its dividend by 90%, down from 28¢ per share per quarter ($1.16 per share annually) down to just 2¢ per share per quarter (or 8¢ per share annually). According to a quote attributed to Organon's CEO, defendant Kevin Ali, in the press release Organon issued that day, it had 'reset [its] capital allocation priorities to accelerate progress towards deleveraging, enabling a path to achieve a net leverage ratio of below 4.0x by year-end,' emphasizing that Organon's 'primary capital allocation priority' was now 'maintaining lower leverage.' On this news, the price of Organon stock fell more than 27%.
The plaintiff is represented by Robbins Geller, which has extensive experience in prosecuting investor class actions including actions involving financial fraud. You can view a copy of the complaint by clicking here.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Organon publicly traded securities during the Class Period to seek appointment as lead plaintiff in the Organon class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Organon class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Organon class action lawsuit. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Organon class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world's leading law firms representing investors in securities fraud and shareholder litigation. Our Firm has been ranked #1 in the ISS Securities Class Action Services rankings for four out of the last five years for securing the most monetary relief for investors. In 2024, we recovered over $2.5 billion for investors in securities-related class action cases – more than the next five law firms combined, according to ISS. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs' firms in the world, and the Firm's attorneys have obtained many of the largest securities class action recoveries in history, including the largest ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
https://www.rgrdlaw.com/services-litigation-securities-fraud.html
Past results do not guarantee future outcomes.
Services may be performed by attorneys in any of our offices.
Contact:
Robbins Geller Rudman & Dowd LLP
J.C. Sanchez, Jennifer N. Caringal
655 W. Broadway, Suite 1900, San Diego, CA 92101
800-449-4900
[email protected]
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
a minute ago
- Yahoo
Valero Energy Reports Second Quarter 2025 Results
Reported net income attributable to Valero stockholders of $714 million, or $2.28 per share Repaid the outstanding principal balance of $251 million of 2.85% Senior Notes that matured in April Declared a regular quarterly cash dividend on common stock of $1.13 per share on July 17 Returned $695 million to stockholders through dividends and stock buybacks SAN ANTONIO, July 24, 2025--(BUSINESS WIRE)--Valero Energy Corporation (NYSE: VLO, "Valero") today reported net income attributable to Valero stockholders of $714 million, or $2.28 per share, for the second quarter of 2025, compared to net income of $880 million, or $2.71 per share, for the second quarter of 2024. Refining The Refining segment reported operating income of $1.3 billion for the second quarter of 2025, compared to operating income of $1.2 billion for the second quarter of 2024. Refining throughput volumes averaged 2.9 million barrels per day in the second quarter of 2025. "We delivered solid financial results for the second quarter, driven by our strong operational and commercial execution," said Lane Riggs, Valero's Chairman, Chief Executive Officer and President. "In fact, we set a record for refining throughput rate in our U.S. Gulf Coast region in the second quarter, demonstrating the benefits of our investments in growth and optimization projects." Renewable Diesel The Renewable Diesel segment, which consists of the Diamond Green Diesel joint venture (DGD), reported an operating loss of $79 million for the second quarter of 2025, compared to operating income of $112 million for the second quarter of 2024. Segment sales volumes averaged 2.7 million gallons per day in the second quarter of 2025. Ethanol The Ethanol segment reported $54 million of operating income for the second quarter of 2025, compared to $105 million for the second quarter of 2024. Ethanol production volumes averaged 4.6 million gallons per day in the second quarter of 2025. Corporate and Other General and administrative expenses were $220 million in the second quarter of 2025, compared to $203 million in the second quarter of 2024. The effective tax rate for the second quarter of 2025 was 30 percent. Investing and Financing Activities Net cash provided by operating activities was $936 million in the second quarter of 2025. Included in this amount was a $325 million unfavorable impact from working capital and $86 million of adjusted net cash used in operating activities associated with the other joint venture member's share of DGD. Excluding these items, adjusted net cash provided by operating activities was $1.3 billion in the second quarter of 2025. Capital investments totaled $407 million in the second quarter of 2025, of which $371 million was for sustaining the business, including costs for turnarounds, catalysts and regulatory compliance. Excluding capital investments attributable to the other joint venture member's share of DGD and other variable interest entities, capital investments attributable to Valero were $399 million in the second quarter of 2025. Valero returned $695 million to stockholders in the second quarter of 2025, of which $354 million was paid as dividends and $341 million was for the purchase of approximately 2.6 million shares of common stock, resulting in a payout ratio of 52 percent of adjusted net cash provided by operating activities. On July 17, Valero announced a quarterly cash dividend on common stock of $1.13 per share, payable on September 2, 2025 to holders of record at the close of business on July 31, 2025. "We remain committed to maintaining our track record of commercial and operational excellence, which has been a hallmark of Valero's strategy for over a decade," said Riggs. "Our commitment remains underpinned by a strong balance sheet that also provides us plenty of financial flexibility." Liquidity and Financial Position Valero repaid the $251 million outstanding principal balance of its 2.85% Senior Notes that matured in April, ending the second quarter of 2025 with $8.4 billion of total debt, $2.3 billion of total finance lease obligations, and $4.5 billion of cash and cash equivalents. The debt to capitalization ratio, net of cash and cash equivalents, was 19 percent as of June 30, 2025. Strategic Update Valero is progressing with an FCC Unit optimization project at the St. Charles Refinery that will enable the refinery to increase the yield of high value products. The project is estimated to cost $230 million and is expected to be completed in 2026. Conference Call Valero's senior management will hold a conference call at 10 a.m. ET today to discuss this earnings release and to provide an update on operations and strategy. About Valero Valero Energy Corporation, through its subsidiaries (collectively, Valero), is a multinational manufacturer and marketer of petroleum-based and low-carbon liquid transportation fuels and petrochemical products, and sells its products primarily in the United States (U.S.), Canada, the United Kingdom (U.K.), Ireland and Latin America. Valero owns 15 petroleum refineries located in the U.S., Canada and the U.K. with a combined throughput capacity of approximately 3.2 million barrels per day. Valero is a joint venture member in Diamond Green Diesel Holdings LLC, which produces low-carbon fuels including renewable diesel and sustainable aviation fuel (SAF), with a production capacity of approximately 1.2 billion gallons per year in the U.S. Gulf Coast region. See the annual report on Form 10-K for more information on SAF. Valero also owns 12 ethanol plants located in the U.S. Mid-Continent region with a combined production capacity of approximately 1.7 billion gallons per year. Valero manages its operations through its Refining, Renewable Diesel, and Ethanol segments. Please visit for more information. Valero Contacts Investors:Homer Bhullar, Vice President – Investor Relations and Finance, 210-345-1982Eric Herbort, Director – Investor Relations and Finance, 210-345-3331Gautam Srivastava, Director – Investor Relations, 210-345-3992 Media:Lillian Riojas, Executive Director – Media Relations and Communications, 210-345-5002 Safe-Harbor Statement Statements contained in this release and the accompanying earnings release tables, or made during the conference call, that state Valero's or management's expectations or predictions of the future are forward-looking statements intended to be covered by the safe harbor provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. The words "believe," "expect," "should," "estimates," "intend," "target," "commitment," "plans," "forecast, "guidance" and other similar expressions identify forward-looking statements. Forward-looking statements in this release and the accompanying earnings release tables include, and those made on the conference call may include, statements relating to Valero's low-carbon fuels strategy, expected timing, cost and performance of projects, our plans, actions, assets and operations in California and expected timing and cost of obligations and other financial statement impacts, future market and industry conditions, future operating and financial performance, future production and manufacturing ability and size, and management of future risks, among other matters. It is important to note that actual results could differ materially from those projected in such forward-looking statements based on numerous factors, including those outside of Valero's control, such as legislative or political changes or developments, market dynamics, cyberattacks, weather events, and other matters affecting Valero's operations and financial performance or the demand for Valero's products. These factors also include, but are not limited to, the uncertainties that remain with respect to current or contemplated legal, political or regulatory developments that are adverse to or restrict refining and marketing operations, or that impose taxes or penalties on profits, windfalls, or margins above a certain level, tariffs and their effects on trading relationships, global geopolitical and other conflicts and tensions, the impact of inflation on margins and costs, economic activity levels, and the adverse effects the foregoing may have on Valero's business plan, strategy, operations and financial performance. For more information concerning these and other factors that could cause actual results to differ from those expressed or forecasted, see Valero's annual report on Form 10-K, quarterly reports on Form 10‑Q, and other reports filed with the Securities and Exchange Commission and available on Valero's website at Use of Non-GAAP Financial Information This earnings release and the accompanying earnings release tables include references to financial measures that are not defined under U.S. generally accepted accounting principles (GAAP). These non-GAAP measures include adjusted net income attributable to Valero stockholders, adjusted earnings per common share – assuming dilution, Refining margin, Renewable Diesel margin, Ethanol margin, adjusted Refining operating income, adjusted Ethanol operating income, adjusted net cash provided by operating activities, and capital investments attributable to Valero. These non-GAAP financial measures have been included to help facilitate the comparison of operating results between periods. See the accompanying earnings release tables for a definition of non-GAAP measures and a reconciliation to their most directly comparable GAAP measures. Note (e) to the earnings release tables provides reasons for the use of these non-GAAP financial measures. VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES FINANCIAL HIGHLIGHTS (millions of dollars, except per share amounts) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Statement of income data Revenues $ 29,889 $ 34,490 $ 60,147 $ 66,249 Cost of sales: Cost of materials and other 26,332 30,943 53,880 58,625 Operating expenses (excluding depreciation and amortization expense reflected below) 1,522 1,424 3,045 2,835 Depreciation and amortization expense 786 684 1,466 1,367 Total cost of sales 28,640 33,051 58,391 62,827 Asset impairment loss (a) — — 1,131 — Other operating expenses (b) 4 3 8 37 General and administrative expenses (excluding depreciation and amortization expense reflected below) 220 203 481 461 Depreciation and amortization expense 28 12 39 24 Operating income 997 1,221 97 2,900 Other income, net 86 122 206 266 Interest and debt expense, net of capitalized interest (141 ) (140 ) (278 ) (280 ) Income before income tax expense 942 1,203 25 2,886 Income tax expense 279 277 14 630 Net income 663 926 11 2,256 Less: Net income (loss) attributable to noncontrolling interests (51 ) 46 (108 ) 131 Net income attributable to Valero Energy Corporation stockholders $ 714 $ 880 $ 119 $ 2,125 Earnings per common share $ 2.28 $ 2.71 $ 0.37 $ 6.47 Weighted-average common shares outstanding (in millions) 312 324 313 327 Earnings per common share – assuming dilution $ 2.28 $ 2.71 $ 0.37 $ 6.47 Weighted-average common shares outstanding – assuming dilution (in millions) 312 324 313 327 See Notes to Earnings Release Tables. VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES FINANCIAL HIGHLIGHTS BY SEGMENT (millions of dollars) (unaudited) Refining Renewable Diesel Ethanol Corporate and Eliminations Total Three months ended June 30, 2025 Revenues: Revenues from external customers $ 28,324 $ 565 $ 1,000 $ — $ 29,889 Intersegment revenues 2 533 205 (740 ) — Total revenues 28,326 1,098 1,205 (740 ) 29,889 Cost of sales: Cost of materials and other 25,042 1,044 988 (742 ) 26,332 Operating expenses (excluding depreciation and amortization expense reflected below) 1,307 72 144 (1 ) 1,522 Depreciation and amortization expense 707 61 19 (1 ) 786 Total cost of sales 27,056 1,177 1,151 (744 ) 28,640 Other operating expenses 4 — — — 4 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 220 220 Depreciation and amortization expense — — — 28 28 Operating income (loss) by segment $ 1,266 $ (79 ) $ 54 $ (244 ) $ 997 Three months ended June 30, 2024 Revenues: Revenues from external customers $ 33,044 $ 554 $ 892 $ — $ 34,490 Intersegment revenues 3 630 229 (862 ) — Total revenues 33,047 1,184 1,121 (862 ) 34,490 Cost of sales: Cost of materials and other 29,995 930 874 (856 ) 30,943 Operating expenses (excluding depreciation and amortization expense reflected below) 1,219 80 125 — 1,424 Depreciation and amortization expense 604 62 19 (1 ) 684 Total cost of sales 31,818 1,072 1,018 (857 ) 33,051 Other operating expenses 5 — (2 ) — 3 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 203 203 Depreciation and amortization expense — — — 12 12 Operating income by segment $ 1,224 $ 112 $ 105 $ (220 ) $ 1,221 See Operating Highlights by Segment. VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES FINANCIAL HIGHLIGHTS BY SEGMENT (millions of dollars) (unaudited) Refining Renewable Diesel Ethanol Corporate and Eliminations Total Six months ended June 30, 2025 Revenues: Revenues from external customers $ 57,081 $ 1,058 $ 2,008 $ — $ 60,147 Intersegment revenues 4 940 422 (1,366 ) — Total revenues 57,085 1,998 2,430 (1,366 ) 60,147 Cost of sales: Cost of materials and other 51,311 1,939 2,020 (1,390 ) 53,880 Operating expenses (excluding depreciation and amortization expense reflected below) 2,598 150 298 (1 ) 3,045 Depreciation and amortization expense 1,301 129 38 (2 ) 1,466 Total cost of sales 55,210 2,218 2,356 (1,393 ) 58,391 Asset impairment loss (a) 1,131 — — — 1,131 Other operating expenses 8 — — — 8 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 481 481 Depreciation and amortization expense — — — 39 39 Operating income (loss) by segment $ 736 $ (220 ) $ 74 $ (493 ) $ 97 Six months ended June 30, 2024 Revenues: Revenues from external customers $ 63,187 $ 1,256 $ 1,806 $ — $ 66,249 Intersegment revenues 5 1,339 419 (1,763 ) — Total revenues 63,192 2,595 2,225 (1,763 ) 66,249 Cost of sales: Cost of materials and other 56,606 1,996 ... 1,783 (1,760 ) 58,625 Operating expenses (excluding depreciation and amortization expense reflected below) 2,403 170 262 — 2,835 Depreciation and amortization expense 1,204 127 38 (2 ) 1,367 Total cost of sales 60,213 2,293 2,083 (1,762 ) 62,827 Other operating expenses (b) 10 — 27 — 37 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 461 461 Depreciation and amortization expense — — — 24 24 Operating income by segment $ 2,969 $ 302 $ 115 $ (486 ) $ 2,900 See Operating Highlights by Segment. See Notes to Earnings Release Tables. VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS REPORTED UNDER U.S. GAAP (h) (millions of dollars) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Reconciliation of net income attributable to Valero Energy Corporation stockholders to adjusted net income attributable to Valero Energy Corporation stockholders Net income attributable to Valero Energy Corporation stockholders $ 714 $ 880 $ 119 $ 2,125 Adjustments: Asset impairment loss (a) — — 1,131 — Income tax benefit related to asset impairment loss — — (254 ) — Asset impairment loss, net of taxes — — 877 — Project liability adjustment (b) — — — 29 Income tax benefit related to project liability adjustment — — — (7 ) Project liability adjustment, net of taxes — — — 22 Second-generation biofuel tax credit (c) — 7 — 14 Total adjustments — 7 877 36 Adjusted net income attributable to Valero Energy Corporation stockholders $ 714 $ 887 $ 996 $ 2,161 Reconciliation of earnings per common share – assuming dilution to adjusted earnings per common share – assuming dilution Earnings per common share – assuming dilution $ 2.28 $ 2.71 $ 0.37 $ 6.47 Adjustments: Asset impairment loss (a) — — 2.80 — Project liability adjustment (b) — — — 0.07 Second-generation biofuel tax credit (c) — 0.02 — 0.04 Total adjustments — 0.02 2.80 0.11 Adjusted earnings per common share – assuming dilution $ 2.28 $ 2.73 $ 3.17 $ 6.58 See Notes to Earnings Release Tables. VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS REPORTED UNDER U.S. GAAP (e) (millions of dollars) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Reconciliation of operating income (loss) by segment to segment margin, and reconciliation of operating income by segment to adjusted operating income by segment Refining segment Refining operating income $ 1,266 $ 1,224 $ 736 $ 2,969 Adjustments: Operating expenses (excluding depreciation and amortization expense reflected below) 1,307 1,219 2,598 2,403 Depreciation and amortization expense 707 604 1,301 1,204 Asset impairment loss (a) — — 1,131 — Other operating expenses 4 5 8 10 Refining margin $ 3,284 $ 3,052 $ 5,774 $ 6,586 Refining operating income $ 1,266 $ 1,224 $ 736 $ 2,969 Adjustments: Asset impairment loss (a) — — 1,131 — Other operating expenses 4 5 8 10 Adjusted Refining operating income $ 1,270 $ 1,229 $ 1,875 $ 2,979 Renewable Diesel segment Renewable Diesel operating income (loss) $ (79 ) $ 112 $ (220 ) $ 302 Adjustments: Operating expenses (excluding depreciation and amortization expense reflected below) 72 80 150 170 Depreciation and amortization expense 61 62 129 127 Renewable Diesel margin $ 54 $ 254 $ 59 $ 599 Ethanol segment Ethanol operating income $ 54 $ 105 $ 74 $ 115 Adjustments: Operating expenses (excluding depreciation and amortization expense reflected below) 144 125 298 262 Depreciation and amortization expense 19 19 38 38 Other operating expenses (b) — (2 ) — 27 Ethanol margin $ 217 $ 247 $ 410 $ 442 Ethanol operating income $ 54 $ 105 $ 74 $ 115 Adjustment: Other operating expenses (b) — (2 ) — 27 Adjusted Ethanol operating income $ 54 $ 103 $ 74 $ 142 See Notes to Earnings Release Tables. VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS REPORTED UNDER U.S. GAAP (e) (millions of dollars) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Reconciliation of Refining segment operating income (loss) to Refining margin (by region), and reconciliation of Refining segment operating income (loss) to adjusted Refining segment operating income (by region) (f) U.S. Gulf Coast region Refining operating income $ 846 $ 686 $ 1,183 $ 1,693 Adjustments: Operating expenses (excluding depreciation and amortization expense reflected below) 737 656 1,457 1,320 Depreciation and amortization expense 387 377 763 750 Other operating expenses 3 3 7 6 Refining margin $ 1,973 $ 1,722 $ 3,410 $ 3,769 Refining operating income $ 846 $ 686 $ 1,183 $ 1,693 Adjustment: Other operating expenses 3 3 7 6 Adjusted Refining operating income $ 849 $ 689 $ 1,190 $ 1,699 U.S. Mid-Continent region Refining operating income $ 127 $ 111 $ 177 $ 380 Adjustments: Operating expenses (excluding depreciation and amortization expense reflected below) 200 188 395 373 Depreciation and amortization expense 78 88 154 175 Other operating expenses — — — 2 Refining margin $ 405 $ 387 $ 726 $ 930 Refining operating income $ 127 $ 111 $ 177 $ 380 Adjustment: Other operating expenses — — — 2 Adjusted Refining operating income $ 127 $ 111 $ 177 $ 382 See Notes to Earnings Release Tables. VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS REPORTED UNDER U.S. GAAP (e) (millions of dollars) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Reconciliation of Refining segment operating income (loss) to Refining margin (by region), and reconciliation of Refining segment operating income (loss) to adjusted Refining segment operating income (by region) (f) (continued) North Atlantic region Refining operating income $ 219 $ 325 $ 435 $ 723 Adjustments: Operating expenses (excluding depreciation and amortization expense reflected below) 182 176 354 355 Depreciation and amortization expense 75 67 144 130 Other operating expenses — 1 — 1 Refining margin $ 476 $ 569 $ 933 $ 1,209 Refining operating income $ 219 $ 325 $ 435 $ 723 Adjustment: Other operating expenses — 1 — 1 Adjusted Refining operating income $ 219 $ 326 $ 435 $ 724 U.S. West Coast region Refining operating income (loss) $ 74 $ 102 $ (1,059 ) $ 173 Adjustments: Operating expenses (excluding depreciation and amortization expense reflected below) 188 199 392 355 Depreciation and amortization expense (d) 167 72 240 149 Asset impairment loss (a) — — 1,131 — Other operating expenses 1 1 1 1 Refining margin $ 430 $ 374 $ 705 $ 678 Refining operating income (loss) $ 74 $ 102 $ (1,059 ) $ 173 Adjustments: Asset impairment loss (a) — — 1,131 — Other operating expenses 1 1 1 1 Adjusted Refining operating income $ 75 $ 103 $ 73 $ 174 See Notes to Earnings Release Tables. VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES REFINING SEGMENT OPERATING HIGHLIGHTS (millions of dollars, except per barrel amounts) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Throughput volumes (thousand barrels per day) Feedstocks: Heavy sour crude oil 554 520 555 434 Medium/light sour crude oil 240 265 237 253 Sweet crude oil 1,509 1,530 1,535 1,518 Residuals 167 201 131 176 Other feedstocks 105 109 78 116 Total feedstocks 2,575 2,625 2,536 2,497 Blendstocks and other 347 385 339 388 Total throughput volumes 2,922 3,010 2,875 2,885 Yields (thousand barrels per day) Gasolines and blendstocks 1,444 1,490 1,410 1,419 Distillates 1,111 1,144 1,094 1,068 Other products (g) 392 407 394 423 Total yields 2,947 3,041 2,898 2,910 Operating statistics (e) (h) Refining margin $ 3,284 $ 3,052 $ 5,774 $ 6,586 Adjusted Refining operating income $ 1,270 $ 1,229 $ 1,875 $ 2,979 Throughput volumes (thousand barrels per day) 2,922 3,010 2,875 2,885 Refining margin per barrel of throughput $ 12.35 $ 11.14 $ 11.09 $ 12.54 Less: Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput 4.91 4.45 4.99 4.58 Depreciation and amortization expense per barrel of throughput 2.66 2.20 2.50 2.29 Adjusted Refining operating income per barrel of throughput $ 4.78 $ 4.49 $ 3.60 $ 5.67 See Notes to Earnings Release Tables. VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES RENEWABLE DIESEL SEGMENT OPERATING HIGHLIGHTS (millions of dollars, except per gallon amounts) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Operating statistics (e) (h) Renewable Diesel margin $ 54 $ 254 $ 59 $ 599 Renewable Diesel operating income (loss) $ (79 ) $ 112 $ (220 ) $ 302 Sales volumes (thousand gallons per day) 2,732 3,492 2,584 3,610 Renewable Diesel margin per gallon of sales $ 0.22 $ 0.80 $ 0.13 $ 0.91 Less: Operating expenses (excluding depreciation and amortization expense reflected below) per gallon of sales 0.29 0.25 0.32 0.26 Depreciation and amortization expense per gallon of sales 0.25 0.20 0.28 0.19 Renewable Diesel operating income (loss) per gallon of sales $ (0.32 ) $ 0.35 $ (0.47 ) $ 0.46 See Notes to Earnings Release Tables. VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES ETHANOL SEGMENT OPERATING HIGHLIGHTS (millions of dollars, except per gallon amounts) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Operating statistics (e) (h) Ethanol margin $ 217 $ 247 $ 410 $ 442 Adjusted Ethanol operating income $ 54 $ 103 $ 74 $ 142 Production volumes (thousand gallons per day) 4,583 4,474 4,525 4,470 Ethanol margin per gallon of production $ 0.52 $ 0.61 $ 0.50 $ 0.54 Less: Operating expenses (excluding depreciation and amortization expense reflected below) per gallon of production 0.34 0.31 0.36 0.32 Depreciation and amortization expense per gallon of production 0.05 0.05 0.05 0.05 Adjusted Ethanol operating income per gallon of production $ 0.13 $ 0.25 $ 0.09 $ 0.17 See Notes to Earnings Release Tables. VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES REFINING SEGMENT OPERATING HIGHLIGHTS BY REGION (millions of dollars, except per barrel amounts) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Operating statistics by region (f) U.S. Gulf Coast region (e) (h) Refining margin $ 1,973 $ 1,722 $ 3,410 $ 3,769 Adjusted Refining operating income $ 849 $ 689 $ 1,190 $ 1,699 Throughput volumes (thousand barrels per day) 1,841 1,827 1,756 1,711 Refining margin per barrel of throughput $ 11.78 $ 10.36 $ 10.72 $ 12.11 Less: Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput 4.40 3.95 4.58 4.24 Depreciation and amortization expense per barrel of throughput 2.31 2.27 2.40 2.41 Adjusted Refining operating income per barrel of throughput $ 5.07 $ 4.14 $ 3.74 $ 5.46 U.S. Mid-Continent region (e) (h) Refining margin $ 405 $ 387 $ 726 $ 930 Adjusted Refining operating income $ 127 $ 111 $ 177 $ 382 Throughput volumes (thousand barrels per day) 423 438 438 444 Refining margin per barrel of throughput $ 10.52 $ 9.73 $ 9.16 $ 11.49 Less: Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput 5.20 4.71 4.98 4.60 Depreciation and amortization expense per barrel of throughput 2.01 2.22 1.94 2.16 Adjusted Refining operating income per barrel of throughput $ 3.31 $ 2.80 $ 2.24 $ 4.73 See Notes to Earnings Release Tables. VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES REFINING SEGMENT OPERATING HIGHLIGHTS BY REGION (millions of dollars, except per barrel amounts) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Operating statistics by region (f) (continued) North Atlantic region (e) (h) Refining margin $ 476 $ 569 $ 933 $ 1,209 Adjusted Refining operating income $ 219 $ 326 $ 435 $ 724 Throughput volumes (thousand barrels per day) 396 469 444 459 Refining margin per barrel of throughput $ 13.20 $ 13.32 $ 11.61 $ 14.47 Less: Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput 5.04 4.12 4.40 4.24 Depreciation and amortization expense per barrel of throughput 2.07 1.56 1.79 1.56 Adjusted Refining operating income per barrel of throughput $ 6.09 $ 7.64 $ 5.42 $ 8.67 U.S. West Coast region (e) (h) Refining margin $ 430 $ 374 $ 705 $ 678 Adjusted Refining operating income $ 75 $ 103 $ 73 $ 174 Throughput volumes (thousand barrels per day) 262 276 237 271 Refining margin per barrel of throughput $ 18.02 $ 14.86 $ 16.42 $ 13.76 Less: Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput 7.91 7.92 9.15 7.21 Depreciation and amortization expense per barrel of throughput (d) 6.99 2.86 5.59 3.02 Adjusted Refining operating income per barrel of throughput $ 3.12 $ 4.08 $ 1.68 $ 3.53 See Notes to Earnings Release Tables. VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES AVERAGE MARKET REFERENCE PRICES AND DIFFERENTIALS (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Refining Feedstocks (dollars per barrel) Brent crude oil $ 66.59 $ 84.96 $ 70.74 $ 83.40 Brent less West Texas Intermediate (WTI) crude oil 2.72 4.22 3.08 4.49 Brent less WTI Houston crude oil 1.89 2.73 1.99 2.83 Brent less Dated Brent crude oil (1.08 ) 0.09 (0.92 ) (0.65 ) Brent less Argus Sour Crude Index crude oil 2.02 3.90 2.29 4.43 Brent less Maya crude oil 8.11 11.49 8.95 11.89 Brent less Western Canadian Select Houston crude oil 6.25 11.14 6.75 11.36 WTI crude oil 63.87 80.74 67.67 78.91 Natural gas (dollars per million British thermal units) 2.83 1.74 3.11 1.77 Renewable volume obligation (RVO) (dollars per barrel) (i) 6.14 3.39 5.45 3.54 Product margins (RVO adjusted unless otherwise noted) (dollars per barrel) U.S. Gulf Coast: Conventional Blendstock for Oxygenate Blending (CBOB) gasoline less Brent 8.99 7.95 6.29 8.04 Ultra-low-sulfur (ULS) diesel less Brent 14.79 14.12 15.74 19.37 Propylene less Brent (not RVO adjusted) (11.50 ) (45.72 ) (13.02 ) (46.49 ) U.S. Mid-Continent: CBOB gasoline less WTI 14.91 13.28 12.09 11.20 ULS diesel less WTI 20.60 17.17 18.55 20.05 North Atlantic: CBOB gasoline less Brent 13.43 16.22 9.17 12.54 ULS diesel less Brent 18.79 16.27 19.84 22.24 U.S. West Coast: California Reformulated Gasoline Blendstock for Oxygenate Blending 87 gasoline less Brent 36.98 31.88 30.06 25.91 California Air Resources Board diesel less Brent 20.22 18.12 20.30 22.36 See Notes to Earnings Release Tables. VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES AVERAGE MARKET REFERENCE PRICES AND DIFFERENTIALS (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Renewable Diesel New York Mercantile Exchange ULS diesel (dollars per gallon) $ 2.16 $ 2.51 $ 2.27 $ 2.61 Biodiesel Renewable Identification Number (RIN) (dollars per RIN) 1.09 0.51 0.94 0.55 California Low-Carbon Fuel Standard carbon credit (dollars per metric ton) 52.36 51.29 59.27 57.42 U.S. Gulf Coast (USGC) used cooking oil (dollars per pound) 0.56 0.42 0.53 0.41 USGC distillers corn oil (dollars per pound) 0.59 0.46 0.56 0.47 USGC fancy bleachable tallow (dollars per pound) 0.56 0.43 0.53 0.42 Ethanol Chicago Board of Trade corn (dollars per bushel) 4.52 4.43 4.62 4.39 New York Harbor ethanol (dollars per gallon) 1.84 1.90 1.83 1.77 VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES OTHER FINANCIAL DATA (millions of dollars) (unaudited) June 30, December 31, 2025 2024 Balance sheet data Current assets $ 23,804 $ 23,737 Cash and cash equivalents included in current assets 4,537 4,657 Inventories included in current assets 7,538 7,761 Current liabilities 14,677 15,495 Valero Energy Corporation stockholders' equity 24,078 24,512 Total equity 26,947 27,521 Debt and finance lease obligations: Debt – Current portion of debt (excluding variable interest entities (VIEs)) $ — $ 441 Debt, less current portion of debt (excluding VIEs) 8,233 7,586 Total debt (excluding VIEs) 8,233 8,027 Current portion of debt attributable to VIEs 137 58 Total debt 8,370 8,085 Finance lease obligations – Current portion of finance lease obligations (excluding VIEs) 217 217 Finance lease obligations, less current portion (excluding VIEs) 1,404 1,492 Total finance lease obligations (excluding VIEs) 1,621 1,709 Current portion of finance lease obligations attributable to VIEs 28 27 Finance lease obligations, less current portion attributable to VIEs 628 642 Total finance lease obligations attributable to VIEs 656 669 Total finance lease obligations 2,277 2,378 Total debt and finance lease obligations $ 10,647 $ 10,463 Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Reconciliation of net cash provided by operating activities to adjusted net cash provided by operating activities (e) Net cash provided by operating activities $ 936 $ 2,472 $ 1,888 $ 4,318 Exclude: Changes in current assets and current liabilities (325 ) 789 (168 ) 629 Diamond Green Diesel LLC's (DGD) adjusted net cash provided by (used in) operating activities attributable to the other joint venture member's ownership interest in DGD (86 ) 83 (153 ) 205 Adjusted net cash provided by operating activities $ 1,347 $ 1,600 $ 2,209 $ 3,484 See Notes to Earnings Release Tables. VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES OTHER FINANCIAL DATA (millions of dollars, except per share amounts) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Reconciliation of capital investments to capital investments attributable to Valero (e) Capital expenditures (excluding VIEs) $ 144 $ 119 $ 333 $ 247 Capital expenditures of VIEs: DGD 4 73 63 142 Other VIEs 2 2 3 5 Deferred turnaround and catalyst cost expenditures (excluding VIEs) 247 184 621 636 Deferred turnaround and catalyst cost expenditures of DGD 10 42 46 51 Investments in nonconsolidated joint ventures — — 1 — Capital investments 407 420 1,067 1,081 Adjustments: DGD's capital investments attributable to the other joint venture member (6 ) (58 ) (54 ) (97 ) Capital expenditures of other VIEs (2 ) (2 ) (3 ) (5 ) Capital investments attributable to Valero $ 399 $ 360 $ 1,010 $ 979 Dividends per common share $ 1.13 $ 1.07 $ 2.26 $ 2.14 See Notes to Earnings Release Tables. VALERO ENERGY CORPORATION NOTES TO EARNINGS RELEASE TABLES (a) In March 2025, we approved a plan with respect to the operations at our Benicia Refinery and currently intend to cease refining operations by the end of April 2026. In addition, we considered strategic alternatives for our remaining operations in California. As a result, we evaluated the assets of the Benicia and Wilmington refineries for impairment as of March 31, 2025 and concluded that the carrying values of these assets were not recoverable. Therefore, we reduced the carrying values of the Benicia and Wilmington refineries to their estimated fair values and recognized a combined asset impairment loss of $1.1 billion in the six months ended June 30, 2025. (b) In March 2021, we announced our participation in a then-proposed large-scale carbon capture and sequestration pipeline system with Navigator Energy Services (Navigator). In October 2023, Navigator announced that it decided to cancel this project. Under the terms of the agreements associated with the project, we had some rights from and obligations to Navigator, including a portion of the aggregate project costs. As a result, we recognized a charge of $29 million in the six months ended June 30, 2024 related to our obligation to Navigator. (c) In December 2024, the Internal Revenue Service approved our application for registration as a producer of second-generation biofuels with respect to the cellulosic ethanol produced at our ethanol plants. As a result, we recognized a current income tax benefit of $79 million in December 2024 for the tax credit attributable to volumes of cellulosic ethanol produced and sold by us in the U.S. from 2020 through 2024. Of the $79 million benefit, $7 million and $14 million is attributable to the three and six months ended June 30, 2024, respectively. (d) Depreciation and amortization expense for the three and six months ended June 30, 2025 includes incremental depreciation expense of approximately $100 million related to the Benicia Refinery. In connection with our plan to cease refining operations at our Benicia Refinery, we shortened the estimated useful life of the refinery, and as a result, will depreciate the revised carrying value of the refinery's long-lived assets to the estimated salvage value through April 2026. (e) We use certain financial measures (as noted below) in the earnings release tables and accompanying earnings release that are not defined under GAAP and are considered to be non-GAAP measures. We have defined these non-GAAP measures and believe they are useful to the external users of our financial statements, including industry analysts, investors, lenders, and rating agencies. We believe these measures are useful to assess our ongoing financial performance because, when reconciled to their most comparable GAAP measures, they provide improved comparability between periods after adjusting for certain items that we believe are not indicative of our core operating performance and that may obscure our underlying business results and trends. These non-GAAP measures should not be considered as alternatives to their most comparable GAAP measures nor should they be considered in isolation or as a substitute for an analysis of our results of operations as reported under GAAP. In addition, these non-GAAP measures may not be comparable to similarly titled measures used by other companies because we may define them differently, which diminishes their utility. Non-GAAP measures are as follows: Adjusted net income attributable to Valero Energy Corporation stockholders is defined as net income attributable to Valero Energy Corporation stockholders adjusted to reflect the items noted below, along with their related income tax effect, as applicable. The income tax effect for the adjustments was calculated using a combined U.S. federal and state statutory rate of 22.5 percent. We have adjusted for these items because we believe that they are not indicative of our core operating performance and that their adjustment results in an important measure of our ongoing financial performance to better assess our underlying business results and trends. The basis for our belief with respect to each adjustment is provided below. – Asset impairment loss – The asset impairment loss attributable to our Benicia and Wilmington refineries (see note (a)) is not indicative of our ongoing operations or our expectations about the profitability of our refining business. – Project liability adjustment – The project liability adjustment related to the cancellation of Navigator's project (see note (b)) is not indicative of our ongoing operations. – Second-generation biofuel tax credit – The income tax benefit from the second-generation biofuel tax credit recognized by us in December 2024 is attributable to volumes produced and sold from 2020 to 2024 (see note (c)). Therefore, the adjustment reflects the portion of the credit that is attributable to volumes produced and sold during the three and six months ended June 30, 2024. Adjusted earnings per common share – assuming dilution is defined as adjusted net income attributable to Valero Energy Corporation stockholders divided by the number of weighted-average shares outstanding in the applicable period, assuming dilution. Refining margin is defined as Refining segment operating income (loss) excluding operating expenses (excluding depreciation and amortization expense), depreciation and amortization expense, the asset impairment loss (see note (a)), and other operating expenses. We believe Refining margin is an important measure of our Refining segment's operating and financial performance as it is the most comparable measure to the industry's market reference product margins, which are used by industry analysts, investors, and others to evaluate our performance. Renewable Diesel margin is defined as Renewable Diesel segment operating income (loss) excluding operating expenses (excluding depreciation and amortization expense) and depreciation and amortization expense. We believe Renewable Diesel margin is an important measure of our Renewable Diesel segment's operating and financial performance as it is the most comparable measure to the industry's market reference product margins, which are used by industry analysts, investors, and others to evaluate our performance. Ethanol margin is defined as Ethanol segment operating income excluding operating expenses (excluding depreciation and amortization expense), depreciation and amortization expense, and other operating expenses. We believe Ethanol margin is an important measure of our Ethanol segment's operating and financial performance as it is the most comparable measure to the industry's market reference product margins, which are used by industry analysts, investors, and others to evaluate our performance. Adjusted Refining operating income is defined as Refining segment operating income (loss) excluding the asset impairment loss (see note (a)) and other operating expenses. We believe adjusted Refining operating income is an important measure of our Refining segment's operating and financial performance because it excludes items that are not indicative of that segment's core operating performance. Adjusted Ethanol operating income is defined as Ethanol segment operating income excluding other operating expenses. We believe adjusted Ethanol operating income is an important measure of our Ethanol segment's operating and financial performance because it excludes items that are not indicative of that segment's core operating performance. Adjusted net cash provided by operating activities is defined as net cash provided by operating activities excluding the items noted below. We believe adjusted net cash provided by operating activities is an important measure of our ongoing financial performance to better assess our ability to generate cash to fund our investing and financing activities. The basis for our belief with respect to each excluded item is provided below. – Changes in current assets and current liabilities – Current assets net of current liabilities represents our operating liquidity. We believe that the change in our operating liquidity from period to period does not represent cash generated by our operations that is available to fund our investing and financing activities. – DGD's adjusted net cash provided by operating activities attributable to the other joint venture member's ownership interest in DGD – We are a 50 percent joint venture member in DGD and we consolidate DGD's financial statements. Our Renewable Diesel segment includes the operations of DGD and the associated activities to market its products. Because we consolidate DGD's financial statements, all of DGD's net cash provided by operating activities (or operating cash flow) is included in our consolidated net cash provided by operating activities. In general, DGD's members use DGD's operating cash flow (excluding changes in its current assets and current liabilities) to fund its capital investments rather than distribute all of that cash to themselves. Nevertheless, DGD's operating cash flow is effectively attributable to each member and only a portion of DGD's operating cash flow should be attributed to our net cash provided by operating activities. Therefore, we have adjusted our net cash provided by operating activities for the portion of DGD's operating cash flow attributable to the other joint venture member's ownership interest because we believe that it more accurately reflects the operating cash flow available to us to fund our investing and financing activities. The adjustment is calculated as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 DGD operating cash flow data Net cash provided by (used in) operating activities $ (262 ) $ 451 $ (101 ) $ 445 Exclude: Changes in current assets and current liabilities (89 ) 285 205 35 Adjusted net cash provided by (used in) operating activities (173 ) 166 (306 ) 410 Other joint venture member's ownership interest 50 % 50 % 50 % 50 % DGD's adjusted net cash provided by (used in) operating activities attributable to the other joint venture member's ownership interest in DGD $ (86 ) $ 83 $ (153 ) $ 205 Capital investments attributable to Valero is defined as all capital expenditures and deferred turnaround and catalyst cost expenditures presented in our consolidated statements of cash flows, excluding the portion of DGD's capital investments attributable to the other joint venture member and all of the capital expenditures of VIEs other than general, DGD's members use DGD's operating cash flow (excluding changes in its current assets and current liabilities) to fund its capital investments rather than distribute all of that cash to themselves. Because DGD's operating cash flow is effectively attributable to each member, only 50 percent of DGD's capital investments should be attributed to our net share of total capital investments. We also exclude the capital expenditures of other VIEs that we consolidate because we do not operate those VIEs. We believe capital investments attributable to Valero is an important measure because it more accurately reflects our capital investments. (f) The Refining segment regions reflected herein contain the following refineries: U.S. Gulf Coast- Corpus Christi East, Corpus Christi West, Houston, Meraux, Port Arthur, St. Charles, Texas City, and Three Rivers Refineries; U.S. Mid Continent- Ardmore, McKee, and Memphis Refineries; North Atlantic- Pembroke and Quebec City Refineries; and U.S. West Coast- Benicia and Wilmington Refineries. (g) Primarily includes petrochemicals, gas oils, No. 6 fuel oil, petroleum coke, sulfur, and asphalt. (h) We use certain operating statistics (as noted below) in the earnings release tables and the accompanying earnings release to evaluate performance between comparable periods. Different companies may calculate them in different ways. All per barrel of throughput, per gallon of sales, and per gallon of production amounts are calculated by dividing the associated dollar amount by the throughput volumes, sales volumes, and production volumes for the period, as applicable. Throughput volumes, sales volumes, and production volumes are calculated by multiplying throughput volumes per day, sales volumes per day, and production volumes per day (as provided in the accompanying tables), respectively, by the number of days in the applicable period. We use throughput volumes, sales volumes, and production volumes for the Refining segment, Renewable Diesel segment, and Ethanol segment, respectively, due to their general use by others who operate facilities similar to those included in our segments. We believe the use of such volumes results in per unit amounts that are most representative of the product margins generated and the operating costs incurred as a result of our operation of those facilities. (i) The RVO cost represents the average market cost on a per barrel basis to comply with the Renewable Fuel Standard program. The RVO cost is calculated by multiplying (i) the average market price during the applicable period for the RINs associated with each class of renewable fuel (i.e., biomass-based diesel, cellulosic biofuel, advanced biofuel, and total renewable fuel) by (ii) the quotas for the volume of each class of renewable fuel that must be blended into petroleum-based transportation fuels consumed in the U.S., as set or proposed by the U.S. Environmental Protection Agency, on a percentage basis for each class of renewable fuel and adding together the results of each calculation. View source version on Contacts Valero Contacts Investors:Homer Bhullar, Vice President – Investor Relations and Finance, 210-345-1982Eric Herbort, Director – Investor Relations and Finance, 210-345-3331Gautam Srivastava, Director – Investor Relations, 210-345-3992 Media:Lillian Riojas, Executive Director – Media Relations and Communications, 210-345-5002 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
a minute ago
- Yahoo
Electro-Oxidation Market worth $2.1 billion by 2030 - Exclusive Report by MarketsandMarkets™
DELRAY BEACH, Fla., July 24, 2025 /PRNewswire/ -- The report "Electro-Oxidation Market by Type (Direct Electro-Oxidation, Indirect Electro-Oxidation), Electrode Material (Boron-Doped Diamond (BBD), Lead Dioxide (pbo2), Stannic Oxide (sno2), Titanium Suboxides (tino2n−1), Graphite, and Platinum), Application (Organic & Micropollutant Treatment, Inorganic Treatment, Disinfection & Specialized Treatment), End-Use Industry (Municipal Water & Wastewater, Industrial Manufacturing, Textile, Food & Beverage, Mining, Other End-Use Industries) & Region – Forecast to 2030", Electro Oxidation Market size is projected to grow from USD 1.6 billion in 2025 to USD 2.1 billion by 2030, registering a CAGR of 6.0% during the forecast period. Browse in-depth TOC on "Electro-Oxidation Market" 140 – Tables 60 – Figures 240 – Pages Download PDF Brochure: The electro-oxidation industry has emerged in response to increasing demand for sustainable water treatment technologies aimed at addressing global issues like water scarcity and pollution. Stricter government regulations for environmental protection are encouraging industries to adopt more advanced technologies to ensure compliance with discharge standards. Electro-oxidation is a promising method like other advanced oxidation techniques that can break down non-degradable or hard-to-degrade pollutants without the need for chemical additives. Rising public health concerns such as emerging contaminants, pathogens, and risks associated with poly- and perfluorinated compounds, pharmaceuticals, plastics, and heavy metals are driving the growth of electro-oxidation across various sectors, including industrial manufacturing and municipal water treatment, where access to clean drinking water remains a top priority. Additionally, electro-oxidation offers flexibility by treating water and wastewater from diverse sources, even drinking water. This makes it an attractive option for many industries looking to replace outdated methods with more efficient and sustainable waste management solutions. Indirect electro-oxidation is anticipated to be the largest segment in the electro-oxidation market, by type, during the forecast period. The indirect electro-oxidation sub-segment occupies the largest share in the electro-oxidation market due to its flexibility, relatively low cost, and applicability to a wide variety of wastewater treatment needs. As a method, this involves the generation of reactive species, such as hydroxyl radicals, active chlorine, or other oxidants, in the bulk solution that oxidize pollutants from remote locations from the electrode surface. This indirect mode can treat complicated and variable quality wastewater feeds, such as with high chemical oxygen demand or organics from textile, chemical, and food processes. Further, another fundamental reason for the success of indirect electro-oxidation is simply due to its lower operational and capital cost. Indirect electro-oxidation systems usually employ less expensive electrodes, such as titanium with ruthenium dioxide or tin dioxide coatings, versus boron-doped diamond or platinum electrodes, which can be extremely expensive in direct electro-oxidation systems. Request Sample Pages: Boron-doped diamond is anticipated to be the largest segment in the electro-oxidation market, by electrode material, during the forecast period. Boron-doped diamond electrodes account for the largest share of the electrode material in the electro-oxidation market because they offer superior performance. Therefore, these electrodes are an excellent choice for intensive water and wastewater treatment. Boron-doped diamond electrodes produce strong hydroxyl radicals that are highly effective at degrading stubborn pollutants, such as per- and polyfluoroalkyl substances, pharmaceutical residues, and complex organic molecules that were resistant or altered by conventional treatment methods. The high current density and oxidative efficiency of boron-doped diamond electrodes are critical for industries like pharmaceuticals and electronics, which face strict regulatory requirements to eliminate these pollutants entirely. For example, government-funded pilot projects in the USA have used boron-doped diamond electrodes to remediate per- and polyfluoroalkyl substances, helping these entities meet government environmental standards. In Europe, using boron-doped diamond electrodes for pharmaceutical wastewater treatment has supported compliance with strict water quality directives. Boron-doped diamond electrodes have significant potential in the market, particularly due to their excellent chemical stability and resistance to degradation under corrosive electrochemical conditions. Organic and micropollutant treatment is anticipated to be the largest segment in the electro-oxidation market, by application, during the forecast period. The organic and micropollutants treatment subsegment has the largest share of the electro-oxidation market because electro-oxidation is effective at degrading complex and persistent contaminants that conventional treatments cannot remove. Additionally, wastewater streams now contain organic pollutants such as pharmaceutical residues, pesticides, industrial solvents, and surfactants. This increase is driven by urbanization, greater industrial discharge, and the widespread use of synthetic chemicals, especially in healthcare. Micropollutants include many low concentration yet highly toxic compounds, such as endocrine disruptors and residues from personal care products, which pose significant risks to aquatic ecosystems and human health even in trace amounts. Electro-oxidation benefits these pollutants due to its exceptionally high oxidation potential and the fact that it does not require external chemicals as reagents. It fully mineralizes a wide range of stable organic compounds into harmless end products like carbon dioxide and water. This method is especially attractive in scenarios with strict discharge regulations or when biological or other chemical treatments fail to adequately remediate the pollutants. The municipal water & wastewater segment is anticipated to be the largest segment in the electro-oxidation market, by end-use industry, during the forecast period. The electro-oxidation market is primarily dominated by the municipal water and wastewater sub-segment due to the increasing demand for alternative treatment technologies capable of addressing diverse and evolving water quality challenges impacting public utilities. Traditional municipal wastewater treatment systems are unable to effectively remove emerging contaminants such as pharmaceutical residues, endocrine-disruption compounds, and personal care products that are commonly found in domestic sewage. The growth of urban populations and the influx of industrial discharges into municipal streams are creating more complex wastewater streams, making it more difficult to apply conventional biological or chemical treatments. Municipal wastewater can benefit from electro-oxidation because it offers greater flexibility and efficiency. It can be used as a tertiary or polishing stage treatment to break down organic pollutants and residual micropollutants that bypass primary and secondary treatments. Unlike traditional methods, electro-oxidation does not rely on the external addition of chemicals or biological processes, enabling continuous operation despite variable loads and environmental conditions. This consistent operability is crucial for municipalities to ensure safe, continuous, and regulatory-compliant discharge or reuse of treated water. Request Customization: Key PlayersTo enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the electro-oxidation market. Aqua Pulsar (USA), Hydroleap (Singapore), Yasa ET (Shanghai) Co., Ltd. (China), OVIVO USA LLC (USA), E-FLOC (USA), Siemens (Germany), Valence Water Inc. (Colombia), PPU Umwelttechnik (Germany), Ground Effects Environmental Services Inc. (Canada), Jiangsu Jingyuan Environmental Protection Co., Ltd (China). Get access to the latest updates on Electro Oxidation Companies and Electro Oxidation Market Size Browse Adjacent Market: Equipment Machine and Tooling Market Research Reports & Consulting Related Reports: Water and Wastewater Treatment Equipment Market - Global Forecast to 2029 Water Treatment Chemicals Market - Global Forecast to 2029 Ammonia Market - Global Forecast to 2029 Ammonium Sulfate Market - Global Forecast to 2029 Graphite Market - Global Forecast to 2030 About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America's Best Management Consulting Firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. With the widest lens on emerging technologies, we are proficient in co-creating supernormal growth for clients across the globe. Today, 80% of Fortune 2000 companies rely on MarketsandMarkets, and 90 of the top 100 companies in each sector trust us to accelerate their revenue growth. With a global clientele of over 13,000 organizations, we help businesses thrive in a disruptive ecosystem. The B2B economy is witnessing the emergence of $25 trillion in new revenue streams that are replacing existing ones within this decade. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we collaborate with several Forbes Global 2000 B2B companies to keep them future-ready. Our insights and strategies are powered by industry experts, cutting-edge AI, and our Market Intelligence Cloud, KnowledgeStore™, which integrates research and provides ecosystem-wide visibility into revenue shifts. To find out more, visit or follow us on Twitter , LinkedIn and Facebook . Contact:Mr. Rohan SalgarkarMarketsandMarkets™ INC.1615 South Congress 103, Delray Beach, FL 33445USA: +1-888-600-6441Email: sales@ Our Website: Logo: View original content: SOURCE MarketsandMarkets Sign in to access your portfolio
Yahoo
a minute ago
- Yahoo
Dover Reports Second Quarter 2025 Results
DOWNERS GROVE, Ill., July 24, 2025 /PRNewswire/ -- Dover (NYSE: DOV), a diversified global manufacturer, announced its financial results for the second quarter ended June 30, 2025. All comparisons are to the comparable period of the prior fiscal year, unless otherwise noted. Three Months Ended June 30,Six Months Ended June 30, ($ in millions, except per share data)20252024% Change*20252024% Change* U.S. GAAP Revenue$ 2,050$ 1,9495 %$ 3,916$ 3,8332 % Earnings from continuing operations 28024714 %519849(39) % Diluted EPS from continuing operations2.031.7814 %3.766.10(38) %Non-GAAP Organic revenue change1 %1 % Adjusted earnings from continuing operations133729116 %62053217 % Adjusted diluted EPS from continuing operations2.442.1016 %4.493.8218 %1 Q2 and year-to-date 2025 and 2024 adjusted earnings from continuing operations exclude after-tax purchase accounting expenses, restructuring and other costs and (gain) loss on dispositions. * Change may be impacted by rounding. For the quarter ended June 30, 2025, Dover generated revenue of $2.0 billion, an increase of 5% (+1% organic). GAAP earnings from continuing operations of $280 million increased 14%, and GAAP diluted EPS from continuing operations of $2.03 was up 14%. On an adjusted basis, earnings from continuing operations of $337 million were up 16% and adjusted diluted EPS from continuing operations of $2.44 was up 16%. For the six months ended June 30, 2025, Dover generated revenue of $3.9 billion, an increase of 2% (+1% organic). GAAP earnings from continuing operations of $519 million decreased by 39%, and GAAP diluted EPS from continuing operations of $3.76 was down 38%, both principally due to the gain on the disposition of De-Sta-Co in the comparable period of the prior year. On an adjusted basis, earnings from continuing operations of $620 million increased 17%, and adjusted diluted EPS from continuing operations of $4.49 was up 18%. A full reconciliation between GAAP and adjusted measures and definitions of non-GAAP and other performance measures are included as an exhibit herein. MANAGEMENT COMMENTARY: Dover's President and Chief Executive Officer, Richard J. Tobin, said, "Dover's second quarter results were solid, driven by excellent production performance and execution in the face of a highly dynamic global trading environment. "Top line performance accelerated in the quarter on broad-based shipment growth in short cycle components and continued strength in our secular-growth-exposed end markets. Order trends continued to post positive momentum in the quarter, bolstering our confidence in the second half outlook with a majority of our third quarter revenue already in the backlog. Margin performance in the quarter was exemplary with a record consolidated segment margin, a result of prior portfolio actions, positive mix impact from our growth platforms, and our rigorous cost containment and productivity actions. "Our solid operational results were complemented by ongoing capital deployment actions. We continue to invest in high-ROI organic capital projects, including productivity and capacity expansions as well as targeted footprint optimization. During the quarter we also completed two acquisitions of attractive, fast-growing assets within our high-priority Pumps & Process Solutions segment. Our balance sheet strength remains an advantage that provides flexibility as we pursue value-creating capital deployment to further expand our businesses in high growth, high margin areas. "We are approaching the second half of 2025 constructively. Despite some macroeconomic noise, underlying end market demand is healthy and is supported by our sustained order rates. As a result of our first half performance, we are increasing our full year adjusted EPS guidance from $9.20-$9.40 to $9.35-$9.55." FULL YEAR 2025 GUIDANCE: In 2025, Dover expects to generate GAAP EPS from continuing operations in the range of $8.00 to $8.20 (adjusted EPS from continuing operations of $9.35 to $9.55), based on full year revenue growth of 4% to 6%. CONFERENCE CALL INFORMATION: Dover will host a webcast and conference call to discuss its second quarter results at 9:30 A.M. Eastern Time (8:30 A.M. Central Time) on Thursday, July 24, 2025. The webcast can be accessed on the Dover website at The conference call will also be made available for replay on the website. Additional information on Dover's results and its operating segments can be found on the Company's website. ABOUT DOVER: Dover is a diversified global manufacturer and solutions provider with annual revenue of over $7 billion. We deliver innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions and Climate & Sustainability Technologies. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for over 70 years, our team of approximately 24,000 employees takes an ownership mindset, collaborating with customers to redefine what's possible. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under "DOV." FORWARD-LOOKING STATEMENTS: This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements in this document other than statements of historical fact are statements that are, or could be deemed, "forward-looking" statements. Forward-looking statements are subject to numerous important risks, uncertainties, assumptions and other factors, some of which are beyond the Company's control. Factors that could cause actual results to differ materially from current expectations include, among other things, general economic conditions and conditions in the particular markets in which we operate; supply chain constraints and labor shortages that could result in production stoppages; inflation in material input costs and freight logistics; the impacts of natural or human-induced disasters, acts of war, terrorism, international conflicts, and public health crises on the global economy and on our customers, suppliers, employees, business and cash flows; changes in customer demand and capital spending; competitive factors and pricing pressures; our ability to develop and launch new products in a cost-effective manner; changes in law, including the effect of tax laws and developments with respect to trade policy and tariffs; our ability to identify, consummate and successfully integrate and realize synergies from newly acquired businesses; acquisition valuation levels; the impact of interest rate and currency exchange rate fluctuations; capital allocation plans and changes in those plans, including with respect to dividends, share repurchases, investments in research and development, capital expenditures and acquisitions; our ability to effectively deploy capital resulting from dispositions; our ability to derive expected benefits from restructurings, productivity initiatives and other cost reduction actions; the impact of legal compliance risks and litigation, including with respect to product quality and safety, cybersecurity and privacy; and our ability to capture and protect intellectual property rights. For details on the risks and uncertainties that could cause our results to differ materially from the forward-looking statements contained herein, we refer you to the documents we file with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2024, and our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These documents are available from the Securities and Exchange Commission, and on our website, The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. INVESTOR SUPPLEMENT - SECOND QUARTER 2025DOVER CORPORATION CONSOLIDATED STATEMENTS OF EARNINGS (unaudited)(in thousands) Three Months Ended June 30,Six Months Ended June 30,2025202420252024 Revenue $ 2,049,592$ 1,948,782$ 3,915,651$ 3,832,501 Cost of goods and services 1,231,3301,196,2592,351,8892,382,791 Gross profit 818,262752,5231,563,7621,449,710 Selling, general and administrative expenses 463,665429,055912,856872,036 Operating earnings 354,597323,468650,906577,674 Interest expense 26,79132,37454,39968,739 Interest income (17,935)(4,081)(38,189)(8,837) (Gain) loss on dispositions (2,176)663(4,644)(529,280) Other income, net (4,180)(12,845)(8,138)(19,984) Earnings before provision for income taxes 352,097307,357647,4781,067,036 Provision for income taxes 71,96760,770128,107218,347 Earnings from continuing operations 280,130246,587519,371848,689 (Loss) earnings from discontinued operations, net (1,066)35,235(9,486)65,354 Net earnings $ 279,064$ 281,822$ 509,885$ 914,043 DOVER CORPORATION QUARTERLY EARNINGS PER SHARE (unaudited)(in thousands, except per share data*)Earnings Per Share20252024Q1 Q2 Q2 YTDQ1 Q2 Q2 YTD Q3 Q4 FY 2024 Basic (loss) earnings per share: Continuing operations $ 1.74 $ 2.04 $ 3.78$ 4.33 $ 1.79 $ 6.14 $ 2.28 $ 1.74 $ 10.16 Discontinued operations $ (0.06) $ (0.01) $ (0.07)$ 0.22 $ 0.26 $ 0.47 $ 0.25 $ 8.73 $ 9.42 Net earnings $ 1.68 $ 2.03 $ 3.71$ 4.55 $ 2.05 $ 6.61 $ 2.53 $ 10.47 $ 19.58Diluted (loss) earnings per share:Continuing operations $ 1.73 $ 2.03 $ 3.76$ 4.30 $ 1.78 $ 6.10 $ 2.26 $ 1.72 $ 10.09 Discontinued operations $ (0.06) $ (0.01) $ (0.07)$ 0.22 $ 0.25 $ 0.47 $ 0.25 $ 8.66 $ 9.35 Net earnings $ 1.67 $ 2.02 $ 3.69$ 4.52 $ 2.04 $ 6.57 $ 2.51 $ 10.38 $ 19.45Net (loss) earnings and weighted average shares used in calculated (loss) earnings per share amounts are as follows: Continuing operations $ 239,241 $ 280,130 $ 519,371$ 602,102 $ 246,587 $ 848,689 $ 312,896 $ 238,383 $ 1,399,968 Discontinued operations (8,420) (1,066) (9,486)30,119 35,235 65,354 34,204 1,197,600 1,297,158 Net earnings $ 230,821 $ 279,064 $ 509,885$ 632,221 $ 281,822 $ 914,043 $ 347,100 $ 1,435,983 $ 2,697,126Weighted average shares outstanding:Basic 137,267 137,226 137,261139,051 137,443 138,247 137,251 137,205 137,735 Diluted 138,260 137,974 138,132139,869 138,404 139,136 138,223 138,298 138,696Dividends paid per common share $ 0.515 $ 0.515 $ 1.03$ 0.51 $ 0.51 $ 1.02 $ 0.515 $ 0.515 $ 2.05* Per share data may be impacted by rounding. DOVER CORPORATION QUARTERLY SEGMENT INFORMATION (unaudited)(in thousands) 20252024Q1 Q2 Q2 YTDQ1 Q2 Q2 YTD Q3 Q4 FY 2024 REVENUE Engineered Products $ 254,646 $ 275,944 $ 530,590$ 332,820 $ 285,297 $ 618,117 $ 296,117 $ 288,223 $ 1,202,457 Clean Energy & Fueling 491,148 546,097 1,037,245445,053 463,014 908,067 500,685 528,032 1,936,784 Imaging & Identification 280,090 292,009 572,099276,806 287,593 564,399 283,966 288,800 1,137,165 Pumps & Process Solutions 493,573 520,554 1,014,127465,729 477,239 942,968 472,463 479,135 1,894,566 Climate & Sustainability Technologies 347,888 416,151 764,039364,292 436,706 800,998 431,127 347,524 1,579,649 Intersegment eliminations (1,286) (1,163) (2,449)(981) (1,067) (2,048) (816) (1,848) (4,712) Total consolidated revenue $ 1,866,059 $ 2,049,592 $ 3,915,651$ 1,883,719 $ 1,948,782 $ 3,832,501 $ 1,983,542 $ 1,929,866 $ 7,745,909EARNINGS FROM CONTINUING OPERATIONSSegment Earnings: Engineered Products $ 44,114 $ 53,511 $ 97,625$ 62,532 $ 52,095 $ 114,627 $ 56,621 $ 59,989 $ 231,237 Clean Energy & Fueling 85,644 107,771 193,41569,675 87,536 157,211 99,536 103,246 359,993 Imaging & Identification 77,575 76,937 154,51269,959 75,786 145,745 77,247 78,715 301,707 Pumps & Process Solutions 151,275 159,504 310,779118,737 137,217 255,954 138,277 142,375 536,606 Climate & Sustainability Technologies 52,119 77,262 129,38150,759 79,127 129,886 76,015 44,974 250,875 Total segment earnings 410,727 474,985 885,712371,662 431,761 803,423 447,696 429,299 1,680,418 Purchase accounting expenses 1 49,104 51,123 100,22744,187 44,332 88,519 48,356 49,366 186,241 Restructuring and other costs 2 9,397 23,210 32,60723,971 11,590 35,561 16,581 32,841 84,983 (Gain) loss on dispositions 3 (2,468) (2,176) (4,644)(529,943) 663 (529,280) (68,633) 115 (597,798) Corporate expense / other 4 51,959 41,875 93,83442,159 39,526 81,685 36,110 38,168 155,963 Interest expense 27,608 26,791 54,39936,365 32,374 68,739 34,128 28,304 131,171 Interest income (20,254) (17,935) (38,189)(4,756) (4,081) (8,837) (5,176) (23,145) (37,158) Earnings before provision for income taxes 295,381 352,097 647,478759,679 307,357 1,067,036 386,330 303,650 1,757,016 Provision for income taxes 56,140 71,967 128,107157,577 60,770 218,347 73,434 65,267 357,048 Earnings from continuing operations $ 239,241 $ 280,130 $ 519,371$ 602,102 $ 246,587 $ 848,689 $ 312,896 $ 238,383 $ 1,399,968SEGMENT EARNINGS MARGIN Engineered Products 17.3 % 19.4 % 18.4 %18.8 % 18.3 % 18.5 % 19.1 % 20.8 % 19.2 % Clean Energy & Fueling 17.4 % 19.7 % 18.6 %15.7 % 18.9 % 17.3 % 19.9 % 19.6 % 18.6 % Imaging & Identification 27.7 % 26.3 % 27.0 %25.3 % 26.4 % 25.8 % 27.2 % 27.3 % 26.5 % Pumps & Process Solutions 30.6 % 30.6 % 30.6 %25.5 % 28.8 % 27.1 % 29.3 % 29.7 % 28.3 % Climate & Sustainability Technologies 15.0 % 18.6 % 16.9 %13.9 % 18.1 % 16.2 % 17.6 % 12.9 % 15.9 % Total segment earnings margin 22.0 % 23.2 % 22.6 %19.7 % 22.2 % 21.0 % 22.6 % 22.2 % 21.7 %1 Purchase accounting expenses are primarily comprised of amortization of intangible assets. 2 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges. 3 (Gain) loss on dispositions, including post-closing adjustments. 4 Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services and digital and IT overhead costs, deal-related expenses and various administrative expenses relating to the corporate headquarters. DOVER CORPORATION QUARTERLY ADJUSTED EARNINGS AND ADJUSTED EARNINGS PER SHARE (NON-GAAP) (unaudited)(in thousands, except per share data*)Non-GAAP Reconciliations20252024Q1 Q2 Q2 YTDQ1 Q2 Q2 YTD Q3 Q4 FY 2024 Adjusted earnings from continuing operations: Earnings from continuing operations $ 239,241 $ 280,130 $ 519,371$ 602,102 $ 246,587 $ 848,689 $ 312,896 $ 238,383 $ 1,399,968 Purchase accounting expenses, pre-tax 1 49,104 51,123 100,22744,187 44,332 88,519 48,356 49,366 186,241 Purchase accounting expenses, tax impact 2 (10,919) (11,367) (22,286)(9,711) (9,760) (19,471) (10,633) (10,911) (41,015) Restructuring and other costs, pre-tax 3 9,397 23,210 32,60723,971 11,590 35,561 16,581 32,841 84,983 Restructuring and other costs, tax impact 2 (1,887) (4,642) (6,529)(4,734) (2,479) (7,213) (3,465) (6,864) (17,542) (Gain) loss on dispositions, pre-tax 4 (2,468) (2,176) (4,644)(529,943) 663 (529,280) (68,633) 115 (597,798) (Gain) loss on dispositions, tax-impact 2 689 435 1,124114,973 (144) 114,829 18,889 1,695 135,413 Adjusted earnings from continuing operations $ 283,157 $ 336,713 $ 619,870$ 240,845 $ 290,789 $ 531,634 $ 313,991 $ 304,625 $ 1,150,250Adjusted diluted earnings per share from continuing operations:Diluted earnings per share from continuing operations $ 1.73 $ 2.03 $ 3.76$ 4.30 $ 1.78 $ 6.10 $ 2.26 $ 1.72 $ 10.09 Purchase accounting expenses, pre-tax 1 0.36 0.37 0.730.32 0.32 0.64 0.35 0.36 1.34 Purchase accounting expenses, tax impact 2 (0.08) (0.08) (0.16)(0.07) (0.07) (0.14) (0.08) (0.08) (0.30) Restructuring and other costs, pre-tax 3 0.07 0.17 0.240.17 0.08 0.26 0.12 0.24 0.61 Restructuring and other costs, tax impact 2 (0.01) (0.03) (0.05)(0.03) (0.02) (0.05) (0.03) (0.05) (0.13) (Gain) loss on dispositions, pre-tax 4 (0.02) (0.02) (0.03)(3.79) — (3.80) (0.50) — (4.31) (Gain) loss on dispositions, tax-impact 2 — — 0.010.82 — 0.83 0.14 0.01 0.98 Adjusted diluted earnings per share from continuing operations $ 2.05 $ 2.44 $ 4.49$ 1.72 $ 2.10 $ 3.82 $ 2.27 $ 2.20 $ 8.291 Purchase accounting expenses are primarily comprised of amortization of intangible assets. 2 Adjustments were tax effected using the statutory tax rates in the applicable jurisdictions or the effective tax rate, where applicable, for each period. The tax impact of the (gain) loss on dispositions in Q4 2024 reflects updated tax information related to a Q3 2024 disposition. 3 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges. Q2 2025 and YTD 2025 include $4.0 million in costs associated with a product line exit and Q1 2024 and FY 2024 include $3.4 million of non-cash asset impairment charges for our Climate & Sustainability Technologies segment. 4 (Gain) loss on dispositions represents a $529.9 million gain recorded during Q1 2024 and a $0.7 million loss and $1.1 million gain recorded as post-closing adjustments in Q2 2024 and Q4 2024, respectively, on the disposition of De-Sta-Co in the Engineered Products segment. Additionally, a gain of $68.6 million was recorded in Q3 2024 and a $1.2 million post-closing adjustment (reduction to the gain) in Q4 2024 on the disposition of a minority owned equity method investment in the Climate & Sustainability Technologies segment. * Per share data and totals may be impacted by rounding. DOVER CORPORATION QUARTERLY ADJUSTED SEGMENT EBITDA (NON-GAAP) (unaudited)(in thousands)Non-GAAP Reconciliations20252024Q1 Q2 Q2 YTDQ1 Q2 Q2 YTD Q3 Q4 FY 2024 ADJUSTED SEGMENT EBITDAEngineered Products: Segment earnings $ 44,114 $ 53,511 $ 97,625$ 62,532 $ 52,095 $ 114,627 $ 56,621 $ 59,989 $ 231,237 Other depreciation and amortization 1 4,800 5,141 9,9414,785 4,778 9,563 4,829 4,867 19,259 Adjusted segment EBITDA 2 48,914 58,652 107,56667,317 56,873 124,190 61,450 64,856 250,496 Adjusted segment EBITDA margin 2 19.2 % 21.3 % 20.3 %20.2 % 19.9 % 20.1 % 20.8 % 22.5 % 20.8 %Clean Energy & Fueling: Segment earnings $ 85,644 $ 107,771 $ 193,415$ 69,675 $ 87,536 $ 157,211 $ 99,536 $ 103,246 $ 359,993 Other depreciation and amortization 1 8,578 8,961 17,5397,921 7,627 15,548 8,310 8,118 31,976 Adjusted segment EBITDA 2 94,222 116,732 210,95477,596 95,163 172,759 107,846 111,364 391,969 Adjusted segment EBITDA margin 2 19.2 % 21.4 % 20.3 %17.4 % 20.6 % 19.0 % 21.5 % 21.1 % 20.2 %Imaging & Identification: Segment earnings $ 77,575 $ 76,937 $ 154,512$ 69,959 $ 75,786 $ 145,745 $ 77,247 $ 78,715 $ 301,707 Other depreciation and amortization 1 4,093 4,229 8,3223,733 3,271 7,004 3,905 3,739 14,648 Adjusted segment EBITDA 2 81,668 81,166 162,83473,692 79,057 152,749 81,152 82,454 316,355 Adjusted segment EBITDA margin 2 29.2 % 27.8 % 28.5 %26.6 % 27.5 % 27.1 % 28.6 % 28.6 % 27.8 %Pumps & Process Solutions: Segment earnings $ 151,275 $ 159,504 $ 310,779$ 118,737 $ 137,217 $ 255,954 $ 138,277 $ 142,375 $ 536,606 Other depreciation and amortization 1 12,601 13,131 25,73212,139 12,637 24,776 12,651 12,623 50,050 Adjusted segment EBITDA 2 163,876 172,635 336,511130,876 149,854 280,730 150,928 154,998 586,656 Adjusted segment EBITDA margin 2 33.2 % 33.2 % 33.2 %28.1 % 31.4 % 29.8 % 31.9 % 32.3 % 31.0 %Climate & Sustainability Technologies:Segment earnings $ 52,119 $ 77,262 $ 129,381$ 50,759 $ 79,127 $ 129,886 $ 76,015 $ 44,974 $ 250,875 Other depreciation and amortization 1 7,325 7,605 14,9307,275 7,220 14,495 7,048 7,596 29,139 Adjusted segment EBITDA 2 59,444 84,867 144,31158,034 86,347 144,381 83,063 52,570 280,014 Adjusted segment EBITDA margin 2 17.1 % 20.4 % 18.9 %15.9 % 19.8 % 18.0 % 19.3 % 15.1 % 17.7 %Total Segments: Total segment earnings 2, 3 $ 410,727 $ 474,985 $ 885,712$ 371,662 $ 431,761 $ 803,423 $ 447,696 $ 429,299 $ 1,680,418 Other depreciation and amortization 1 37,397 39,067 76,46435,853 35,533 71,386 36,743 36,943 145,072 Total Adjusted segment EBITDA 2 448,124 514,052 962,176407,515 467,294 874,809 484,439 466,242 1,825,490 Total Adjusted segment EBITDA margin 2 24.0 % 25.1 % 24.6 %21.6 % 24.0 % 22.8 % 24.4 % 24.2 % 23.6 %1 Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs. 2 Refer to Non-GAAP Disclosures section for definition. 3 Refer to Quarterly Segment Information section for reconciliation of total segment earnings to earnings from continuing operations. DOVER CORPORATION QUARTERLY EARNINGS FROM CONTINUING OPERATIONS TO ADJUSTED SEGMENT EBITDA RECONCILIATION (NON-GAAP) (unaudited)(in thousands)Non-GAAP Reconciliations20252024Q1 Q2 Q2 YTDQ1 Q2 Q2 YTD Q3 Q4 FY 2024 Earnings from continuing operations $ 239,241 $ 280,130 $ 519,371$ 602,102 $ 246,587 $ 848,689 $ 312,896 $ 238,383 $ 1,399,968 Provision for income taxes 56,140 71,967 128,107157,577 60,770 218,347 73,434 65,267 357,048 Earnings before provision for income taxes 295,381 352,097 647,478759,679 307,357 1,067,036 386,330 303,650 1,757,016 Interest income (20,254) (17,935) (38,189)(4,756) (4,081) (8,837) (5,176) (23,145) (37,158) Interest expense 27,608 26,791 54,39936,365 32,374 68,739 34,128 28,304 131,171 Corporate expense / other 1 51,959 41,875 93,83442,159 39,526 81,685 36,110 38,168 155,963 (Gain) loss on dispositions 2 (2,468) (2,176) (4,644)(529,943) 663 (529,280) (68,633) 115 (597,798) Restructuring and other costs 3 9,397 23,210 32,60723,971 11,590 35,561 16,581 32,841 84,983 Purchase accounting expenses 4 49,104 51,123 100,22744,187 44,332 88,519 48,356 49,366 186,241 Total segment earnings 5 410,727 474,985 885,712371,662 431,761 803,423 447,696 429,299 1,680,418 Add: Other depreciation and amortization 6 37,397 39,067 76,46435,853 35,533 71,386 36,743 36,943 145,072 Total adjusted segment EBITDA 5 $ 448,124 $ 514,052 $ 962,176$ 407,515 $ 467,294 $ 874,809 $ 484,439 $ 466,242 $ 1,825,4901 Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services and digital and IT overhead costs, deal-related expenses and various administrative expenses relating to the corporate headquarters. 2 (Gain) loss on dispositions, including post-closing adjustments. 3 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges. 4 Purchase accounting expenses are primarily comprised of amortization of intangible assets. 5 Refer to Non-GAAP Disclosures section for definition. 6 Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs. DOVER CORPORATION REVENUE GROWTH FACTORS AND ADJUSTED EPS GUIDANCE RECONCILIATIONS (NON-GAAP) (unaudited)Non-GAAP ReconciliationsRevenue Growth Factors2025Q2 Q2 YTD Organic Engineered Products (5.1) % (6.7) % Clean Energy & Fueling 8.0 % 5.0 % Imaging & Identification — % 1.9 % Pumps & Process Solutions 3.9 % 5.2 % Climate & Sustainability Technologies (5.6) % (4.8) % Total Organic 0.9 % 0.7 % Acquisitions 3.0 % 2.7 % Dispositions — % (1.3) % Currency translation 1.3 % 0.1 % Total* 5.2 % 2.2 % * Totals may be impacted by rounding. 2025Q2 Q2 YTD Organic United States 3.9 % 1.9 % Europe 0.2 % (1.7) % Asia (0.6) % 3.7 % Other Americas (19.3) % (10.3) % Other 20.8 % 16.3 % Total Organic 0.9 % 0.7 % Acquisitions 3.0 % 2.7 % Dispositions — % (1.3) % Currency translation 1.3 % 0.1 % Total* 5.2 % 2.2 % * Totals may be impacted by rounding. Adjusted EPS Guidance ReconciliationRange 2025 Guidance for Earnings per Share from Continuing Operations (GAAP) $ 8.00$ 8.20 Purchase accounting expenses, net1.19Restructuring and other costs, net0.19Gain on dispositions, net(0.03)2025 Guidance for Adjusted Earnings per Share from Continuing Operations (Non-GAAP) $ 9.35$ 9.55* Per share data and totals may be impacted by rounding. DOVER CORPORATION QUARTERLY CASH FLOW AND FREE CASH FLOW (NON-GAAP) (unaudited)(in thousands)Quarterly Cash Flow20252024Q1 Q2 Q2 YTDQ1 Q2 Q2 YTD Q3 Q4 FY 2024 Net Cash Flows Provided By (Used In):Operating activities $ 157,474 $ 212,340 $ 369,814$ 146,456 $ 149,181 $ 295,637 $ 353,244 $ 438,952 $ 1,087,833 Investing activities (74,186) (681,584) (755,770)432,416 33,215 465,631 (402,512) (90,102) (26,983) Financing activities (122,234) (84,235) (206,469)(80,782) (830,657) (911,439) 92,994 (453,228) (1,271,673)Quarterly Free Cash Flow (Non-GAAP)20252024Q1 Q2 Q2 YTDQ1 Q2 Q2 YTD Q3 Q4 FY 2024 Cash flow from operating activities1 $ 157,474 $ 212,340 $ 369,814$ 146,456 $ 149,181 $ 295,637 $ 353,244 $ 438,952 $ 1,087,833 Less: Capital expenditures (48,192) (60,932) (109,124)(40,050) (35,822) (75,872) (37,754) (53,907) (167,533) Free cash flow $ 109,282 $ 151,408 $ 260,690$ 106,406 $ 113,359 $ 219,765 $ 315,490 $ 385,045 $ 920,300Cash flow from operating activities as a percentage of revenue 8.4 % 10.4 % 9.4 %7.8 % 7.7 % 7.7 % 17.8 % 22.7 % 14.0 %Cash flow from operating activities as a percentage of adjusted earnings from continuing operations 55.6 % 63.1 % 59.7 %60.8 % 51.3 % 55.6 % 112.5 % 144.1 % 94.6 %Free cash flow as a percentage of revenue 5.9 % 7.4 % 6.7 %5.6 % 5.8 % 5.7 % 15.9 % 20.0 % 11.9 %Free cash flow as a percentage of adjusted earnings from continuing operations 38.6 % 45.0 % 42.1 %44.2 % 39.0 % 41.3 % 100.5 % 126.4 % 80.0 %1 Q2, Q3, Q4 and FY 2024 include income tax payments of $56.0 million, $24.0 million, $23.4 million and $103.4 million, respectively, related to the gain on the disposition of De-Sta-Co. Q4 and FY 2024 also include income tax payments of $20.4 million related to the sale of a minority owned equity method investment. DOVER CORPORATION PERFORMANCE MEASURES (unaudited)(in thousands) 20252024Q1 Q2 Q2 YTDQ1 Q2 Q2 YTD Q3 Q4 FY 2024 BOOKINGSEngineered Products $ 264,538 $ 276,571 $ 541,109$ 329,925 $ 280,542 $ 610,467 $ 284,823 $ 276,487 $ 1,171,777 Clean Energy & Fueling 543,859 526,819 1,070,678471,610 442,086 913,696 507,329 517,470 1,938,495 Imaging & Identification 288,169 292,092 580,261278,433 288,641 567,074 281,289 295,784 1,144,147 Pumps & Process Solutions 499,287 530,158 1,029,445473,632 461,426 935,058 448,074 473,548 1,856,680 Climate & Sustainability Technologies 395,623 384,246 779,869453,086 406,269 859,355 332,503 378,774 1,570,632 Intersegment eliminations (1,892) (1,295) (3,187)(791) (1,591) (2,382) (1,065) (2,578) (6,025) Total consolidated bookings $ 1,989,584 $ 2,008,591 $ 3,998,175$ 2,005,895 $ 1,877,373 $ 3,883,268 $ 1,852,953 $ 1,939,485 $ 7,675,706 Non-GAAP Measures Definitions In an effort to provide investors with additional information regarding our results as determined by GAAP, management also discloses non-GAAP information that management believes provides useful information to investors. Adjusted earnings from continuing operations, adjusted diluted earnings per share from continuing operations, total segment earnings, total segment earnings margin, adjusted segment EBITDA, adjusted segment EBITDA margin, free cash flow, free cash flow as a percentage of revenue, free cash flow as a percentage of adjusted earnings from continuing operations and organic revenue growth are not financial measures under GAAP and should not be considered as a substitute for earnings from continuing operations, diluted earnings from continuing operations per share, cash flows from operating activities, or revenue as determined in accordance with GAAP, and they may not be comparable to similarly titled measures reported by other companies. The items described in our definitions herein, unless otherwise noted, relate solely to our continuing operations. Adjusted earnings from continuing operations represents earnings from continuing operations adjusted for the effect of purchase accounting expenses, restructuring and other costs/benefits and gain/loss on dispositions. Purchase accounting expenses are primarily comprised of amortization of intangible assets. We exclude after-tax purchase accounting expenses because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions the Company consummates. While we have a history of acquisition activity, our acquisitions do not happen in a predictive cycle. Exclusion of purchase accounting expenses facilitates more consistent comparisons of operating results over time. We believe it is important to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation. We exclude the other items because they occur for reasons that may be unrelated to the Company's commercial performance during the period and/or management believes they are not indicative of the Company's ongoing operating costs or gains in a given period. Adjusted diluted earnings per share from continuing operations or adjusted earnings per share from continuing operations represents diluted earnings per share from continuing operations adjusted for the effect of purchase accounting expenses, restructuring and other costs/benefits and gain/loss on disposition. Total segment earnings is defined as the sum of earnings before purchase accounting expenses, restructuring and other costs/benefits, gain/loss on dispositions, corporate expenses/other, interest expense, interest income and provision for income taxes for all segments. Total segment earnings margin is defined as total segment earnings divided by revenue. Adjusted segment EBITDA is defined as segment earnings plus other depreciation and amortization expense, which relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs/benefits. Adjusted segment EBITDA margin is defined as adjusted segment EBITDA divided by revenue. Management believes the non-GAAP measures above are useful to investors to better understand the Company's ongoing profitability as they better reflect the Company's core operating results, offer more transparency and facilitate easier comparability to prior and future periods and to its peers. Free cash flow represents net cash provided by operating activities minus capital expenditures. Free cash flow as a percentage of revenue equals free cash flow divided by revenue. Free cash flow as a percentage of adjusted earnings from continuing operations equals free cash flow divided by adjusted earnings from continuing operations. Management believes that free cash flow and free cash flow ratios are important measures of liquidity because they provide management and investors a measurement of cash generated from operations that is available for mandatory payment obligations and investment opportunities, such as funding acquisitions, paying dividends, repaying debt and repurchasing our common stock. Management believes that reporting organic revenue growth, which excludes the impact of foreign currency exchange rates and the impact of acquisitions and dispositions, provides a useful comparison of our revenue and trends between periods. Performance Measures Definitions Bookings represent total orders received from customers in the current reporting period and exclude de-bookings related to orders received in prior periods, if any. This metric is an important measure of performance and an indicator of revenue order trends. We use the above operational metric in monitoring the performance of the business. We believe the operational metric is useful to investors and other users of our financial information in assessing the performance of our segments. Investor Contact: Media Contact: Jack Dickens Adrian Sakowicz Vice President - Investor Relations Vice President - Communications (630) 743-2566 (630) 743-5039 jdickens@ asakowicz@ View original content to download multimedia: SOURCE Dover Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
