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New York Times
2 minutes ago
- New York Times
India Will Buy Russian Oil Despite Trump's Threats, Officials Say
Indian officials said on Saturday that they would keep purchasing cheap oil from Russia despite a threat of penalties from President Trump, the latest twist in an issue that New Delhi thought it had settled. Mr. Trump said last week that as part of his latest round of tariffs, he would impose an unspecified additional penalty on India if it did not cut off its imports of Russian crude oil. On Friday, he appeared to echo reports of a recent dip in the arrival of Russian oil to India. 'I understand that India is no longer going to be buying oil from Russia,' he told reporters. 'That's what I heard. I don't know if that's right or not. That is a good step. We will see what happens.' But on Saturday, two senior Indian officials said there had been no change in policy. One official said the government had 'not given any direction to oil companies' to cut back imports from Russia. Mr. Trump did not say what the penalty would be if India were to defy his call to cut off Russian oil imports. Some officials and analysts have said that Mr. Trump's focus on India's purchase of Russian oil could be a negotiating tactic as India and the United States try to conclude the early phases of a bilateral trade agreement. China and Turkey, two other major importers of Russian oil, have not faced similar penalties. India has drastically increased its purchases of Russian oil since the war in Ukraine began. Russia is now the source of more than one third of India's oil imports — up from less than one percent before the war. Bringing in more than two million barrels of crude oil a day, India is the second largest importer of Russian oil, after China. New Delhi faced strong pressure in the early months after the Russian invasion of Ukraine to cut down on its economic ties with Russia. That pressure continued as Indian oil imports spiked. But by the second year of the war, the tone began to shift on the imports of India, the world's most populous nation. It appeared that India had convinced its American and European allies that its expanded purchase of cheap Russian oil — at a price cap imposed by the European Union and Group of 7 — was good for keeping global oil prices in check. Early last year, senior officials at the U.S. Treasury Department visiting New Delhi said India was working within a formula that was proving effective: Keep Russian oil flowing into the global supply but at a cheap enough price that it would shrink Russia's revenue. 'They bought Russian oil because we wanted somebody to buy Russian oil at a price cap; that was not a violation,' Eric Garcetti, then the U.S. ambassador to New Delhi, said last year. 'It was the design of the policy.'
Yahoo
an hour ago
- Yahoo
Mettler-Toledo International Inc (MTD) Q2 2025 Earnings Call Highlights: Navigating Growth ...
Revenue: $983 million, a 2% increase in local currency and a 4% increase on a US dollar reported basis. Gross Margin: 59.0%, a decrease of 70 basis points. Adjusted Operating Profit: $283.3 million, flat versus the prior year. Adjusted Operating Margin: 28.8%, a decrease of 120 basis points. Adjusted EPS: $10.09, a 5% increase over the prior year. Reported EPS: $9.76, compared to $10.37 in the prior year. R&D Expenses: $49.3 million, a 3% increase in local currency. SG&A Expenses: $247.3 million, a 2% increase in local currency. Effective Tax Rate: 19%. Adjusted Free Cash Flow: $409 million for the first six months, a 3% decrease on a per share basis. Local Currency Sales Growth by Region: Americas up 3%, Europe flat, Asia Rest of the World up 3%, China down 2%. Local Currency Sales Growth by Product Area: Laboratory up 1%, Industrial up 4%, Product Inspection up 8%, Food Retail flat. Guidance for Q3 2025: Local currency sales growth of 3% to 4%, adjusted EPS of $10.55 to $10.75. Full Year 2025 Guidance: Local currency sales growth of 1% to 2%, adjusted EPS range of $41.70 to $42.20. Warning! GuruFocus has detected 5 Warning Signs with NSP. Release Date: August 01, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Mettler-Toledo International Inc (NYSE:MTD) reported solid adjusted EPS growth despite challenging market conditions. The company experienced growth in most of its businesses, particularly in the industrial and product inspection segments. Innovative product portfolio and strategic programs continue to benefit the company, with strong performance in bioprocessing-related sales. The company is well-positioned to benefit from onshoring investments and increased automation demand. Service business showed a 4% growth in the quarter, with expectations for continued growth in the second half of the year. Negative Points Global trade disputes and tariffs, particularly the recent increase in US tariffs on imports from Switzerland, pose significant challenges. Local currency sales in China declined by 2% during the quarter, with expectations of continued softness in the market. Gross margin decreased by 70 basis points due to incremental travel costs and lower volumes. Adjusted operating margin decreased by 120 basis points, with tariffs reducing operating margin by approximately 130 basis points. The company faces uncertainty in market conditions due to geopolitical tensions and potential new tariffs. Q & A Highlights Q: Shawn, regarding the EPS guidance, is the $0.40 reduction due to the Swiss tariffs the gross impact, or does it include some offset activities? A: Shawn Vadala, CFO: The $0.40 is the gross headwind. There's limited time left in the year to mitigate this impact, but we are confident about our ability to mitigate it for next year. For Q3, we don't see much impact due to current inventory levels, but Q4 will be challenging to mitigate. Q: Can you elaborate on the strength in product inspection and whether your full-year forecast for that business has changed? A: Patrick Kaltenbach, CEO: We've expanded our product portfolio significantly, targeting both mid-range and high-end markets, which has led to market share gains. We expect continued growth in product inspection, with guidance now at mid- to high-single digits for the year, up from mid-single digits previously. Q: How is the visibility into demand in China changing, and does it affect your forecast? A: Shawn Vadala, CFO: Before the recent tariff changes, we were feeling more positive about China. We delivered a good quarter despite challenging conditions and saw stabilizing trends, particularly in industrial. However, the recent tariff changes add uncertainty, but we don't expect conditions to worsen significantly. Q: Regarding the onshoring trend, when do you expect the CapEx announcements to translate into orders and revenue for Mettler-Toledo? A: Patrick Kaltenbach, CEO: It's still early, but we expect to see the impact starting in 2026, with more momentum in subsequent years. We are in discussions with customers about their reshoring plans and are well-positioned to benefit from these developments. Q: Can you discuss the replacement cycle and whether there's pent-up demand that could lead to a snapback in spending? A: Shawn Vadala, CFO: Pre-COVID, 80-90% of our business in the West was replacement. We've seen a slowdown in replacement cycles due to uncertainty, but as conditions stabilize, we expect a return to normal replacement spending. It's unclear if this will be gradual or a snapback, but we anticipate increased activity as certainty returns. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
Yahoo
an hour ago
- Yahoo
ACCO Brands Corp (ACCO) Q2 2025 Earnings Call Highlights: Navigating Challenges with Strategic ...
Revenue: Second quarter sales decreased by 10%. Gross Profit: $130 million, a decrease of 15% with a margin rate contraction of 200 basis points to 32.9%. SG&A Expense: $83 million, down due to cost reduction actions and lower incentive compensation expense. Adjusted Operating Income: $47 million, down from $65 million a year ago. Americas Segment Sales: Declined 14% due to purchasing disruption and soft demand. International Segment Sales: Declined 4%, with improved demand in Asia and benefits from the bureau seating acquisition in Australia. Adjusted Free Cash Flow: Year-to-date outflow of $24 million, including $17 million from the sale of two facilities. Leverage Ratio: Finished the quarter with a consolidated leverage ratio of 4.3 times. Adjusted EPS Outlook: Full year range of $0.83 to $0.90. Full Year Sales Outlook: Expected to be down 7% to 8.5%. Third Quarter Sales Outlook: Expected to be down 5% to 8%. Third Quarter Adjusted EPS Outlook: Range of $0.21 to $0.24. Warning! GuruFocus has detected 3 Warning Signs with ACCO. Release Date: August 01, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points ACCO Brands Corp (NYSE:ACCO) reported second quarter sales and adjusted EPS in line with their outlook. The company has made significant progress on its $100 million multi-year cost reduction program, achieving over $40 million in savings. ACCO Brands Corp (NYSE:ACCO) has successfully implemented strategic price increases and improved terms with third-party manufacturing partners to protect profitability. The company is expanding its product offerings, including new gaming accessories for the Nintendo Switch and a Thunderbolt 5 docking station for Apple users. ACCO Brands Corp (NYSE:ACCO) has a strong balance sheet with no debt maturity until 2029 and a history of consistent cash flow generation. Negative Points Consolidated second quarter comparable sales were down 10.5%, with significant declines in the Americas segment due to tariff disruptions. Sales for back-to-school products were down, with US retailers cautious about early season orders. The company faced weaker-than-expected sales in Latin America, particularly in Mexico, due to constrained consumer spending and competition at lower price points. Global sales of office products were soft, with lower demand impacting core offerings. The evolving tariff environment continues to create uncertainty, impacting demand and leading to a cautious outlook for the remainder of the year. Q & A Highlights Q: Can you quantify the decline in back-to-school sales and discuss the impact of tariffs and market demand on this segment? A: The decline is due to a mix of factors, including shifts into the first quarter, softness in customer orders, and some shifts into the third quarter. We are early in the season, with less than 10% of sell-through completed. We have ensured good inventory positions to support potential demand increases, but it's too early to predict consumer behavior. Retailers are managing inventory tightly, and replenishment expectations are low, but we hope for better outcomes as the season progresses. - Thomas Tedford, CEO Q: How will new product developments contribute to revenue in the second half of 2025 and beyond? A: The impact of new products will be modest in the second half of 2025. It takes time to get product syndication and listings. We expect some benefit from Switch 2 accessories in the second half, but significant revenue impact will be seen in 2026 and beyond. - Thomas Tedford, CEO Q: Are you making adjustments to your product assortment in response to current demand trends, particularly in light of Chinese competition? A: We have a good offering of price choices in our portfolio and collaborate with customers to hit price targets. In markets like Brazil, we are repositioning products to remain competitive against lower-cost Chinese competitors. We are adjusting assortments to ensure we meet consumer needs at competitive price points. - Thomas Tedford, CEO Q: How are the price increases expected to impact gross margins in the second half of the year? A: We expect gross margins to modestly improve in the second half. Our pricing initiatives are designed to cover tariff costs and maintain margins. While we took hits in the first half, we anticipate recovery in the latter half of the year. - Deborah O'Connor, CFO Q: Can you provide more details on the asset sale mentioned in the release and any future asset sales planned? A: The asset sale primarily involved our New York location, which was closed and sold as part of our footprint rationalization and cost savings initiative. We do not have any additional asset sales planned at this time. - Deborah O'Connor, CFO For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. 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
