ZimVie to Be Taken Private by Archimed in $730 Million Buyout Deal
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FTAI Infrastructure to buy Wheeling & Lake Erie Railway for $1.05bn
FTAI Infrastructure has agreed to acquire The Wheeling Corporation, which owns the Wheeling & Lake Erie Railway Company (W&LE), for $1.05bn in cash. The Wheeling Corporation is being bought from an entity controlled by Larry Parsons, who is the CEO of The Wheeling Corporation. The W&LE operates as a Class II regional freight railroad, serving over 250 customers along more than 1,000 miles of track in Ohio, Pennsylvania, West Virginia, and Maryland. It connects to Transtar's Union Railroad outside of Pittsburgh, Pennsylvania. Concurrently with the finalisation of the acquisition, FTAI intends to refinance its existing 10.50% senior notes and Series A preferred stock. FTAI has secured commitments for $2.25bn in total capital, which includes $1.25bn in new debt and $1bn in preferred stock to be bought by Ares Management funds and issued through a newly established holding company that will own the merged Transtar and W&LE operations. FTAI CEO Ken Nicholson said: 'Growing our freight rail platform has been a key focus for FTAI, and we are thrilled to have this opportunity to combine with the W&LE. 'We believe the W&LE is an excellent candidate for a combination with Transtar, adding scale, diversification and network reach. 'Together, Transtar and the W&LE have identified several growth opportunities and operating efficiencies that we expect to drive substantial growth in revenue and EBITDA.' The transaction is anticipated to close into a voting trust according to the rules set by the US Surface Transportation Board, in the third quarter of this year, pending the fulfilment of standard closing conditions. FTAI expects to assume control of the W&LE once STB approval is granted, making W&LE an affiliate of Transtar. Barclays and Deutsche Bank offered debt commitments and financial advisory services to FIP, while Sidley Austin and Skadden, Arps, Slate, Meagher & Flom served as legal advisors to the company. Calfee, Halter & Griswold and Fletcher & Sippel provided legal counsel to W&LE. "FTAI Infrastructure to buy Wheeling & Lake Erie Railway for $1.05bn" was originally created and published by Railway Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. 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
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STEP Energy Services Ltd (SNVVF) Q2 2025 Earnings Call Highlights: Revenue Surge and Strategic ...
Release Date: August 07, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points STEP Energy Services Ltd (SNVVF) reported a significant increase in Q1 consolidated revenues to CAD 308 million, up from CAD 148 million in the prior quarter. The company achieved a net income of CAD 24 million or CAD 0.33 per diluted share in Q1, compared to a loss in the previous quarter. STEP Energy Services Ltd (SNVVF) introduced Canada's first 100% natural gas reciprocating engine for fracturing operations, showcasing innovation in reducing diesel usage. The company maintained high utilization rates for its fracturing services, achieving near-record levels and breaking previous sand pumping records in Canada. STEP Energy Services Ltd (SNVVF) has strong long-term contracts with key clients in major basins, contributing to its operational success. Negative Points The termination of the US fracturing division led to an internal leadership reorganization and asset transfers, indicating operational challenges. The company experienced a net loss from terminated operations of CAD 4 million in Q1. STEP Energy Services Ltd (SNVVF) faces geopolitical tensions and retaliatory tariffs, which are expected to increase operating costs. There is potential for a slowdown in oil-directed activity if oil prices fall below USD 60 per barrel, which could impact future revenues. The company reported an increase in net debt to CAD 85 million, up from CAD 53 million in the prior quarter, driven by working capital changes. Q & A Highlights Warning! GuruFocus has detected 6 Warning Signs with ACFN. Q: How many tier 4 fleets does STEP Energy Services have in Canada now? A: Steve Glanville, President and CEO, stated that they are running about 2.5 fleets in Canada. With assets moving from the terminated US operations, they plan to bring in another fleet, potentially increasing to 3.5 fleets. Q: What is the long-term plan for the NGX pump, and will there be more fleets with this technology? A: Steve Glanville explained that they are in the early stages of trialing the NGX pump and are pleased with its performance. The long-term plan involves replacing older equipment with this new technology, which is more cost-effective per horsepower. The decision to expand will depend on the success of ongoing trials. Q: Have there been any indications of reduced activity from clients due to oil prices? A: Steve Glanville noted that there is more pressure in the US than in Canada. In Canada, 75-80% of clients are in natural gas liquid-rich fields, so there hasn't been a reduction in CapEx yet. However, if oil prices remain low, some reduction might be expected. Q: What is the focus for free cash flow this year, and will there be more share buybacks? A: Klaus Deter, CFO, stated that the primary focus for free cash flow will be further debt repayment, although they will continue to opportunistically buy back shares. Q: How is pricing holding up in Canada, and are there any expectations for changes? A: Steve Glanville mentioned that coil tubing prices have held steady year over year in Canada. However, there is some pricing pressure in the US, with a slight decrease expected in Q2 and Q3 due to rising costs from tariffs. 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
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Sweetgreen blames 2Q sales declines on consumer environment, loyalty program switch
You can find original article here Nrn. Subscribe to our free daily Nrn newsletter. Sweetgreen Inc. — the Los Angeles-based, fast-casual salad chain — reported same-store sales declines of 7.6% and a10.1% decrease in traffic for the second quarter ended June 29. This marks two quarters in a row of declining same-store sales and traffic for the brand, which was partially offset by an increase in menu prices. 'Sweetgreen's second quarter results reflected a convergence of several headwinds, including macroeconomic pressures, a challenging comparison to last year's strong Q2, and the transition of our loyalty program,' Jonathan Neman, co-founder and CEO of Sweetgreen, said in a statement. 'While we're not satisfied with today's results, we're confident in our ability to improve in the back half of 2025.' Sweetgreen first introduced a loyalty app in April 2023 and then, two years later, swapped its tier-based program to a more traditional points-based one, with SG Rewards officially replacing Sweetpass in April 2025. At the time, Neman said he hoped the new app would help improve the company's value proposition among cash-strapped customers. 'Early signs from our new loyalty program are encouraging. Our summer menu is bringing customers back more often, and we remain fully committed to raising the bar on execution across every restaurant,' Neman added. Despite these ongoing challenges, Sweetgreen raised its guidance from $700 million in revenue to $715 million in revenue for the remainder of the fiscal year, and predicted same-store sales would be down by 4% instead of the 6% declines originally predicted. Sweetgreen reported a modest 0.5% increase in revenue for the second quarter ended June 29, from $184.6 million to $185.6 million, with digital revenues up to over 60%. The revenue increase was primarily attributable to the 33 net store openings during the particularly strong second quarter of 2024 but was offset by the declines in traffic and same-store sales. The company swung to a loss of $23.2 million for the second quarter vs. a loss of $14.5 million in the same quarter the year prior. Sweetgreen opened nine new restaurants in the second quarter. Contact Joanna at
