North American Construction: Q1 Earnings Snapshot
The Acheson, Alberta-based company said it had profit of 15 cents per share. Earnings, adjusted for one-time gains and costs, were 36 cents per share.
The results did not meet Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 52 cents per share.
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Axios
40 minutes ago
- Axios
Exclusive: Embedded tax startup April raises $38M
April, an embedded tax platform, has raised $38 million in a Series B round led by QED Investors, founder Ben Borodach tells Axios exclusively. Why it matters: Embedding tax tools directly into financial apps can improve financial decision-making and boost customer retention. Zoom in: Nyca Partners and Team8 also participated in the Series B round, bringing the total funding April has raised to date to $78 million. How it works: Fintech apps and financial institutions use April's APIs to integrate tax filing and planning directly into their platforms, enabling year-round, real-time tax management. April operates on a SaaS-based model, offering flat-rate pricing to fintech partners, who can choose to mark up services for their end customers. "Our vision is to embed tax in every financial decision," Borodach says. "Taxes should be happening where you're managing your money. They should be happening in real time, and they should be personalized to you." Context: New York-based April operates in a market dominated by legacy tax-preparation giants like Intuit, H&R Block, Thomson Reuters, and Wolters Kluwer. But it recently became the first new company in 15 years to achieve national e-file coverage in all 50 states, Borodach says. The company has also launched a series of new products over the past year, including pro-assisted and pro-led tax filing, quarterly estimate tools for small business owners, and paycheck withholding optimizers. As a result, it is seeing increased demand from wealth management platforms, including integrations with digital advisers catering to mass-affluent clients and an upcoming partnership with a trillion-dollar asset manager. By the numbers: April claims it can reduce the time it takes to prepare and file taxes from the IRS' reported 13‑hour average down to just 22 minutes. The company processed hundreds of thousands of returns through partnerships with over 50 fintech apps and financial institutions this past tax season. It has seen its business grow three times year-to-date and more than seven times over the past 12 months, Borodach says. What's next: The company is preparing to launch advanced tax planning tools around capital gains, retirement planning, and stock transactions.
San Francisco Chronicle
5 hours ago
- San Francisco Chronicle
The Bay Area suburbs where renters are taking over the market
For decades, the path from renter to homeowner in America looked like this: You rent in a big city when you're just starting out, then once you've settled into your career and personal life, you buy a house in the suburbs. But high home prices combined with 30-year mortgage rates stubbornly stuck in the sixes have kept home ownership out of reach for many for the past few years, especially in the Bay Area. A new study from Point2Homes shows that renter households now outnumber homeowners in more than 200 metropolitan suburbs nationwide. Point2Homes provided the Chronicle with data on the share of renters in the smaller cities around the San Francisco, Oakland and Fremont metropolitan area (the data excludes San Jose and most of the South Bay, which are considered a separate metro). In 24 of the 54 cities analyzed, the percentage of the population that rents is rising. In seven of them, renters now represent larger shares of the population than homeowners. The trend is accelerating at an even faster rate on the East Coast, said Doug Ressler, the manager of business intelligence for data acquisition firm Yardi Matrix, who worked on the data cited in the Points2Homes study. Both companies are owned by Santa Barbara-based real estate software company Yardi Systems. In 15 metropolitan areas, suburban cities transitioned from majority-owner to majority-renter between 2018 and 2023; in another 15, the number of renter households more than doubled. In the Dallas, Minneapolis, Boston, Tampa and Baltimore areas, the suburbs gained renters faster than the big cities they surround. But that's not quite what's happening in the Bay Area. All the cities that are renter-majority as of 2023 in the San Francisco area were already that way in 2018. Of the 54 cities analyzed, the share of renters dropped in 30 of them, though in some of them not by a statistically significant amount. Taken together, the 54 cities experienced a modest net 1.9% increase in renter household growth during that period. The reason we're not seeing the same explosion in renting that some cities on the East Coast are is the same as the explanation for many of the Bay Area's problems: It's hard to build housing here. 'We don't build enough housing compared to the wealth and jobs we create,' said Matt Regan, senior vice president of policy for the Bay Area Council, a pro-housing advocacy group. The urban cores themselves 'make it ridiculously hard to build,' he said, which leads developers to look for opportunities in suburbs and exurbs. But even in smaller cities and suburban areas, Regan said, many local governments have determined that the right place to build more homes and apartments is 'somewhere else.' 'The Bay Area has been ground zero for 'not in my backyard,'' said Jeff Ostrowski, a housing market analyst for Bankrate. A combination of growth restrictions, lack of land and income growth have created what he called the 'perfect storm for an explosion of property prices.' As housing prices have risen, the age of the average first-time homebuyer in the U.S. has increased, meaning people are renting for longer. The median first-time homebuyer is now 38 years old, according to the National Association of Realtors. The years 2018 to 2023 are an interesting period for studying housing trends in America. The COVID-19 pandemic created a drastic shift: Rents rose, mortgage rates hit rock bottom, and remote work vaporized commutes. California's population declined by more than half a million people from April 2020 to July 2022, though it's bounced back since then. COVID played a dual role: Some people left because a fully remote job meant they could live somewhere more affordable. And the polarization of pandemic restrictions and vaccine policies drove some people to search for alternative political climates. Some workers who were given free rein to move to Texas or Idaho found themselves recalled by return-to-office policies. But even now, many offices in the Bay Area have only partial RTO: Office visits are down 44.6% in San Francisco this year compared with 2019, according to a study from location data analysis firm That makes the suburbs a more appealing place to live, Regan said. Only needing to drive to the office two or three days a week instead of five makes an onerous commute slightly less daunting. So there's interest in more housing in the suburbs — but challenges to build it. Regan said California's condo defect liability laws dissuade developers from building a type of housing that was traditionally a solid first rung on the property ladder. Many cities are out of space to build single-family homes. That leaves apartment buildings, which can be appealing to developers given the region's high incomes and high demand, but often face planning and permitting issues and anti-renter sentiment from homeowners. A standout on the list of cities with a high renter share is Emeryville. The share of renters increased by 28% from 2018 to 2023, with the city adding more than 1,100 renter households. Cities that have seen more renter growth tend to have certain things in common, said Ressler of Point2Homes. They're usually situated close to transit; have social amenities such as parks, community centers and museums; have less expensive land compared with the urban areas; and have local governments that are amenable to housing development. Regan said Emeryville's government has embraced housing growth alongside job growth from companies such as Pixar and commercial growth from major retailers including IKEA. Emeryville has 'been willing to accept that with economic growth comes a demand for housing, and they have built a commensurate amount of new housing units to accommodate their economic growth,' Regan said. 'Most cities in our region are happy to take the jobs and then increase their tax base, but have traditionally not been willing to build the housing.'
CNBC
5 hours ago
- CNBC
Earnings playbook: Reporting season ramps up with more ‘Magnificent 7' results this week
This week marks the busiest week of the second-quarter corporate earnings season, and some of the world's biggest companies are on the docket. In coming days, 151 companies in the S & P 500 are slated to release their latest quarterly results. That includes four of the "Magnificent Seven," Meta Platforms and Microsoft on Wednesday and Amazon and Apple on Thursday. They will follow those from two other notable megacap technology companies, YouTube and Google parent Alphabet and Tesla . Alphabet shares closed higher Thursday after second-quarter earnings and revenue topped expectations, while Tesla shares nosedived after the electric vehicle maker saw auto sales decline for a second consecutive quarter . Corporate earnings have proven strong so far, with more than 82% of the 169 S & P 500 companies that have reported beating Wall Street's expectations, according to FactSet data. Here is CNBC Pro's breakdown of what to expect in some of the coming week's most notable reports. All times are ET. Tuesday Procter & Gamble is scheduled to report earnings before the opening bell, followed by a conference call at 8:30 a.m. Last quarter: Procter & Gamble slashed its 2025 guidance for core earnings per share and revenue, citing a slowdown in consumer spending and the effect of President Donald Trump's higher tariffs. CEO Jon Moeller also said price hikes were likely. This quarter: Analysts surveyed by LSEG expect slight year-over-year earnings and revenue growth from the Tide detergent and Charmin toilet paper owner. What to watch: Heading into the results, JPMorgan's Andrea Teixeira downgraded Procter & Gamble to a neutral rating from outperform on Friday. The analyst cited the outlook for "another lackluster quarter and normalization of category growth" as justification. "We are taking a pause because we think PG organic sales growth will remain soft for the next few quarters as the categories have decelerated," Teixeira added. That followed a downgrade from Evercore ISI in mid-July to an in-line rating from outperform . While P & G performs well in traditional brick-and-mortar stores like Costco and Walmart, Evercore ISI found it was losing share on Amazon. What history shows: Procter & Gamble has a strong earnings track record, with data from Bespoke Investment Group showing the Cincinnati-based company beating earnings estimates 85% of the time. Bespoke data also shows that P & G has surpassed analysts' earnings expectations for nine consecutive quarters. Boeing is scheduled to report earnings before the market opens, followed by a conference call at 10:30 a.m. Last quarter: Boeing narrowed its losses and said it planned to seek approval from the Federal Aviation Administration later this year to increase production of 737 Max jets. This quarter: The Street anticipates that the commercial jet maker and defense contractor will post revenue growth above 29% compared to the year-earlier period, according to LSEG. What to watch: Analysts at Morgan Stanley and JPMorgan are bullish heading into Boeing's quarter. "Absent any unexpected Defense charges in 2Q25, we see the setup as largely positive for BA heading into the print," Morgan Stanley's Kristine Liwag wrote. "With good progress on deliveries and potential upside to near-term cash flow, we remain comfortable into earnings and lean positive," JPMorgan's Seth Seifman said. What history shows: Boeing has beaten Street earnings estimates 67% of the time, according to Bespoke, and shares have seen average gains of 0.5% in the following session. Wednesday Meta Platforms is scheduled to report earnings after the market closes, followed by a conference call at 5:00 p.m. Last quarter: Meta revenue surpassed Street expectations , and its second-quarter forecast matched what analysts were expecting. This quarter: Analysts expect the Facebook and Instagram parent to post year-over-year earnings and revenue growth of more than 14%, LSEG data shows. What to watch: Bernstein analyst Mark Shmulik recently raised his price target to $775 from $700 and reiterated an outperform rating on the stock. "Despite some eyebrow-raising offers tied to their high profile AI talent hiring spree, Meta appears to be the easiest name to own in digital ad land. They continue to be a clear AI winner, with positive ad checks supporting company commentary on improving ad efficacy," he wrote. What history shows: Data from Bespoke Investment Group shows that Meta has beaten earnings expectations in 10 straight quarters and revenue estimates in 11. Shares average about a 2% rise in the next session. Microsoft is scheduled to report earnings after the closing bell, followed by a conference call at 5:30 p.m. Last quarter: Microsoft earnings and revenue beat Wall Street estimates, and the Windows parent offered strong guidance. This quarter: Analysts expect that Microsoft, led by CEO Satya Nadella, will see earnings and revenue growth of roughly 14% versus last year, according to LSEG. What to watch: Analysts at UBS and Citigroup are amongt those who grown more optimistic ahead of Microsoft's quarterly results. Last week, UBS hiked its price target to $600 per share from $500 while maintaining a buy rating. "Bottom line, the outlook on the two biggest factors driving Microsoft shares on prints — Azure growth and EPS revisions — appears to be positive," wrote analyst Karl Keirstead. "We conclude that 4Q/Jun c/c Azure growth of 36% seems doable." What history shows: Microsoft has a history of beating expectations, with the company topping Street earnings estimates 11 quarters in a row and revenue forecasts for nine straight quarters, according to Bespoke. In total, the owner of Xbox videogames beats earnings estimates 82% of the time. Thursday Amazon is scheduled to report earnings after the stock market closes, followed by a conference call at 5:00 p.m. Last quarter: Amazon issued light guidance , citing "tariffs and trade policies" and "recessionary fears." This quarter: LSEG data indicates that analysts expect the dominant e-commerce platform in the U.S. to report single-digit earnings and revenue growth compared to the same period a year ago. What to watch: Bank of America recently reiterated its buy rating and lifted its 12-month price target on the stock by $17 to $265. "We think 2Q Retail is setting up for a solid quarter, plus a strong 1Q for [Amazon Web Services] backlog and accelerating quarterly AWS capex spending should drive accelerating 2H AWS growth," wrote analyst Justin Post. Amazon may issue solid third-quarter revenue guidance, Post added, pointing to a longer Prime Day event in July as a potential catalyst. What history shows: Bespoke data finds that Amazon has topped earnings estimates for nine consecutive quarters, and the stock has historically advanced almost 1% the day after reporting results. Apple is scheduled to release earnings after the closing bell, followed by a conference call at 5:00 p.m. Last quarter: Apple's Services revenue in the fiscal second quarter reported in May missed analyst expectations , with CEO Tim Cook saying it was "very difficult" to predict tariff costs beyond June "because I'm not sure what will happen with tariffs." This quarter: Analysts see single digit top- and bottom-line growth year over year for the iPhone maker, according to LSEG. What to watch: Goldman Sachs analyst Michael Ng recently trimmed his price target to $251 from $253, but kept his buy rating. "Apple should deliver a revenue and EPS beat, driven by (1) double-digit growth in Services (+11% yoy); (2) strength across Products including iPhones, Mac, iPad, and Wearables; and (3) better-than-expected gross margins reflecting on better tariff-related costs and forex headwinds," he wrote. Service revenue will expand as a result of continued spending in Apple's App Store, Ng said. What history shows: Apple has beaten both earnings and revenue expectations for nine straight quarters, with an overall earnings beat rate of 89%, Bespoke said. The stock averages a gain of 1.2% on the first trading day following each earnings release. — CNBC's Lisa Kailai Han contributed to this report.
