Rio Tinto CEO Jakob Stausholm to Step Down
Rio Tinto said Chief Executive Officer Jakob Stausholm will step down later this year, and that it has started the process for appointing his successor.
The world's second-biggest miner by market value said Thursday that Stausholm would continue to lead the company while the process to replace him continues.
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an hour ago
- Yahoo
ABM Q1 Earnings Call: Organic Growth Returns, Margin Outlook Steady Amid Project Delays
Facility services provider ABM Industries (NYSE:ABM) exceeded Wall Street's revenue expectations in Q1 CY2025 as sales rose 4.6% year on year to $2.11 billion. Its non-GAAP profit of $0.86 per share was in line with analysts' consensus estimates. Is now the time to buy ABM? Find out in our full research report (it's free). Revenue: $2.11 billion (4.6% year-on-year growth) Adjusted EPS: $0.86 vs analyst estimates of $0.86 (in line) Management reiterated its full-year Adjusted EPS guidance of $3.72 at the midpoint Operating Margin: 3.9%, in line with the same quarter last year Organic Revenue rose 3.8% year on year (1.7% in the same quarter last year) Market Capitalization: $3.19 billion ABM Industries' first-quarter results were shaped by the return to organic growth across its key segments, particularly in Business & Industry (B&I) and Manufacturing & Distribution (M&D), as well as record new bookings in the first half of the year. Management, led by CEO Scott Salmirs, emphasized the improvement in core commercial office markets and new contract wins, while noting that project delays and a shift in service mix temporarily impacted profitability in the Technical Solutions segment. The company also highlighted its ability to expand service offerings into higher-value areas, such as material handling and technical services within M&D, which Salmirs described as 'more strategic, more sticky with the client.' Looking ahead, ABM's management reaffirmed its full-year adjusted EPS guidance and expects delayed projects in Technical Solutions to resume in the third quarter, supporting both revenue and margin recovery. CEO Scott Salmirs cited ongoing momentum in high-quality office properties, manufacturing and distribution facilities, and energy resiliency projects as key growth drivers. CFO Earl Ellis highlighted improved billing and collections processes following ERP system upgrades, which are expected to drive sequential cash flow improvement in the second half of the year. Management acknowledged some uncertainty from potential regulatory changes affecting energy project tax credits, but overall, Salmirs expressed confidence in ABM's ability to 'sustain healthy top line growth and expand margins over time.' Management attributed the quarter's performance to expanded service offerings, new contract wins, and ongoing investments in technology and talent, while project delays in Technical Solutions created temporary margin pressure. Organic growth in core segments: Both Business & Industry and Manufacturing & Distribution divisions returned to organic revenue growth, supported by improved market conditions in prime commercial office space and expanded relationships with e-commerce and semiconductor clients. Technical Solutions faces timing headwinds: Project delays and a shift in service mix—particularly a move from higher-margin engineering work to lower-margin field execution—temporarily reduced margins in the Technical Solutions segment, though management expects a rebound as delayed projects resume. Record new business bookings: ABM secured $1.1 billion in new bookings during the first half of the year, including a $190 million microgrid contract with a major retailer and a large battery energy storage system project. These wins underscore growing demand for ABM's expertise in electrical engineering and sustainability-related services. Expansion of service offerings: The company is evolving its M&D segment from traditional janitorial and maintenance work to include ancillary services like material handling and test and balancing, aiming for higher-margin and more integrated client relationships, especially in sectors like semiconductors and automotive. ERP implementation progress: ABM reported improvements in operational efficiency and billing accuracy following the rollout of a new enterprise resource planning (ERP) platform, which is expected to further reduce friction and support stronger cash flow in the coming quarters. Management's outlook centers on sustained organic growth, margin recovery in Technical Solutions, and expanded service offerings in key end markets. Resumption of delayed projects: The completion of delayed Technical Solutions projects, especially in microgrids and battery storage, is expected to drive margin improvement and revenue growth in the second half, provided regulatory conditions remain stable. Focus on premium segments: Management sees continued opportunity in high-quality office properties, manufacturing facilities, and energy resiliency, with targeted investments in talent and technical capabilities to win larger, more complex contracts and deepen client relationships. 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Entrepreneur
an hour ago
- Entrepreneur
Why Passion Alone Won't Lead to Business Success
Opinions expressed by Entrepreneur contributors are their own. We've all heard the saying "Love what you do and you'll never work a day in your life." There is a lot of truth packed into this statement. Passion typically lies at the foundation of every successful business. For many business owners, choosing entrepreneurship meant escaping the dull, soulless corporate jobs that simply didn't make them happy. Instead, they wanted to get up every morning and engage in work that was exciting, challenging and meaningful. Building a business from the ground up requires a ton of blood, sweat and tears. The entrepreneurial journey isn't for the faint of heart. Despite the headwinds of starting a new business, passion can be a powerful driving force that propels early growth. There are countless stories of entrepreneurs who created world-class brands by simply chasing what they love. While passion is a critical ingredient in any successful business, it can present challenges when it's the founder's sole focus. At the end of the day, a business must be profitable to survive. This doesn't mean that passion should be cast to the wayside. Instead, entrepreneurs need to be aware that too much passion can create blind spots that hold the business back from achieving strategic growth and maximizing their personal well-being. Related: Passion Alone Is Not Enough to Open a Business 1. Identify your passion traps As humans, we've evolved to desire the pursuit of things that bring us joy and pleasure at all costs. For this reason, it's easy for business owners to selectively focus all of their time, attention and energy toward parts of the business they are most passionate about. The challenge is that not every product or service provides the same amount of value to the business. If your business isn't as profitable as you think it should be, it may be that you are falling into a passion trap. To solve this, create a matrix of all your products and services. Next to each item, rate them on a scale of 1 to 5 in two categories — passion and profitability. Your rating in the passion column should be based on how much you enjoy working on this product or service or how much fulfillment it brings to your life. The other rating indicates its profitability, scalability and long-term potential from a financial perspective. The items on your list with the highest combined score should be where you double your efforts, since they achieve both objectives. However, products or services that are high on passion but low on profitability are likely passion traps. These might be better reserved for a hobby in your free time rather than a part of your business. 2. Change your financial mindset Unfortunately, too many entrepreneurs fall into the endless cycle of aimlessly trying to capture more and more revenue. While this can be great for the bottom line, it can create a lot of stress and pressure on the business owner. They end up focusing entirely on the financial side of the business and neglect the side of the business that builds excitement and purpose for the entrepreneur, which can lead to stress, burnout and loss of motivation. Instead of the mindless pursuit of money, reframe your business's financial goals in terms of supporting your desired lifestyle. This gives you something more tangible and rewarding that's tied to the financial success and strategic growth of your business. For example, maybe you started the business with the intention of having a better work-life balance, but the growing business now demands that you work 80 hours a week. An alternative mindset would be to focus on allocating some of your growing revenue to hiring a general manager to take work off your plate so you can spend more time with your family. When you tie your increased profit to your personal lifestyle goals, it makes achieving them more meaningful. Related: What Part Does Passion Play in Your Success as an Entrepreneur? 3. Strategic delegation and outsourcing Many businesses are started because they leverage the strength or passion of the founder. This can be a powerful driving force in designing amazing products and building excitement with customers around the brand. The challenge is that this can also be a distraction for the business owner. There are numerous critical tasks that must be completed in order to keep the business in operation, such as accounting, payroll processing, record keeping, legal compliance and inventory management. If the entrepreneur is too focused on only the tasks that bring passion, the business could struggle operationally. The real test is when the business has grown so much that the entrepreneur no longer has any time left to work on the exciting parts of the business. This can cause the business owner to lose their passion entirely or begin to resent the business. To solve this, it's a good idea to outsource or delegate non-passion tasks to others. This is a win-win as it ensures the business operates smoothly while also freeing up the founder's time to do more of what they love to do. 4. Segment your schedule Passion and profit are two very important sides of the same coin. Focusing too much on the business operations itself can stifle creativity and the passion that allows for the creation of new products, keeping the business owner engaged and driving excitement within the team. On the other hand, leaning too heavily into passion can damage your ability to operate the business effectively and stunt your growth. It's a catch-22. As a business owner, you have to be mindful to balance your time carefully between the two. A good practice is to schedule intentional blocks of time dedicated to CEO activities and others for more creative outlets. Related: Why We Balance Passion With Reason Passion is a must-have attribute for any entrepreneur. However, unchecked passion can be a recipe for disaster. When used correctly, it can be an amazing catalyst for growth. As an entrepreneur, it's important to strike the right balance to avoid unintended consequences of burnout, financial instability, stress and lack of joy from blindly chasing passion projects.
Forbes
an hour ago
- Forbes
The AI Paradox: When More AI Means Less Impact
Young business man with his face passing through the screen of a laptop on binary code background AI is in the news every day. On the one hand, this highlights the vertiginous speed at which the field is developing. On the other, it creates a sense saturation and angst that makes business organizations either drop the subject altogether or go at it full throttle without much discernment. Both approaches will lead to major misses in the inevitable AI-fication of business. In this article, I'll explore what happens when a business goes down the AI rabbit hole without a clear business objective and a solid grasp of the available alternatives. If you have attended any AI conference lately, chances are that, by the end, you thought your business was dangerously behind. Many of these events, even if not on purpose, can leave you with the feeling that you need to deploy AI everywhere and automate everything to catch up. If you've succumbed to this temptation, you most likely found out that is not the right move. Two years into the generative AI revolution, a counterintuitive truth is emerging from boardrooms to factory floors. Companies pursuing 100% AI automation are often seeing diminished returns, while those treating AI as one element in a broader, human-centered workflow are capturing both cost savings and competitive advantages. The obvious truth is already revealing itself: AI is just one more technology at our disposal, and just like every other new technology, everyone is trying to gain first-move advantage, which inevitably creates chaos. Those who see through and beyond said chaos are building the foundations of a successful AI-assisted business. The numbers tell a story that contradicts the automation evangelists. Three in four workers say AI tools have decreased their productivity and added to their workload, according to a recent UpWork survey of 2,500 respondents across four countries. Workers report spending more time reviewing AI-generated content and learning tool complexities than the time these tools supposedly save. Even more revealing: while 85% of company leaders are pushing workers to use AI, nearly half of employees using AI admitted they have no idea how to achieve the productivity gains their employers expect. This disconnect isn't just corporate misalignment—it's a fundamental misunderstanding of how AI creates value. The companies winning the AI game aren't those deploying the most algorithms. They're the ones who understand that intelligent automation shouldn't rely on AI alone. Instead, successful organizations are orchestrating AI within broader process frameworks where human expertise guides strategic decisions while AI handles specific, well-defined tasks. A good AI strategy always revolves around domain experts, not the other way around. Consider how The New York Times approached AI integration. Rather than replacing journalists with AI, the newspaper introduced AI tools for editing copy, summarizing information, and generating promotional content, while maintaining strict guidelines that AI cannot draft full articles or significantly alter journalism. This measured approach preserves editorial integrity while amplifying human capabilities. AI should be integrated strategically and operationally into entire processes, not deployed as isolated solutions to be indiscriminately exploited hoping for magic. Research shows that 60% of business and IT leaders use over 26 systems in their automation efforts, and 42% cite lack of integration as a major digital transformation hurdle. The most effective AI implementations focus on task-specific applications rather than general automation. Task-specific models offer highly specialized solutions for targeted problems, making them more efficient and cost-effective than general-purpose alternatives. Harvard Business School research involving 750 Boston Consulting Group consultants revealed this precision matters enormously. While consultants using AI completed certain tasks 40% faster with higher quality, they were 19 percentage points less likely to produce correct answers on complex tasks requiring nuanced judgment. This 'jagged technological frontier' demands that organizations implement methodical test-and-learn approaches rather than wholesale AI adoption. Harvard Business Review research confirms that AI notoriously fails at capturing intangible human factors essential for real-world decision-making—ethical considerations, moral judgments, and contextual nuances that guide business success. The companies thriving in 2025 aren't choosing between humans and machines. They're building hybrid systems where AI automation is balanced with human interaction to maintain stakeholder trust and capture value that neither could achieve alone. The mantra, 'AI will replace your job,' seems to consistently reveal a timeless truth: everything that should be automated will be automated, not everything than can be automated will. The Path Forward The AI paradox isn't a failure of technology—it's a lesson in implementation strategy. Organizations that resist the allure of complete automation and instead focus on thoughtful integration, task-specific deployment, and human-AI collaboration aren't just avoiding the productivity trap. They're building sustainable competitive advantages that compound over time. The question isn't whether your organization should use AI. It's whether you'll fall into the 'more AI' trap or master the art of 'smarter AI'—where less automation actually delivers more impact.
