Western Energy: Q2 Earnings Snapshot
On a per-share basis, the Calgary, Alberta-based company said it had a loss of 10 cents.
The drilling services company posted revenue of $28.9 million in the period.
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Yahoo
22 minutes ago
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Cadence: Q2 Earnings Snapshot
SAN JOSE, Calif. (AP) — SAN JOSE, Calif. (AP) — Cadence Design Systems Inc. (CDNS) on Monday reported second-quarter profit of $160.1 million. The San Jose, California-based company said it had profit of 59 cents per share. Earnings, adjusted for one-time gains and costs, were $1.65 per share. The results beat Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.57 per share. The maker of hardware and software products for validating chip designs posted revenue of $1.28 billion in the period, also exceeding Street forecasts. Eight analysts surveyed by Zacks expected $1.26 billion. Cadence expects full-year earnings in the range of $6.85 to $6.95 per share, with revenue in the range of $5.21 billion to $5.27 billion. _____ This story was generated by Automated Insights ( using data from Zacks Investment Research. Access a Zacks stock report on CDNS at Sign in to access your portfolio
Yahoo
22 minutes ago
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Gibson Energy Reports 2025 Second Quarter Results, Including Record Volumes at Gateway Following Dredging Completion
All financial figures are in Canadian dollars unless otherwise noted CALGARY, Alberta, July 28, 2025 (GLOBE NEWSWIRE) -- Gibson Energy Inc. (TSX:GEI) ("Gibson" or the "Company") announced today its financial and operating results for the three and six months ended June 30, 2025. Key Highlights: Generated strong Infrastructure Adjusted EBITDA(1) of $153 million, underscoring the excellent performance of our core business despite planned downtime associated with replacement and growth capital projects Completed the Gateway dredging project safely, on time and within budget, immediately boosting throughput and setting new monthly and quarterly volume records Executed major turnarounds at both the Moose Jaw Facility and the Hardisty Diluent Recovery Unit on time and under budget with zero recordable injuries Realized recurring and non-recurring cost savings of approximately $9 million in the quarter, increasing DCF per share in the second quarter by $0.05, or 12%, and are on track to exceed the overall target of $25 million Surpassed 9.5 million hours without a lost-time injury, reinforcing our strong safety culture Following the quarter, Morningstar DBRS reaffirmed Gibson's Investment Grade credit rating at BBB (low) 'This quarter marked a key step on delivering the growth potential at Gateway,' said Curtis Philippon, President & Chief Executive Officer. 'We completed the dredging project, unlocking immediate operational benefits and increasing average throughput at the terminal by approximately 20%, helping us achieve a record-setting quarter. I am also especially proud of our team's preparation and execution of the two major turnarounds. The safe and efficient execution of those projects set us up for a strong quarter and will provide additional capabilities going forward.' Financial Highlights: Infrastructure Adjusted EBITDA(1) of $153 million in the second quarter, in line with the second quarter of 2024, primarily due to increased throughput at Edmonton and Gateway, and lower operating and other costs, partially offset by lower volume at Hardisty, and the disposal of non-core assets in the prior period Marketing Adjusted EBITDA(1) of $8 million in the second quarter reflecting tight commodity differentials, limited storage opportunities, and the impact of a planned turnaround at Moose Jaw Adjusted EBITDA(1) on a consolidated basis of $146 million in the second quarter, a $13 million decrease from the second quarter of 2024, primarily due to lower contributions from the Marketing segment and the other factors impacting segment EBITDA noted above Net income of $61 million in the second quarter, a $3 million decrease from the second quarter of 2024, primarily due to the impact of items affecting segment EBITDA noted above, unrealized gains in relation to corporate financial instruments and lower general and administrative costs driven by executive transition and restructuring costs in the prior period Distributable Cash Flow(1) of $81 million in the second quarter, a $20 million decrease from the second quarter of 2024, primarily due to the factors contributing to lower Adjusted EBITDA as noted above and higher replacement capital expenditures Dividend Payout ratio(2) on a trailing twelve-month basis of 83%, modestly above the 70% – 80% target range. This elevation is expected to be temporary and improve in the second half of the year as Marketing performance stabilizes and the full benefits of the dredging and Cactus II connection projects are realized Net debt to Adjusted EBITDA(2) ratio of 4.0x at June 30, 2025 compared to 3.5x at June 30, 2024, reflecting higher capital spend and lower Marketing contributions. Leverage is expected to normalize in the first half of 2026 Strategic & Business Developments: Completed the Gateway dredging project safely, on time and on budget, making Gateway one of only two Texas terminals capable of loading up to 1.6 million barrels on a VLCC and fully loading a Suezmax vessel Appointed Dave Gosse as Senior Vice President and Chief Operating Officer, effective May 20, 2025 In June, 2025, the Company amended and extended its unsecured revolving credit facility to June 2030, improving long-term liquidity and enhancing financial flexibility The Board approved a quarterly dividend of $0.43 per common share, payable on October 17, 2025, to shareholders of record at the close of business on September 30, 2025 Subsequent to the quarter, Morningstar DBRS confirmed Gibson's credit rating at BBB (low) with stable trends Subsequent to the quarter, the Company settled its $325.0 million senior unsecured notes at maturity (1) Adjusted EBITDA and distributable cash flow are non-GAAP financial measures. See the 'Specified Financial Measures' section of this release.(2) Net debt to adjusted EBITDA ratio and dividend payout ratio are non-GAAP financial ratios. See the 'Specified Financial Measures' section of this release. Management's Discussion and Analysis and Financial StatementsThe 2025 second quarter Management's Discussion and Analysis and unaudited Condensed Consolidated Financial Statements provide a detailed explanation of Gibson's financial and operating results for the three and six months ended June 30, 2025, as compared to the three and six months ended June 30, 2024. These documents are available at and on SEDAR+ at Earnings Conference Call & Webcast DetailsA conference call and webcast will be held to discuss the 2025 second quarter financial and operating results at 7:00am Mountain Time (9:00am Eastern Time) on Tuesday, July 29, 2025. To register for the call, view dial-in numbers, and obtain a dial-in PIN, please access the following URL: Registration at least five minutes prior to the conference call is recommended. This call will also be broadcast live on the Internet and may be accessed directly at the following URL: The webcast will remain accessible for a 12-month period at the above URL. Supplementary InformationGibson has also made available certain supplementary information regarding the 2025 second quarter financial and operating results, available at About Gibson Gibson is a leading liquids Infrastructure company with its principal businesses consisting of the storage, optimization, processing, and gathering of liquids and refined products, as well as waterborne vessel loading. Headquartered in Calgary, Alberta, the Company's operations are located across North America, with core terminal assets in Hardisty and Edmonton, Alberta, Ingleside and Wink, Texas, and a facility in Moose Jaw, Saskatchewan. Gibson shares trade under the symbol GEI and are listed on the Toronto Stock Exchange. For more information, visit Forward-Looking StatementsCertain statements contained in this press release constitute forward-looking information and statements (collectively, forward-looking statements). All statements other than statements of historical fact are forward-looking statements. The use of any of the words ''anticipate'', ''plan'', ''contemplate'', ''continue'', ''estimate'', ''expect'', ''intend'', ''propose'', ''might'', ''may'', ''will'', ''shall'', ''project'', ''should'', ''could'', ''would'', ''believe'', ''predict'', ''forecast'', ''pursue'', ''potential'' and ''capable'' and similar expressions are intended to identify forward looking statements. The forward-looking statements reflect Gibson's beliefs and assumptions with respect to, among other things, the Company's ability to exceed its cost savings target; the temporary nature of the Company's Dividend Payout ratio and its future expectations for same; stabilization of Marketing performance; future expectations of leverage; continued growth; the future benefits to be realized by the Company's dredging project, facility turnarounds, and connection of the Cactus II pipeline to Gateway; and the Company's long-term liquidity and financial flexibility. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release. The Company does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, the risks and uncertainties described in 'Forward-Looking Information' and 'Risk Factors' included in the Company's Annual Information Form dated February 18, 2025, and Management's Discussion and Analysis dated July 28, 2025, as filed on SEDAR+ and available on the Gibson website at For further information, please contact: Investor Relations (403) Media Relations(403) 476-6334 communications@ Specified Financial Measures This press release refers to certain financial measures that are not determined in accordance with GAAP, including non-GAAP financial measures and non-GAAP financial ratios. Readers are cautioned that non-GAAP financial measures and non-GAAP financial ratios do not have standardized meanings prescribed by GAAP and, therefore, may not be comparable to similar measures presented by other entities. Management considers these to be important supplemental measures of the Company's performance and believes these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in industries with similar capital structures. For further details on these specified financial measures, including relevant reconciliations, see the "Specified Financial Measures" section of the Company's MD&A for the three and six months ended June 30, 2025 and 2024, which is incorporated by reference herein and is available on Gibson's SEDAR+ profile at and Gibson's website at . a) Adjusted EBITDA Noted below is the reconciliation to the most directly comparable GAAP measures of the Company's segmented and consolidated adjusted EBITDA for the three and six months ended June 30, 2025, and 2024: Three months ended June 30, Infrastructure Marketing Corporate and Adjustments Total ($ thousands) 2025 2024 2025 2024 2025 2024 2025 2024 Segment profit 156,640 150,632 9,068 35,827 — — 165,708 186,459 Unrealized (gain) loss on derivative financial instruments (5,225) 1,150 (1,409) (16,126) — — (6,634) (14,976) General and administrative — — — — (13,017) (16,996) (13,017) (16,996) Adjustments to share of profit from equity accounted investees 1,174 1,424 — — — — 1,174 1,424 Executive transition and restructuring costs — — — — — 3,279 — 3,279 Renewable power purchase agreement — — — — (816) — (816) — Adjusted EBITDA 152,589 153,206 7,659 19,701 (13,833) (13,717) 146,415 159,190Six months ended June 30, Infrastructure Marketing Corporate and Adjustments Total ($ thousands) 2025 2024 2025 2024 2025 2024 2025 2024 Segment profit 310,719 296,295 22,928 55,208 — — 333,647 351,503 Unrealized (gain) loss on derivative financial instruments (5,680) 5,299 (15,155) (1,909) — — (20,835) 3,390 General and administrative — — — — (27,340) (38,916) (27,340) (38,916) Adjustments to share of profit from equity accounted investees 2,347 2,905 — — — — 2,347 2,905 Executive transition and restructuring costs — — — — 2,405 10,414 2,405 10,414 Renewable power purchase agreement — — — — (1,622) — (1,622) — Other — — — — — — — — Adjusted EBITDA 307,386 304,499 7,773 53,299 (26,557) (28,502) 288,602 329,296 Three months ended June 30, ($ thousands) 2025 2024 Net Income 60,699 63,332 Income tax expense 20,097 19,177 Depreciation, amortization, and impairment charges 42,993 43,732 Finance costs, net 34,577 36,337 Unrealized (gain) loss on derivative financial instruments (6,634) (14,976) Unrealized (gain) on renewable power purchase agreement (14,531) (835) Share-based compensation 4,594 5,347 Acquisition and integration costs — 66 Adjustments to share of profit from equity accounted investees 1,174 1,424 Corporate foreign exchange loss and other 3,446 2,307 Executive transition and restructuring costs — 3,279 Adjusted EBITDA 146,415 159,190 Six months ended June 30, ($ thousands) 2025 2024 Net Income 110,652 103,821 Income tax expense 34,141 31,632 Depreciation, amortization, and impairment charges 85,525 87,163 Finance costs, net 68,235 71,740 Unrealized (gain) loss on derivative financial instruments (20,835) 3,390 Unrealized (gain) loss on renewable power purchase agreement (7,744) 8,641 Share-based compensation 7,722 10,411 Acquisition and integration costs — 1,371 Adjustments to share of profit from equity accounted investees 2,347 2,905 Corporate foreign exchange loss and other 6,154 (2,192) Executive transition and restructuring costs 2,405 10,414 Adjusted EBITDA 288,602 329,296 b) Distributable Cash Flow The following is a reconciliation of distributable cash flow from operations to its most directly comparable GAAP measure, cash flow from operating activities: Three months ended June 30, Six months ended June 30, ($ thousands) 2025 2024 2025 2024 Cash flow from operating activities 99,380 (66,449) 221,232 126,384 Adjustments: Changes in non-cash working capital and taxes paid 42,935 219,722 58,352 193,644 Replacement capital (14,655) (6,865) (20,463) (11,237) Cash interest expense, including capitalized interest (32,379) (34,482) (63,928) (68,360) Acquisition and integration costs (1) — 66 — 1,371 Executive transition and restructuring costs (1) — 3,232 2,405 3,232 Lease payments (6,778) (8,000) (13,095) (16,034) Current income tax (7,223) (5,739) (12,449) (13,051) Distributable Cash Flow 81,280 101,485 172,054 215,949Twelve months ended June 30, ($ thousands) 2025 2024 Cash flow from operating activities 693,302 472,001 Adjustments: Changes in non-cash working capital and taxes paid (145,934) 139,711 Replacement capital (45,213) (34,339) Cash interest expense, including capitalized interest (129,904) (135,106) Acquisition and integration costs (1) — 23,413 Executive transition and restructuring costs (1) 16,142 3,232 Lease payments (27,302) (34,237) Current income tax (29,716) (22,828) Distributable Cash Flow 331,375 411,847 c) Dividend Payout Ratio Twelve months ended June 30, 2025 2024 Distributable cash flow 331,375 411,847 Dividends declared 274,372 259,364 Dividend Payout ratio 83% 63% d) Net Debt to Adjusted EBITDA Ratio Twelve months ended June 30, 2025 2024 Current and long-term debt 2,704,585 2,742,549 Lease liabilities 55,120 55,362 Less: unsecured hybrid debt (450,000) (450,000) Less: cash and cash equivalents (41,570) (48,994) Net debt 2,268,135 2,298,917 Adjusted EBITDA 569,448 648,577 Net Debt to Adjusted EBITDA ratio 4.0 3.5 Sign in to access your portfolio
The Hill
24 minutes ago
- The Hill
Trump is getting the world economy he wants — but the risk to growth could spoil his victory lap
WASHINGTON (AP) — President Donald Trump is getting his way with the world economy. Trading partners from the European Union to Japan to Vietnam appear to be acceding to the president's demands to accept higher costs — in the form of high tariffs — for the privilege of selling their wares to the United States. For Trump, the agreements driven by a mix of threats and cajoling, are a fulfillment of a decades-long belief in protectionism and a massive gamble that it will pay off politically and economically with American consumers. On Sunday, the United States and the 27-member state European Union announced that they had reached a trade framework agreement: The EU agreed to accept 15% U.S. tariffs on most its goods, easing fears of a catastrophic trans-Atlantic trade war. There were also commitments by the EU to buy $750 billion in U.S. energy products and make $600 billion in new investments through 2028, according to the White House. 'We just signed a very big trade deal, the biggest of them all,' Trump said Monday. But there's no guarantee that Trump's radical overhaul of U.S. trade policy will deliver the happy ending he's promised. The framework agreement was exceedingly spare on details. Most trade deals require months and even years of painstaking negotiation that rise and fall on granular details. High-stakes negotiations break Trump's way Financial markets, at first panicked by the president's protectionist agenda, seem to have acquiesced to a world in which U.S. import taxes — tariffs — are at the highest rates they've been in roughly 90 years. Several billion in new revenues from his levies on foreign goods are pouring into the U.S. Treasury and could somewhat offset the massive tax cuts he signed into law on July 4. Outside economists say that high tariffs are still likely to raise prices for American consumers, dampen the Federal Reserve's ability to lower interest rates and make the U.S. economy less efficient over time. Democrats say the middle class and poor will ultimately pay for the tariffs. 'It's pretty striking that it's seen as a sigh of relief moment,' said Daniel Hornung, a former Biden White House economic official who now holds fellowships at Housing Finance Policy Center and the Massachusetts Institute of Technology. 'But if the new baseline across all trading partners is 15%, that is a meaningful drag on growth that increases recession risks, while simultaneously making it harder for the Fed to cut.' The EU agreement came just four days after Japan also agreed to 15% U.S. tariffs and to invest in the United States. Earlier, the United States reached deals that raised tariffs on imports from Vietnam, Indonesia, the Philippines and the United Kingdom considerably from where they'd been before Trump returned to the White House. More one-sided trade deals are likely as countries try to beat a Friday deadline after which Trump will impose even higher tariffs on countries that refuse to make concessions. Trump's long-held theory now faces reality The U.S. president has long claimed that America erred by not taking advantage of its clout as the world's biggest economy and erecting a wall of tariffs, in effect making other countries ante up for access to America's massive consumer market. To his closest aides, Trump's use of tariffs has validated their trust in his skills as a negotiator and their belief that the economists who warned of downturns and inflation were wrong. Stocks dipped slightly in Monday afternoon trading, but they've more than recovered from the tariff-induced selloff in April. 'Where are the 'experts' now?' Commerce Secretary Howard Lutnick posted on X. But the story is not over. For one thing, many of the details of Trump's trade deals remain somewhat hazy and have not been captured in writing. The U.S. and Japan, for instance, have offered differing descriptions of Japan's agreement to invest $550 billion in the United States. 'The trade deals do seem to count as a qualified win for Trump, with other countries giving the U.S. favorable trade terms while accepting U.S. tariffs,' said Eswar Prasad, a Cornell University economist. 'However, certain terms of the deals, such as other countries' investments in the U.S., seem more promising in the abstract than they might prove in reality over time.' Trump is also facing a court challenge from states and businesses arguing that the president overstepped his authority by declaring national emergencies to justify the tariffs on most of the world's economies. In May, a federal court struck down those tariffs. And an appeals court, which agreed to let the government continue collecting the tariffs for now, will hear oral arguments in the case Thursday. And he's yet to reach an accord with China — which has deftly used the threat of retaliatory tariffs and withholding exports of rare earth minerals that are desperately needed for electric vehicles, computer chips and wind turbines to avoid caving in to Trump's demands. The U.S. and China are talking this week in Stockholm, Sweden. Economists remain skeptical of the impacts for US consumers There is also skepticism that tariffs will produce the economic boom claimed by Trump. Analysts at Morgan Stanley said 'the most likely outcome is slow growth and firm inflation,' but not a recession. After all, the 15% tariffs on the EU and Japan are a slight increase from the 10% rate that Trump began charging in April during a negotiation period. While autos made in the EU and Japan will no longer face the 25% tariffs Trump had imposed, they will still face a 15% tax that has yet to appear in prices at U.S. dealerships. The administration has said the lack of auto price increases suggests that foreign producers are absorbing the costs, but it might ultimately just reflect the buildup of auto inventories to front-run the import taxes. 'Dealers built stocks ahead of tariff implementation, damping the immediate impact on retail prices. That cushion is starting to wear thin,' Morgan Stanley said in a separate note. 'Our Japan auto analyst notes that as pre-tariff inventory clears, replacement vehicles will likely carry higher price tags.' Economist Mary Lovely of the Peterson Institute for International Economics warned of a 'slow-burn efficiency loss'' as U.S. companies scramble to adjust to Trump's new world. For decades, American companies have mostly paid the same tariffs – and often none at all – on imported machinery and raw materials from all over the world. Now, as a result of Trump's trade deals, tariffs vary by country. 'U.S. firms have to change their designs and get inputs from different places based on these variable tariff rates,'' she said. 'It's an incredible administrative burden. There's all these things that are acting as longer-term drags on economy, but their effect will show up only slowly.'' Mark Zandi, chief economist at Moody's Analytics, said that the United States' effective tariff rate has risen to 17.5% from around 2.5% at the start of the year. 'I wouldn't take a victory lap,' Zandi said. 'The economic damage caused by the higher tariffs will mount in the coming months.'
