Latest news with #Bismarck
Yahoo
7 days ago
- Business
- Yahoo
E.J. Antoni seems to have no issue sitting in front of the Nazi warship while being interviewed.
Donald Trump's new pick to lead the Bureau of Labor Statistics proudly showed off a picture of the German World War II battleship Bismarck 'in all his glory' during a podcast. E.J. Antoni, tapped to replace former BLS Commissioner Erika McEntarfer, whom the president fired after claiming the agency 'rigged' disappointing jobs report figures, has repeatedly appeared in front of the massive portrait of Adolf Hitler's favorite battleship during media interviews. In an October 2023 appearance on TFTC, a Bitcoin podcast hosted by Marty Bent, Antoni was immediately asked about the picture of the Bismarck, the largest warship in the world at the time that served as the flagship of Nazi Germany's Kriegsmarine.
Yahoo
13-08-2025
- Business
- Yahoo
MDU Resources Announces Appointments to the Board of Directors
BISMARCK, N.D., Aug. 13, 2025 /PRNewswire/ -- MDU Resources Group, Inc. (NYSE: MDU) today announced the election of Charles M. Kelley and Tammy J. Miller to its board of directors, effective Aug. 12, 2025. Kelley brings more than four decades of experience in the natural gas industry, including a distinguished 25-year career at ONEOK, Inc., where he most recently served as senior vice president of Natural Gas Pipelines. He led strategic growth initiatives and commercial activities for ONEOK's natural gas pipeline segment, overseeing more than $600 million in capital projects and significantly increasing EBITDA during his tenure. His deep expertise in pipeline development, regulatory strategy, and capital planning is expected to provide valuable insight as MDU Resources' pipeline subsidiary, WBI Energy, continues to pursue growth opportunities in natural gas transmission and storage. "I'm honored to join MDU Resources' board and contribute to the projected growth of its natural gas infrastructure," said Kelley. "I look forward to supporting the company's efforts to deliver safe, reliable energy to its customers." Miller, a former lieutenant governor of North Dakota, offers a strong combination of executive leadership and public service. She is the former CEO and board chair of Border States, a North Dakota-based electrical distribution company that grew from $485 million to nearly $2.5 billion in annual sales during her tenure. With deep North Dakota roots and a track record of working with utilities and policymakers alike, Miller's experience aligns well with MDU Resources' mission and geographic footprint. She currently serves on the board of directors of SkyWater Technology, a publicly traded company, and brings valuable perspectives on public policy, finance, and corporate governance. Miller commented, "It's a privilege to serve on the board of a company rooted in North Dakota. I'm excited to help MDU Resources' mission through my experience in both business and public service." In addition to their general responsibilities on the board, Kelley and Miller will each serve on the Audit Committee. "We're pleased to welcome Chuck and Tammy to the MDU Resources board," said Darrel Anderson, chair of the board. "We expect Chuck's extensive pipeline experience will be a strong asset to our natural gas transmission business, and Tammy's leadership in both business and government will bring valuable insight as we continue to grow and serve our communities. We look forward to the contributions they will make to our board and our company." About MDU Resources Group, Inc. MDU Resources Group Inc., a member of the S&P SmallCap 600 index, strives to deliver safe, reliable, affordable and environmentally responsible electric utility and natural gas distribution services to more than 1.2 million customers across the Pacific Northwest and Midwest. In addition to its utility operations, the company's pipeline business operates a more than 3,800-mile natural gas pipeline network and storage system, ensuring reliable energy delivery across the Northern Plains. With a legacy spanning over a century, MDU Resources remains focused on energizing lives for a better tomorrow. For more information about MDU Resources, visit or contact the investor relations department at investor@ Investor Contact: Brent Miller, treasurer, 701-530-1730Media Contact: Byron Pfordte, director of integrated communications, 208-377-6050 Cautionary Note Regarding Forward-Looking Statements This news release contains forward-looking statements within the meaning of the federal securities laws. Other than statements of historical facts, all statements which address activities, events, or developments that the company anticipates will or may occur in the future are based on underlying assumptions (many of which are based, in turn, upon further assumptions), including but not limited to, statements identified by the words "anticipates," "estimates," "expects," "intends," "plans," "predicts," in each case related to such things as contributions of new directors, growth estimates, stockholder value creation, the company's "CORE" strategy, capital expenditures, financial guidance, trends, objectives, goals, dividend payout ratio targets, strategies and other such matters, are forward-looking statements. These forward-looking statements are based on many assumptions and factors, which are detailed in the company's filings with the U.S. Securities and Exchange Commission. While made in good faith, these forward-looking statements are based largely on the company's expectations and judgments and are subject to a number of risks and uncertainties, many of which are unforeseeable and beyond the company's control. For additional discussion regarding risks and uncertainties that may affect forward-looking statements, see "Risk Factors" disclosed in the company's most recent Annual Report on Form 10-K, and subsequent filings. Any changes in such assumptions or factors could produce significantly different results. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. Except as required by applicable law, the company undertakes no obligation to update the forward-looking statements, whether as a result of new information, future events, or otherwise. View original content to download multimedia: SOURCE MDU Resources Group, Inc.
Yahoo
12-08-2025
- Business
- Yahoo
Everus Reports Second Quarter Results, Raises Guidance for 2025
BISMARCK, N.D., August 12, 2025--(BUSINESS WIRE)--Everus Construction Group (NYSE: ECG) today reported financial results for second quarter 2025. Second Quarter 2025 Summary (all comparisons versus the prior-year period unless otherwise noted, and results denoted with * are quarterly records) Revenues of $921.5 million*, up 31.0%. Net income of $52.8 million*, up 35.4%; net income margin of 5.7%. Diluted earnings per share of $1.03*, up 35.5%. Earnings before interest, taxes, depreciation and amortization of $84.2 million*, up 35.6%; EBITDA margin of 9.1%. Backlog of $3.0 billion, up 7.1% from Dec. 31, 2024, and up 23.9% from June 30, 2024. Raises estimated full-year guidance for 2025: Revenues expected to be in the range of $3.3 billion to $3.4 billion and EBITDA expected to be in the range of $240 million to $255 million. See the Non-GAAP Measures sections for definitions and reconciliations of the non-GAAP financial measures used in this news release. Management Commentary "We are extremely proud of our strong second quarter results, which benefited from continued end-market momentum, excellent project execution and our long-term customer relationships," said Jeffrey S. Thiede, president and CEO of Everus. "Revenues increased 31% with margin gains in both our E&M and T&D segments compared to second quarter 2024, driving EBITDA growth of nearly 36%. "Our backlog at June 30 was up 24% compared to the same time last year, with balanced growth in both T&D and E&M as we continue to experience significant opportunities across our diversified operations, largely in the same areas that have been strong for us, including the commercial, utility, renewables, and institutional markets. We have several large projects in the early stages of construction that will scale as they progress, which combined with our strong competitive position and favorable demand drivers, give us confidence in our ability to generate continued backlog growth. "Based on our strong results in the first half of the year, which included the benefit of efficient project execution and favorable project timing, and while considering our project mix and expected project cadence for the second half of the year, we are raising our 2025 guidance. We now expect revenues to be in the range of $3.3 billion to $3.4 billion and EBITDA in the range of $240 million to $255 million." Second Quarter 2025 Consolidated Results Revenues increased 31.0% to $921.5 million in the second quarter of 2025, compared to $703.3 million in the second quarter of 2024. Electrical and mechanical revenues grew $209.8 million, or 41.6%, and transmission and distribution revenues increased $5.6 million, or 2.7%. Gross profit increased 35.5% to $119.9 million in the second quarter of 2025, compared to $88.5 million in the second quarter of 2024. The increase was primarily due to project timing and efficiency gains on certain projects, partially offset by changes in project mix. Gross profit margin was 13.0% in the second quarter of 2025, up compared to 12.6% in the second quarter of 2024. Selling, general and administrative expenses increased to $47.4 million in the second quarter of 2025, compared to $37.2 million in the second quarter of 2024. The increase was primarily driven by higher labor and professional service-related expenses, including incremental stand-alone operating costs, to support the operational growth of the business, along with higher corporate overhead expenses. Net income increased 35.4% to $52.8 million, or diluted EPS of $1.03, in the second quarter of 2025, compared to $39.0 million, or diluted EPS of 76 cents, in the second quarter of 2024. The increase was primarily from increased gross profit and gross profit margin, partially offset by higher selling, general and administrative expenses, including incremental stand-alone operating costs, interest expense related to the company's borrowing arrangements and income taxes on higher pretax income. Net income margin was 5.7% in the second quarter of 2025, up compared to 5.5% in the second quarter of 2024. EBITDA increased 35.6% to $84.2 million in the second quarter of 2025, compared to $62.1 million in the second quarter of 2024. The increase was primarily from higher gross profit and gross profit margin, partially offset by higher selling, general and administrative expenses, including stand-alone operating costs. EBITDA margin was 9.1%, up compared to 8.8% in the second quarter of 2024. Backlog increased to $3.0 billion as of June 30, 2025, up 7.1% compared to Dec. 31, 2024, and up 23.9% compared to June 30, 2024. Second Quarter 2025 Segment Results Electrical and Mechanical E&M segment revenues increased 41.6% to $713.6 million in the second quarter of 2025, compared to $503.8 million in the second quarter of 2024. The increase was driven by higher workloads in the commercial end market, particularly growth in the data center submarket. The E&M segment had modest revenue declines in the remaining E&M end markets. E&M segment net income increased 61.4% to $47.3 million in the second quarter of 2025, compared to $29.3 million in the second quarter of 2024. E&M segment net income margin was 6.6%, up compared to 5.8% in the second quarter of 2024. E&M segment EBITDA increased 53.5% to $63.7 million in the second quarter of 2025, compared to $41.5 million in the second quarter of 2024. The increase was driven by higher revenues and higher gross profit margin due to project timing and efficiency gains on certain projects, partially offset by changes in project mix and higher selling, general and administrative expenses. E&M segment EBITDA margin was 8.9%, up compared to 8.2% in the second quarter of 2024. E&M backlog increased to $2.6 billion as of June 30, 2025, up 2.4% compared to $2.5 billion as of Dec. 31, 2024, and up 24.4% compared to $2.1 billion as of June 30, 2024. Transmission and Distribution T&D segment revenues increased 2.7% to $212.4 million in the second quarter of 2025, compared to $206.8 million in the second quarter of 2024. The increase was driven by growth in both the transportation and utility end markets, with higher workloads in the underground and traffic signalization submarkets. T&D segment net income increased 20.3% to $17.8 million during the second quarter of 2025, compared to $14.8 million in the second quarter of 2024. T&D segment net income margin was 8.4%, up compared to 7.2% in the second quarter of 2024. T&D segment EBITDA increased 19.2% to $30.4 million in the second quarter of 2025, compared to $25.5 million in the second quarter of 2024. The increase was primarily from higher revenues and higher gross profit margin due to project mix and solid project execution, partially offset by higher selling, general and administrative expenses. T&D segment EBITDA margin was 14.3%, up compared to 12.3% in the second quarter of 2024. T&D backlog increased to $410.1 million as of June 30, 2025, up 49.9% compared to $273.6 million as of Dec. 31, 2024, and up 20.8% compared to $339.6 million as of June 30, 2024. Six Months Ended June 30, 2025, Consolidated Results Revenues increased 31.5% to $1.75 billion for the six months ended June 30, 2025, compared to $1.33 billion for the six months ended June 30, 2024. Electrical and mechanical revenues rose $416.9 million, or 44.1%, while transmission and distribution revenues grew $2.1 million, or 0.5%. Gross profit increased 30.1% to $212.4 million for the six months ended June 30, 2025, compared to $163.3 million for the six months ended June 30, 2024. The increase was primarily driven by higher revenues due to project timing and efficiency gains on certain projects, partially offset by higher operating costs and lower gross profit margin from changes in project mix. Gross profit margin was 12.2% for the six months ended June 30, 2025, compared to 12.3% for the six months ended June 30, 2024. Selling, general and administrative expenses increased to $88.9 million for the six months ended June 30, 2025, compared to $73.1 million for the six months ended June 30, 2024. The increase was primarily driven by higher labor and professional service-related expenses, including incremental stand-alone operating costs, to support the operational growth of the business, along with higher corporate overhead expenses. Net income increased 33.2% to $89.5 million, or diluted EPS of $1.75, for the six months ended June 30, 2025, compared to $67.2 million, or diluted EPS of $1.32, for the six months ended June 30, 2024. The increase was primarily from increased gross profit and higher income from joint ventures, partially offset by higher selling, general and administrative expenses, interest expense related to borrowing arrangements and income taxes on higher pretax income. Net income margin remained consistent at 5.1% for the six months ended June 30, 2025, compared to 5.1% for the six months ended June 30, 2024. The company's EBITDA increased 34.1% to $146.0 million for the six months ended June 30, 2025, compared to $108.9 million for the six months ended June 30, 2024. The increase was primarily from increased gross profit and higher income from joint ventures, partially offset by higher selling, general and administrative expenses. As a result, EBITDA margin was 8.4% for the six months ended June 30, 2025, up compared to 8.2% for the six months ended June 30, 2024. Balance Sheet and Cash Flow Commentary Balance Sheet As of June 30, the company had $64.5 million of unrestricted cash and cash equivalents and $292.5 million of gross debt, compared to $69.9 million and $300.0 million as of Dec. 31, 2024. As of both June 30, and Dec. 31, 2024, the company had $209.4 million available under the revolving credit facility, net of $15.6 million of outstanding standby letters of credit. Net leverage, defined as net debt-to-trailing 12-month EBITDA, was 0.8x as of June 30, 2025, compared to 1.0x as of Dec. 31, 2024. Working capital, defined as current assets minus current liabilities, was $474.7 million as of June 30, 2025, compared to $403.9 million as of Dec. 31, 2024. The working capital changes were primarily driven by project timing, workload activity and billing fluctuations, with higher receivables and contract assets, partially offset by higher accounts payable, contract liabilities, net and accrued compensation and payroll-related liabilities. Cash Flow Operating cash flows were $32.5 million for the six months ended June 30, 2025, compared to $3.7 million for the six months ended June 30, 2024. The increase was primarily related to higher net income, higher non-cash expenses and increased return on investment distributions from joint ventures. Capital expenditures were $31.6 million for the six months ended June 30, 2025, compared to $16.5 million for the six months ended June 30, 2024. The increase was primarily from vehicle, equipment and building investments to support the company's growth. Everus had positive free cash flow of $6.5 million for the six months ended June 30, 2025, compared to negative free cash flow of $7.4 million for the six months ended June 30, 2024. The increase was primarily from higher operating cash flows, partially offset by higher net capital expenditures. Forecast for 2025 Everus is raising its estimated full-year revenues and EBITDA guidance for 2025. Revenues are expected to be in the range of $3.3 billion to $3.4 billion, updated from $3.0 billion to $3.1 billion. EBITDA is expected to be in the range of $240 million to $255 million, updated from $210 million to $225 million, with EBITDA margins expected to be lower than in 2024 due to stand-alone operating costs and associated dis-synergies. Everus is affirming its estimated full-year gross capital expenditures guidance for 2025. Gross capital expenditures for 2025 are expected to be in the range of $65 million to $70 million. Basis of Presentation Prior to the spinoff from MDU Resources Group, Inc. on Oct. 31, 2024, Everus Construction, Inc., including its subsidiaries, operated as a wholly owned subsidiary of CEHI, LLC (Centennial) and an indirect, wholly owned subsidiary of MDU Resources and not as a stand-alone company. Following the separation, Everus Construction is now a wholly owned subsidiary of Everus. As a result, for periods prior to the separation, Everus' financial information, including results of operations, financial condition, cash flows, and accompanying unaudited condensed consolidated financial statements, was prepared on a "carve-out" basis in connection with the spinoff and was derived from the unaudited condensed consolidated financial statements of MDU Resources as if Everus operated on a stand-alone basis. The calculation of basic and diluted earnings per share for periods presented prior to the spinoff have been retrospectively adjusted to the number of shares outstanding on Oct. 31, 2024, the separation and distribution date. It is assumed that there were no dilutive or anti-dilutive equity instruments as of Oct. 31, 2024, because there were no Everus stock-based awards outstanding for periods prior to the separation. Cash-settled, related-party transactions between Everus Construction, MDU Resources, Centennial or other MDU Resources subsidiaries for general operating activities; Everus Construction's participation in MDU Resources' centralized cash management program through Centennial; and intercompany debt were included in the unaudited condensed consolidated financial statements for periods prior to the separation. These related-party transactions were reflected in the unaudited condensed consolidated balance sheets prior to the separation as due from related-party, due from related-party - noncurrent, due to related-party or related-party notes payable. The aggregate net effect of general related-party operating activities was reflected in the unaudited condensed consolidated statements of cash flows within operating activities for periods prior to the separation. The effects of Everus Construction's participation in MDU Resources' centralized cash management program and intercompany debt arrangements were reflected in the unaudited condensed consolidated statements of cash flows within investing and financing activities for periods prior to the separation. Non-GAAP Financial Measures Throughout this news release, Everus presents financial information prepared in accordance with U.S. generally accepted accounting principles (GAAP), as well as non-GAAP financial measures, including EBITDA, EBITDA margin, net debt, net leverage and free cash flow, and, in some cases, applicable measures by segment. The use of these non-GAAP financial measures should not be construed as alternatives to net income, net income margin, total debt, gross leverage and cash provided by (used in) operating activities. Everus believes the use of these non-GAAP financial measures are beneficial in evaluating the company's financial performance. Please refer to the Non-GAAP Financial Measures sections contained in this news release for additional information. Conference Call Management will discuss Everus' second quarter 2025 results on a webcast at 10:30 a.m. EDT Aug. 13. The webcast and accompanying presentation materials can be accessed at by selecting "Events & Presentations" and "Everus Q2 Earnings Call." After the conclusion of the webcast, a replay will be available at the same location. Participants also can listen to the webcast by phone at 646-307-1963 for toll-based U.S. and international callers or at 800-715-9871 for toll-free U.S. callers, with conference ID 1034822. About Everus Construction Group Everus Construction Group, Inc., a member of the S&P SmallCap 600® index, is Building America's Future® by providing a full spectrum of construction services through its electrical and mechanical, and transmission and distribution specialty contracting services across the United States. These specialty contracting services are provided to commercial, industrial, institutional, renewables, service, utility, transportation and other customers. Its E&M contracting services include construction and maintenance of electrical and communication wiring and infrastructure, fire suppression systems, and mechanical piping and services. Its T&D contracting services include construction and maintenance of overhead and underground electrical, gas and communication infrastructure, as well as the manufacture and distribution of overhead and underground transmission line construction equipment and tools. For more information about Everus, visit or email investors@ Forward-Looking Statements Information in this news release includes certain "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this news release, including statements about the company's future performance, financial guidance, long-term targets and statements made by the CEO, are expressed in good faith and are believed by the company to have a reasonable basis. This news release highlights key growth strategies, projections and certain assumptions for the company and its subsidiaries and other matters for each of the company's segments. Many of these highlighted statements and other statements not historical in nature are "forward-looking statements." Although the company believes that its expectations are based on reasonable assumptions as of the date they are made, there is no assurance the company's projections, including estimates for growth, shareholder value creation and financial guidance, will be achieved. Readers are encouraged to refer to assumptions contained in this news release, as well as the various important factors listed in Part I, Item 1A. Risk Factors in the company's most recent Annual Report on Form 10-K and subsequent filings with the Securities and Exchange Commission. Changes in such assumptions and factors could cause actual future results to differ materially from growth and financial guidance. All forward-looking statements in this news release are expressly qualified by such cautionary statements and by reference to the underlying assumptions. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. Except as required by law, the company does not undertake any obligation to update or revise any forward-looking or cautionary statements to reflect changes in assumptions, the occurrence of events, unanticipated or otherwise, and changes in future operating results over time or otherwise. Everus Construction Group, Inc. Condensed Consolidated Statements of Income (Unaudited) Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 (In thousands, except per share amounts) Operating revenues $ 921,466 $ 703,373 $ 1,748,095 $ 1,329,062 Cost of sales 801,597 614,796 1,535,733 1,165,768 Gross profit 119,869 88,577 212,362 163,294 Selling, general and administrative expenses 47,362 37,268 88,871 73,101 Operating income 72,507 51,309 123,491 90,193 Interest expense, net 4,813 3,246 9,507 5,972 Other income, net 1,908 1,694 2,475 2,612 Income before income taxes and income from equity method investments 69,602 49,757 116,459 86,833 Income taxes 19,408 13,634 32,981 23,611 Income from equity method investments 2,649 2,849 6,037 3,964 Net income $ 52,843 $ 38,972 $ 89,515 $ 67,186 Earnings per share: Basic $ 1.04 $ 0.76 $ 1.75 $ 1.32 Diluted $ 1.03 $ 0.76 $ 1.75 $ 1.32 Weighted average common shares outstanding: Basic 51,041 50,972 51,042 50,972 Diluted 51,094 50,972 51,092 50,972 Everus Construction Group, Inc. Condensed Consolidated Balance Sheets (Unaudited) June 30, 2025 December 31, 2024 (In thousands, except share and per share amounts) Assets Current assets: Cash, cash equivalents and restricted cash $ 84,708 $ 86,012 Receivables, net of allowances of $3,006 and $7,097, respectively 682,951 590,028 Contract assets 244,502 167,049 Inventories 48,052 43,750 Prepayments and other current assets 28,813 30,390 Total current assets 1,089,026 917,229 Noncurrent assets: Property, plant and equipment, net of accumulated depreciation of $165,888 and $157,278, respectively 150,545 134,409 Goodwill 143,224 143,224 Operating lease right-of-use assets 73,606 67,045 Investments 20,375 21,286 Other 4,601 5,270 Total noncurrent assets 392,351 371,234 Total assets $ 1,481,377 $ 1,288,463 Liabilities and Stockholders' Equity Current liabilities: Current portion of long-term debt $ 15,000 $ 15,000 Contract liabilities, net 230,354 207,304 Accounts payable 199,091 138,097 Taxes payable 10,281 6,768 Accrued compensation 74,040 67,815 Current portion of operating lease liabilities 28,909 26,354 Accrued payroll-related liabilities 44,678 38,995 Other accrued liabilities 11,961 13,037 Total current liabilities 614,314 513,370 Noncurrent liabilities: Long-term debt 273,599 280,648 Deferred income taxes 10,834 8,161 Operating lease liabilities 45,500 41,200 Other 22,721 22,472 Total noncurrent liabilities 352,654 352,481 Total liabilities $ 966,968 $ 865,851 Commitments and contingencies Common stockholders' equity: Common stock, 300,000,000 shares authorized, $0.01 par value, 51,006,575 and 50,980,924 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively $ 510 $ 510 Other paid-in capital 140,412 138,130 Retained earnings 373,487 283,972 Total stockholders' equity 514,409 422,612 Total liabilities and stockholders' equity $ 1,481,377 $ 1,288,463 Everus Construction Group, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) Six months ended June 30, 2025 2024 (in thousands) Operating activities: Net income $ 89,515 $ 67,186 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 13,901 11,130 Amortization of intangible assets 116 1,044 Deferred income taxes 2,305 (1,600 ) Provision for credit losses (1,729 ) (134 ) Amortization of debt issuance costs 788 — Stock-based compensation costs 2,870 689 Net unrealized gains on investments (300 ) (315 ) Gain on sale of assets (3,682 ) (2,458 ) Equity in earnings of unconsolidated affiliates, net of distributions 909 (955 ) Changes in current assets and liabilities: Receivables (91,194 ) (109,058 ) Due from related-party — (1,920 ) Contract assets (77,453 ) 2,674 Inventories (4,302 ) (5,865 ) Other current assets 1,577 2,830 Contract liabilities, net 23,050 2,626 Accounts payable 60,547 29,552 Due to related-party — 1,568 Other current liabilities 14,268 4,752 Other noncurrent changes 1,284 2,005 Net cash provided by operating activities 32,470 3,751 Investing activities: Capital expenditures (31,623 ) (16,517 ) Net proceeds from sale or disposition of property 5,635 5,412 Proceeds from insurance contracts 2,174 — Investments (1,872 ) (391 ) Net cash used in investing activities (25,686 ) (11,496 ) Financing activities: Repayment of long-term debt (7,500 ) — Tax withholding on stock-based compensation (588 ) — Net amounts received from MDU Resources cash management program — 31,925 Transfers to CEHI, LLC and MDU Resources — (25,425 ) Net cash provided by (used in) financing activities (8,088 ) 6,500 Decrease in cash, cash equivalents and restricted cash (1,304 ) (1,245 ) Cash, cash equivalents and restricted cash - beginning of period 86,012 1,567 Cash, cash equivalents and restricted cash - end of period $ 84,708 $ 322 Everus Construction Group, and Other Financial Information(Unaudited) Revenues The following table sets forth segment revenues for the periods indicated, as well as the percentage change from the prior period: Three months ended June 30, Six months ended June 30, 2025 2024 % Change 2025 2024 % Change (In millions, except percentages) Operating revenues: Electrical & Mechanical $ 713.6 $ 503.8 41.6 % $ 1,361.8 $ 944.9 44.1 % Transmission & Distribution 212.4 206.8 2.7 % 397.4 395.3 0.5 % Eliminations (4.5 ) (7.3 ) (38.4 )% (11.1 ) (11.1 ) — % Total operating revenues $ 921.5 $ 703.3 31.0 % $ 1,748.1 $ 1,329.1 31.5 % Backlog Backlog is a common measurement in the construction services industry. Everus' determination of backlog can include projects that have a written award, a letter of intent, a notice to proceed, an agreed upon work order to perform work on mutually accepted terms, and conditions and change orders or claims to the extent management believes additional contract revenues will be earned and are deemed probable of collection. Contracts are subject to delays, defaults or cancellations; changes in scope of services to be provided; and adjustments to costs. Backlog also may be affected by project delays or cancellations resulting from weather conditions, external market factors and economic factors beyond Everus' control, among other things. Accordingly, there is no assurance that backlog will be realized. For the periods presented in the following backlog table, Everus did not experience any material impacts related to delays or cancellations of planned projects included in backlog. The timing of contract awards, including contracts awarded pursuant to master service agreements, duration of large new contracts and the mix of services can significantly affect backlog. Backlog at any given point in time may not accurately represent revenue or net income realized in any period, and backlog as of the end of the year may not be indicative of revenue or net income expected to be realized in the following year. Backlog should not be relied upon as a stand-alone indicator of future results. The following table provides estimated backlog as of the dates indicated: June 30, 2025 December 31, 2024 June 30, 2024 (In millions) Electrical & Mechanical $ 2,568.1 $ 2,507.0 $ 2,063.8 Transmission & Distribution 410.1 273.6 339.6 Total $ 2,978.2 $ 2,780.6 $ 2,403.4 Everus Construction Group, Financial Measures In addition to information prepared in accordance with GAAP, the company evaluates operating performance using the non-GAAP financial measures of EBITDA, EBITDA margin, net debt and net leverage, and, in some cases, applicable measures by segment, and evaluates its liquidity using the non-GAAP financial measure of free cash flow. These non-GAAP financial measures have limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of the company's results as reported under GAAP. Because of these limitations, EBITDA, EBITDA margin, net debt, net leverage and free cash flow should not be considered as replacements for net income, net income margin, total debt, gross leverage and cash provided by (used in) operating activities, the most comparable GAAP measures, respectively. Non-GAAP financial measures are not standardized; therefore, it may not be possible to compare them with other companies' EBITDA, EBITDA margin, net debt, net leverage and free cash flow having the same or similar names. EBITDA and EBITDA Margin Everus utilizes EBITDA and EBITDA margin to consistently assess its operating performance and as a basis for strategic planning and forecasting, since the company believes EBITDA closely correlates to long-term enterprise value. Everus believes that measuring performance on an EBITDA basis is useful to investors, because it enables a more consistent evaluation of its period-to-period operational performance. Everus also believes these non-GAAP financial measures, in addition to the corresponding GAAP measures of net income and net income margin, are useful to investors and provide meaningful information about operational efficiency by excluding the impacts of differences in tax jurisdictions and structures, debt levels and capital investment. Investors also may use EBITDA to calculate leverage as a multiple of EBITDA. Management uses EBITDA and EBITDA margin, in addition to GAAP metrics, to evaluate the company's operating results, calculate compensation packages and determine leverage as a multiple of EBITDA to establish the appropriate funding of operations. EBITDA is calculated by adding back interest expense, net of interest income, income taxes, and depreciation and amortization to net income. EBITDA margin is calculated by dividing EBITDA by operating revenues. The following table reconciles net income to EBITDA and provides the calculation of EBITDA margin. Three months ended June 30, Six months ended June 30, 2025 2024 % Change 2025 2024 % Change (In millions, except percentages) Net income $ 52.8 $ 39.0 35.4 % $ 89.5 $ 67.2 33.2 % Interest expense, net 4.8 3.3 45.5 % 9.5 6.0 58.3 % Income taxes 19.4 13.6 42.6 % 33.0 23.6 39.8 % Depreciation and amortization 7.2 6.2 16.1 % 14.0 12.1 15.7 % EBITDA $ 84.2 $ 62.1 35.6 % $ 146.0 $ 108.9 34.1 % Total operating revenues $ 921.5 $ 703.3 31.0 % $ 1,748.1 $ 1,329.1 31.5 % Net income margin 5.7 % 5.5 % 5.1 % 5.1 % EBITDA margin 9.1 % 8.8 % 8.4 % 8.2 % The following tables reconcile net income to EBITDA by segment. Three months ended June 30, 2025 Six months ended June 30, 2025 E&M T&D Corporateand Other Total E&M T&D Corporateand Other Total (In millions) Net income $ 47.3 $ 17.8 $ (12.3 ) $ 52.8 $ 83.9 $ 28.3 $ (22.7 ) $ 89.5 Interest expense, net (1.5 ) 1.0 5.3 4.8 (3.3 ) 1.7 11.1 9.5 Income taxes 16.4 5.9 (2.9 ) 19.4 29.7 9.3 (6.0 ) 33.0 Depreciation and amortization 1.5 5.7 — 7.2 2.9 11.2 (0.1 ) 14.0 EBITDA $ 63.7 $ 30.4 $ (9.9 ) $ 84.2 $ 113.2 $ 50.5 $ (17.7 ) $ 146.0 Three months ended June 30, 2024 Six months ended June 30, 2024 E&M T&D Corporateand Other Total E&M T&D Corporateand Other Total (In millions) Net income $ 29.3 $ 14.8 $ (5.1 ) $ 39.0 $ 52.3 $ 25.0 $ (10.1 ) $ 67.2 Interest expense, net 0.2 1.2 1.9 3.3 0.1 2.1 3.8 6.0 Income taxes 10.4 5.0 (1.8 ) 13.6 18.7 8.4 (3.5 ) 23.6 Depreciation and amortization 1.6 4.5 0.1 6.2 3.2 9.0 (0.1 ) 12.1 EBITDA $ 41.5 $ 25.5 $ (4.9 ) $ 62.1 $ 74.3 $ 44.5 $ (9.9 ) $ 108.9 The following table provides EBITDA and the calculation of EBITDA margin by segment. Three months ended June 30, Six months ended June 30, 2025 2024 % Change 2025 2024 % Change (In millions, except percentages) Operating revenues: Electrical & Mechanical $ 713.6 $ 503.8 41.6 % $ 1,361.8 $ 944.9 44.1 % Transmission & Distribution 212.4 206.8 2.7 % 397.4 395.3 0.5 % Eliminations (4.5 ) (7.3 ) (38.4 )% (11.1 ) (11.1 ) — % Total operating revenues $ 921.5 $ 703.3 31.0 % $ 1,748.1 $ 1,329.1 31.5 % Net income: Electrical & Mechanical $ 47.3 $ 29.3 61.4 % $ 83.9 $ 52.3 60.4 % Transmission & Distribution 17.8 14.8 20.3 % 28.3 25.0 13.2 % Corporate and other (12.3 ) (5.1 ) NM (22.7 ) (10.1 ) NM Total net income $ 52.8 $ 39.0 35.4 % $ 89.5 $ 67.2 33.2 % EBITDA: Electrical & Mechanical $ 63.7 $ 41.5 53.5 % $ 113.2 $ 74.3 52.4 % Transmission & Distribution 30.4 25.5 19.2 % 50.5 44.5 13.5 % Corporate and other (9.9 ) (4.9 ) NM (17.7 ) (9.9 ) (78.8 )% Total EBITDA $ 84.2 $ 62.1 35.6 % $ 146.0 $ 108.9 34.1 % Net income margin: Electrical & Mechanical 6.6 % 5.8 % 6.2 % 5.5 % Transmission & Distribution 8.4 % 7.2 % 7.1 % 6.3 % Total net income margin 5.7 % 5.5 % 5.1 % 5.1 % EBITDA margin: Electrical & Mechanical 8.9 % 8.2 % 8.3 % 7.9 % Transmission & Distribution 14.3 % 12.3 % 12.7 % 11.3 % Total EBITDA margin 9.1 % 8.8 % 8.4 % 8.2 % NM - Not Meaningful The following table provides the increased EBITDA guidance reconciliation for full-year 2025. Low High (In millions) Net income $ 145.0 $ 150.0 Interest expense, net 20.0 20.0 Income taxes 50.0 55.0 Depreciation and amortization 25.0 30.0 EBITDA $ 240.0 $ 255.0 Net Debt and Net Leverage Everus uses net debt and net leverage as a measure of assessing its borrowing capacity and achieving its optimal capital structure. The company believe these non-GAAP financial measures, in addition to the corresponding GAAP measures of total debt and gross leverage, are useful to investors because they provide insight into how long it would take the company to pay back its debt if net debt and EBITDA were constant. Net debt is calculated by adding unamortized debt issuance costs to the total debt balance on the balance sheet, less any unrestricted cash. Net leverage is calculated by dividing net debt by trailing 12-month EBITDA. The following table provides the reconciliations of trailing 12-month EBITDA as of June 30, 2025, and Dec. 31, 2024. Twelve months ended June 30, 2025 Six months ended June 30, 2025 Twelve months ended December 31, 2024 Six months ended June 30, 2024 (In millions) Net income $ 165.7 $ 89.5 $ 143.4 $ 67.2 Interest expense, net 17.5 9.5 14.0 6.0 Income taxes 58.9 33.0 49.5 23.6 Depreciation and amortization 27.2 14.0 25.3 12.1 EBITDA $ 269.3 $ 146.0 $ 232.2 $ 108.9 The following table provides the reconciliations net leverage as of June 30, 2025, and Dec. 31, 2024. June 30, 2025 December 31, 2024 (In millions) Current portion of long-term debt $ 15.0 $ 15.0 Long-term debt 273.6 280.6 Total debt 288.6 295.6 Add: Unamortized debt issuance costs 3.9 4.4 Total gross debt 292.5 300.0 Less: cash and cash equivalents, excluding restricted cash (64.5 ) (69.9 ) Total net debt $ 228.0 $ 230.1 Trailing 12-month EBITDA for the periods indicated $ 269.3 $ 232.2 Net leverage 0.8x 1.0x Free Cash Flow Everus uses free cash flow as a measure of liquidity that indicates how much cash the company can produce after taking cash outflows from operations and assets into consideration. The company believes this non-GAAP financial measure, in addition to the corresponding GAAP measure of cash provided by (used in) operating activities, is useful to investors because it provides meaningful information about the company's financial health and ability to generate cash, support additional debt obligations, pay future dividends and fund growth. Free cash flow does not represent residual cash flow available for discretionary purposes. Free cash flow is defined as net cash provided by (used in) operating activities less net capital expenditures. The following table provides reconciliations of cash provided by operating activities to free cash flow. Six months ended June 30, 2025 2024 (In millions) Net cash used in investing activities $ (25.7 ) $ (11.5 ) Net cash provided by (used in) financing activities $ (8.1 ) $ 6.5 Net cash provided by operating activities $ 32.5 $ 3.7 Purchases of property, plant and equipment (31.6 ) (16.5 ) Cash proceeds from sale of property, plant and equipment 5.6 5.4 Free cash flow $ 6.5 $ (7.4 ) Non-GAAP Financial Guidance The company is unable to reconcile forward-looking non-GAAP financial guidance relating to full-year 2025 EBITDA margin to its nearest GAAP measure because the company is unable to predict the timing of these adjustments with a reasonable degree of certainty. By their very nature, non-GAAP adjustments are difficult to anticipate with precision because they are generally associated with unexpected and unplanned events that impact the company and its financial results. Therefore, the company is unable to provide the reconciliation of full-year 2025 EBITDA margin guidance without unreasonable efforts. View source version on Contacts Media Contact Laura Lueder, director of communications, 701-221-6444 Investor Contact Paul Bartolai, Vallum Advisors, 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
New York Times
08-08-2025
- Sport
- New York Times
Fantasy football 2025 All-Undervalued team featuring Dak Prescott, Chris Olave, Mike Evans
It's not likely Warren Buffett was talking about fantasy football when he said, 'Price is what you pay. Value is what you get.' He's too busy having all the cheese to concern himself with such frivolities. But what Buffett said holds as much truth in our hobby as when buying North Dakota. It's not the price you pay for a player. It's what you get for that price. Advertisement In the case of North Dakota, it's a lot of barley, wheat, oats, sugarbeets and sunflower seeds. Oh, and the Bismarck Bucks of the Indoor Football League. Mustn't forget them. This could be their year, you know. In fantasy football, value is the key to success. Build a roster of undervalued players whose production in 2025 surpasses their price tag, and odds are it will be a good year. Conversely, fill a roster with players who fail to live up to their draft slot, and by the end of November, your chances of making a deep playoff run will be as dead as a Thanksgiving turkey. There are many reasons why a player could be undervalued. They could be coming off an injury, have (GASP!) 30-plus candles on their birthday cake or play for a team expected to struggle. Whatever the reason, undervalued players are waiting to lead fantasy managers to glory every year. And this season, the following players are an All-Star squad of fantasy bargains. ADPs via FantasyPros Prescott's ADP is evidence that fantasy drafters love a good grudge. After missing half of last season with a hamstring injury, Prescott is being drafted outside the top 12 quarterbacks even though in 2023 he completed almost 70% of his passes, was third in the NFL with 4,516 passing yards and led the league with 36 touchdown passes. Those numbers landed Prescott third among quarterbacks in fantasy points. The addition of wide receiver George Pickens and the return of a healthy Jake Ferguson at tight end (and that CeeDee Lamb guy — hear he's good) gives Prescott a solid set of pass-catchers. And given the questions swirling around the Cowboys' ground game, Dallas could easily be one of the NFL's more pass-heavy teams this season. Brown's second-half surge last year propelled more than a few fantasy teams to championships. Brown finished his second professional season with 1,350 total yards and 11 scores — good enough for an RB10 PPR finish. From Week 8 on, he had double-digit PPR points in every game he played and ranked sixth at his position in fantasy points. Advertisement The Bengals have made it clear that Brown is the team's unquestioned lead back, with words and actions — Cincy recently released veteran running back Zack Moss. Playing for a loaded offense that prevents opponents from stacking the box as a three-down workhorse from the jump, Brown could flirt with the top-five at his position in 2025. On some level, it's understandable why fantasy managers have concerns about Conner. He's a 30-year-old running back with an injury history. As a matter of fact, the next season Conner plays every game will be his first, although in his defense, the ninth-year veteran played a career-high 16 games a year ago. Conner had arguably the best season of his career in 2024 — over 1,500 total yards, 4.6 yards per carry and an RB11 finish in PPR fantasy points. The season before that, Conner averaged 5.0 yards a pop and was RB13 in PPR points per game. Trey Benson isn't a serious threat to the veteran's three-down role — Conner is being drafted a lot closer to his floor than his ceiling. Several rituals signify the end of summer — Labor Day barbecues, the closing of public pools, children returning to school, and, for reasons that make about as much sense as the Star Wars prequels, fading Tampa Bay Buccaneers wide receiver Mike Evans in drafts. Yes, Evans has played 11 years in the NFL. But in every one of those seasons, the 31-year-old has surpassed 1,000 receiving yards. Evans caught 11 touchdown passes a season ago — his fourth season in the past five years with double-digit scores. He has also posted four top-12 PPR finishes over that span. Other than that? Total bum. It's not especially easy to get excited about the Titans offense. Even their quarterback, rookie Cam Ward (the first overall pick in last April's draft), admits the team has work to do, telling reporters from training camp, 'I just think we're very mid right now.' Advertisement It's an assessment that doesn't exactly inspire fantasy enthusiasm. But Ridley was WR27 last year catching wormburners from Will, 'The Mayo Man' Levis, who dreams to one day be 'mid.' Ridley topped 1,000 receiving yards for the second straight season in 2024 despite a career-low catch percentage of just 53.3. The last time that percentage was above 60, Ridley tied for fourth in the league with 1,374 receiving yards and was fifth in PPR points at the position. Not long ago, Olave was considered a rising young star at wide receiver instead of a fringe fantasy starter. The former Ohio State star topped 1,000 receiving yards in his first two seasons and had a fantasy ADP inside the top-12 receivers a year ago. But after a concussion-marred mess of a 2024, it's downtown 'meh' for Olave's fantasy prospects in the eyes of many this season. The Saints will probably be stinky poo (it's a technical term), and the team's quarterback situation may be the worst in the league. But someone's gotta catch passes for a New Orleans team that figures to be playing from behind a lot in 2025, and Saints head coach Kellen Moore's offense has produced more than a few big years from said offense's top wideout. Engram is another player on the All-Undervalued team who missed significant time in 2024. Hamstring and shoulder injuries limited the 30-year-old to nine games, 365 receiving yards and just one score. But the season before, Engram had more catches than every player in the AFC not named Tyreek Hill and led the conference in fantasy points among tight ends. The Broncos are paying Engram a substantial amount of money this year to fill the 'Joker' role in Sean Payton's offense, which means he'll be lining up all over the formation. It's the role Jimmy Graham played for Payton with the Saints, and as the New York Post's Howard Bender wrote, over a four-year span from 2011-2014, Graham averaged 138 targets, 89 receptions, 1,099 receiving yards and 11 touchdowns. Is that good? It sounds good. Advertisement After an outstanding 2021 season in which he surpassed 1,700 total yards, scored 14 total touchdowns and finished third in PPR points among wide receivers, Samuel was a bona fide fantasy stud. Fast forward a few years, and after failing to hit 700 receiving yards for the second time in three seasons in 2024, it's off to downtown Dudsville for the 29-year-old in 2025. Or is it? As recently as 2023, Samuel eclipsed 1,100 total yards, scored 12 touchdowns and was a top-15 fantasy option at his position. If the Commanders were as sure as fantasy managers that Samuel was washed, they wouldn't have traded for him. And with the Terry McLaurin contract saga dragging into August and Washington's sights set squarely on Samuel's old stomping grounds (in, say, February), offensive coordinator Kliff Kingsbury could be all the more motivated to scheme him touches. Gary Davenport is a two-time Fantasy Sports Writers Association Football Writer of the Year. Follow Gary on X at @IDPGodfather. (Photo of Mike Evans: Julio Aguilar / Getty Images) Spot the pattern. Connect the terms Find the hidden link between sports terms Play today's puzzle
Russia Today
08-08-2025
- Politics
- Russia Today
Listen to Lavrov: Here's why Russia won't take crap from the EU anymore
Like him, hate him, Otto von Bismarck – Prussian aristocrat, arch conservative, user of German nationalism, maker of wars, and then keeper of the peace – was no dummy. And his ego was Reich-sized. Yet even Bismarck had a grain of humility left. Smart politics, he once remarked, consists of listening for 'God's step' as He walks through 'world history,' and then to grab the hem of His mantle. In other words, stay attuned to the needs and especially the opportunities of the moment. Tragically, Bismarck's single greatest skill was to seize – and, if need be, help along – opportunities for war. But sometimes peace, too, gets its chance. Fifty years ago, all European countries – minus only Albania, initially – plus the US and Canada, signed the Helsinki Final Act (or Helsinki Accords). A complex document addressing four areas (called 'baskets') of international relations and follow-up implementation, the Helsinki Final Act was a breakthrough for Détente in Europe. Détente was a global attempt, driven by Brezhnev and Gromyko's Moscow and Nixon and Kissinger's Washington to, if not wind down, then at least manage the Cold War better. The Cuban Missile Crisis of 1962 was not the only reason for this policy of restraint and reason. Coming extremely close to all-out nuclear war Dr.-Strangelove-style helped concentrate minds. Add the US fiasco in Vietnam, and by the late 1960s, the desire to de-escalate was strong enough even in Washington to quickly override the Soviet suppression of the 1968 Prague Spring. In the first half of the 1970s, a flurry of high-level international diplomacy and treaties marked the peak of Détente. By 1975, the Helsinki Accords were the peak of that peak. Stemming from Soviet and Warsaw Pact initiatives and resonating with a Western Europe – and even post-Harmel Report NATO (those were the days!) – that genuinely wanted to combine due diligence in defense policy with real diplomacy and give-and-take negotiations, the Helsinki Accords also fed on the preceding French, that is, De Gaulle's, 'politique à l'Est,' as well as Willy Brandt of Germany's 'Ostpolitik.' The latter is much maligned now in a Germany where disgracefully incompetent elites have gone wild with Russophobia and a new militarism. In reality, both De Gaulle and Brandt – as well as Brandt's key foreign policy adviser, Egon Bahr, made historic contributions to mitigating the worst risks of the Cold War and, in Germany's case, also to preparing the ground for national re-unification. Yet, after 1975, things started to go downhill, and they've never really stopped. That is one of the key points recently made in a long article by Russian Foreign Minister Sergey Lavrov. Since Western mainstream media excel at not reporting what Russian politicians are trying to tell us, it is likely that few will notice outside of Russia. That's a shame because Lavrov has more than one message we should pay attention to. Under the understated title 'Half a Century of the Helsinki Act: Expectations, Realities, and Perspectives,' Lavrov delivers a harsh and – even if you disagree with some of the details – fundamentally valid and just criticism of the disappointing failure following the promising beginnings at Helsinki. That failure has a name – the Organization for Security and Co-operation in Europe (OSCE). Incidentally, the OSCE is the successor of the Conference on Security and Co-operation in Europe (CSCE), which actually produced the Helsinki Accords between 1972 and 1975. Before the leaders of the time, both great and small, could meet in Helsinki to sign them, at what Cold War historian Jussi Hanhimäki called a 'largely ceremonial affair,' there had been years of painstaking, meticulous negotiations. There's a lesson here for the impatient Trumps and Zelenskys of today: serious results take serious preparation, not a day or two of grandstanding. What happened to the OSCE next is not complicated: with 57 member states, making it the largest security organization in the world today, it has massively under performed. At least if we measure it by its aims, as originally set out at Helsinki in the heyday of Détente. The OSCE could have been an indispensable international forum, bridging the front lines of geopolitics and ideologies (or, as we now say, 'values'). After the end of the Cold War in the late 1980s, it could even have become the core of new security architecture, which included everyone from Lisbon to Vladivostok. But for that to happen, it would have had to stick to the Helsinki Accord's core principles and rules: strict respect for sovereignty, equality, and non-interference, all maintained by a heavy emphasis on consensus. Yet, instead, the OSCE turned, first, into a Cold War and, then, a post-Cold War tool of Western influence, bias, and – behind the façade of multilateralism – hardball realpolitik. Like the EU, the OSCE should have been fundamentally different from, and even antagonistic towards NATO. But like the EU, it ended up becoming a mere junior partner in America's imperial vassal system. Much of Lavrov's article is dedicated to detailing this failure in various countries, regions, issues, and conflicts, including Chechnya, Kosovo, Moldova, and Ukraine, to name just a few. That's important because it serves as a corrective to silly and complacent Western mainstream tales, which put the blame for Helsinki's and the OSCE's failure on – drum roll – Russia and Russia alone. Not to speak of the demented attempts by Ukraine's delusional, corrupt, and increasingly isolated Vladimir Zelensky to use the Helsinki anniversary to once again call for 'regime change' in Russia. Yet what is even more important is Lavrov's candid message about the future, as Russia sees it. First, it is polycentric or multipolar and, in this part of the world, Eurasian and emphatically not transatlantic. In that respect, it is almost as if we are back in the mid-1950s. Back then, long before the Helsinki Act became reality, Moscow – then the capital of the Soviet Union – suggested building comprehensive security architecture. The West refused because Moscow was not willing to include the US. By the 1970s, the Soviet leadership had changed its position, affirming that it was possible to include the US, which, in turn, made Helsinki possible. So much for fairy tales of Russian 'intransigence.' That inclusion was an irony of history, as Washington initially showed only distrust and disdain. As Hanhimäki has shown, Henry Kissinger considered Europe a sideshow, though not the Soviet Union: the US has always respected its opponents much more than its vassals. He suspected that if Moscow and Western Europe got to cozy it could end up threatening Washington's control over the latter. He once told his team with more than a tinge of nasty racism that the Helsinki agreements might as well be written in Swahili. Now, Moscow is back to standing firm against trans-atlanticism. Lavrov writes, 'Euro-atlantic' conceptions of security and cooperation have 'discredited themselves and are exhausted.' Europe, he warns, can have a place in future Eurasian systems, but it 'definitely' won't be allowed to 'call the tune.' If its countries wish to be part of the 'process, they will have to learn good manners, renounce [their habit of] diktat and colonial instincts, get used to equal rights, [and] working in a team.' You may think that this is very far from the Europe we are seeing now: one that is submissive to the US to the point of self-destruction (as the Turnberry Trade and Tariff Fiasco has just revealed again), blinded by hubris in its 'garden-in-the-jungle,' and fanatically invested in not even talking to Russia and confronting China. And yet, none of the above can last forever. Indeed, given how self-damaging these policies are, it may not last much longer. The news from Moscow is that, though Russia has not closed the door on Europe entirely, if or when the Europeans recover their sanity, they will find that Russia won't allow them to return to having it both ways: being America's vassals and enjoying a decent relationship with Russia at the same time.
