Latest news with #Farnell
Global News
6 hours ago
- Climate
- Global News
Smoke from western wildfires to blame for hazy southern Ontario skies
In northern Ontario, air quality warnings have been issued by Environment Canada in connection to forest fires, but the southern part of the province is also being impacted. Upper-level smoke from wildfires out west are making for hazy skies over southern Ontario, according to Global News meteorologist Anthony Farnell. 'The smoke here is mostly from fires burning in Saskatchewan and Manitoba but there is also some fire smoke from northwestern Ontario in there as well,' he explained Tuesday morning, noting that it is also keeping a lid on warmer weather. 'Today it's at its thickest higher up in the atmosphere which is leading to these hazy skies and will likely affect the temperature today, keeping it a degree or so cooler than if we didn't have any smoke.' Get daily National news Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day. Sign up for daily National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy The issue is expected to partially clear up on Wednesday ,although that will not last for long. Story continues below advertisement 'Tomorrow ahead of a cold front, air quality will start to deteriorate as some of the lower level particulates move in from those same fires,' Farnell said. 'The air will temporarily clear out with rain Wednesday night into Thursday, but smoke will likely be back by the weekend. Smoke will be a frequent occurrence depending on which was the winds blow until a soaking rain falls out west, and that's still at least several days away.' This could be an ongoing issue throughout the summer as Farnell's summer forecast calls for hot, dry weather for the Prairies throughout the summer months. Out in Saskatchewan, there are currently 18 fires actively burning. The province has already seen 219 fires already this year, a number which is well above the fire-year average of 131. It is estimated that more than 8,000 people have been evacuated from their homes as a result of the ongoing fires. It is a similar situation in Manitoba, as more than 17,000 people have been forced to leave their homes since last week, including 5,000 residents of Flin Flon, which is near the border with Saskatchewan. The province say rain on Monday was not enough to stop the 25 wildfires that were reported to be burning in the province on Sunday. Story continues below advertisement — With files from Global News and the Canadian Press
Global News
a day ago
- Climate
- Global News
Chill, Ontario: Why warm, sunny days are on the way after very cool May
After a cold, snowy winter followed by a cool start to spring, many Ontarians were hoping for a summer start to June but were forced to keep their winter gear on their torsos Sunday as temperatures fell below 5 C. 'The low temperature of 4.9 C at Pearson airport was the coldest June temperature in the last 20 years,' Global News chief meteorologist Anthony Farnell said. 'It was also a chilly start to the day on this June 2nd with mid-single digits across the GTA. 'This comes after a chilly second half of May, which was cooler than the first half of the month. This doesn't happen very often.' Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy This is a far cry from just two years ago when the Toronto area experienced record temperatures of 30.9 C and is much closer to the record coldest June 1 which was in 1945, when the temperature fell to of 1.1 C. Story continues below advertisement Sunday's cool weather followed on the heels of a blustery last couple of weeks of May but Farnell says things are about to get much warmer. 'The warmest it got in May was only 27.5 C, so we are overdue for some hot weather around here and it is coming,' he said. 'Temperatures will warm up through the first half of the week, with the hottest day of the year so far coming on Wednesday.' On Sunday, the meteorologist released his outlook for the summer, with the Big Smoke and surrounding areas expected to encounter a wet June before sweltering temperatures arrive over July and August. 'My summer forecast is still calling for a hot summer across most of Canada, but for us around the Great Lakes, June will be closer to normal before the heat and humidity sets in for July and August.'
Global News
15-05-2025
- Climate
- Global News
Ontarians to see wild swing in weather throughout Victoria Day long weekend
The Victoria Day long weekend is often the start to summer for many Ontarians, with many heading to trailers and cottages to kick off the season. That said, the weather for the holiday weekend, colloquially referred to as 'May Two-Four', seems to almost always disappoint and this weekend's forecast is no different. Heading into the weekend, Friday will be great, according to Global News Chief Meteorologist Anthony Farnell, but it is the days that follow that are the issue. Get daily National news Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day. Sign up for daily National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy 'Friday will be one of the warmest days of the season so far but unfortunately the good times are coming to an end just in time for the May long weekend,' he explained. 'An area of low pressure will bring the risk of thunderstorms overnight Friday in the GTA with additional rounds of rain developing later Saturday across mostly eastern Ontario, but showers are also likely elsewhere.' Story continues below advertisement Farnell said that things will eventually improve Sunday after a soggy Saturday but it will still be sweater weather on Sunday. 'As the low pressure moves into Quebec on Sunday, linger showers will taper off by afternoon for the eastern part of the province with increasing sunshine elsewhere,' the meteorologist said. 'Cooler-than-normal temperatures will prevail with brisk northwest winds on Sunday. Victoria Day Monday is likely to be the best day of the weekend with partial sunshine, less wind and a slightly warmer temperature.' He said things will remain cold for a good portion of the week to follow as well.
Yahoo
14-05-2025
- Business
- Yahoo
AVT Q1 Earnings Call: Revenue Meets Expectations, Guidance Trails Analyst Estimates
Electronic components distributor Avnet (NASDAQGS:AVT) met Wall Street's revenue expectations in Q1 CY2025, but sales fell by 6% year on year to $5.32 billion. On the other hand, next quarter's revenue guidance of $5.3 billion was less impressive, coming in 0.9% below analysts' estimates. Its non-GAAP profit of $0.84 per share was 17.4% above analysts' consensus estimates. Is now the time to buy AVT? Find out in our full research report (it's free). Revenue: $5.32 billion vs analyst estimates of $5.29 billion (6% year-on-year decline, in line) Adjusted EPS: $0.84 vs analyst estimates of $0.71 (17.4% beat) Adjusted EBITDA: $181.7 million vs analyst estimates of $161.6 million (3.4% margin, 12.5% beat) Revenue Guidance for Q2 CY2025 is $5.3 billion at the midpoint, below analyst estimates of $5.35 billion Adjusted EPS guidance for Q2 CY2025 is $0.70 at the midpoint, below analyst estimates of $0.90 Operating Margin: 2.9%, in line with the same quarter last year Free Cash Flow Margin: 2.1%, down from 8.1% in the same quarter last year Market Capitalization: $4.39 billion Avnet's first quarter results were primarily driven by continued softness in Western markets and ongoing customer inventory destocking, offset by stronger-than-anticipated performance in Asia and incremental improvements at Farnell, its distribution business. CEO Phil Gallagher cited Asia's third consecutive quarter of year-over-year growth and highlighted ongoing stabilization efforts in Europe, noting, 'Asia was the only region with year-on-year sales growth. In EMEA, we continue to experience weak demand across the region.' Looking ahead, Avnet's guidance for next quarter reflects persistent headwinds in key Western markets and heightened tariff-related uncertainty. Management emphasized caution around geopolitical factors and the complexity of new tariffs on goods from China, with Gallagher stating, 'Our team has made a significant effort to adjust our processes for this latest round of tariffs.' The company expects muted revenue trends and is focused on maintaining operational discipline while managing supply chain challenges and evolving customer demand patterns. Avnet's management attributed the latest quarter's results to stable but challenging market conditions, ongoing customer inventory adjustments, and regional disparities in demand. Key themes included efforts to optimize inventory, manage tariffs, and drive incremental improvements at Farnell. Asia Outperforms, Western Weakness: Asia delivered year-over-year sales growth for the third straight quarter, aided by some customer pull-ins related to regulatory uncertainty, while Europe (EMEA) continued to experience broad-based demand weakness. Customer Destocking Continues: Customers across most regions remained focused on reducing their inventories, leading to lower backlog and shorter lead times. Cancellations were described as normal, but management does not foresee a rapid recovery from the destocking cycle. Farnell Progresses on Turnaround: The Farnell business, which caters to industrial and electronic component customers, posted sequential improvement in sales and margin. Management credited new leadership and operational streamlining for these early gains, but emphasized that further improvement is needed to reach mid- to high-single-digit margins. Tariff Mitigation Efforts: In response to new tariffs on goods from China, Avnet is leveraging its global logistics, alternative sourcing, and foreign trade zone capabilities to minimize impact on customers. Management noted that about 7%-10% of Americas sales are affected by these tariffs, and efforts are underway to pass through or offset costs where possible. Inventory Strategy Adjustments: Avnet views its inventory as a strategic asset, balancing reductions in excess stock with the need to support customer requirements. Management acknowledged that while some inventory is elevated, other product lines require further investment to remain competitive and responsive to demand shifts. Avnet's outlook centers on ongoing regional imbalances, continued customer inventory correction, and adapting to new tariff regimes. Management expects these themes to shape revenue and margin trends in the coming quarters. Tariffs and Geopolitical Uncertainty: Management highlighted the dynamic nature of U.S.-China tariffs and associated supply chain complexity. The company's ability to mitigate tariff effects and adjust sourcing will influence both customer demand and margin profile. Inventory Normalization Pace: The speed at which customers complete inventory destocking will affect Avnet's sales trajectory. Prolonged correction periods may delay revenue recovery, while faster normalization could support a rebound. Farnell Operational Execution: Continued progress at Farnell—driven by cost control, SKU expansion, and process improvements—remains a key lever for improving group profitability. Management aims for steady margin increases but cautioned that significant gains will take time. Joe Quatrochi (Wells Fargo): Asked why Avnet's revenue guidance was lower than some suppliers' growth outlooks. CFO Ken Jacobson explained that ongoing weakness in Europe and the Americas offsets strength in Asia, describing the guidance as neither conservative nor aggressive. Joe Quatrochi (Wells Fargo): Inquired about the impact of new tariffs and supply chain services. Jacobson emphasized Avnet's global footprint and ability to shift sourcing, but noted that tariffs on Chinese goods are largely unavoidable and must be passed through or mitigated. William Stein (Truist): Requested detail on Farnell's improved margins and long-term strategy. CEO Phil Gallagher said progress is encouraging, attributing gains to new leadership and operational efficiency, while reaffirming the goal of achieving higher margins over several quarters. William Stein (Truist): Questioned Avnet's inventory approach and whether higher inventory levels are a permanent strategy. Management reiterated that inventory is a strategic asset but intends to reduce excess stock where possible. Wamsi Mohan (BofA): Asked about order patterns related to tariffs and visibility into AI-related component demand. Gallagher reported only modest order pull-ins and estimated AI-driven sales at 3%-5% of Asia-Pacific business, with potential for future growth. In the upcoming quarters, the StockStory team will watch (1) whether destocking trends in Western markets begin to moderate, supporting a sales recovery; (2) the effectiveness of Avnet's strategies to offset or pass through the impact of new tariffs on its Americas business; and (3) continued operational improvements at Farnell, particularly in achieving margin expansion. Additionally, we will monitor Avnet's inventory management as a signal of supply-demand normalization. Avnet currently trades at a forward P/E ratio of 10.3×. Should you load up, cash out, or stay put? Find out in our free research report. Donald Trump's victory in the 2024 U.S. Presidential Election sent major indices to all-time highs, but stocks have retraced as investors debate the health of the economy and the potential impact of tariffs. While this leaves much uncertainty around 2025, a few companies are poised for long-term gains regardless of the political or macroeconomic climate, like our Top 5 Strong Momentum Stocks for this week. This is a curated list of our High Quality stocks that have generated a market-beating return of 176% over the last five years. Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-small-cap company Comfort Systems (+782% five-year return). Find your next big winner with StockStory today. Sign in to access your portfolio
Epoch Times
30-04-2025
- Business
- Epoch Times
Public Should Hold on to Cash in Case of Cyber Attacks or Power Outages: Treasury Committee
The public should be advised to keep cash on hand in case of cyber attacks or system outages, MPs have told the Treasury. Members of the Treasury Committee MPs continued, 'This may include recommending that cash is held by individuals in case of emergency, and considering what role cash distribution might play in a severe payment systems outage.' The committee cited the National Risk Register which notes that the UK's financial systems are vulnerable to risks, specifically a 'malicious cyberattack by a state actor' or 'non-malicious technological failure.' They concluded that owing to these risks and other potential failures in a retail bank's digital supply chain, 'physical cash has a vital role to play as a payment method that is independent, that is backed by the UK government, and that can be used as an analogue payment method when digital ones fail.' National Resilience The recommendations form part of a report into cash acceptance in the UK, amid recent trends showing a major decline in the use of physical currency. UK Finance, a financial services lobby group, has Related Stories 2/14/2025 1/31/2025 The committee also considered international examples where governments have assessed the role of cash. MPs cited Sweden, which was explicitly planning to minimise physical cash and move towards a more cashless society. But the Scandinavian country reversed that decision, in part because of the importance of cash for civil resilience. In November 2024, Sweden issued in its In an interview with The Epoch Times earlier this year, Andy Farnell, director of research and education at Boudica Cybersecurity, Farnell explained that cash can help sustain public confidence during the critical two- to five-day window following a disruption, such as a system outage. 'The ability to self-manage trade through formal or informal cash is vital for civil order,' he said. A branch of Lloyds Bank in the City of London, England, on Oct. 20, 2014. Stefan Rousseau/PA Wire Mandating Cash The Treasury Committee also warned that there was a risk of a 'two-tier society' forming if cash acceptance declines. The committee said it spoke to several charities representing vulnerable groups—such as the elderly, those with learning disabilities, and survivors of economic abuse—who rely on cash and whose lives are impacted when cash is refused as a payment method. Charities also told MPs that local government is increasingly becoming cashless, including at council-run car parks and leisure centres. Witnesses had highlighted public transport is also a space where cash acceptance has become less common. The report said, 'There may come a time in the future where it becomes necessary for HM Treasury to mandate cash acceptance if appropriate safeguards have not been implemented for those who need physical cash, and the level of cash acceptance begins to lead to widespread detriment.' 'Sleepwalking' Into a Cashless Society Treasury Committee Chairwoman Dame Meg Hillier MP 'We are at risk of a two-tier society where the most vulnerable bear the brunt and this needs to be a wakeup call,' Hillier said. She added: 'As a society, we must avoid sleepwalking into a situation where cash is no longer widely accepted. This is the beginning, not the end, of our scrutiny of this issue. The Government needs to take this seriously.' Responding to the report, a Treasury spokesperson said: 'Cash continues to be used by millions of people across the UK and we are working with the banks to roll out 350 hubs by the end of this Parliament so that people and businesses in areas that have lost local bank branches still have access to it. 'We welcome businesses who do want to continue accepting cash and PA Media contributed to this report.
