Latest news with #PaulVogel
ABC News
2 days ago
- Politics
- ABC News
Environment groups, researchers say NT EPA policy change is a worrying 'WA blueprint'
Less than a year after Western Australia's environmental watchdog was stripped of its powers to assess the emissions of some of the state's most highly polluting projects, environmental advocates and experts say they are concerned the Northern Territory is moving in the same direction. The WA Environmental Protection Authority (EPA)'s powers were weakened following a review co-written by its former chair Paul Vogel, which recommended a broad set of changes to environment protection laws that one MP characterised as an industry "wish list". Among the review's recommendations were that major projects, including mining, oil and gas projects, should only be examined at the federal level using the Commonwealth's "safeguard mechanism", to avoid duplication and cut bureaucracy. Mr Vogel is now the chair of the Northern Territory EPA. This week, the NT EPA released its new emissions policy, the atmospheric processes guidance. It allows the EPA to defer projects to the safeguard mechanism, and cites "the desirability of avoiding duplication" with the federal policy — which, it states, "in most cases meets the NT EPA's objectives" for reducing emissions. Critics have described the new policy as a "WA blueprint" and say it could lead to higher emissions, less scrutiny and legal risks. Wesley Morgan, a research associate with the Institute for Climate Risk and Response at the University of New South Wales (UNSW), said WA and the NT had a long history of "competing with each other to attract large-scale fossil fuel projects". "They're falling over each other to make it easier for gas companies to operate in their jurisdictions, and I think this is another example of that," he said. David Slama, the NT director of Australian Energy Producers, which represents the majority of Australia's oil and gas companies, welcomed the NT government's efforts to "reduce regulatory duplication". "The guidelines bring the NT into line with the Commonwealth and Western Australian governments in recognising climate policy is best addressed at a national level through the safeguard mechanism," he said. However, Environment Centre NT (ECNT) executive director Kirsty Howey described the policy shift as "disgraceful". She pointed to new federal data showing the Northern Territory's emissions have risen by 98 per cent over the past two decades, and said the policy change would only exacerbate the problem. "This policy is effectively stripping the EPA of its ability to properly assess the environmental impact of projects, both locally and globally," she said. "We suspect that we are copying a similar blueprint to WA, which is renowned for being frankly a jurisdiction that takes no responsibility when it comes to the proper regulation of climate impacts. "[Previously the policy] required the NT EPA to properly assess the emissions that will be generated by highly polluting projects, and to fundamentally change it in this way, strips back these protections." The new policy comes after the NT's Country Liberal Party (CLP) government backflipped on its 2030 emissions reduction target in June. Since coming to power late last year, the CLP has also scrapped the NT's large emitters policy and its target of 50 per cent renewables by 2030. The federal safeguard mechanism is a policy that has been around for years but has been significantly strengthened by the Albanese government. It requires big polluters to offset emissions that surpass their annual limit by buying carbon credits. But Andrew Macintosh, an environment law and policy professor at the Australian National University, said with carbon prices set "incredibly low", the policy had not been effective. A major study by Professor Macintosh last year found that nearly a third of projects under Australia's carbon credit scheme delivered little or no emissions reductions, despite costing taxpayers hundreds of millions of dollars. He also warned that the NT government had opened itself up to legal risks with its policy change. "They're trying to streamline processes for the oil and gas companies, and it could end up doing the reverse by opening up opportunities for legal proceedings," he said. Mr Morgan agreed, saying a recent decision by the International Court of Justice — the world's highest court — could also have significant implications. "What they found is that countries need to be properly assessing the impacts on the earth's climate from new fossil fuel projects," he said. "Countries that continue to open new fossil fuel projects may be committing internationally wrongful acts and so can essentially be sued by other nations for continuing to harm the climate." In a statement, an NT EPA spokesperson said it would require big polluters covered by the safeguard mechanism to submit information on projected emissions from their project and on emission reduction obligations imposed by the mechanism.
Yahoo
31-01-2025
- Business
- Yahoo
VF Corp (VFC) Q3 2025 Earnings Call Highlights: Strong Margins and Brand Growth Amidst Challenges
Revenue Growth: Up 2% in Q3. Gross Margin: Increased by 150 basis points to 56.3%. Operating Margin: Improved by 360 basis points to 11.4%. Net Debt Reduction: Down nearly $2 billion compared to last year. SG&A Savings: $55 million in Q3, contributing to a $300 million run rate in cost savings. Adjusted Operating Income: Up 49% to $324 million. Adjusted Diluted EPS: $0.62, up from $0.45 last year. Inventory Reduction: Down 14% versus last year. North Face Revenue: Up 5% in Q3. Timberland Revenue: Up 12% in Q3. Vans Revenue: Down 8%, showing improvement from the previous quarter. Free Cash Flow Guidance: Raised to $440 million for the full year. Warning! GuruFocus has detected 13 Warning Signs with VFC. Release Date: January 29, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. VF Corp (NYSE:VFC) reported a 2% revenue growth in Q3, exceeding expectations and showing significant improvement in profitability. The North Face and Timberland brands experienced growth, with The North Face up 5% and Timberland up 12% year-over-year. The company achieved a gross margin increase of 150 basis points and an operating margin increase of 360 basis points to over 11%. Net debt was reduced by nearly $2 billion, demonstrating strong progress in strengthening the balance sheet. VF Corp (NYSE:VFC) is on track to deliver $300 million in gross cost savings, with an additional $500 million to $600 million in operating income expansion targeted by fiscal year 2028. Vans brand performance was down 8% in Q3, although this was an improvement from the previous quarter. The company anticipates a deceleration in Q4 revenue growth due to a shift in wholesale performance and DTC outperformance in Q3. The Dickies brand continues to face challenges, described as a 'deep turnaround' with significant potential yet to be realized. The APAC region saw a significant decline in Vans sales, down 31%, indicating regional challenges. The company expects Q4 revenue to be down 4% to 6% on a reported dollar basis, with FX headwinds contributing to this outlook. Q: How material was the shift in revenue from Q4 to Q3, and what are the expectations for Vans' turnaround? A: Paul Vogel, CFO, explained that the outperformance in Q3 was split between wholesale and DTC, with wholesale seeing a larger impact due to pull-forward related to the Lunar New Year and stronger holiday reorders. Bracken Darrell, CEO, added that Vans is undergoing significant restructuring, including store closures, and new product initiatives will start to show results by back-to-school and holiday periods. Q: Can you discuss recent wins at Timberland and The North Face, and the outlook for fiscal '26? A: Bracken Darrell highlighted Timberland's momentum from brand-building activities and collaborations, while The North Face continues to perform well under strong leadership. He noted that the first half of fiscal '26 might resemble the back half of fiscal '25, emphasizing a focus on profitability improvement rather than immediate growth. Q: Do you have the inventory to meet demand, and what are the forward order expectations? A: Bracken Darrell stated that while inventory levels are down and fresh, there are always areas for improvement. Paul Vogel added that integrated planning initiatives will help optimize inventory placement. The spring order book is light, reflecting past sentiment, but the product portfolio for upcoming seasons is strong. Q: What is the mix of Vans' value channel, and how does it fit into future plans? A: Bracken Darrell explained that the value channel is about a third of Vans' business and will remain important. The focus is on serving a broad consumer base, and while the non-value channel is expected to grow faster, the value channel remains profitable and integral to Vans' strategy. Q: How are you managing SG&A and gross margin improvements, and what are the plans for reinvestment? A: Paul Vogel noted that SG&A improvements are due to strong execution of cost-saving initiatives. The company is on track to achieve $300 million in cost savings, with additional benefits expected from further initiatives. The focus remains on balancing reinvestment in marketing and talent with delivering savings to the bottom line. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
