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11 hours ago
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Air Canada reports Q2 earnings of $186 million in "challenging environment"
MONTREAL — Air Canada says it had a net income of $186 million in the second quarter, down from $410 million in the same quarter last year, in what it characterized as a "challenging environment." The airline says it's working to navigate macroeconomic uncertainty and geopolitical tensions and has strategically redirected capacity to high-demand markets. Air Canada says that on an adjusted basis, it had a net income of $207 million in the quarter compared to $369 million in the same quarter last year. Adjusted earnings worked out to 60 cents per diluted share in the quarter, compared to 98 cents per share last year. Analysts on average had expected an adjusted profit of 72 cents per diluted share according to LSEG Data & Analytics. Despite the challenges, the airline reaffirmed its financial guidance for the year that it issued in May. This report by The Canadian Press was first published July 29, 2025. Companies in this story: (TSX:AC) The Canadian Press Sign in to access your portfolio
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a day ago
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Pacific Valley Bancorp Announces Its Second Quarter 2025 Financial Results
SALINAS, Calif., July 28, 2025 /PRNewswire/ -- Pacific Valley Bancorp (OTC Pink: PVBK) announced its unaudited financial results for the second quarter of 2025. Net income for the quarter ended June 30, 2025, was $923 thousand, a decrease of 9.0% or $91 thousand from the quarter ended June 30, 2024, primarily due to higher personnel expense. FINANCIAL HIGHLIGHTS: Net income for the quarter ended June 30, 2025, was $923 thousand, a decrease of 2.3% or $22 thousand from the quarter ended March 31, 2025. The decrease was primarily the result of higher personnel expense from an increase in staff, partially offset by higher loan interest income. Basic earnings per share for the quarter was $0.19 compared to $0.19 per share for the prior quarter. Net income for the six months ended June 30, 2025 was $1.9 million, a decrease of 15.7% or $348 thousand from the six months ended June 30, 2024. The decrease was the result of higher personnel expense and higher deposit interest expense, partially offset by higher loan interest income. Net interest margin for the quarter ended June 30, 2025 was 3.61%, compared with 3.43% for the quarter ended March 31, 2025. The increase was the result of higher loan interest income and lower certificate of deposit interest expense, partially offset by higher money market interest expense. Net interest margin for the six months ended June 30, 2025 was 3.50%, compared with 3.45% for the six months ended June 30, 2024. Gross loans outstanding grew by 9.5% or $43.5 million from June 30, 2024 to June 30, 2025, primarily as a result of increased agricultural real estate, CRE and C&I loans. Non-performing loans to gross loans for the quarter ended June 30, 2025, was 0.04% compared to 0.22% as of June 30, 2024. The Bank subsidiary's Community Bank Leverage Ratio has been consistently strong. As of June 30, 2025 the ratio was 13.37%, compared to 13.27% on March 31, 2025, and 13.75% on June 30, 2024. The regulatory requirement for this ratio is 9.00%. "Loans increased $8 million in the second quarter as our pipeline grew to the highest level we've seen since the end of the pandemic. Deposits increased $11 million as we have experienced growth in core deposits. We have been building our infrastructure to drive future growth with the establishment of our loan production office in downtown Salinas, and, later this year, we will be opening a branch office in Santa Cruz," said Anker Fanoe, CEO. "Changes in our market resulting from the acquisitions of competitor banks present opportunities for growth. We have increased loan and deposit production and support personnel to take advantage of these opportunities, and will also be increasing our spending on marketing. We recently brought on an outstanding commercial lending team with deep experience in our target areas, and they are starting to gain traction. These investments will reduce current net income, but we believe they will lead to greater profitability in the long term. I am excited about the Company's prospects as business conditions change," stated CEO Fanoe. "Our liquidity position remains strong, as our primary liquidity ratio (cash, deposits held in other banks, and securities as a percentage of total assets) was 11.0% on June 30, 2025, compared to 12.9% for the same month a year ago. As of June 30, 2025, on-balance sheet liquidity totaled $63 million and contingent liquidity, which includes borrowing capacity with the Federal Home Loan Bank, the Federal Reserve Bank, correspondent banks and brokered deposits, was $362 million. Our combined on-balance sheet liquidity and contingent liquidity amount to 154.1% of our uninsured deposits," said Steve Leen, Executive Vice President and CFO. As of June 30, 2025, total assets were $572.4 million. Since June 30, 2024, total assets have increased $38.6 million or 7.2%, primarily as a result of an increase in loans. Since March 31, 2025, total assets have increased by $8.5 million or 1.5%, also primarily due to an increase in loans. The investment securities portfolio totaled $25.1 million as of June 30, 2025, $24.4 million as of March 31, 2025, and $27.0 million as of June 30, 2024; the unrealized losses in the portfolio were $0.6 million, $0.6 million, and $1.1 million for the comparable periods, respectively. The securities portfolio made up 4.4% of total assets and the unrealized loss was 2.3% of the investment portfolio as of June 30, 2025. Total gross loans outstanding were $499.3 million as of June 30, 2025. Gross loans grew by 9.5% or $43.5 million from June 30, 2024 to June 30, 2025. The Company's loan portfolio increased by $7.7 million or 1.6% during the quarter ended June 30, 2025. Increased agricultural real estate and CRE loans were the predominant growth components compared to prior year quarter, and increased C&I and CRE loans were the primary components of the increase over prior quarter. As of June 30, 2025, total deposits were $490.2 million. Total deposits have increased by $30.6 million or 6.7% compared to the prior year quarter. The increase resulted from higher money market accounts partially offset by lower demand deposits and certificate of deposit accounts. Shareholders' equity was $58.6 million on June 30, 2025, representing growth of $4.7 million or 8.7% over a year ago, primarily attributable to increased retained earnings from net income. For the Company's subsidiary, Pacific Valley Bank, equity increased to $74.7 million on June 30, 2025 compared to $73.9 million on March 31, 2025. The Bank is classified as well capitalized with a Community Bank Leverage Ratio of 13.37%, significantly above the regulatory minimum of 9.00%. Net Interest Income was $4.9 million for the quarter ended June 30, 2025, compared to $4.2 million for the quarter ended June 30, 2024. Net interest income was affected by increased interest income of $0.8 million, partially offset by increased interest expense of $0.1 million. Net interest margin for the second quarter of 2025 was 3.61% compared with 3.32% for the same period in 2024. The increase was the result of higher loan interest income and relatively flat deposit interest expense. Net interest income was $9.5 million for the six months ended June 30, 2025, compared to $8.7 million for the six months ended June 30, 2024. Net interest income was impacted by increased interest income of $1.2 million, partially offset by increased interest expense of $0.3 million. Net interest margin for the six months ended 2025 was 3.50% compared with 3.45% for the same period in 2024. The increase was the result of higher loan interest income, partially offset by a small increase in deposit interest expense. No provision for credit losses was recorded in the quarters or six months ended June 30, 2025 or June 30, 2024. The lack of provision in 2025 and 2024 reflects the quality of the Company's loan portfolio. The allowance for credit losses was 1.54% of gross loans as of June 30, 2025. Credit quality remains very strong; non-performing loans to gross loans as of June 30, 2025 was 0.04% compared to 0.22% as of June 30, 2024. For the quarter ended June 30, 2025, non-interest income was $396 thousand compared with $412 thousand for the quarter ended June 30, 2024, and $567 thousand for the quarter ended March 31, 2025. The decrease from the previous quarter was due to $200 thousand of income recognized in the prior quarter from a lease buyout transaction concerning our purchase of a new branch office building in Salinas. Year to date non-interest expense was $7.8 million compared with $6.3 million for the six months ended June 30, 2024, an increase of $1.5 million, or 24.3%. The increase was primarily caused by higher personnel expenses. Non-interest expense was $4.0 million for the second quarter of 2025, an increase of $848 thousand, or 27.1%, compared to the quarter ended June 30, 2024, also primarily related to higher personnel expense from the increase in loan and deposit production staff. Return on average assets was 0.66% and 0.67% for the three months and six months ended June 30, 2025, respectively, versus 0.78% and 0.85% for the comparable periods of the prior year, due to higher personnel expense, partially offset by higher interest income. Pacific Valley Bancorp Selected Financial Data - Unaudited $ In thousands, Except per Share DataAssetsJune 30, 2025March 31, 2025June 30, 2024 Cash and Due From Banks$38,086$38,873$41,735 Investment Securities25,12224,43126,966 Gross Loans Outstanding499,335491,654455,811 Allowance for Credit Losses(7,672)(7,640)(7,544) Other Assets17,56216,60616,823 Total Assets$572,433$563,924$533,791Liabilities and CapitalJune 30, 2025March 31, 2025June 30, 2024 Non-Interest Bearing Deposits$160,412$149,549$173,783 Interest Bearing Deposits329,799329,500285,856 Borrowings19,90823,89416,855 Other Liabilities3,7463,4313,398 Equity58,56857,55053,899 Total Liabilities and Capital$572,433$563,924$533,791Key Ratios:June 30, 2025March 31, 2025June 30, 2024 Net Loan to Deposits100.30 %101.04 %97.53 % Allowance for credit losses to gross loans1.54 %1.55 %1.66 % Non-performing loans to gross loans0.04 %0.03 %0.22 % Equity to Year-to-Date Average Assets10.43 %10.27 %10.37 % Book Value per Share$11.83$11.60$10.95 Income Statement, Three Months EndedJune 30, 2025March 31, 2025June 30, 2024 Interest Income $7,692$7,324$6,854 Interest Expense2,7952,7332,699 Net Interest Income 4,8974,5914,155 Provision for Credit Losses000 Non-Interest Income396567412 Non-Interest Expense3,9813,8193,133 Income Tax389394420 Net Income$923$945$1,014Key Ratios, Three Months Ended:June 30, 2025March 31, 2025June 30, 2024 Earnings per basic share$0.19$0.19$0.21 Net Interest Margin, annualized3.61 %3.43 %3.32 % Quarter Efficiency Ratio75.21 %74.04 %68.60 % Return on Average Assets, annualized0.66 %0.67 %0.78 % Return on Average Equity, annualized6.28 %6.62 %7.40 % Pacific Valley Bancorp Selected Financial Data - Unaudited $ In thousands, Except per Share DataIncome Statement, Six Months EndedJune 30, 2025June 30, 2024 Interest Income $15,016$13,836 Interest Expense5,5285,186 Net Interest Income 9,4888,650 Provision for Credit Losses00 Non-Interest Income963763 Non-Interest Expense7,8006,274 Income Tax783923 Net Income$1,868$2,216Key Ratios, Six Months EndedJune 30, 2025June 30, 2024 Earnings per basic share$0.38$0.45 Net Interest Margin, annualized3.50 %3.45 % Efficiency Ratio74.63 %66.65 % Return on Average Assets0.67 %0.85 % Return on Average Equity6.44 %8.26 % ABOUT PACIFIC VALLEY BANCORP:Pacific Valley Bancorp completed its formation and reorganization as a bank holding company for Pacific Valley Bank on January 4, 2022. The Company is a registered bank holding company with the Federal Reserve Bank, but it has not registered its securities under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, and it therefore does not file periodic reports with the Securities and Exchange Commission. Pacific Valley Bank is a full service business bank that commenced operations in September 2004 to provide exceptional service to customers in Monterey County. Pacific Valley Bank operates business at three locations; administrative headquarters and branch offices in Salinas, King City and Monterey, California. The Bank offers a broad range of banking products and services, including credit and deposit services to small and medium sized businesses, agriculture related businesses, non-profit organizations, professional service providers and individuals. For more information, visit . This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results, performance and/or achievements to differ materially from those projected. Accordingly, readers should not place undue reliance on these forward- looking statements. These risks and uncertainties include, but are not limited to, economic conditions in all areas in which the Company conducts business, including the competitive environment for attracting loans and deposits; supply and demand for real estate and periodic deterioration in real estate prices and/or values in California or other states where we lend; changes in the financial performance and/or condition of our borrowers, depositors, key vendors or counterparties; changes in our levels of delinquent loans, nonperforming assets, allowance for loan losses and charge-offs; the effect of changes in laws and regulations, including accounting practices; changes in estimates of future reserve requirements and minimum capital requirements based upon periodic review thereof under relevant regulatory and accounting requirements; fluctuations in the interest rate and market environment; cyber-security threats, including the loss of system functionality, theft, loss of customer data or money; technological changes and the expanding use of technology in banking; the costs and effects of legal, compliance and regulatory actions; acts of war or terrorism, or natural disasters; and other factors beyond the Company's control. These forward-looking statements, which reflect management's views, are as of the date of this release. Pacific Valley Bancorp has no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances. ContactAnker Fanoe, Chief Executive Officer (831) 771-4384 View original content to download multimedia: SOURCE Pacific Valley Bancorp
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a day ago
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NOV Reports Second Quarter 2025 Results
FOR IMMEDIATE RELEASE Revenues of $2.19 billion, up 4% sequentially and down 1% year-over-year Net Income of $108 million, or $0.29 per share Adjusted EBITDA* of $252 million Cash flow from operations of $191 million and free cash flow* of $108 million Returned $176 million of capital to shareholders through share repurchases and dividends *Free Cash Flow, Excess Free Cash Flow and Adjusted EBITDA are non-GAAP measures, see 'Non-GAAP Financial Measures,' 'Reconciliation of Cash Flows from Operating Activities to Free Cash Flow and Excess Free Cash Flow' and 'Reconciliation of Net Income to Adjusted EBITDA' below. HOUSTON, July 28, 2025 (GLOBE NEWSWIRE) -- NOV Inc. (NYSE: NOV) today reported second quarter 2025 revenues of $2.19 billion, a decrease of one percent compared to the second quarter of 2024. Net income decreased 52 percent to $108 million, or $0.29 per share, and operating profit decreased 54 percent to $143 million, or 6.5 percent of sales. The decline in net income and operating profit is primarily attributed to a pre-tax gain of approximately $130 million on the sale of a business during the second quarter of 2024. The Company recorded $19 million within Other Items during the second quarter of 2025 (see Corporate Information for additional details). Adjusted EBITDA decreased 10 percent year-over-year to $252 million, or 11.5 percent of sales. 'Sales improved four percent sequentially, with an increase in capital equipment revenues more than offsetting a decline in spare part and product sales,' said Clay Williams, Chairman and CEO. 'Macroeconomic uncertainty, the rapid unwinding of OPEC+ production quotas, and conflict in the Middle East led to greater caution among our customers, deferred orders, and lower year-over-year revenues. These market headwinds and a shift in sales mix pressured margins during the quarter. 'Customers in North America continued to trim oil-directed drilling, which was only partly offset by modestly increasing gas drilling. Offshore activity remains comparatively strong, despite certain project delays, and we remain encouraged by the steady application of unconventional technologies in new international basins. Overall, the softer market has made it more challenging to offset tariffs and other inflationary costs. In response, NOV is implementing additional cost control initiatives and further adjusting our global supply chain to better mitigate increasing costs. 'Looking ahead, we expect current market dynamics to persist resulting in lower industry activity levels through the second half of the year, with offshore activity resuming growth in 2026. Longer-term, we expect rising demand for secure, reliable, and lower-cost sources of energy will drive investment in our core markets. NOV's technology leadership, customer-focus, and commitment to improving efficiencies has the Company well positioned to navigate through the near-term environment while positioning the company for future growth.' Energy Products and ServicesEnergy Products and Services generated revenues of $1.03 billion in the second quarter of 2025, a decrease of two percent from the second quarter of 2024. Operating profit decreased $45 million from the prior year to $83 million, or 8.1 percent of sales, and included $6 million in Other Items. Adjusted EBITDA decreased $38 million from the prior year to $146 million, or 14.2 percent of sales. The decline in revenue was due to lower levels of global drilling activity affecting demand for the segment's shorter cycle consumable products, partially offset by higher sales from the segment's capital equipment offerings. Profitability was impacted by a less favorable sales mix, tariffs and other inflationary pressures, and certain charges in Latin America. Energy EquipmentEnergy Equipment generated revenues of $1.21 billion in the second quarter of 2025, flat when compared to the second quarter of 2024. Operating profit was $122 million, or 10.1 percent of sales, and included $9 million in Other Items. Operating profit decreased $110 million from the prior year primarily attributed to a pre-tax gain of approximately $130 million on the sale of a business during the second quarter of 2024. Adjusted EBITDA increased $16 million from the prior year to $158 million, or 13.1 percent of sales. Higher revenue out of backlog offset lower sales of aftermarket parts and services. Improved profitability was driven by strong execution on higher-margin backlog. New orders totaled $420 million, a decrease of $557 million when compared to the $977 million of new orders booked during the second quarter of 2024. Orders shipped from backlog in the second quarter of 2025 were $632 million, representing a book-to-bill of 66 percent, compared to $553 million orders shipped and a book-to-bill of 177 percent in the second quarter of 2024. As of June 30, 2025, backlog for capital equipment orders for Energy Equipment was $4.30 billion, a decrease of $31 million from the second quarter of 2024. Q3 2025 OutlookThe Company is providing financial guidance for the third quarter of 2025, which constitutes 'forward-looking statements' as described further below under 'Cautionary Note Regarding Forward-Looking Statements.' For the third quarter of 2025 management expects year-over-year consolidated revenues to decline between one to three percent with Adjusted EBITDA expected to be between $230 million and $250 million. Corporate InformationNOV repurchased approximately 5.5 million shares of common stock for $69 million during the second quarter. Including a supplemental dividend of $0.21 per share and a regular dividend of $0.075 per share, NOV returned a total of $176 million in capital to shareholders during the quarter. During the second quarter of 2025, NOV recorded $19 million in Other Items, primarily related to severance costs, facility closures and streamlining our business processes (see Reconciliation of Net Income to Adjusted EBITDA). As of June 30, 2025, the Company had total debt of $1.73 billion, with $1.50 billion available on its primary revolving credit facility, and $1.08 billion in cash and cash equivalents. Significant AchievementsNOV was awarded a multi-year contract to provide instrumentation and digital services across the US fleet of a major land drilling contractor. By standardizing data aggregation, delivery, and visualization, the contractor is reducing complexity while offering advanced digital capabilities to its customers. NOV's next-generation Electronic Drilling Recorder (EDR) and Remote Drilling Monitoring (RDM) applications, powered by the Max™ Platform, enable real-time insights and seamless collaboration from wellsite to office. NOV signed a contract to engineer and supply a monoethylene glycol (MEG) recovery system for a project in the Eastern Mediterranean. This award supports long-term gas infrastructure development and reinforces NOV's capabilities in complex gas process system solutions. NOV secured a contract to deliver a Submerged Swivel and Yoke (SSY) system for a floating liquefied natural gas (FLNG) project in Argentina. The SSY system is a critical mooring and fluid transfer solution that connects the FLNG vessel to its subsea infrastructure while allowing the vessel to weathervane with changing sea and wind conditions. The SSY system enables continuous and safe transfer of gas without disconnecting, maximizing uptime and ensuring safe, uninterrupted operations. NOV secured a multi-year, multi-drilling rig contract to provide surface automation packages for four land rigs and one jack-up rig for a major Middle East operator. The NOVOS™ process automation technology and the Kaizen™ AI-powered drilling optimizer will work in tandem to enhance drilling consistency, efficiency, and performance on these rigs. The contract also includes automation lifecycle management services across all rigs, ensuring continued technology upgrades and operational support. In comparable deployments, this automation suite has delivered a 52% increase in gross rate of penetration (ROP) and a 34% reduction in drilling time relative to offset wells. NOV secured contracts to provide the vessel design and jacking system for a next-generation wind turbine installation jack-up vessel for a customer in Asia. The project is based on the proven GustoMSC™ NG-16000X vessel design and marks a key step forward in advanced offshore wind capabilities. NOV completed four high-profile automation package installations on offshore rigs for four different customers, including one with the ATOM RTX™ robotic system. The rigs are now equipped with advanced automation capabilities that enhance operational performance in demanding drilling environments. One operator has already reported nearly 99% utilization of the Multi-Machine Control pipe-handling system, along with robotic pipe doping operations that have enabled a hands-free red zone during tripping activities. The rig is also delivering best-in-class slip-to-slip drilling connection times, outperforming all other assets in the region. NOV received three new orders totaling 93,800 ft of 16- and 20-in., 750 psi Star Super Seal Key-Lock™ (SSKL) pipe to support produced water infrastructure in the Permian Basin. NOV will manufacture the pipe domestically at its expanded facility in San Antonio, Texas. Previously produced internationally, this product line now benefits from reduced freight costs and shorter lead times, helping NOV better serve operators in one of the most active energy regions in the US. NOV delivered advanced composite piping systems and underground diesel storage solutions for backup power generation at major data center facilities in New Jersey, Arizona, and North Dakota. These systems support critical operations at hyperscale data centers, including a flagship campus in North Dakota, which is expected to be the largest of its kind in the US. NOV's composite solutions are well positioned to support the growing need for data center infrastructure to support increasing demand for cloud computing, artificial intelligence, and big data analytics. An NOV-packed bottomhole assembly (BHA)—featuring the MONZA™ 40 drilling motor with a 7" 5/6 8.2 ERT™ power section, NOV High Flow Agitator™ friction reduction tool, and a ReedHycalog™ 8¾" Tektonic™ TKC63 fixed cutter bit—enabled operators to drill 5,200 ft in just 22.5 hours in the Eagle Ford Shale, setting a new 24-hour footage record. The BHA drilled both the curve and lateral sections while achieving an average rate of penetration (ROP) of 224.42 ft per hour. This performance milestone highlights how the integration of NOV technologies drives drilling efficiency, giving customers a single-source solution for high-performance BHAs that deliver results. NOV introduced its Agitator™X2 dual Agitator friction reduction technology featuring the NOV's AgitatorZP tool and AgitatorHE tool into Argentina's unconventional market during the quarter. In one deployment, the dual Agitator technology drilled a 3,500-m lateral in the Vaca Muerta formation, marking the longest lateral drilled in the field using a steerable motor assembly. The unique design of AgitatorZP tool allows the use of dual Agitator tools while maintaining the pressure drop of a single tool, delivering effective friction reduction without compromising hydraulic efficiency. NOV is advancing drilling performance in the Bakken with the release of ION+™ Intrepid 14.5 mm polycrystalline diamond compact (PDC) cutters. Operators are breaking rate of penetration (ROP) records across 2-, 3-, and 4-mile production sections by maintaining cutter sharpness and minimizing sliding time. One operator achieved a record-low sliding time of just 2.5% through a 4-mile lateral, significantly reducing rig costs. In addition, NOV secured a multi-year drill bit contract to support the New Gas Consortium (NGC) Project offshore Angola. The agreement includes an initial order for advanced drill bits and positions NOV to support future deepwater campaigns in the region. NOV delivered an integrated package of coiled tubing units, nitrogen converters, pressure control equipment, injector heads, coiled tubing monitoring systems, and a coiled tubing lift frame to a leading multinational oilfield services company operating in Latin America. NOV continues to experience strong demand for its critical well intervention technologies in international markets. NOV is driving new standards in high-pressure/high-temperature (HP/HT) drilling performance. In South Texas and the Haynesville Shale, NOV's Tundra™ Max mud chiller has been deployed across several drilling campaigns, helping operators manage extreme downhole temperatures and reduce nonproductive time. To further enhance temperature control in long laterals, these projects also featured NOV's TK™-Drakon thermally insulating drill pipe coating, a next-generation solution delivering measurable gains in bottomhole circulating temperature, tool life, and rig time. In addition, Grant Prideco booked six strings of 4.5-in. Delta™ 425 drill pipe with TK-Drakon. With more than one million feet of TK-Drakon-coated pipe now in the field, and growing traction in the market, NOV is enabling operators to access deeper, hotter, more complex targets. Second Quarter Earnings Conference CallNOV will hold a conference call to discuss its second quarter 2025 results on July 29, 2025 at 10:00 AM Central Time (11:00 AM Eastern Time). The call will be broadcast simultaneously at A replay will be available on the website for 30 days. About NOVNOV (NYSE: NOV) delivers technology-driven solutions to empower the global energy industry. For more than 150 years, NOV has pioneered innovations that enable its customers to safely produce abundant energy while minimizing environmental impact. The energy industry depends on NOV's deep expertise and technology to continually improve oilfield operations and assist in efforts to advance the energy transition towards a more sustainable future. NOV powers the industry that powers the for more information. Non-GAAP Financial MeasuresThis press release contains certain non-GAAP financial measures that management believes are useful tools for internal use and the investment community in evaluating NOV's overall financial performance. These non-GAAP financial measures are broadly used to value and compare companies in the oilfield services and equipment industry. Not all companies define these measures in the same way. In addition, these non-GAAP financial measures are not a substitute for financial measures prepared in accordance with GAAP and should therefore be considered only as supplemental to such GAAP financial measures. Additionally, Free Cash Flow and Excess Free Cash Flow do not represent the Company's residual cash flow available for discretionary expenditures, as the calculation of these measures does not account for certain debt service requirements or other non-discretionary expenditures. Please see the attached schedules for reconciliations of the differences between the non-GAAP financial measures used in this press release and the most directly comparable GAAP financial measures. This press release contains certain forward-looking non-GAAP financial measures, including Adjusted EBITDA. The Company has not provided a reconciliation of projected Adjusted EBITDA. Management cannot predict with a reasonable degree of accuracy certain of the necessary components of net income, such as other income (expense), which includes fluctuations in foreign currencies. As such, a reconciliation of projected net income to projected Adjusted EBITDA is not available without unreasonable effort. The actual amount of other income (expense), provision (benefit) for income taxes, equity income (loss) in unconsolidated affiliates, depreciation and amortization, and other amounts excluded from Adjusted EBITDA could have a significant impact on net income. Cautionary Note Regarding Forward-Looking StatementsThis document contains, or has incorporated by reference, statements that are not historical facts, including estimates, projections, and statements relating to our business plans, objectives, and expected operating results that are 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements often contain words such as 'may,' 'can,' 'likely,' 'believe,' 'plan,' 'predict,' 'potential,' 'will,' 'intend,' 'think,' 'should,' 'expect,' 'anticipate,' 'estimate,' 'forecast,' 'expectation,' 'goal,' 'outlook,' 'projected,' 'projections,' 'target,' and other similar words, although some such statements are expressed differently. Other oral or written statements we release to the public may also contain forward-looking statements. Forward-looking statements involve risk and uncertainties and reflect our best judgment based on current information. You should be aware that our actual results could differ materially from results anticipated in such forward-looking statements due to a number of factors, including but not limited to changes in oil and gas prices, customer demand for our products, potential catastrophic events related to our operations, protection of intellectual property rights, compliance with laws, and worldwide economic activity, including matters related to recent Russian sanctions and changes in U.S. trade policies, including the imposition of tariffs and retaliatory tariffs and their related impacts on the economy. Given these uncertainties, current or prospective investors are cautioned not to place undue reliance on any such forward-looking statements. We undertake no obligation to update any such factors or forward-looking statements to reflect future events or developments. You should also consider carefully the statements under 'Risk Factors,' as disclosed in our most recent Annual Report on Form 10-K, as updated in Part II, Item 1A of our most recent Quarterly Report on Form 10-Q, and 'Management's Discussion and Analysis of Financial Condition and Results of Operations' of our most recent Annual Report on Form 10-K, which address additional factors that could cause our actual results to differ from those set forth in such forward-looking statements, as well as additional disclosures we make in our press releases and other securities filings. We also suggest that you listen to our quarterly earnings release conference calls with financial analysts. Certain prior period amounts have been reclassified in this press release to be consistent with current period presentation. CONTACT:Amie D'AmbrosioDirector, Investor Relations(713) NOV STATEMENTS OF INCOME (Unaudited)(In millions, except per share data) Three Months Ended Six Months Ended June 30, March 31, June 30, 2025 2024 2025 2025 2024 Revenue: Energy Products and Services $ 1,025 $ 1,050 $ 992 $ 2,017 $ 2,067 Energy Equipment 1,207 1,204 1,146 2,353 2,382 Eliminations (44 ) (38 ) (35 ) (79 ) (78 ) Total revenue 2,188 2,216 2,103 4,291 4,371 Gross profit 446 590 447 893 1,048 Gross profit % 20.4 % 26.6 % 21.3 % 20.8 % 24.0 % Selling, general, and administrative 303 277 295 598 573 Operating profit 143 313 152 295 475 Interest expense, net (12 ) (14 ) (11 ) (23 ) (30 ) Equity income in unconsolidated affiliates 1 8 — 1 37 Other expense, net (17 ) (14 ) (20 ) (37 ) (24 ) Income before income taxes 115 293 121 236 458 Provision for income taxes 1 70 47 48 114 Net income 114 223 74 188 344 Net income (loss) attributable to noncontrolling interests 6 (3 ) 1 7 (1 ) Net income attributable to Company $ 108 $ 226 $ 73 $ 181 $ 345 Per share data: Basic $ 0.29 $ 0.57 $ 0.19 $ 0.48 $ 0.88 Diluted $ 0.29 $ 0.57 $ 0.19 $ 0.48 $ 0.87 Weighted average shares outstanding: Basic 375 395 381 378 394 Diluted 376 397 383 380 398 NOV BALANCE SHEETS(In millions) June 30, December 31, 2025 2024 ASSETS (Unaudited) Current assets: Cash and cash equivalents $ 1,080 $ 1,230 Receivables, net 1,902 1,819 Inventories, net 1,929 1,932 Contract assets 655 577 Prepaid and other current assets 215 212 Total current assets 5,781 5,770 Property, plant and equipment, net 1,990 1,922 Lease right-of-use assets 541 549 Goodwill and intangibles, net 2,119 2,138 Other assets 932 982 Total assets $ 11,363 $ 11,361 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 823 $ 837 Accrued liabilities 742 861 Contract liabilities 513 492 Current portion of lease liabilities 103 102 Current portion of long-term debt 38 37 Accrued income taxes 20 18 Total current liabilities 2,239 2,347 Long-term debt 1,690 1,703 Lease liabilities 540 544 Other liabilities 336 339 Total liabilities 4,805 4,933 Total stockholders' equity 6,558 6,428 Total liabilities and stockholders' equity $ 11,363 $ 11,361 NOV STATEMENTS OF CASH FLOWS (Unaudited)(In millions) Three Months Ended Six Months Ended June 30, June 30, 2025 2025 2024 Cash flows from operating activities: Net income $ 114 $ 188 $ 344 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 87 176 169 Working capital, net (41 ) (135 ) (222 ) Other operating items, net 31 97 63 Net cash provided by operating activities 191 326 354 Cash flows from investing activities: Purchases of property, plant and equipment (83 ) (167 ) (151 ) Business acquisitions, net of cash acquired — — (252 ) Business divestitures, net of cash disposed — — 176 Other 2 5 1 Net cash used in investing activities (81 ) (162 ) (226 ) Cash flows from financing activities: Borrowings against lines of credit and other debt — — 419 Payments against lines of credit and other debt (9 ) (13 ) (422 ) Cash dividends paid (107 ) (135 ) (50 ) Share repurchases (69 ) (150 ) (37 ) Other (13 ) (35 ) (23 ) Net cash used in financing activities (198 ) (333 ) (113 ) Effect of exchange rates on cash 11 19 (4 ) Increase (decrease) in cash and cash equivalents (77 ) (150 ) 11 Cash and cash equivalents, beginning of period 1,157 1,230 816 Cash and cash equivalents, end of period $ 1,080 $ 1,080 $ 827 NOV OF CASH FLOWS FROM OPERATING ACTIVITIES TO FREE CASH FLOW AND EXCESS FREE CASH FLOW (Unaudited)(In millions) Presented below is a reconciliation of cash flow from operating activities to 'Free Cash Flow'. The Company defines Free Cash Flow as cash flow from operating activities less purchases of property, plant and equipment, or 'capital expenditures' and Excess Free Cash Flow as cash flows from operations less capital expenditures and other investments, including acquisitions and divestitures. Management believes this is important information to provide because it is used by management to evaluate the Company's operational performance and trends between periods and manage the business. Management also believes this information may be useful to investors and analysts to gain a better understanding of the Company's results of ongoing operations. Free Cash Flow and Excess Free Cash Flow are not intended to replace GAAP financial measures. Three Months Ended Six Months Ended June 30, June 30, 2025 2025 2024 Total cash flows provided by operating activities $ 191 $ 326 $ 354 Capital expenditures (83 ) (167 ) (151 ) Free Cash Flow $ 108 $ 159 $ 203 Business acquisitions, net of cash acquired — — (252 ) Business divestitures, net of cash disposed — — 176 Excess Free Cash Flow $ 108 $ 159 $ 127 NOV OF NET INCOME TO ADJUSTED EBITDA (Unaudited)(In millions) Presented below is a reconciliation of Net Income to Adjusted EBITDA. The Company defines Adjusted EBITDA as Operating Profit excluding Depreciation, Amortization, Gains and Losses on Sales of Fixed Assets, and, when applicable, Other Items. Adjusted EBITDA % is a ratio showing Adjusted EBITDA as a percentage of sales. Management believes this is important information to provide because it is used by management to evaluate the Company's operational performance and trends between periods and manage the business. Management also believes this information may be useful to investors and analysts to gain a better understanding of the Company's results of ongoing operations. Adjusted EBITDA and Adjusted EBITDA % are not intended to replace GAAP financial measures, such as Net Income and Operating Profit %. Other Items include gain on business divestiture, impairment, restructure, severance, facility closure costs and inventory charges and credits. Three Months Ended Six Months Ended June 30, March 31, June 30, 2025 2024 2025 2025 2024 Operating profit: Energy Products and Services $ 83 $ 128 $ 83 $ 166 $ 249 Energy Equipment 122 232 134 256 327 Eliminations and corporate costs (62 ) (47 ) (65 ) (127 ) (101 ) Total operating profit $ 143 $ 313 $ 152 $ 295 $ 475 Operating profit %: Energy Products and Services 8.1 % 12.2 % 8.4 % 8.2 % 12.0 % Energy Equipment 10.1 % 19.3 % 11.7 % 10.9 % 13.7 % Eliminations and corporate costs — — — — — Total operating profit % 6.5 % 14.1 % 7.2 % 6.9 % 10.9 % Other items, net: Energy Products and Services $ 6 $ 1 $ 5 $ 11 $ 1 Energy Equipment 9 (119 ) 3 12 (123 ) Corporate 4 — 5 9 1 Total other items $ 19 $ (118 ) $ 13 $ 32 $ (121 ) (Gain) loss on sales of fixed assets: Energy Products and Services $ — $ — $ (2 ) $ (2 ) $ (1 ) Energy Equipment (1 ) — — (1 ) — Corporate 4 — — 4 — Total (gain) loss on sales of fixed assets $ 3 $ — $ (2 ) $ 1 $ (1 ) Depreciation & amortization: Energy Products and Services $ 57 $ 55 $ 59 $ 116 $ 109 Energy Equipment 28 29 28 56 57 Corporate 2 2 2 4 3 Total depreciation & amortization $ 87 $ 86 $ 89 $ 176 $ 169 Adjusted EBITDA: Energy Products and Services $ 146 $ 184 $ 145 $ 291 $ 358 Energy Equipment 158 142 165 323 261 Eliminations and corporate costs (52 ) (45 ) (58 ) (110 ) (97 ) Total Adjusted EBITDA $ 252 $ 281 $ 252 $ 504 $ 522 Adjusted EBITDA %: Energy Products and Services 14.2 % 17.5 % 14.6 % 14.4 % 17.3 % Energy Equipment 13.1 % 11.8 % 14.4 % 13.7 % 11.0 % Eliminations and corporate costs — — — — — Total Adjusted EBITDA % 11.5 % 12.7 % 12.0 % 11.7 % 11.9 % Reconciliation of Adjusted EBITDA: GAAP net income attributable to Company $ 108 $ 226 $ 73 $ 181 $ 345 Noncontrolling interests 6 (3 ) 1 7 (1 ) Provision for income taxes 1 70 47 48 114 Interest and financial costs 22 22 22 44 46 Interest income (10 ) (8 ) (11 ) (21 ) (16 ) Equity income in unconsolidated affiliates (1 ) (8 ) — (1 ) (37 ) Other expense, net 17 14 20 37 24 (Gain) loss on sales of fixed assets 3 — (2 ) 1 (1 ) Depreciation and amortization 87 86 89 176 169 Other items, net 19 (118 ) 13 32 (121 ) Total Adjusted EBITDA $ 252 $ 281 $ 252 $ 504 $ 522
Globe and Mail
a day ago
- Business
- Globe and Mail
TFI International Announces 2025 Second Quarter Results
Second quarter operating income of $170.2 million compares to $206.0 million in the same prior year quarter Second quarter net income of $98.2 million compares to $115.7 million in Q2 2024, while adjusted net income 1 of $112.0 million compares to $145.6 million in Q2 2024 Second quarter diluted earnings per share (diluted 'EPS') of $1.17 compares to $1.36 in Q2 2024, while adjusted diluted EPS 1 of $1.34 compares to $1.71 in Q2 2024 Second quarter net cash from operating activities of $246.7 million compares to $248.5 million in Q2 2024, while free cash flow 1 of $182.3 million increased 20% from $151.4 million in Q2 2024 MONTREAL, July 28, 2025 (GLOBE NEWSWIRE) -- TFI International Inc. (NYSE and TSX: TFII), a North American leader in the transportation and logistics industry, today announced its results for the second quarter ended June 30, 2025. All amounts are shown in U.S. dollars unless otherwise indicated. 'We delivered strong margin performance across all business segments which drove another quarter of solid free cash flow for TFI International,' said Alain Bédard, Chairman, President and Chief Executive Officer. 'New segment leadership has sharpened our teams' focus on our fundamental principles, including quality of revenue and operational efficiencies, enabling us to perform despite still-subdued market conditions. Combined with our strong balance sheet, this quarter's results demonstrate we are well positioned to capitalize on future demand while continuing to make strategic investments to drive long-term profitability. I am pleased that during the quarter we were able to again return significant capital to shareholders through our consistent dividend and by actively repurchasing our shares, underscoring our dedication to delivering long-term shareholder value.' SECOND QUARTER RESULTS Financial highlights Three months ended Six months ended June 30 June 30 (in millions of U.S. dollars, except per share data) 2025 2024* 2025 2024* Total revenue 2,037.6 2,264.5 4,002.0 4,135.4 Revenue before fuel surcharge 1,794.0 1,961.1 3,508.5 3,572.6 Adjusted EBITDA 1 326.6 380.1 585.5 648.5 Operating income 170.2 206.0 284.8 357.6 Net cash from operating activities 246.7 248.5 440.2 449.2 Net income 98.2 115.7 154.2 208.5 EPS - diluted ($) 1.17 1.36 1.83 2.45 Adjusted net income 1 112.0 145.6 176.3 251.1 Adjusted EPS - diluted¹ ($) 1.34 1.71 2.10 2.95 Weighted average number of shares ('000s) 83,457 84,500 83,817 84,487 Weighted average number of diluted shares ('000s) 83,655 85,124 84,102 85,247 Number of share outstanding - end of period ('000s) 83,022 84,604 83,022 84,604 1 This is a non-IFRS measure. For a reconciliation, please refer to the 'Non-IFRS Financial Measures' section below. * Recast for adjustments to provisional amounts of Daseke prior year's business combination (see note 5c of the unaudited condensed consolidated interim financial statements) SECOND QUARTER RESULTS Total revenue of $2.04 billion compared to $2.26 billion in the prior year period and revenue before fuel surcharge of $1.79 billion compared to $1.96 billion in the prior year period. The decrease was primarily due to reduced volumes driven by weaker end market demand. Operating income of $170.2 million compared to $206.0 million in the prior year period. The decrease was primarily attributable to the decline in revenues, partially offset a reduction to the other operating expenses. Net income of $98.2 million compared to $115.7 million in the prior year period, and net income of $1.17 per diluted share compared to $1.36 in the prior year period. Adjusted net income, a non-IFRS measure, was $112.0 million, or $1.34 per diluted share, compared to $145.6 million, or $1.71 per diluted share, in the prior year period. Total revenue decreased by 13% for Less-Than-Truckload, 6% for Truckload and 12% for the Logistics segment compared to Q2 2024. Operating income decreased by 33% for Less-Than-Truckload, 13% for Truckload and 25% for the Logistics segment. SIX-MONTH RESULTS Total revenue of $4.00 billion decreased from $4.14 billion in the prior year period and revenue before fuel surcharge of $3.51 billion decreased from $3.57 billion in the prior year period. The decrease is due to a continued weak transportation environment and a reduction in fuel surcharge revenue offset partially by contributions from acquisitions. Operating income of $284.8 million decreased from $357.6 million in the prior year period. The decrease is from lower volumes, partially offset by business acquisitions of $8.8 million and a prior-year $19.7 million restructuring charge related to the acquisition of Daseke recorded in the Corporate segment. Net income of $154.2 million compared to $208.5 million in the prior year period, and net income of $1.83 per diluted share compared to $2.45 in the prior year period. The net income in 2024 included a $19.7 million restructuring charge. Adjusted net income, a non-IFRS measure, was $176.3 million, or $2.10 per diluted share, compared to $251.1 million, or $2.95 per diluted share, the prior year period. Total revenue increased relative to the prior year period by 18% for Truckload, primarily from the acquisition of Daseke, and decreased for the Less-Than-Truckload and Logistics segments by 13% each. Operating income decreased 38% for Less-Than-Truckload, 3% for Truckload, and 24% for Logistics in the first half compared to the prior year period. SEGMENTED RESULTS (in millions of U.S. dollars) Three months ended June 30 Six months ended June 30 2025 2024 2025 2024 $ $ $ $ Revenue before fuel surcharge Less-Than-Truckload* 703.7 794.2 1,382.6 1,577.7 Truckload 712.3 737.7 1,375.1 1,135.4 Logistics 393.1 442.4 778.1 884.3 Eliminations (15.1) (13.1) (27.4) (24.8) 1,794.0 1,961.1 3,508.5 3,572.6 $ % of Rev. 1 $ % of Rev. 1 $ % of Rev. 1 $ % of Rev. 1 Operating income (loss) Less-Than-Truckload 73.6 10.5 % 109.9 13.8 % 120.7 8.7 % 194.9 12.4 % Truckload* 70.6 9.9 % 81.2 11.0 % 119.3 8.7 % 122.7 10.8 % Logistics 37.7 9.6 % 50.6 11.4 % 69.0 8.9 % 90.8 10.3 % Corporate (11.7) (35.7) (24.2) (50.8) 170.2 9.5 % 206.0 10.5 % 284.8 8.1 % 357.6 10.0 % Note: due to rounding, totals may differ slightly from the sum. 1 Revenue before fuel surcharge * Recast for adjustments to provisional amounts of Daseke prior year's business combination (see note 5c of the unaudited condensed consolidated interim financial statements) CASH FLOW Net cash flow from operating activities was $246.7 million during the second quarter of 2025 compared to $248.5 million in the prior year period. The decrease was a result of lower contributions from net income and an increase in cash requirements from provisions and employee benefits, offset partially by an increase from working capital. Net cash from investing activities increased by $801.3 million, primarily due to less spending on business combinations as Daseke was acquired in the second quarter of 2024, and less capital expenditures. Net cash from financing activities increased by $91.1 million, primarily as a result of a CAD $300 million loan obtained at the end of Q2 2025, offset by the repayment of long term debt of $69.0 million and an increase in funds required for the repurchase of shares of $50.7 million. The Company returned $123.7 million to shareholders during the quarter, of which $38.8 million was through dividends and $84.9 million was through share repurchases. On June 16, 2025, the Board of Directors of TFI International declared a quarterly dividend of $0.45 per outstanding common share, paid on July 15, 2025, representing a 13% increase over the $0.40 quarterly dividend declared in Q2 2024. WEBCAST DETAILS TFI International will host a webcast on Monday, July 28, 2025 at 5:00 p.m. Eastern Time to discuss these results. Interested parties can join the webcast or access the replay of the webcast via the link accessible on the TFI website under the Presentations and Reports section. ABOUT TFI INTERNATIONAL TFI International Inc. is a North American leader in the transportation and logistics industry, operating across the United States, Canada and Mexico through its subsidiaries. TFI International creates value for shareholders by identifying strategic acquisitions and managing a growing network of wholly-owned operating subsidiaries. Under the TFI International umbrella, companies benefit from financial and operational resources to build their businesses and increase their efficiency. TFI International companies service the following segments: Less-Than-Truckload; Truckload; Logistics. TFI International Inc. is publicly traded on the New York Stock Exchange and the Toronto Stock Exchange under symbol TFII. For more information, visit FORWARD-LOOKING STATEMENTS The Company may make statements in this report that reflect its current expectations regarding future results of operations, performance and achievements. These are 'forward-looking' statements and reflect management's current beliefs. They are based on information currently available to management. Words such as 'may', 'might', 'expect', 'intend', 'estimate', 'anticipate', 'plan', 'foresee', 'believe', 'to its knowledge', 'could', 'design', 'forecast', 'goal', 'hope', 'intend', 'likely', 'predict', 'project', 'seek', 'should', 'target', 'will', 'would' or 'continue' and words and expressions of similar import are intended to identify these forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results and those presently anticipated or projected. The Company wishes to caution readers not to place undue reliance on any forward-looking statements which reference issues only as of the date made. The following important factors could cause the Company's actual financial performance to differ materially from that expressed in any forward-looking statement: the highly competitive market conditions, the Company's ability to recruit, train and retain qualified drivers, fuel price variations and the Company's ability to recover these costs from its customers, foreign currency fluctuations, the impact of environmental standards and regulations, imposing of tariffs or changes to the rates of tariffs and their impact on the market, changes in governmental regulations applicable to the Company's operations, adverse weather conditions, accidents, the market for used equipment, changes in interest rates, cost of liability insurance coverage, downturns in general economic conditions affecting the Company and its customers, credit market liquidity, and the Company's ability to identify, negotiate, consummate, and successfully integrate acquisitions. In addition, any material weaknesses in internal control over financial reporting that are identified, and the cost of remediation of any such material weakness and any other control deficiencies, may have adverse effects on the Company and impact future results. The foregoing list should not be construed as exhaustive, and the Company disclaims any subsequent obligation to revise or update any previously made forward-looking statements unless required to do so by applicable securities laws. Unanticipated events are likely to occur. Readers should also refer to the section 'Risks and Uncertainties' at the end of the 2025 Q2 MD&A for additional information on risk factors and other events that are not within the Company's control. The Company's future financial and operating results may fluctuate as a result of these and other risk factors. NON-IFRS FINANCIAL MEASURES This press release includes references to certain non-IFRS financial measures as described below. These non-IFRS measures do not have any standardized meanings prescribed by International Financial Reporting Standards as issued by the International Accounting Standards Board (IASB) and are therefore unlikely to be comparable to similar measures presented by other companies. Accordingly, they should not be considered in isolation, in addition to, not as a substitute for or superior to, measures of financial performance prepared in accordance with IFRS. The terms and definitions of the non-IFRS measures used in this press release and a reconciliation of each non-IFRS measure to the most directly comparable IFRS measure are provided in the exhibits. Adjusted EBITDA: Adjusted EBITDA is calculated as net income before finance income and costs, income tax expense, depreciation, amortization, impairment of intangible assets, bargain purchase gain, restructuring from business acquisitions, and gain or loss on sale of land and buildings, assets held for sale, sale of business, and gain or loss on disposal of intangible assets. Management believes adjusted EBITDA to be a useful supplemental measure. Adjusted EBITDA is provided to enhance the comparability of the measure and to assist the Company to assess its performance. Adjusted EBITDA Three months ended June 30 Six months ended June 30 (unaudited, in millions of U.S. dollars) 2025 2024* 2025 2024* Net income 98.2 115.7 154.2 208.5 Net finance costs 39.6 47.4 79.9 74.7 Income tax expense 32.4 42.9 50.7 74.3 Depreciation of property and equipment 90.6 87.5 178.5 152.0 Depreciation of right-of-use assets 43.9 45.8 85.8 81.1 Amortization of intangible assets 21.9 21.4 43.4 38.6 Restructuring from business acquisitions - 19.7 - 19.7 Gain on sale of land and buildings - - - - and buildings and assets held for sale 0.0 (0.3) (7.0) (0.5) Adjusted EBITDA 326.6 380.1 585.5 648.5 Note: due to rounding, totals may differ slightly from the sum. * Recast for adjustments to provisional amounts of Daseke prior year's business combination (see note 5c of the unaudited condensed consolidated interim financial statements) Adjusted net income and adjusted earnings per share (adjusted 'EPS'), basic or diluted: Adjusted net income is calculated as net income excluding amortization of intangible assets related to business acquisitions, net change in the fair value and accretion expense of contingent considerations, net change in the fair value of derivatives, net foreign exchange gain or loss, impairment of intangible assets, bargain purchase gain, restructuring from business acquisitions, gain or loss on sale of land and buildings and assets held for sale, impairment on assets held for sale, gain or loss on the sale of business and directly attributable expenses due to the disposal of the business, restructuring from business acquisitions and corresponding tax impacts. Adjusted earnings per share, basic or diluted, is calculated as adjusted net income divided by the weighted average number of common shares, basic or diluted. The Company uses adjusted net income and adjusted earnings per share to measure its performance from one period to the next, without the variation caused by the impact of the items described above. The Company excludes these items because they affect the comparability of its financial results and could potentially distort the analysis of trends in its business performance. Excluding these items does not imply they are necessarily non-recurring. Adjusted net income Three months ended June 30 Six months ended June 30 (unaudited, in millions of U.S. dollars, except per share data) 2025 2024* 2025 2024* Net income 98.2 115.7 154.2 208.5 Amortization of intangible assets related to business acquisitions 19.4 19.2 38.4 35.2 Net change in fair value and accretion expense of contingent considerations 0.0 0.0 0.0 0.1 Net foreign exchange (gain) loss (0.7) 1.5 (0.4) 2.8 Restructuring from business acquisitions - 19.7 - 19.7 Gain, net of impairment, on sale of land and buildings and assets held for sale 0.0 (0.3) (7.0) (0.5) Tax impact of adjustments (4.9) (10.3) (8.9) (14.7) Adjusted net income 112.0 145.6 176.3 251.1 Adjusted earnings per share - basic 1.34 1.72 2.10 2.97 Adjusted earnings per share - diluted 1.34 1.71 2.10 2.95 Note: due to rounding, totals may differ slightly from the sum. * Recast for adjustments to provisional amounts of Daseke prior year's business combination (see note 5c of the unaudited condensed consolidated interim financial statements) Free cash flow: Net cash from operating activities, less additions to property and equipment plus proceeds from sale of property and equipment and assets held for sale. Management believes that this measure provides a benchmark to evaluate the performance of the Company in regards to its ability to meet capital requirements. Free cash flow Three months ended June 30 Six months ended June 30 (unaudited, in millions of U.S. dollars) 2025 2024 2025 2024 Net cash from operating activities 246.7 248.5 440.2 449.2 Additions to property and equipment (83.8) (118.9) (118.3) (196.4) Proceeds from sale of property and equipment 14.6 19.6 30.3 32.3 Proceeds from sale of assets held for sale 4.9 2.2 21.8 3.4 Free cash flow 182.3 151.4 374.1 288.6 Note to readers: Unaudited condensed consolidated interim financial statements and Management's Discussion & Analysis are available on TFI International's website at
Yahoo
a day ago
- Business
- Yahoo
Simpson Manufacturing: Q2 Earnings Snapshot
PLEASANTON, Calif. (AP) — PLEASANTON, Calif. (AP) — Simpson Manufacturing Co. (SSD) on Monday reported net income of $103.5 million in its second quarter. The Pleasanton, California-based company said it had net income of $2.47 per share. The building materials company posted revenue of $631.1 million in the period. _____ This story was generated by Automated Insights ( using data from Zacks Investment Research. Access a Zacks stock report on SSD at
