Core Insights - Lassonde Industries Inc. reported strong financial results for Q2 2025, with sales reaching $742.4 million, a 17.8% increase from $624.7 million in Q2 2024 [2][5] - The company experienced a gross profit of $195.7 million, representing 26.4% of sales, which is an increase from $175.7 million in the same quarter last year [2][5] - Operating profit rose to $54.4 million, up from $50.0 million in Q2 2024, while profit attributable to shareholders increased to $34.3 million, resulting in an EPS of $5.03 [2][5][8] Financial Performance - Sales increased by $117.8 million, with a 10.1% rise in sales volumes in Canada, driven by favorable selling price adjustments and a better sales mix [5][9] - Adjusted EBITDA for the quarter was $84.4 million, a 13.1% increase from $74.6 million in Q2 2024 [2][8] - The company reported an adjusted EPS of $5.47, down 4.5% from $5.73 in the previous year [2][8] Market Dynamics - The growth in sales was attributed to sustained market share gains in Canada and continued growth of U.S. brands, despite challenges in the U.S. private label market [3][9] - Lassonde anticipates a sales growth rate slightly above 10% for 2025, driven by the full-year impact of Summer Garden results and increased volumes from the "Buy Canadian" sentiment [9][10] Operational Insights - As of June 28, 2025, total assets increased to $2,324.9 million, a 2.1% rise from $2,277.8 million at the end of 2024, primarily due to higher accounts receivable and inventories [8][9] - Long-term debt stood at $651.1 million, with a net debt to adjusted EBITDA ratio of 2.03:1, reflecting a $173.6 million increase from December 31, 2024 [8][9] Strategic Initiatives - The company is focused on capital investment initiatives, particularly in New Jersey, to enhance its reach in the North American food and beverage market [3][9] - Lassonde plans to continue its multi-year strategy, with capital expenditures estimated to reach up to 7.0% of sales in 2025 [16][17] Dividend Information - A quarterly dividend of $1.10 per share was declared, payable on September 15, 2025, to shareholders on record as of August 19, 2025 [20]

Tariff Impact on Consumers - Consumers are projected to experience an annual price increase of approximately $2,400 due to tariff rates rising from around 25% to as high as 41% for specific countries and imports [2][3] - The American middle class and moderate-income consumers are strained and lack the capacity to absorb an additional $1,000 to $2,000 in costs [10][11] - Companies are resorting to shrinkflation (reducing product quantity while maintaining price) and sneakflation (gradually increasing prices) to offset tariff costs [11][12] Uncertainty and Economic Distortion - The varying tariff rates and potential for further tariffs, including a possible 100% tariff on chips, create significant uncertainty [5] - Stockpiling of goods by companies to avoid tariff increases has distorted GDP data and is expected to continue doing so for the coming months [6] - The economy's reliance on the spending of the wealthiest Americans will determine whether a recession occurs [19][20] Investment and Capital Flows - The Trump administration is using capital flows as a bargaining chip in trade negotiations, demanding increased investment from the EU and Japan [13][14] - There is uncertainty regarding the terms of investment deals, with the EU and Japan clarifying that their commitments are loans, not permanent financial bailouts [14] - Companies are hesitant to make significant investments due to uncertainty, except for sectors like data centers for big tech [31] Economic Disparity - The bottom 80% of Americans have depleted their savings from the pandemic and stimulus payments [17] - A "reverse Robin Hood effect" is occurring, with tax cuts disproportionately benefiting the wealthy while cuts to programs like Medicaid and food stamps, coupled with higher prices, impact those at the bottom [22] Consumer Sentiment and Spending - Polls indicate that a majority of people disapprove of Trump's handling of the economy and inflation [27] - Uncertainty is causing consumers to consider saving more and reducing spending [28]

Trade Policy & Economic Impact - US import taxes reached their highest level since the Great Depression, signaling a new phase in reshaping the global economy [1] - Markets have shown resilience to the remaking of the global trade order, but concerns remain about potential implications [2] - Tariffs may impact consumer grocery bills more noticeably in the near term than retirement funds [3] - Automakers are experiencing billion-dollar hits due to tariffs, potentially leading to increased consumer prices [4] - The Treasury Secretary defends tariff policies, touting the return of trillions of dollars in investments in domestic manufacturing [5] Manufacturing & Investment - The administration aims to rebalance trade in America's favor, bring back high-precision manufacturing jobs, and reduce trade deficits [6] - Investments in American manufacturing are contingent on expectations of future profitability, which is influenced by the stability and predictability of tariff policies [9] - A chaotic and unpredictable tariff regime discourages long-term manufacturing investments in America [10][11] - The current tariff structure may lead to higher inflation and increased prices for consumers without corresponding job creation [11][12] Trade Deals & International Relations - There are questions surrounding the details and enforceability of trade deals with countries like Japan and the EU [18][19][20][21][22] - The Japan deal, touted as bringing hundreds of billions of dollars with 90% of profits to the US, is not understood in those terms by Japanese officials, and lacks written documentation [19][20] - The president has discussed countries "buying down" tariff rates with investments, but details on these investments are scarce [22] - The US is still working on trade deals with China and Mexico, which are considered significant partners [23]

With stocks mostly rangebound and heading into a challenging seasonal stretch, what is the best strategy right now for investors. Sarah Malik is head of New Equities and Fixed Income, CIO and chair of New's investment committee joins us now. It's nice to see you. >> Good to see you, Scott.>> So, we have an undeniable pause. Is it just that. Do we need to reverse ourselves lower or where do we go from here and why.Well, Scott, we are leading to low liquidity in late August and as you mentioned, September is ...

Economic Commentary - Tariffs are a form of taxes that ultimately impact consumers [1] - The Federal Reserve appears particularly concerned about the inflationary impact of tariffs compared to other forms of taxation [1]

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Well, let's go from chips to the credit markets. Wall Street's watching closely as the Treasury hits the market with its latest 30-year bond auction. Investors are parsing demand for long-term debt amid rising deficits, shifting rate expectations, and of course, the economic outlook is uncertain.Rick Santelli joins us now from Chicago. Rick, what do you have. >> Yeah, you know, there is a lot to unpack there.Let's start at the beginning and let the charts do some talking. If you look at twos and tens since ...

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Every great investor that I've studied comes up with one important big idea in their career. Warren Buffett's big idea was to buy companies and assets for less than they were worth. Masayushi Son's big idea, bet big and bet early on transformative technologies.So what is my one big idea. Well, the government is never ever going to stop printing money. That's it. It really is that simple.If the government never stops printing money, Bitcoin's going to millions of dollars. Gold will keep accelerating towards ...

Well, stocks taking a leg lower as well on that 30-year auction. When it comes to the markets, though, my next guest says tariffs have not translated into meaningful inflation thus far. The real story remains earnings.Joining me now is John Porter, chief investment officer at BNY Investments, Newton. And John, it's great to have you on. I mean, we get a CPI read next week.We've heard some commentary about companies factoring in tariffs to their outlook. Do you think this is the worst we're going to get in t ...