Financial Data and Key Metrics Changes - Second quarter sales decreased by 3% to $67.7 million, driven by a 13% decrease in the number of boats sold, partially offset by a 10% increase in price and mix [10] - Gross profit decreased to $12.9 million, but gross profit margin increased by 20 basis points to 19.1% [10] - SG&A expenses rose by 9% to $8.1 million, with SG&A as a percentage of sales increasing by 130 basis points to 12% [11] - Diluted EPS fell to $0.12 from $0.14 in the previous year [11] - EBITDA decreased to $5.6 million from $6.5 million last year [12] - Year-to-date operating cash flow was $90.2 million, with free cash flow at $8.6 million [12] - The company ended the quarter with $50 million in cash and no debt [12] Business Line Data and Key Metrics Changes - The company noted that retail sales declined industry-wide during the first four months of 2025, but managed to reduce field inventory by 11% year over year [6] - The introduction of new models last year was well received, and the company is excited about the 2026 model year rollout with several portfolio-wide changes [8][14] Market Data and Key Metrics Changes - The company observed that channel inventory levels are stabilizing, and there are positive signs of declining inventory levels [5] - Interest rates remain elevated, but potential rate cuts could stimulate spending among dealers and consumers [6][8] Company Strategy and Development Direction - The company is focused on positioning its brands for improved future demand and maximizing returns on investments [6] - There is an ongoing evaluation of acquisition opportunities and partnerships to enhance the company's portfolio [14] - The company aims to maintain strong relationships with dealers regarding channel inventory management [9] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the industry working through excess inventory and the potential for improved sales in the second half of 2025 [5] - The company is closely monitoring tariff changes and their impact on input costs, including engines and materials [7] - Management highlighted the importance of maintaining dialogue with government representatives regarding trade negotiations [8] Other Important Information - The company plans to demonstrate new models to dealers at the August year meeting [14] - The company has maintained a strong balance sheet, positioning itself as a buyer of choice for high-quality assets [14] Q&A Session Summary - There were no questions during the Q&A session [15]

Interest Rate Policy - The ECB paused interest rate hikes, holding the deposit rate steady, a decision widely expected [1] - The ECB will make interest rate decisions meeting by meeting, without pre-committing to a specific path, but remains determined to stabilize inflation [1][7] - The market is questioning whether this pause signifies the end of rate hikes or if one more hike is anticipated, and what conditions would prompt rate cuts [2] Economic Outlook and Data Dependency - The ECB is awaiting more economic data and forecasts, particularly clarity on trade deals between Brussels and Washington, before making further decisions [3] - Bloomberg Economics suggests that more rate cuts may be needed in September and December [4] - The Governing Council's interest rate decisions will be based on its assessment of the inflation outlook, risks, economic and financial data, underlying inflation dynamics, and the strength of monetary policy transmission [7] Euro Exchange Rate - The market is interested in Christine Lagarde's comments on the euro exchange rate and its impact on disinflation [5][9] - Euro strength, up 13% year-to-date against the dollar, is a factor influencing inflation [8] - The ECB will be mindful of the exchange rate as a channel to influence inflation, though not explicitly targeting a specific level [9] Risks to Growth and Inflation - The market will interpret an emphasis on downside risks to growth as a signal for potential rate cuts in September [6] - Downside risks to inflation are also a growing concern for the ECB [6] - Potential dumping of Chinese goods into the euro area is an issue, dependent on talks between China and the EU [8]

Neils ChristensenNeils Christensen has a diploma in journalism from Lethbridge College and has more than a decade of reporting experience working for news organizations throughout Canada. His experiences include covering territorial and federal politics in Nunavut, Canada. He has worked exclusively within the financial sector since 2007, when he started with the Canadian Economic Press. Neils can be contacted at: 1 866 925 4826 ext. 1526 nchristensen at kitco.com @Neils_cShareDisclaimer: The views expressed ...

The ECB kept interest rates unchanged for the first time in more than a year https://t.co/utz4q7B8d2 ...

Turkey’s central bank lowered interest rates for the first time since March, resuming a cutting cycle that was derailed by a political crisis stemming from the arrest of a leading opposition figure https://t.co/aW3sCK7ZFu ...

South Africa’s tame inflation has created room for the central bank to cut interest rates at each of its three remaining meetings this year, according to Goldman Sachs Group Inc. and Investec Bank Ltd https://t.co/u7RdyQYRMO ...

New Zealand’s central bank is ready to cut interest rates further if the outlook for price pressures continues to soften as expected, chief economist Paul Conway said https://t.co/jLvvwbuA3d ...

With interest rates near two-decade highs, it is no wonder that homebuyers want to cut corners. Some strategies are risky—especially for sellers https://t.co/yV1cNASkGY ...

Philippine bonds are poised to rebound from the bottom of Asia’s debt rankings, thanks to the central bank’s room to cut rates and their relative insulation from US Treasury moves https://t.co/G2LaV6nsB8 ...

All right. What the heck just happened to the stock of SL Green Realy, the largest commercial real estate landlord in Manhattan with interest in 53 New York City office buildings totaling over 30 million square ft. Now, this stock has been frustrating, basically flat over the past 12 months, and it only got worse last week when SLB reported a seemingly strong quarter.And yet it share price got clobbered. Anyway, before we get to this quarter though, let's set the scene. Last year, the office reached they we ...