Core Insights - Alstom reported strong commercial performance in Q1 2025/26, with orders exceeding €4 billion and a positive outlook for future sales driven by North American momentum and projects in Germany [4][11]. Group Performance - Orders received in Q1 2025/26 amounted to €4.1 billion, an increase of 11.8% compared to €3.645 billion in the same period last year, with organic growth at 13.6% [3][6]. - Sales reached €4.5 billion, reflecting a 2.8% increase year-over-year, with organic sales growth of 7.2% [9][11]. Backlog and Future Visibility - As of June 30, 2025, Alstom's backlog stood at €92.3 billion, indicating strong visibility for future sales [2]. Geographic and Product Breakdown - Europe accounted for 85% of total order intake, with significant contracts including €1.7 billion for additional RER NG trainsets in France and €720 million for Coradia Stream trains in Bulgaria [7][8]. - In terms of sales, Rolling Stock generated €2.416 billion, up 3% reported and 5% organic, while Services reported stable sales of €1.070 billion [9][10]. Key Projects and Deliveries - Alstom delivered key milestones across various regions, including the first metro train for Grand Paris Express and the first Innovia automated people mover in the U.S. [12].

Will this trend continue in the second half. Our next guest unveiling two new ETFs that he's launching tomorrow focusing on large cap growth and large cap value. Joining us now is Crossmart Global Investments CEO and CIO Bob Dah.Bob, it's great to have you on and let's start right there. What do we need to know about these ETFs and what differentiates them from what's already in the market. >> Uh yes, Morgan.Uh but we think what differentiates them is they're u active in management. Most of the launches hav ...

Financial Data and Key Metrics Changes - Earnings for the quarter were $1.81 per share compared to $1.45 per share in the prior year quarter, with adjusted earnings per share at $2.15 compared to $1.81 in the prior year quarter [4] - Net sales increased by 3.6% compared to the prior year quarter, driven by higher shipments in North American Beverage, European Beverage, and North American fruit can volumes [4] - Free cash flow improved to $387 million from $178 million in the prior year, reflecting higher income and lower capital spending [5] Business Line Data and Key Metrics Changes - Global Beverage segment income advanced 9% in the quarter, following a 21% improvement in the prior year's second quarter [8] - Americas Beverage reported a 10% increase in segment income, with shipment gains in both North America and Brazil [9] - North American food demand increased by 9% in the second quarter, primarily due to strong vegetable volumes, leading to a 150% improvement in income in the other segment [11][12] Market Data and Key Metrics Changes - In Asia Pacific, income declined as Southeast Asian market volumes were down high single digits compared to the prior year, impacted by tariffs affecting consumer confidence [10] - European Beverage unit volumes advanced 6%, contributing to another quarter of record income, with growth noted across Northern and Southern Europe [9] Company Strategy and Development Direction - The company is raising its guidance for the full year adjusted EPS to a range of $7.1 to $7.5 per share, reflecting strong first-half performance and potential impacts from tariffs [5] - The company is focused on returning cash to shareholders while also considering growth opportunities, with a commitment to maintaining a long-term leverage target of 2.5 times [52][72] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the demand for beverage cans in Europe, citing a shift towards more sustainable packaging [25] - Concerns were raised about potential impacts of tariffs on consumer and industrial activity, particularly in the Americas and Asia [5][10] - Management noted that despite economic uncertainties, the beverage can market continues to perform well, with no significant destocking observed [40][58] Other Important Information - The company expects net interest expense of approximately $360 million and a full-year tax rate of 25% [6] - The restructuring charge for the quarter was around $40 million, primarily related to asset write-downs in a Chinese plant and severance costs in Signode [34] Q&A Session Summary Question: Can you talk about expectations for the segments for 3Q? - Management indicated that while the third quarter last year was exceptionally strong, they expect to perform slightly better than last year despite challenging comps [16] Question: What are the prospects for Signode in 3Q and 4Q? - Management is hopeful to maintain the current level of EBIT in Signode into 3Q, with the second quarter being the largest for the segment [35] Question: Are you seeing any impact from tariffs in Europe? - Management stated that they do not see significant direct tariff impacts in Europe, but there are concerns about the overall economic environment [40] Question: How are beverage customers behaving in North America amidst tariff concerns? - Customers are continuing to promote their products despite rising costs, and the beverage can market remains strong [46] Question: What is the outlook for inventory levels along the supply chain? - Management noted that inventory levels are lean, and they plan to build inventory in Q4 in anticipation of strong demand in 2026 [80] Question: How will capital deployment be prioritized in the coming years? - The primary goal is to return cash to shareholders while also considering growth opportunities and maintaining a healthy balance sheet [52][72]

Core Viewpoint - CNX Resources Corporation is set to release its second-quarter 2025 results on July 24, with expectations of continued growth driven by recent acquisitions and operational strategies [1][2]. Group 1: Upcoming Results Expectations - The company is anticipated to benefit from the acquisition of Apex Energy, which is expected to enhance production capacity and free cash flow per share [2][3]. - The Zacks Consensus Estimate for earnings is 38 cents per share, reflecting a year-over-year increase of 5.6% [4]. - Revenue estimates are projected at $456.5 million, indicating a year-over-year increase of 31.9% [4]. Group 2: Production and Pricing Insights - Total production volumes are expected to reach 158.66 billion cubic feet equivalent, up 18.4% year over year [4]. - The average natural gas sales price is estimated to rise by 85.6% year over year to $2.97 per thousand cubic feet equivalent [5]. - However, the realized natural gas price is projected to decrease by 2.4% to $2.45 per thousand cubic feet [5]. Group 3: Financial Strategy and Performance - The company's focus on technology development and strategic use of free cash flow is expected to support long-term value creation [3][8]. - The ability to generate free cash flow may allow CNX to reduce debt and repurchase shares, positively impacting its bottom line [3][8]. - Despite these positive indicators, the Earnings ESP is -13.38%, suggesting a lower likelihood of an earnings beat this quarter [6].

Core Viewpoint - Newmont Corporation's shares have increased by 39.2% over the past six months, driven by rising gold prices amid trade and geopolitical uncertainties, outperforming both the Zacks Mining – Gold industry and the S&P 500 [1][6]. Performance Summary - NEM stock has outperformed the Zacks Mining – Gold industry's increase of 38.5% and the S&P 500's rise of 3.9% [1]. - Compared to peers, Barrick Mining Corporation, Agnico Eagle Mines Limited, and Kinross Gold Corporation have gained 30.1%, 39.5%, and 49.7%, respectively, over the same period [1]. Technical Indicators - Technical indicators show bullish momentum for NEM, with the stock trading above its 50-day and 200-day simple moving averages (SMA), indicating a long-term uptrend [4][5]. Financial Health - Newmont recorded $1.2 billion in free cash flow in Q1 2025, reflecting strong financial health that supports growth initiatives [6]. - The company has a liquidity position of $8.8 billion, including approximately $4.7 billion in cash and cash equivalents, and operating cash flow from continuing operations increased by roughly 162% year-over-year to around $2 billion in Q1 [12]. Growth Projects - Newmont is investing in growth projects such as the Tanami Expansion 2 in Australia and the Ahafo North expansion in Ghana, which are expected to enhance production capacity and extend mine life [9]. - The acquisition of Newcrest Mining Limited has created a strong portfolio with a multi-decade production profile, expected to deliver significant value and synergies, achieving $500 million in annual run-rate synergies post-acquisition [10]. Strategic Divestitures - Newmont has divested non-core businesses to focus on Tier 1 assets, completing a divestiture program in April 2025 that is expected to generate $3 billion in after-tax cash proceeds [11]. - Recent sales of shares in Greatland Resources Limited and Discovery Silver Corp are projected to yield around $470 million after taxes and commissions [11]. Gold Price Dynamics - Gold prices have increased by approximately 27% this year, reaching a record high of $3,500 per ounce on April 22, 2025, driven by trade tensions and central bank purchases [13][15]. - Current gold prices are hovering above $3,300 per ounce, supported by safe-haven demand amid geopolitical uncertainties [15]. Dividend and Earnings Outlook - NEM offers a dividend yield of 1.7% with a payout ratio of 24%, indicating a sustainable dividend backed by strong cash flows [16]. - Earnings estimates for 2025 have been revised upward, with a Zacks Consensus Estimate suggesting a year-over-year growth of 31.3% [17]. Valuation Metrics - Newmont is trading at a forward price/earnings ratio of 12.24X, slightly below the industry average of 12.45X, indicating a competitive valuation [19]. Investment Case - Newmont presents a compelling investment opportunity due to its robust growth projects, strong financial health, and rising earnings estimates, making it a prudent choice for investors looking to capitalize on favorable gold market conditions [23].

Financial Performance - GE Aerospace beat street estimates by $0.23 per share, earning $1.66 per share [1] - Revenue exceeded expectations, topping $10.1 billion [2] - The company raised its free cash flow guidance for the year to a range of $6.5 billion to $6.9 billion [3] - GE Aerospace is targeting $8.5 billion in free cash flow for 2028 [3][4] - The company is targeting $11.5 billion of operating profit [4] Operational Highlights - Engine deliveries increased by 45% in the second quarter [2] - The company expects to grow at a double-digit rate [4] Market Performance - GE Aerospace has significantly outperformed the S&P 500 over the last three years [4]

Core Viewpoint - Intuitive Machines stock has shown resilience despite a downgrade from Bank of America, indicating potential investor optimism and future growth prospects [2][4][5]. Group 1: Stock Performance and Analyst Ratings - Bank of America analyst Ronald Epstein lowered the price target for Intuitive Machines stock from $16 to $10.50, resulting in an "underperform" rating [2]. - Despite the downgrade, Intuitive Machines stock increased by 1.2% initially and continued to rise, gaining 5.1% by mid-morning [2][4]. - The stock's performance this year has been bolstered by a report of positive free cash flow of $13.3 million in Q1 [5]. Group 2: Future Profitability and Cash Flow Concerns - Analysts predict that Intuitive Machines will not achieve sustained profitability until at least 2027 and consistent positive free cash flow until 2028 [6]. - Management has cautioned about potential "cash receipt lumpiness" in Q2, which may lead to negative free cash flow [5][6]. Group 3: Growth Opportunities - Intuitive Machines has secured multiple NASA contracts for lunar missions, a Near Space Network communications contract, and is developing Earth reentry vehicles for semiconductor and space pharmaceutical clients, indicating a promising future [7].

Core Viewpoint - Kinross Gold Corporation (KGC) has experienced a significant share price increase of 67.9% year-to-date, outperforming both the Zacks Mining – Gold industry and the S&P 500 index, driven by strong earnings and higher gold prices [1][7]. Performance Comparison - KGC's peers, including Barrick Mining Corporation, Newmont Corporation, and Agnico Eagle Mines Limited, have seen share price increases of 36.9%, 57%, and 53.1%, respectively, during the same period [2]. Technical Indicators - KGC has been trading above its 200-day simple moving average (SMA) since March 6, 2024, and is also above its 50-day SMA, indicating a bullish trend [5]. Development Projects - Key development projects such as Great Bear and Round Mountain Phase X are expected to enhance KGC's production and cash flow [10]. - The commissioning of the Manh Choh project is anticipated to significantly increase cash flow at the Fort Knox operation [10]. Financial Health - KGC ended Q1 with a liquidity position of approximately $2.3 billion, which supports debt reduction and dividend safety [12]. - The company generated record free cash flows of around $1.3 billion in 2024, with free cash flow more than doubling year-over-year to $370.8 million in Q1 [12]. Debt Management - KGC repaid $800 million of debt in 2024 and reduced its net debt to around $540 million, with a long-term debt-to-capitalization ratio of 14.4% [13]. Gold Price Impact - Gold prices have increased by roughly 28% this year, reaching a record high of $3,500 per ounce on April 22, 2025, and currently hovering above $3,300 per ounce, which is expected to enhance KGC's profitability [14]. Dividend Information - KGC offers a dividend yield of 0.8% with a payout ratio of 14%, indicating a sustainable dividend backed by strong cash flows [15][16]. Analyst Sentiment - Earnings estimates for KGC have been rising, with the Zacks Consensus Estimate for 2025 earnings at $1.17, reflecting a year-over-year growth of 72.1% [17]. Valuation Metrics - KGC is trading at a forward price/earnings ratio of 12.29X, slightly below the industry average of 12.41X, indicating a favorable valuation compared to peers [18]. Investment Outlook - KGC presents an attractive investment opportunity with a strong pipeline of development projects, solid financial health, and favorable market conditions, making it a strong buy recommendation [21][22].

Q2 2025 Performance - Adjusted EBITDA for Q2 2025 was $27.1 million[3], compared to $31.7 million in Q2 2024[3, 4], a decrease of 14.5% - The Transportation segment's Adjusted EBITDA decreased from $11.2 million in Q2 2024 to $8.5 million in Q2 2025[3, 4], a decrease of 24.1% - The Specialty Products segment's Adjusted EBITDA decreased from $5.7 million in Q2 2024 to $4.4 million in Q2 2025[3, 4], a decrease of 22.8% - The Sulfur Services segment's Adjusted EBITDA decreased from $10.6 million in Q2 2024 to $9.7 million in Q2 2025[3, 4], a decrease of 8.5% - The Terminalling & Storage segment's Adjusted EBITDA increased from $8.0 million in Q2 2024 to $8.4 million in Q2 2025[3, 4], an increase of 5% Full-Year 2025 Guidance - The company projects a full-year 2025 Adjusted EBITDA of $109.1 million[5] - Total segment adjusted EBITDA is projected to be $123.8 million[5] - Maintenance capital expenditures are estimated at $20.5 million, and plant turnaround costs at $5.4 million[5] - Total distributable cash flow is projected to be $27.8 million[5] - Total adjusted free cash flow is projected to be $18.8 million[5]

GE Aerospace beating second quarter uh estimates on the top and bottom lines. And Philo joins us now with the guy we were just talking about, CEO Larry Culp. Hey Phil. Hey Joe.Larry, thank you for joining us on a big day not only for reporting Q2 results, beating on the top and the bottom line, but also investor day starting in about a half an hour. I want to talk about Q2. Much better than last year, much better than Q1.What's driving that. Well, Phil, thanks for coming to Evenenddale, Ohio. We're uh thril ...