Core Viewpoint - Kelly Services reported a mixed financial performance for Q2 2025, with revenue growth driven by acquisitions but organic revenue decline due to reduced demand in certain sectors [3][6][9]. Financial Performance - Q2 2025 revenue reached $1.1 billion, a 4.2% increase year-over-year, primarily due to the acquisition of Motion Recruitment Partners, LLC [3][9]. - On an organic basis, revenue decreased by 3.3%, with a notable decline in demand for U.S. federal government contractors [3][6]. - Operating earnings for Q2 2025 were $22.2 million, up from $12.2 million in Q2 2024, while adjusted earnings were $24.6 million compared to $28.1 million in the prior year [4][5][9]. - Adjusted EBITDA for Q2 2025 was $37.0 million, down 8.7% from the previous year, with an adjusted EBITDA margin of 3.4%, a decrease of 40 basis points [4][9]. Earnings Per Share - Earnings per share (EPS) for Q2 2025 were $0.52, significantly higher than $0.12 in Q2 2024. Adjusted EPS was $0.54, down from $0.71 year-over-year [5][9]. Year-to-Date Performance - For the 26-week period ending June 29, 2025, revenue totaled $2.3 billion, a 7.8% increase compared to the same period in 2024, again driven by the MRP acquisition [6][8]. - Year-to-date operating earnings were $33.0 million, down from $39.0 million in 2024, with adjusted earnings of $46.7 million compared to $51.2 million in the prior year [7][8]. Segment Performance - The Education segment showed growth of 5.6% in Q2 2025, while the Science, Engineering & Technology segment reported a 19.4% increase in revenue [21][22]. - The Enterprise Talent Management segment experienced a revenue decline of 3.9% in Q2 2025 compared to the previous year [21][22]. Dividend Declaration - The board of directors declared a quarterly cash dividend of $0.075 per share, payable on September 3, 2025 [11]. Leadership Transition - Kelly announced the appointment of Nick Zuhlke as the new Chief Accounting Officer, effective August 11, 2025, succeeding Laura Lockhart [13].

Core Insights - Maple Leaf Foods reported a revenue growth of 8.5% for Q2 2025, reaching $1,362.1 million compared to $1,255.2 million in the same period last year [9][12][18] - Adjusted EBITDA for the same quarter increased by 28.9% to $181.6 million, with an adjusted EBITDA margin of 13.3%, up from 11.2% year-over-year [9][22][23] - The company has increased its full-year 2025 adjusted EBITDA outlook to a range of $680 million to $700 million, up from a previous estimate of $634 million or greater [10][6] Financial Performance - Gross profit for Q2 2025 was $235.7 million, a significant increase from $131.2 million in Q2 2024, driven by improved pork market conditions and operational efficiencies [14][15] - Selling, general and administrative expenses decreased to $113.0 million from $116.6 million year-over-year, primarily due to lower consulting fees [16] - Earnings for Q2 2025 were $57.8 million ($0.47 per share), compared to a loss of $26.2 million ($0.21 per share) in the previous year [18][19] Operational Developments - The company is progressing towards the spin-off of Canada Packers, which has received shareholder approval and is expected to be completed in the second half of 2025 [3][4] - The spin-off is structured as a tax-free "butterfly reorganization" and aims to create two focused, market-leading companies [4][3] - Maple Leaf Foods has restructured its commercial and supply chain operations, splitting its prepared foods operations into two units: Prepared Foods and Poultry [7] Market Outlook - The company anticipates relatively normal pork market conditions and a stable consumer environment for the remainder of the year, which is reflected in its increased full-year outlook [6] - Maple Leaf Foods is closely monitoring evolving macro-economic factors, including tariffs between Canada and the U.S., which may impact its operations [6] - The company has adapted to changes in consumer sentiment, including launching campaigns in Canada that respond to the "buy Canadian" movement [6] Cash Flow and Debt Management - Free cash flow for Q2 2025 was $216.0 million, a significant increase from $27.0 million in the prior year, driven by improved earnings and changes in working capital [25][26] - Net debt as of June 30, 2025, was $1,344.2 million, down from $1,723.1 million a year earlier, with a net debt to trailing twelve months adjusted EBITDA ratio of 2.1x [26][44]

Core Viewpoint - Fortuna Mining Corp. reported strong financial and operational results for Q2 2025, highlighting a robust liquidity position and significant production achievements, while also outlining growth opportunities in upcoming projects [2][7]. Financial Highlights - The company achieved free cash flow from ongoing operations of $57.4 million in Q2 2025, a decrease from $66.7 million in Q1 2025 [18]. - Net cash from operating activities before working capital changes was $96.9 million, or $0.32 per share [7][17]. - Attributable net income from continuing operations was $42.6 million, or $0.14 per share, reflecting a QoQ increase of $0.03 [7][16]. - Adjusted EBITDA margins reached a record 55%, up from 50% in Q1 2025, driven by higher realized gold prices [7][16]. Operational Performance - The company delivered a total of 75,950 gold equivalent ounces in Q2 2025, maintaining its annual production guidance [2][7]. - Consolidated AISC (All-in Sustaining Cost) per gold equivalent ounce from continuing operations was $1,932, an increase from $1,752 in Q1 2025, primarily due to capital expenditures and mine waste stripping [15][19]. - The Séguéla Mine produced 38,186 ounces of gold at an average grade of 3.00 g/t, with a cash cost of $670 per ounce [26][29]. Growth and Business Development - The company is advancing the Diamba Sud project in Senegal, reporting an Indicated Mineral Resource of 724,000 gold ounces, with plans for a preliminary economic assessment (PEA) by Q4 2025 [6][8]. - Fortuna completed the divestment of two short-life mines, generating $83.8 million in gross proceeds, allowing for a reallocation of capital towards higher-value opportunities [9]. Capital Expenditures - Total capital expenditures for Q2 2025 included $31.4 million in sustaining capital and $15.6 million in growth capital, reflecting a 56% increase compared to the previous quarter [12][18].

Core Insights - OceanaGold Corporation reported strong operational and financial results for Q2 2025, achieving record quarterly net profit and earnings per share, while maintaining a robust cash position and no debt [4][7][8]. Financial Performance - The company produced 119,500 ounces of gold and 3,700 tonnes of copper in Q2 2025, with a record average realized gold price of $3,293 per ounce [7][8]. - Record quarterly revenue reached $432 million, with a net profit of $118 million and adjusted earnings per share of $0.51 [8][11]. - Free Cash Flow for Q2 2025 was $120 million, contributing to a year-to-date total of $189 million, resulting in a trailing 12-month Free Cash Flow yield of 18% [7][8][40]. Cost Management - The All-In Sustaining Cost (AISC) for Q2 2025 was $2,027 per ounce, with year-to-date AISC at $1,915, indicating effective cost management within the guidance range [8][30]. - Consolidated cash costs were reported at $1,210 per ounce for Q2 2025, reflecting a decrease from the previous year [30]. Shareholder Returns - The company repurchased 3.9 million common shares for $40.6 million in the first half of 2025, with a total buyback program of up to $100 million approved [6][8]. - A quarterly dividend of $0.03 per share was declared, payable in September 2025, reinforcing the commitment to return value to shareholders [9][10]. Operational Outlook - The company is on track to meet full-year production, cost, and capital guidance, with ongoing waste stripping at key sites to access higher-grade ore [5][8]. - The permitting process for the Waihi North Project is progressing, with expectations for approval by year-end [5]. Management Changes - Mr. Keenan Jennings has been appointed as Chief Exploration Officer, effective September 29, 2025, succeeding Craig Feebrey, who is retiring [12]. - Bhuvanesh Malhotra will take over as Chief Operating Officer for all operations starting September 26, 2025 [13].

Core Financial Performance - Western Midstream Partners, LP reported a net income attributable to limited partners of $333.8 million for Q2 2025, equating to $0.87 per common unit (diluted) [2][7] - The company achieved an Adjusted EBITDA of $617.9 million, marking the highest quarterly Adjusted EBITDA in its history [6][7] - Cash flows from operating activities totaled $564.0 million, with Free Cash Flow amounting to $388.4 million for the second quarter [2][7] Distribution and Cash Flow - A per-unit distribution of $0.910 will be paid on August 14, 2025, consistent with the prior quarter, resulting in an annualized distribution of $3.64 [4][7] - After distributions, the Free Cash Flow for Q2 2025 was $33.1 million [4] Operational Highlights - Natural gas throughput averaged 5.3 Bcf/d, a 3% increase from the previous quarter [5][8] - Crude oil and NGLs throughput averaged 532 MBbls/d, reflecting a 6% sequential increase [5][8] - Produced water throughput averaged 1,217 MBbls/d, representing a 4% increase from the prior quarter [5][8] Strategic Initiatives - The company announced the acquisition of Aris Water Solutions, Inc. for an enterprise value of approximately $2.0 billion, expected to enhance its position in midstream water services [6][9] - A new 300 MMcf/d cryogenic natural-gas processing train, North Loving Train II, has been sanctioned to increase processing capacity in West Texas [6][9] Guidance and Future Outlook - Western Midstream reaffirmed its 2025 financial guidance ranges for Adjusted EBITDA ($2.350 billion to $2.550 billion), capital expenditures ($625 million to $775 million), and Free Cash Flow ($1.275 billion to $1.475 billion) [7][10] - The impact of the Aris acquisition will be incorporated into the 2026 guidance projections, to be announced in February 2026 [10]

Financial Performance & Metrics - TPL's 2Q 2025 total revenues reached $187.5 million [12] - Adjusted EBITDA for 2Q 2025 was $166.2 million, with an 89% margin [12] - Free cash flow for 2Q 2025 amounted to $130.1 million, representing a 69% margin [12] - The company held $544 million in cash and cash equivalents as of June 30, 2025, with no debt [28, 32] - FY 2024 Adjusted EBITDA was $611 million [26] - FY 2024 Free Cash Flow was $461 million [26] Operational Highlights - Oil and gas royalties contributed $95.0 million to the total revenue in 2Q 2025 [12] - Water sales generated $25.6 million in revenue during 2Q 2025 [12] - Produced water royalties amounted to $30.7 million in 2Q 2025 [12] - Easements and other surface income reached $36.2 million in 2Q 2025 [12] Assets and Strategy - TPL has approximately 874,000 surface acres located in the Permian Basin [28, 38] - The company has ~25,800 net royalty acres [28, 32] - TPL is focused on maximizing shareholder value through active management of surface and royalty interests [38]

Financial Performance - The company's total production averaged 841,000 BOE per day[2], with oil production reaching 387,000 barrels per day[2] - The company increased cash balances by $525 million to $1.8 billion[2] - Free cash flow was $589 million[12] - Q2 2025 core earnings were $0.84 per share[18] - The company paid $156 million in dividends and $249 million in share buybacks[19] Capital Management - Capital spending was $932 million, 7% under midpoint guidance[2, 13] - The company realized $400 million of annual benefit from Business Optimization Plan[3] - Full-year capital guidance lowered to a midpoint of $3.7 billion[3] - The company expects to retire $2.5 billion in absolute debt[22] Operational Efficiency - The company achieved 40% of its Business Optimization Plan[3] - Williston Basin 2-mile well costs improved by $1 million[15] - Delaware capital efficiencies improved by 12% for drilling and 15% for completions (2025 YTD vs FY 2024)[15]

Financial Performance - Second quarter Adjusted EBITDA was $282 million[6, 10], compared to $338 million in the prior quarter[10] - Free cash flow for the second quarter was $107 million[6, 10], down from $173 million in the first quarter[10] - Capital expenditures, net of insurance proceeds, were $110 million in the second quarter[10], compared to $98 million in the previous quarter[10] - The company returned over $1.1 billion to shareholders since Q4 2022, including a Q3 dividend of $0.50 per share[6] Contract Backlog and Fleet - Current contract backlog stands at $6.9 billion[10, 12], a decrease from $7.5 billion in the previous quarter[10] - Approximately $380 million in new contracts were secured[6] - 62% of floater rig days are committed for 2025, 49% for 2026, and 36% for 2027[13] - 20% of floater rig days are committed for 2028, and 5% for 2029-2031[13] Guidance and Fleet Rationalization - Full year 2025 Adjusted EBITDA guidance is $1.075 billion to $1.15 billion[32] - Full year 2025 capital additions, net of reimbursements, are guided at $400 million to $450 million[32] - Revenue guidance for 2025 is $3.2 billion to $3.3 billion[32] - The company completed the retirement of Meltem and Scirocco rigs and plans to retire Globetrotter II, Highlander, and Reacher rigs[8]

Financial Performance - International Seaways Inc reported a net income of $62 million, or $1.25 per share, and an adjusted net income of $50 million, or $1.02 per share for Q2 2025[10] - The company's Q2 2025 Adjusted EBITDA was $1015 million[30] - The company's Q2 2025 TCE revenues were $188822 million[62] Fleet Optimization and Capital Allocation - The company agreed to purchase a 2020-built scrubber-fitted VLCC for $119 million[12] - The company sold 6 older vessels with an average age of 175 years[12, 16] - The company has a share repurchase program of $50 million[12] - The company declared a dividend of $077 per share, representing a 75% payout ratio of Q2 2025 adjusted net income[17] Balance Sheet and Liquidity - The company has a total liquidity of $709 million[13] - The company's gross debt is $553 million, with the earliest maturity in 2030[13] - The company's net loan to value is 14% as of June 30, 2025[13]

Market Overview & Investment Strategy - The market experienced profit-taking after a recent rally, but negativity might be costing investors money [1][2] - The relentless drumbeat of negative news, particularly regarding tariffs, makes people feel insecure [5][6] - Companies are generally mitigating tariffs effectively [16] - There's an aversion to investing when stocks are on sale, even though companies are performing well [21][22] Company Specific Analysis - **Cotera Energy (Oil & Gas):** Despite strong free cash flow yield (better than any segment in the entire market), the stock struggles due to being an oil and gas company [29][32] - Cotera Energy's natural gas portfolio, particularly in northeast Pennsylvania, is underestimated and offers high returns on capital [34][35] - Cotera Energy is prioritizing debt reduction with a plan to retire a $1 billion term note, after which they will resume aggressive buybacks [47] - **Spotify (Music Streaming):** Despite a recent stock drop due to weaker-than-expected ad revenue growth (up 5% on a constant currency basis), the company's user base is strong, with 696 million monthly active users (up 11% year-over-year) and 276 million premium subscribers (up 12% year-over-year) [52][55][60] - Spotify is increasing premium subscription prices in several regions outside the US [67] - Spotify has increased its buyback authorization from $1 billion to $2 billion, with $1.9 billion still available [70] - **Mountain (Ad Tech):** The company reported better-than-expected revenue and earnings after going public at $16 in late May, running to $31 [80][81] - 97% of Mountain's customers have never advertised on TV before [85][86] - **Palantir (Software/AI):** Palantir's valuation looks high based on traditional metrics (over 200 times next year's earnings estimates), but it scores highly on the "Rule of 40" with a revenue growth of 48% and an adjusted operating margin of 46%, yielding a score of 94 [108][109][110] - Palantir had $1 billion in revenue this quarter [111]