Summary of Key Points from the Capex Tracker Industry Overview - The Capex Tracker indicates a trend of capital expenditure (Capex) cuts across various industries, with notable exceptions in Technology and Utilities [3][4]. Core Observations - General Industrial Capex is projected to have a compound annual growth rate (CAGR) of 5.5% for the period 2024-2028, which is a slight decrease of 0.4 percentage points compared to the previous update in July [3][4]. - Positive growth in Capex is observed in the following sectors: - **Datacenters**: 26.5% CAGR, an increase of 3.5 percentage points from July [4]. - **Pulp & Paper**: Improvement noted, but specific growth figures not provided [3]. - **Conventional Power Generation**: Positive outlook with companies like Wartsila and Accelleron showing growth [3]. - **Mining**: Companies such as Epiroc and FLSmidth are expected to benefit [3]. - Conversely, significant declines are noted in: - **Vehicles/Autos**: Negative growth, with a decrease of 1.8 percentage points to 2.0% CAGR [4]. - **Pharma and Biotech**: Both sectors are experiencing negative trends, with Biotech showing a decline of 8.6% [4]. Detailed Capex Growth by Sector - **Datacenters**: - 2025 Capex growth projected at 51.7%, a significant increase of 15.2 percentage points [4]. - **Renewables and T&D**: - 2025 Capex growth at 17.5%, down by 8.0 percentage points [4]. - **Semiconductors**: - 2025 Capex growth at 15.7%, a decrease of 1.2 percentage points [4]. - **Healthcare**: - 2025 Capex growth projected at 0.0%, indicating stagnation [4]. - **Consumer Sector**: - 2025 Capex growth at 0.7%, reflecting a decline of 1.1 percentage points [4]. Additional Insights - The Capex Tracker highlights a robust growth trajectory in Datacenters, Renewables, and Mining, while traditional sectors like Vehicles and Pharma are facing headwinds [4]. - The report emphasizes the importance of monitoring these trends for potential investment opportunities and risks in the respective sectors [3][4]. Conclusion - The Capex Tracker serves as a critical tool for understanding industry trends and making informed investment decisions, particularly in identifying sectors poised for growth versus those facing challenges [3][4].

A lawsuit by a freight railroad against Brightline, the private train operator, won’t derail a planned commuter rail project in South Florida, Brightline’s chief executive officer said in a Friday call with investors https://t.co/ySmTEz48yB ...

Wabtec has unveiled plans to expand its manufacturing facility in Barton, as part of its strategy to increase production capacity and consolidate core activities in the UK rail sector. The 7,300m² expansion is scheduled for completion in the fourth quarter of 2026 and will create 150 skilled jobs in the region. The Barton site will accommodate up to 500 employees upon completion and support several product lines supplying components to rail operators and manufacturers across the UK. Lichfield MP Dave ...

California’s High-Speed Rail Project Is A Disgraceful Boondogglehttps://t.co/y4MQKg7GMg https://t.co/2yT2twLTkc ...

President Donald Trump’s administration said it withdrew more than $175 million in federal funding from projects related to California’s high-speed rail, the latest move to kneecap the long-delayed project https://t.co/ZxaoyFWd4l ...

CSX, BNSF Pact Sparks Debate on Whether Another Rail Merger Is Approaching https://t.co/JtuBZaZLLK ...

Brightline Florida — the struggling private rail line connecting Orlando to Miami — is rolling over $985 million of debt with a 14.89% yield and a 10% coupon, according to data compiled by Bloomberg https://t.co/rzBocfHs7b ...

Financial Overview - FTAI Infrastructure reported a net loss attributable to stockholders of $79.816 million for Q2 2025, compared to a loss of $54.350 million in Q2 2024 [2][24] - The basic and diluted loss per share for common stock was $0.73 for Q2 2025, compared to a loss of $0.52 in the same quarter of the previous year [2][24] - Adjusted EBITDA for Q2 2025 was $45.916 million, an increase from $34.256 million in Q2 2024 [2][24] Dividend Declaration - The Board of Directors declared a cash dividend of $0.03 per share for the quarter ended June 30, 2025, payable on September 8, 2025 [3] Business Highlights - The company agreed to acquire the Wheeling & Lake Erie Railway for $1.05 billion [9] - Plans to refinance existing 10.50% senior notes and Series A preferred stock upon closing of the acquisition [9] - Closed financing of $300 million of tax-exempt debt at Repauno with average coupons of 6.50%, with construction of phase 2 infrastructure fully underway [9] Key Performance Measures - Adjusted EBITDA is utilized as the key performance measure by the Chief Operating Decision Maker, providing insights into operational performance and resource allocation [21][22] - The reconciliation of net loss attributable to stockholders to Adjusted EBITDA for Q2 2025 indicates significant adjustments for various expenses, including interest and depreciation [23][24] Financial Position - Total assets as of June 30, 2025, were $4.407 billion, up from $2.374 billion as of December 31, 2024 [16][17] - Current assets increased to $539.045 million from $219.851 million year-over-year [16] - Total liabilities rose to $3.631 billion from $1.918 billion as of December 31, 2024 [17] Cash Flow Analysis - Net cash used in operating activities for the six months ended June 30, 2025, was $90.872 million, compared to $21.470 million in the same period of 2024 [19] - Cash flows from investing activities showed a net cash provided of $78.359 million, contrasting with a net cash used of $52.652 million in the previous year [19] - Net cash provided by financing activities was $313.480 million, up from $173.108 million in the same period of 2024 [19]

Financial Data and Key Metrics Changes - Total revenue for Q2 2025 was $562 million, down approximately 6% on an organic basis compared to the previous year [19][23] - Adjusted EBITDA for the quarter was $65 million, with adjusted diluted loss per share at $0.22, excluding unusual items [19][23] - Adjusted free cash flow for the quarter was a negative $14 million, expected to improve in Q3 and Q4 [25][33] Business Line Data and Key Metrics Changes - Clean Earth reported revenues of $246 million, up 4% year-over-year, with adjusted EBITDA reaching $25 million, up 5% [27] - Harsco Environmental's revenues totaled $258 million with adjusted EBITDA of $40 million, impacted by divestitures and lower service levels [25][26] - Rail revenues were $58 million with an adjusted EBITDA loss of $3 million, attributed to lower volumes and unfavorable product mix [29] Market Data and Key Metrics Changes - The U.S. steel market showed a modest uptick in volumes due to added trade protections, but overall volumes remained flat [12][26] - Demand for standard equipment and parts in the Rail segment has slowed considerably, with year-to-date orders down more than 30% [14][30] Company Strategy and Development Direction - The company is evaluating strategic alternatives to unlock value, including a potential sale or separation of the Clean Earth business [7][8] - Focus on stabilizing the Rail segment while continuing to invest in new service capabilities and building a strong business pipeline in Clean Earth [8][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the potential for improved results in the second half of the year, particularly in Harsco Environmental due to new sites and cost reduction initiatives [12][54] - The company has lowered its outlook for the year due to challenges in the Rail segment, but remains optimistic about the overall earnings and cash flow potential [17][33] Other Important Information - The company is undergoing a formal evaluation of its business portfolio with the assistance of advisors, focusing on options that may unlock value sooner [8][9] - Adjustments in forward loss provisions at Harsco Rail were primarily due to revisions in estimated costs to complete contracts [63] Q&A Session Summary Question: Is the reduced outlook driven entirely by Rail? - The reduction in outlook for EBITDA and free cash flow is entirely due to the reduction in Rail, stemming from demand and market issues [39][40] Question: What is the impact of tariffs on Clean Earth? - No direct impact from tariffs has been observed; volume trends in the hazardous waste business remain strong [42] Question: What is driving the expected improvement in Harsco Environmental margins? - New sites ramping up and cost reduction initiatives are expected to contribute to margin improvement in the second half of the year [54] Question: How long do down cycles in Rail typically last? - The current down cycle is expected to be shorter-lived, as it is not indicative of a recession but rather a temporary cutback in spending by customers [56] Question: What prompted the Board to consider strategic options now? - The persistent discount to the sum of parts value and increased confidence in potential outcomes prompted the strategic review [61][62] Question: Can you provide details on the forward loss provisions at Harsco Rail? - The charges relate to Network Rail and SBB, with adjustments based on revised cost estimates to complete contracts [63]

CSX is working with Goldman Sachs Group, people familiar with the matter said, as the company explores options to participate in rail consolidation after two major rivals announced a merger https://t.co/PToIEE2mYQ ...