Let's go to MSNBC senior White House reporter Von Hillyard in Seoul ahead of the Apex Summit. Also with us, former chair of the Council of Economic Adviserss and the Biden administration, Jared Bernstein. He's a senior fellow at the Center for American Progress.And there's MSNBC political analyst Ashley Parker of the Atlantic. Uh great to have you all here with me. So Van, let's start with Japan.That's what's all the focus today. What's President Trump's goal with this leg of the trip. And what concrete win ...

This year about 38m Indian farmers received monsoon forecasts generated by AI. Once trained, the models can run on a high-end laptop. This could lead to a “democratisation of weather forecasting”, says one expert https://t.co/UU7IzJYqF3 ...

Group 1 - The internet's reliance on centralized cloud infrastructure was highlighted by the recent downtime of Amazon Web Services (AWS) [1] - Gold prices experienced a significant decline of -5.7%, marking the largest one-day drop since April 2013, which is a rare occurrence [2][4] - Institutional demand for gold remains strong, with 95% of reserve managers anticipating an increase in global central bank gold holdings over the next 12 months, a record high according to a World Gold Council survey [3][4] Group 2 - The gains of the "Mag 7" stocks have been primarily driven by earnings per share (EPS) growth, contrasting with the broader S&P 500, which has seen more reliance on multiple expansion [4] - Active fund managers are facing challenges, with only 22% of active funds outperforming the market year-to-date, marking the worst performance in at least 26 years [4]

What a bovine beauty pageant says about the future of the world’s beef supply https://t.co/ha6agZrgiA ...

The Trump administration released a plan to encourage ranching and boost domestic beef production, as it separately raised a quota for Argentine beef imports https://t.co/7S94Iyoedc ...

Core Insights - Orbia Advance Corporation reported third quarter 2025 revenues of $1.97 billion, a 4% increase from the previous year, with EBITDA of $295 million, reflecting a 2% increase [2][5][6] - The company is focused on strengthening market positions, cost reduction, and cash generation despite subdued demand in certain sectors [4][34] Financial Performance - Net sales for Q3 2025 were $1,966 million, up 4% from $1,887 million in Q3 2024 [5][6] - Cost of sales increased by 5% to $1,533 million, while selling, general and administrative expenses decreased by 1% to $303 million [5][9] - Operating income rose to $130 million, a 4% increase year-over-year, while EBITDA margin slightly decreased to 15.0% [5][10] - The company reported a net loss of $120 million for the quarter, compared to a net income of $86 million in the same quarter last year [7][14] Business Group Performance - **Polymer Solutions**: Revenues increased by 2% to $647 million, but EBITDA decreased by 13% to $78 million due to lower resin pricing and higher ethane costs [18][19] - **Building & Infrastructure**: Revenues also rose by 2% to $647 million, with EBITDA decreasing by 3% to $76 million, impacted by restructuring costs [21][22] - **Precision Agriculture**: This segment saw an 11% increase in revenues to $257 million and a 28% increase in EBITDA to $30 million, driven by strong demand in Brazil and the U.S. [24][25] - **Connectivity Solutions**: Revenues grew by 8% to $253 million, with EBITDA increasing by 36% to $42 million, supported by strong volume growth [27][28] - **Fluor & Energy Materials**: Revenues increased by 3% to $227 million, but EBITDA decreased by 3% to $64 million due to higher input costs [30][31] Cash Flow and Debt Management - Operating cash flow for the quarter was $271 million, a decrease of 4% from the previous year, while free cash flow improved by 1% to $144 million [15][32] - Net debt increased to $3,910 million, with a net debt-to-EBITDA ratio of 3.85x, down from 3.98x in the previous quarter [16][31] Outlook - The company reaffirms its full-year 2025 Adjusted EBITDA guidance in the range of $1,100 million to $1,200 million, likely falling in the lower half of the range [34] - Capital expenditures are projected to be approximately $400 million, focusing on safety and operational integrity [35]

“The Cattle Ranchers, who I love, don’t understand that the only reason they are doing so well, for the first time in decades, is because I put Tariffs on cattle coming into the United States, including a 50% Tariff on Brazil,” Trump wrote on Truth Social.Read more: https://t.co/36rqnyFiPv📸: Anna Moneymaker via Getty Images ...

Trump Says Cattle Ranchers ‘Don’t Understand’ His Policies After They Criticize Argentina Beef Import Planhttps://t.co/mdT1MlH42V https://t.co/66z1XjHKns ...

Financial Data and Key Metrics Changes - Net sales increased by 2.5% year over year to $1,050 million, with operating margin improving by 120 basis points to 13.5% [20][21] - Diluted earnings per share rose by 21.2% to $4.98, marking a notable improvement compared to historical third-quarter performance [5][19] - Gross profit margin increased by 80 basis points to 30.4% [20] Business Line Data and Key Metrics Changes - Infrastructure sales grew by 6.6% to $808.3 million, with utility sales increasing by 12.3% driven by pricing and higher volumes [22] - Agriculture sales decreased by 9% year over year to $241.3 million, primarily due to lower irrigation equipment volumes and economic pressures in Brazil [24] - Telecommunications sales grew by 37%, supported by a quick turn order strategy [22] Market Data and Key Metrics Changes - The utility market is experiencing strong demand driven by data center expansion, manufacturing onshoring, and broader electrification, with transmission CapEx expected to grow at a 9% CAGR through 2029 [10] - The agriculture market in North America remains soft, with the USDA expecting a 2.5% decline in crop receipts for 2025 [13][14] - International sales in agriculture showed double-digit growth year to date, despite challenges in specific regions [16] Company Strategy and Development Direction - The company is focused on simplifying its business, directing resources to high-return initiatives, and enhancing performance through disciplined execution [5][6] - Valmont aims to lead the North American utility market through capacity expansions and operational improvements [6][27] - The strategy includes investing in aftermarket parts and technology to improve margins and support long-term growth [7][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term fundamentals of the business, despite near-term macro pressures [17][18] - The company is raising its full-year earnings guidance, projecting net sales of approximately $4.1 billion and adjusted diluted earnings per share in the range of $18.7 to $19.5 [30][31] - Management highlighted the importance of maintaining flexibility in capacity to respond to customer needs while ensuring operational efficiency [44][45] Other Important Information - The company recorded $11 million in bad debt expense in the agriculture segment, impacting operating income and margins [25][83] - Cash and liquidity remain strong, with approximately $226 million in cash and net debt leverage below one times [26] - The company is investing in a project to simplify its legal entity structure to improve efficiency and reduce compliance burdens [29] Q&A Session Summary Question: What are the main opportunities for margin expansion in the infrastructure segment? - Management indicated that margin improvements stem from pricing and cost actions, with utility expansions contributing significantly to operating margins [35][36] Question: Can you discuss the capacity additions in the utility segment? - Management confirmed that capacity additions are tracking above expectations, with plans to exceed the benchmark of $100 million in additional revenue for every $100 million of capacity [39][40] Question: What is the outlook for pricing trends in the utility segment? - Management expects strong pricing trends to continue due to a tight demand-supply balance and healthy margins in the bid market [81] Question: What is driving current demand in the utility segment? - Demand is strong across all product lines, driven by electrification, AI, and grid connectivity, with a well-diversified customer base [73][74] Question: What are the expectations for agriculture margins moving forward? - Management anticipates that while Q4 may be challenging, margins should improve in Q1 as bad debt issues are resolved [84]

Q3 2025 Financial Performance - Net sales reached $1.05 billion, a 2.5% increase compared to the previous year[10] - Operating margin improved by 120 bps to 13.5%[10] - Diluted EPS increased by 21.2% to $4.98[10] Segment Performance - Infrastructure sales increased by 6.6% to $808.3 million, with operating income up by 15.9%[27, 28] - Utility sales grew by 12.3% to $391.9 million, while Telecommunications saw a significant increase of 37.0% to $88.1 million[31] - Agriculture sales decreased by 9.0% to $241.3 million, with operating income down by 19.7%[34, 35] Capital Allocation and Cash Flow - Q3 2025 operating cash flows were $112.5 million[43] - The company invested $42 million in capital expenditures[41] - Share repurchases amounted to $26 million at an average price of $374.33 per share[41] Outlook - Full-year 2025 net sales are projected to be approximately $4.1 billion[46] - Adjusted diluted EPS outlook raised to $18.70 to $19.50[46] - The adjusted effective tax rate is expected to be around 25.0%[46]