Core Viewpoint - Infrastructure Dividend Split Corp. has launched an at-the-market equity program to issue Class A and Preferred Shares, allowing for sales at prevailing market prices through the Toronto Stock Exchange [1][2]. Group 1: ATM Program Details - The ATM Program will be executed under an equity distribution agreement with National Bank Financial Inc., allowing for "at-the-market distributions" on the TSX or other Canadian marketplaces [2]. - The maximum gross proceeds from the issuance of shares under the ATM Program is set at $75,000,000 for both Class A and Preferred Shares [3]. - The program will remain effective until July 17, 2027, unless terminated earlier by the Company [3]. Group 2: Use of Proceeds - Proceeds from the ATM Program will be utilized in alignment with the Company's investment objectives and strategies, focusing on a diversified portfolio of 20 to 25 dividend-paying issuers in the infrastructure sector [4]. Group 3: Investment Objectives - The Class A Shares aim to provide non-cumulative monthly cash distributions, with a targeted increase to $0.14 per share effective October 31, 2024, up from $0.125 [5]. - The Preferred Shares are designed to offer fixed cumulative preferential quarterly cash distributions of $0.18 per share and to return the original issue price by April 30, 2029 [5].

Core Insights - Titanium Transportation Group Inc. reported a 3.5% year-over-year revenue growth in Q2 2025, reaching $119.1 million, driven primarily by its Logistics segment which saw a 16.8% increase in revenue [3][6][7] - The company reduced loans and lease liabilities by $10.1 million during the quarter, enhancing its financial flexibility with a cash position of $16.4 million [3][6][7] - The Truck Transportation segment experienced an 8.5% decline in revenue to $54.4 million, attributed to a strategic exit from non-core service lines [7][9] Q2 2025 Financial Highlights - Consolidated revenue for Q2 2025 was $119.1 million, a 3.5% increase from $115.1 million in Q2 2024 [6][9] - Consolidated EBITDA was $10.0 million, down from $10.2 million in Q2 2024, resulting in an EBITDA margin of 9.3% [7][9] - Cash flow from operating activities increased to $10.9 million compared to $9.4 million in Q2 2024 [7] Segment Performance - Logistics segment revenue increased to $65.6 million, up 16.8% from $56.2 million in Q2 2024, with an EBITDA of $3.2 million [7][9] - Truck Transportation segment revenue decreased to $54.4 million, down 8.5% from $59.4 million in Q2 2024, with an EBITDA of $7.6 million [7][9] Year-to-Date Financial Highlights - Year-to-date consolidated revenue reached $240.5 million, compared to $228.0 million in the same period of 2024, reflecting a 5.5% increase [8][9] - Year-to-date EBITDA was $18.8 million, down from $19.9 million, resulting in an EBITDA margin of 8.7% [8][9] Future Outlook - The company anticipates revenue between $115 million and $120 million for the next quarter, with an EBITDA margin of 8.5% to 9.5% [11][13] - Titanium aims to maintain financial discipline, reduce debt, and invest selectively in high-return growth opportunities [11][13]

Core Insights - TFI International Inc. reported strong margin performance across all business segments, resulting in solid free cash flow despite subdued market conditions [2][4][5] - The company emphasized its focus on quality of revenue and operational efficiencies, positioning itself to capitalize on future demand while making strategic investments for long-term profitability [2][4] - TFI International returned significant capital to shareholders through dividends and share repurchases, reflecting its commitment to long-term shareholder value [2][15] Financial Highlights - Total revenue for Q2 2025 was $2.04 billion, down 10% from $2.26 billion in Q2 2024; revenue before fuel surcharge was $1.79 billion, a decrease of 9% from $1.96 billion [3][4] - Adjusted EBITDA for Q2 2025 was $326.6 million, down 14% from $380.1 million in Q2 2024; operating income decreased to $170.2 million from $206.0 million [3][5][9] - Net income for Q2 2025 was $98.2 million, compared to $115.7 million in Q2 2024, with diluted EPS of $1.17 down from $1.36 [5][9] Segment Performance - Revenue before fuel surcharge decreased by 13% for Less-Than-Truckload, 6% for Truckload, and 12% for the Logistics segment compared to Q2 2024 [6][10] - Operating income decreased by 33% for Less-Than-Truckload, 13% for Truckload, and 25% for the Logistics segment in Q2 2025 [6][10] Cash Flow and Shareholder Returns - Net cash from operating activities was $246.7 million in Q2 2025, slightly down from $248.5 million in Q2 2024; free cash flow increased by 20% to $182.3 million from $151.4 million [5][29] - The company returned $123.7 million to shareholders in Q2 2025, including $38.8 million in dividends and $84.9 million in share repurchases, with a quarterly dividend of $0.45 per share, a 13% increase from the previous year [15][29] Six-Month Results - Total revenue for the first half of 2025 was $4.00 billion, down from $4.14 billion in the prior year; revenue before fuel surcharge decreased to $3.51 billion from $3.57 billion [7][9] - Operating income for the first half of 2025 was $284.8 million, down from $357.6 million in the prior year, attributed to lower volumes and a prior-year restructuring charge [8][9]

Core Insights - Ryder System has achieved its third consecutive quarter of double-digit earnings per share growth, indicating the effectiveness of its transformation strategy amid a prolonged freight market downturn [1][3] - The company reported comparable earnings per share of $3.32, an 11% increase year over year, with revenue reaching $2.6 billion, up 2% from the previous year [2] Financial Performance - The transformation strategy has led to asset-light supply chain and dedicated transportation services now accounting for a majority of Ryder's revenue, moving away from traditional fleet management [3] - Ryder's full-year earnings forecast has been adjusted to $12.85 to $13.30 per share, down from the previous range of $12.85 to $13.60, reflecting strong contractual earnings performance but muted recovery in used vehicle sales [7] Strategic Initiatives - The company has adopted a "balanced growth strategy" that focuses on businesses generating stable cash flows across economic cycles, with over 90% of operating revenue derived from multiyear contracts [4] - Ryder's business model is designed to de-risk operations and enhance return profiles, with a resilient contractual portfolio driving performance [5] Market Outlook - Looking ahead, Ryder anticipates benefiting from long-term trends favoring the outsourcing of transportation and logistics, as well as increased industrial manufacturing in the United States [6] - The company acknowledges near-term headwinds in contractual sales due to macroeconomic uncertainty, which has led some customers to delay decisions [8]

Financial Data and Key Metrics Changes - The company reported operating revenue of $2.6 billion in the second quarter, up 2% from the prior year, primarily due to contractual revenue growth in Supply Chain Solutions (SCS) and Fleet Management Solutions (FMS) [14] - Comparable earnings per share from continuing operations were $3.32, an 11% increase from $3 in the prior year, reflecting higher contractual earnings and share repurchases [14] - Return on equity (ROE) was 17%, up from the prior year, primarily due to higher contractual earnings [15] - Year-to-date free cash flow increased to $461 million from $71 million in the prior year, reflecting lower working capital needs and reduced capital expenditures [15] Business Line Data and Key Metrics Changes - **Fleet Management Solutions (FMS)**: Operating revenue increased by 1%, driven by ChoiceLease revenue, which was up 2%. However, pretax earnings in fleet management were $126 million, down year-over-year due to weaker freight market conditions [16] - **Supply Chain Solutions (SCS)**: Operating revenue increased by 3%, driven by new business and higher customer volumes and pricing. Earnings increased by 16% from the prior year, reflecting operating revenue growth and improved performance from initiatives [21] - **Dedicated Transportation Solutions (DTS)**: Operating revenue decreased by 3% due to lower fleet count, but EBT increased by 1% year-over-year, reflecting acquisition synergies [22] Market Data and Key Metrics Changes - The company expects its transformed business model to continue outperforming prior cycles, with 60% of 2025 revenue expected to come from asset-light businesses compared to 44% in 2018 [12] - Used vehicle sales results were negatively impacted by increased wholesale volumes to manage aged inventory, with used tractor and truck pricing both declining 17% year-over-year [18] Company Strategy and Development Direction - The company is focused on executing its balanced growth strategy, which includes organic growth, strategic acquisitions, and innovative technology [12] - The company announced a 12% annualized increase to its quarterly dividend, reflecting higher profitability and improved returns over the cycle [10] - The company aims to leverage the momentum of its transformed business model to support profitable growth and return capital to shareholders [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the current freight downturn and highlighted strong sales and pipeline activity in SCS [30] - The company revised its full-year 2025 comparable EPS forecast to a range of $12.85 to $13.30, reflecting higher contractual earnings and benefits from strategic initiatives [30] - Management noted that while sales pipelines remain strong, prolonged freight downturn and economic uncertainty continue to cause some customers to delay decisions [30] Other Important Information - The company expects to generate approximately $3.5 billion of incremental debt capacity over the next three years, resulting in $14 billion available for capital deployment [28] - The company has repurchased approximately 21% of its shares outstanding since 2021 and increased the quarterly dividend by 57% [10] Q&A Session Summary Question: Confidence in deploying dry powder on the balance sheet - Management feels confident about deploying capital for share repurchase programs and acquisitions, indicating a balanced approach to capital allocation [41][42] Question: Used vehicle pricing expectations - Management expects tractor pricing to continue to increase, with a steady upward trend anticipated, especially in the fourth quarter [44][45] Question: Losses on sales in Q2 and expectations for Q3 - Losses were driven by incremental wholesaling activity of aged inventory, with expectations for a return to gains in Q3 as wholesaling activity decreases [48][49] Question: OEM delays and CapEx changes - Management anticipates that OEM delays will reverse in 2026, with increased capital spending expected as the freight market stabilizes [66][67] Question: Maintenance growth outlook - Management is focusing on mobile maintenance initiatives and sees potential for growth in retail maintenance services, despite traditional maintenance offerings being stagnant [100][103]

Core Viewpoint - Analysts expect Knight-Swift Transportation Holdings (KNX) to report quarterly earnings of $0.34 per share, reflecting a year-over-year increase of 41.7%, with revenues projected at $1.87 billion, up 1.2% from the previous year [1]. Earnings Estimates - Revisions to earnings estimates are crucial for predicting investor actions, with empirical research showing a strong correlation between earnings estimate trends and short-term stock performance [2]. - The consensus EPS estimate has been revised 5.1% lower over the last 30 days, indicating a collective reevaluation by analysts [1]. Revenue Projections - Revenue, excluding truckload and LTL fuel surcharge, is projected to reach $1.67 billion, indicating a year-over-year change of +1.8% [4]. - Truckload and LTL fuel surcharge is expected to be $194.42 million, reflecting a decrease of -5.1% from the year-ago quarter [4]. Operating Revenue and Ratios - Analysts estimate 'Operating revenue- LTL' at $383.17 million, a +25% increase from the previous year [5]. - The average prediction for 'Revenue, excluding fuel surcharge- LTL Segment' is $330.41 million, indicating a +25.6% change from the prior-year quarter [5]. - The consensus estimate for 'Adjusted Operating Ratio' is 93.6%, compared to 94.6% from the previous year [5]. Additional Metrics - 'Operating Ratio' is forecasted to reach 94.7%, down from 96.6% year-over-year [6]. - 'Adjusted Operating Ratio - Logistics' is expected to be 95.8%, slightly up from 95.5% last year [6]. - 'Adjusted Operating Ratio - Truckload' is estimated at 94.1%, down from 97.2% in the same quarter last year [6]. - 'Adjusted Operating Ratio - LTL' is projected at 92.2%, compared to 85.9% from the previous year [7]. - Average revenue per load - Intermodal is expected to be $2619.25, slightly up from $2615.00 year-over-year [7]. - Average tractors - Truckload is forecasted to be 21,374, down from 22,828 in the same quarter last year [7]. - Load count - Intermodal is expected to reach 35,366, down from 37,290 in the same quarter last year [8]. Stock Performance - Over the past month, Knight-Swift shares have recorded returns of +0.9%, compared to the S&P 500 composite's +5.9% change [8].

Company Overview - Hub Group, Inc. is a publicly traded company on Nasdaq (HUBG) with approximately $4 billion in revenue and nearly 6,000 employees globally [5]. Upcoming Conference Call - Hub Group will hold a conference call on July 31, 2025, at 5:00 p.m. Eastern Time to discuss its second quarter 2025 results, which will be announced via press release after market close on the same day [1]. - The conference call will be accessible via webcast through the Investors link on Hub Group's website, and it will be a listen-only session [2]. Participation Details - Interested participants must pre-register to receive the dial-in number and unique PIN for the conference call, which is limited to 60 minutes, including a question-and-answer session [3]. - An audio replay of the call will be available for 30 days through the Investors link on the company's website [4].

Group 1 - JB Hunt Transport Services (NASDAQ:JBHT) is scheduled to release its earnings report on July 15, 2025, with analysts projecting earnings of $1.32 per share and sales of $2.93 billion, matching the previous year's performance for the same quarter [2][5] - Historically, JBHT has experienced a favorable one-day stock return after earnings announcements in 55% of cases over the last five years, with a median positive return of 1.4% and a peak one-day gain of 8.7% [2][5] - The company currently has a market capitalization of $15 billion, generating $12 billion in revenue over the past twelve months, with an operating income of $816 million and a net profit of $561 million [2] Group 2 - The analysis of post-earnings returns shows that positive one-day returns occurred approximately 55% of the time over the past five years, but this percentage declines to 42% when considering the last three years [5] - The median of the 11 positive returns is 1.4%, while the median of the 9 negative returns is -6.9% [5] - A lower-risk strategy involves understanding the correlation between short-term and medium-term returns post-earnings, allowing traders to position themselves accordingly based on historical data [6]

Core Points - TFI International Inc. will release its financial results for Q2 2025 on July 28, 2025, after market close [1] - A webcast will be hosted by the Chairman, President, and CEO Alain Bédard, along with CFO David Saperstein, to discuss the results on the same day at 5:00 PM Eastern Time [1][3] Company Overview - TFI International Inc. is a leader in the North American transportation and logistics industry, operating in the U.S., Canada, and Mexico through its subsidiaries [2] - The company focuses on creating shareholder value through strategic acquisitions and managing a growing network of wholly-owned subsidiaries [2] - TFI International provides financial and operational resources to its companies, enhancing their efficiency and business growth [2] Service Segments - TFI International operates in various segments including Less-Than-Truckload, Truckload, and Logistics [4]

Core Viewpoint - FEMSA has successfully completed the divestiture of its logistics operations under Solistica to Grupo Traxión for a total consideration of 4,040 million Mexican pesos, enhancing its strategic focus on core business areas [1][2]. Company Overview - FEMSA operates in various sectors including retail through its OXXO store chain and health division, as well as in the beverage industry as the largest franchise bottler of Coca-Cola products globally. The company employs over 392,000 people across 18 countries and is recognized in multiple global sustainability indices [3]. TRAXIÓN Overview - TRAXIÓN is the leading transportation and logistics company in Mexico, offering a comprehensive service portfolio across three main business segments: Cargo Mobility, Logistics and Technology, and Personnel Mobility. The company has a fleet of 11,043 power units and over 22,000 employees, positioning itself as a consolidator in a fragmented industry [4].