JHVEPhoto/iStock Editorial via Getty Images Chevron Corporation (NYSE: CVX ) is a large integrated oil company worth almost $360 billion. The company is working to integrate its acquisition of Hess Corporation, an impressive addition to its shale and Guyana assets. That positions the company well to increase its cash flow and drive future shareholder returns for investors. (For reference, I last w...
JHVEPhoto/iStock Editorial via Getty Images Chevron Corporation (NYSE: CVX ) is a large integrated oil company worth almost $360 billion. The company is working to integrate its acquisition of Hess Corporation, an impressive addition to its shale and Guyana assets. That positions the company well to increase its cash flow and drive future shareholder returns for investors. (For reference, I last wrote about Chevron here .) Chevron Venezuela Chevron is the best positioned oil major in Venezuela, with diverse joint ventures in PDVSA. Chevron Investor Presentation With the deposition of President Maduro, and the potential return of the country to the global oil stage, that makes Chevron one of the best positioned companies to take advantage here. The company has hundreds of thousands of barrels / day of production, with crude delivered to the U.S. refinery system. The company has over a century of in-country presence that will position it well for future success. Chevron Portfolio Overall, Chevron has an incredibly strong portfolio, with record performance. Chevron Investor Presentation The company saw record 12% in production increase with major projects such as TCO, Permian, GOA seeing growth. The company has closed the acquisition of Hess Corporation, and it continues to have future growth in a variety of other segments. Despite a decline in oil prices, Chevron has seen substantial FCF growth. At the same time, Chevron has continued to return $10s of billions to shareholders, returns that will continue. Chevron Financials Chevron has the financials to continue driving future shareholder returns. Chevron Investor Presentation The company had $10.8 billion in CFFO in the 4Q 2025, with $33.9 billion across 2025. The company spent $17.3 billion in full-year total capex, leaving $16.6 billion in cash flow. That puts the company at a 5% cash flow yield, but investment that enabled the company to increase its production profile by double-digits. Chevron Investor Presentati...
Elevra Lithium Limited press release ( SYAXF ): Q2 2026 Revenue of $66M. Cash balance of $81M. More on Elevra Lithium Limited Elevra Lithium: Value In Sight For NASDAQ Participants Elevra Lithium: Expectations Meet A Slower Curve Seeking Alpha’s Quant Rating on Elevra Lithium Limited Historical earnings data for Elevra Lithium Limited Financial information for Elevra Lithium Limited
Elevra Lithium Limited press release ( SYAXF ): Q2 2026 Revenue of $66M. Cash balance of $81M. More on Elevra Lithium Limited Elevra Lithium: Value In Sight For NASDAQ Participants Elevra Lithium: Expectations Meet A Slower Curve Seeking Alpha’s Quant Rating on Elevra Lithium Limited Historical earnings data for Elevra Lithium Limited Financial information for Elevra Lithium Limited
Raistone Capital , a trade finance firm that was done in by the collapse of auto parts supplier First Brands Group , filed for liquidation on Monday, weeks after winding down its operations. The company and one of its affiliates filed for Chapter 7 bankruptcy in New York, listing $3.7 million in assets and $1.9 million in liabilities. The bankruptcy petitions are signed by Raistone Chief Executive...
Raistone Capital , a trade finance firm that was done in by the collapse of auto parts supplier First Brands Group , filed for liquidation on Monday, weeks after winding down its operations. The company and one of its affiliates filed for Chapter 7 bankruptcy in New York, listing $3.7 million in assets and $1.9 million in liabilities. The bankruptcy petitions are signed by Raistone Chief Executive Officer David Skirzenski , who said at an industry conference in December that the firm was still busy despite its exposure to First Brands. Raistone legal representatives didn’t immediately reply to a request for comment. The collapse of the auto parts supplier rattled Wall Street firms that provided the company with billions of dollars in off-balance sheet financing. Federal prosecutors have accused First Brands founder Patrick James of fraud. James has denied wrongdoing and is contesting criminal charges. Read more: First Brands Founder Charged With Fraud That Erased Billions Raistone laid off half its employees soon after First Brands filed for bankruptcy in September. The company told staff at the time that it relied on First Brands for more than 80% of its revenue, Bloomberg previously reported . In a September court filing, Raistone said that one of its affiliates was owed more than $172 million in purchased receivables related to First Brands. The case is Raistone Capital LLC, number 26-10372 , in the US Bankruptcy Court for the Southern District of New York.
The messages arrive via WhatsApp and email, promising a deal that seems too good to be legal: a way to move goods from China to the US while avoiding President Donald Trump ’s tariffs. For Michael Kersey, president of the American Lawn Mower Company, these solicitations represent an existential threat. His century-old firm, famous for its push-reel mowers and gardening shovels, plays by the rules....
The messages arrive via WhatsApp and email, promising a deal that seems too good to be legal: a way to move goods from China to the US while avoiding President Donald Trump ’s tariffs. For Michael Kersey, president of the American Lawn Mower Company, these solicitations represent an existential threat. His century-old firm, famous for its push-reel mowers and gardening shovels, plays by the rules. His competitors, he suspects, are somehow bypassing steep trade barriers that Trump is seeking to maintain even after the Supreme Court ruled many of them were illegal. “Tariff cheating is much, much worse than tariffs for us,” said Kersey, who began outsourcing production to China two decades ago and paid as much as 45% to bring those goods into the US over the last year. “The tariffs are just the cost of doing business, but the tariff cheats are the ones that are very, very damaging.” Kersey is among a dozen business owners, shipping merchants, trade attorneys and former customs officials who spoke to Bloomberg News sounding the alarm over apparent tariff fraud surging to record proportions. Fueled by aggressive Chinese logistics tactics and the highest duties in a century , the suspected evasion is blunting Trump’s trade agenda while penalizing compliant companies. The scale of the problem is staggering. Trade data released Thursday showed a record $112 billion gap between what China reported exporting to the US and what US Customs said actually arrived last year. Put simply, that suggests as much as a quarter of what Asia’s top economy shipped to American shores last year slipped under the tariff radar. While tariff dodging has frustrated the US government for years, this discrepancy now dwarfs the anomalies seen during Trump’s first term. Federal Reserve research at the time found that nearly two-thirds of such gaps stemmed from tariff evasion, although other factors such as China’s tax rebate policy also contributed to misreporting. The widening gulf since Trump’s fi...
Donald Trump invited team after Olympic gold Women’s team chose to skip event The victorious US Olympic men’s ice hockey team visited the White House on Tuesday, although there were several notable absences. Donald Trump invited the team to celebrate in Washington DC after they beat Canada in a dramatic Olympic final on Sunday. He also invited the US women’s team, who declined citing “timing and p...
Donald Trump invited team after Olympic gold Women’s team chose to skip event The victorious US Olympic men’s ice hockey team visited the White House on Tuesday, although there were several notable absences. Donald Trump invited the team to celebrate in Washington DC after they beat Canada in a dramatic Olympic final on Sunday. He also invited the US women’s team, who declined citing “timing and previously scheduled academic and professional commitments”. Continue reading...
monsitj/iStock via Getty Images Gold likely will consolidate above $5,000/oz in the near term, as the underlying geopolitical escalation in the Middle East should keep prices above the "pivotal level," Phillip Nova analyst Priyanka Sachdeva said in a note Tuesday. Ongoing negotiations between the U.S. and Iran could quickly sway price movements for gold, Sachdeva said, as "a genuine de-escalation ...
monsitj/iStock via Getty Images Gold likely will consolidate above $5,000/oz in the near term, as the underlying geopolitical escalation in the Middle East should keep prices above the "pivotal level," Phillip Nova analyst Priyanka Sachdeva said in a note Tuesday. Ongoing negotiations between the U.S. and Iran could quickly sway price movements for gold, Sachdeva said, as "a genuine de-escalation could taper off haven demand, while renewed friction would likely fuel further defensive positioning in gold," while other key macro drivers such as real yields, U.S. dollar trends, and Federal Reserve rate expectations also could impact prices. Precious metals settled mixed Tuesday, with gold down nearly 1% while silver gained roughly 1%, as markets brace for any potential volatility from President Trump's State of the Union address tonight and from another round of nuclear talks between the U.S. and Iran scheduled for Thursday. Trump reportedly is considering new national security tariffs on a half-dozen industries following last week's Supreme Court decision that invalidated many of his levies. A European Union assessment found the new U.S. policy will increase tariffs on some of the continent's exports, including cheese and some agricultural products, above the level permitted in the trade agreement with the U.S., Bloomberg reported. "You've still got solid safe‑haven demand, with Iran-U.S. tensions and tariff uncertainty limiting selling in gold, keeping fundamentals supportive. But as prices near record highs, they'll face stiff resistance, and pushing to new highs would likely require a fresh geopolitical catalyst." Kitco Metals analyst Jim Wyckoff said in a note. Front-month Comex gold ( XAUUSD:CUR ) for February delivery closed -0.9% to $5,155.80/oz, while front-month Comex February silver ( XAGUSD:CUR ) ended +1.1% to $87.457/oz, its best settlement value since January 29. ETFs: ( GLD ), ( GDX ), ( GDXJ ), ( IAU ), ( NUGT ), ( PHYS ), ( GLDM ), ( AAAU ), ( SGOL ),...
Exchange Income press release ( EIFZF ): Q4 Non-GAAP EPS of $1.06. Revenue of $930M (+35.2% Y/Y) beats by $289.07M . More on Exchange Income Seeking Alpha’s Quant Rating on Exchange Income Historical earnings data for Exchange Income Dividend scorecard for Exchange Income Financial information for Exchange Income
Exchange Income press release ( EIFZF ): Q4 Non-GAAP EPS of $1.06. Revenue of $930M (+35.2% Y/Y) beats by $289.07M . More on Exchange Income Seeking Alpha’s Quant Rating on Exchange Income Historical earnings data for Exchange Income Dividend scorecard for Exchange Income Financial information for Exchange Income
On Tuesday, the US Energy Information Administration released full-year data on how the country generated electricity in 2025. It's a bit of a good news/bad news situation. The bad news is that overall demand rose appreciably, and a fair chunk of that was met by additional coal use. On the good side, solar continued its run of astonishing growth, generating 35 percent more power than a year earlie...
On Tuesday, the US Energy Information Administration released full-year data on how the country generated electricity in 2025. It's a bit of a good news/bad news situation. The bad news is that overall demand rose appreciably, and a fair chunk of that was met by additional coal use. On the good side, solar continued its run of astonishing growth, generating 35 percent more power than a year earlier and surpassing hydroelectric power for the first time. Shifting markets Overall, electrical consumption in the US rose by 2.8 percent, or about 121 terawatt-hours. Consumption had been largely flat for several decades, with efficiency and the decline of industry offsetting the effects of population and economic growth. There were plenty of year-to-year changes, however, driven by factors ranging from heating and cooling demand to a global pandemic. Given that history, the growth in demand in 2025 is a bit concerning, but it's not yet a clear signal that the factors that will inevitably drive growth have kicked in. (These factors include things like the switch to heat pumps, the electrification of transportation, and the growth in data centers. While the first two of those involve a more efficient use of energy overall, they involve electricity replacing direct use of fossil fuels, and so will increase demand on the grid.) Read full article Comments
Are Transfers Replacing Work For America' Poor? Authored by Tyler Turman via the American Institute for Economic Research , President John F. Kennedy once said , “We must find ways of returning far more of our dependent people to independence.” President Lyndon B. Johnson sought to meet that challenge by launching the War on Poverty in 1964, insisting that its purpose was not to make people “depen...
Are Transfers Replacing Work For America' Poor? Authored by Tyler Turman via the American Institute for Economic Research , President John F. Kennedy once said , “We must find ways of returning far more of our dependent people to independence.” President Lyndon B. Johnson sought to meet that challenge by launching the War on Poverty in 1964, insisting that its purpose was not to make people “dependent on the generosity of others,” nor merely to “relieve the symptom of poverty,” but to “cure it and, above all, to prevent it.” Sixty years and some $20 trillion in welfare spending later, that message appears to have gotten lost. Rather than helping the poor climb out of poverty toward self-reliance, government handouts have instead pulled the ladder away by supplanting work as their primary source of income. According to January’s Congressional Budget Office (CBO) report, average total income for the poorest households nearly doubled from 1979 to 2022. But most of that increase was fueled by government wealth transfers. Cumulative Growth of Income Among Households in the Lowest Quintile of the Income Distribution, by Type of Income. ( Congressional Budget Office , using data from the Census Bureau. In 2021 dollars. Shaded areas show recessions.) This is a prior release to the CBO report cited by the author, and includes many temporary COVID-era benefits not reflected in the most recent report. If the success of America’s social safety net is measured by how much cash the government can dole out, then it’s a testament to the scale and generosity of the welfare state. But that was never the yardstick the architects of the welfare state themselves used when selling their War on Poverty to the public. Welfare was intended to be a means toward self-sufficiency and independence through work. Viewed through that lens, the CBO report paints a far more troubling picture: Low-income Americans are receiving an ever-growing share of their financial resources from government transf...
Controladora Vuela Compañía de Aviación, S.A.B. de C.V. press release ( VLRS ): Q4 Revenue of $882M (+5.6% Y/Y) misses by $34M . Earnings per ADS of $0.04. Total revenue per available seat mile (TRASM) stood at $9.35 cents, remaining effectively flat. Available seat miles (ASMs) increased by 6% to 9.4 billion. Total operating expenses of $782 million, compared with $718 million in the previous yea...
Controladora Vuela Compañía de Aviación, S.A.B. de C.V. press release ( VLRS ): Q4 Revenue of $882M (+5.6% Y/Y) misses by $34M . Earnings per ADS of $0.04. Total revenue per available seat mile (TRASM) stood at $9.35 cents, remaining effectively flat. Available seat miles (ASMs) increased by 6% to 9.4 billion. Total operating expenses of $782 million, compared with $718 million in the previous year. Total operating expenses per available seat mile (CASM) increased 3% to $8.29 cents. EBITDAR remained essentially stable at $328 million. EBITDAR margin was 37.2%, down by 2.4 percentage points. Total cash, cash equivalents, and short-term investments totaled $774 million, representing 25% of the last twelve months’ total operating revenue. Net debt-to-LTM EBITDAR 2 ratio of 3.1x, remaining unchanged when compared to the previous quarter. Guidance 2026 For the first quarter of 2026, the Company expects: 1Q’26 1Q’25 ( 3 ) 1Q’26 Guidance ASM growth (YoY) ~3% 6.3% TRASM ~$8.50 cents $7.76 cents CASM ex fuel ~$6.00 cents $5.40 cents EBITDAR margin ~25% 29.9% Average USD/MXN rate ~Ps. 17.50 Ps. 20.42 Average U.S. Gulf Coast jet fuel price ~$2.20 $2.22 Click to enlarge More on Controladora Vuela Compañía de Aviación, S.A.B. de C.V. Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (VLRS) Grupo Viva Aerobus, S.A. de C.V. - M&A Call - Slideshow Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (VLRS) M&A Call Transcript Volaris: Stock Has Recovered, But Macro Headwinds Remain (Downgrade) Controladora Vuela Compañía de Aviación, S.A.B. de C.V. Q4 2025 Earnings Preview Volaris reports December load factor of 84%
Earnings Call Insights: CECO Environmental (CECO) Q4 2025 Management View CEO Todd Gleason opened by highlighting "strong quarter and year and full year results with many financial records" and announced a "transformational transaction between CECO and Thermon." Gleason described the merger as a union that "will create an even stronger global leader with enhanced financial agility and expanded str...
Earnings Call Insights: CECO Environmental (CECO) Q4 2025 Management View CEO Todd Gleason opened by highlighting "strong quarter and year and full year results with many financial records" and announced a "transformational transaction between CECO and Thermon." Gleason described the merger as a union that "will create an even stronger global leader with enhanced financial agility and expanded strategic capabilities." He emphasized the record backlog, major project wins, and a raised 2026 guidance, attributing the visibility to "our record backlog and growing sales pipeline." Gleason reported a record backlog "approaching $800 million and up almost 50% year-over-year," revenue growth of 35%, and adjusted EBITDA growth of 57%. He noted the booking of the company's "largest ever project valued at approximately $135 million," and stated, "For the full year, 2025 orders surpassed $1 billion for the first time." The CEO announced the 2026 revenue guidance has been increased to a range of "$925 million to $975 million, which is up from our previous outlook of $850 million to $950 million," and adjusted EBITDA guidance raised to "$115 million to $135 million." Gleason also introduced the Thermon transaction, explaining the merger is valued at approximately "$2.2 billion" and will be executed "through a stock and cash merger." Thermon shareholders will receive "$10 in cash and $0.684 of CECO common stock per share." CECO shareholders will own approximately 62.5% of the combined company, Thermon shareholders about 37.5%. The combined company's pro forma revenue is expected to be approximately $1.5 billion with adjusted EBITDA of $295 million, assuming $40 million of run-rate synergies. "Upon close, which is expected to occur in mid-2026, CECO shareholders will own approximately 62.5% of the combined company and Thermon shareholders will own approximately 37.5%." CFO Peter Johansson stated, "We finished the fourth quarter with a record backlog of $793 million, up 47% versus p...
Earnings Call Insights: Arvinas, Inc. (ARVN) Q4 2025 Management View Randy Teel, CEO, stated the company is entering a period with "multiple value-driving milestones," highlighting Arvinas' first new drug application submission, which may lead to "the first-ever FDA approval of a PROTAC degrader." He described 2025 as transformative, marked by a redefined strategy to focus resources on four Phase ...
Earnings Call Insights: Arvinas, Inc. (ARVN) Q4 2025 Management View Randy Teel, CEO, stated the company is entering a period with "multiple value-driving milestones," highlighting Arvinas' first new drug application submission, which may lead to "the first-ever FDA approval of a PROTAC degrader." He described 2025 as transformative, marked by a redefined strategy to focus resources on four Phase I clinical programs: ARV-102, ARV-806, ARV-393, and ARV-027, and announced the initiation of a first-in-human trial for ARV-027. Teel noted, "2026 will be defined by multiple data readouts and clinical advancements," with expectations of "compelling data for each of these programs as we reach milestones in the future." He also mentioned the ongoing process, in partnership with Pfizer, to select a third party for vepdegestrant commercialization, targeting an agreement before the June 5 PDUFA date. Andrew Saik, CFO, reported, "At the end of the fourth quarter, we had just over $685 million in cash, cash equivalents and marketable securities on the balance sheet compared with just over $1 billion at the end of 2024." Saik added, "We are maintaining our cash runway guidance into the second half of 2028, which allows us to reach important data readouts and continue prioritizing investments in programs that we believe are truly differentiated." Outlook Teel emphasized Arvinas' strategy of only advancing treatments that are "highly differentiated from other options," reiterating the company's intention to focus on ARV-102, ARV-806, ARV-393, and ARV-027. He stated, "We believe these milestones will validate our strategy of developing only treatments that are highly differentiated." The company expects to share new clinical data from Phase I trials of ARV-102, 806, and 393 in 2026, and plans to initiate first-in-human studies for ARV-6723 later in the year. Discussions to partner vepdegestrant are "on track," with a goal to have an agreement by the PDUFA date. Financial Results Saik...
Sinenkiy/iStock via Getty Images Introduction Super Group ( SGHC ) Limited ( SGHC ) just reported really good results that showed a much leaner and more profitable company than the last time I covered it , when I gave it a Hold rating because I was skeptical of the management’s ability to execute. However, after this report, I can see that they did, so I am upgrading it to a Buy. By the Numbers Re...
Sinenkiy/iStock via Getty Images Introduction Super Group ( SGHC ) Limited ( SGHC ) just reported really good results that showed a much leaner and more profitable company than the last time I covered it , when I gave it a Hold rating because I was skeptical of the management’s ability to execute. However, after this report, I can see that they did, so I am upgrading it to a Buy. By the Numbers Revenues for the quarter came in at $578.3m, up around 8% y/y, and beat estimates by around 5%. The performance was driven by growth from Europe, North America (mostly Canada), Africa, and APAC markets. For the full year, revenues increased by around 22% to $2.2B, driven by the same markets as well as a successful launch in Botswana. Some of the growth was partially offset by weakness in South/Latin American markets, as well as APAC. Some regional breakdowns of top performers: Europe revenue increased 23%, led by a massive increase in the UK of around 37%. Africa saw its revenue grow 27% for the year, while South Africa saw record casino volumes. Monthly average customers grew to 6.1m, up 16% y/y for Q4, while it grew 17% to 5.6m for the full year. On the profitability and efficiency front, Adjusted EBITDA for the year increased a whopping 57% to $559.5m, with adjusted EBITDA margin reaching 25%, up a massive 600 bps y/y. Profit before tax was $355.9m vs. $203.8m last year. The company’s cash position for the year was over $513m, and while we do not have financial statements for the full year, the management has told us in the past that the company carries zero debt on its books and is quite proud of the strength of its financial position. It is indeed a very strong financial position. A position that allows them to focus all the resources on growing the business further and reward loyal shareholders, just like the company has in the recent past. SGHC declared a special 25-cent dividend back in January that was paid out in February. Also, SGHC announced a dividend increase of...