European cherry fruit flies stopped at Detroit Metropolitan Airport
On June 19, 2025, the bug was found in a secondary inspection of a five-pound bag of cherries. There were live fruit fly maggots and pupae in the bag.
According to the CBP, the traveler was coming from Romania and on their way to Wisconsin. Wisconsin is a 'major tart cherry producer'.
'This was an excellent interception by our agricultural specialist,' said Fadia Pastilong, port director.
'This pest can pose a major threat to cherry orchards in the Midwest.'
A news release outlined the serious threat of the bugs, saying they can cause damage and rot, leaving the fruit they eat unusable. Increased pesticide use is needed to prevent the bugs.
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Globe and Mail
a day ago
- Globe and Mail
Hilton Grand (HGV) Q2 Revenue Misses 8%
Key Points GAAP revenue was $1.266 billion for Q2 2025, missing analyst expectations by $111.6 million. Adjusted EPS (non-GAAP) was $0.54, falling short of estimates, compared to an expected $0.81 (non-GAAP). Contract sales increased 10.2% to $834 million, but adjusted free cash flow dropped sharply. These 10 stocks could mint the next wave of millionaires › Hilton Grand Vacations (NYSE:HGV), a leading timeshare and vacation ownership company behind the Hilton brand, reported Q2 2025 results on July 31, 2025. The release highlighted strong contract sales and ongoing integration of acquired businesses, particularly Bluegreen Vacations. However, both GAAP revenue and non-GAAP adjusted earnings per share missed Wall Street forecasts. GAAP revenue reached $1.266 billion versus estimates of $1.378 billion, and adjusted EPS (non-GAAP) was $0.54 compared to an expected $0.81. The period saw solid top-line growth in contract sales and notable operational gains, but also margin pressure, a significant drop in adjusted free cash flow (non-GAAP), and weak membership growth, with consolidated Net Owner Growth (NOG) of 0.6% for the twelve months ended Q2 2025. Metric Q2 2025 Q2 2025 Estimate Q2 2024 Y/Y Change Adjusted EPS (Non-GAAP) $0.54 $0.81 $0.62 (12.9 %) Revenue (GAAP) N/A N/A $1.24 billion N/A Adjusted EBITDA Attributable to Stockholders $233 million $262 million (11.1 %) Contract Sales $834 million $757 million 10.2 % Adjusted Free Cash Flow $135 million $370 million (63.5 %) Source: Analyst estimates provided by FactSet. Management expectations based on management's guidance, as provided in Q1 2025 earnings report. Business Overview and Strategic Focus Hilton Grand Vacations focuses on selling vacation ownership interests (VOIs), commonly known as timeshares, across the United States and internationally. Its business includes real estate sales, resort operations, club management, rental and ancillary services, and a lending arm that provides financing for timeshare buyers. The company leverages the well-known Hilton brand and a network of partnerships, including those with Bass Pro Shops and Choice Hotels, to attract and serve customers. Recently, the company's strategy has emphasized expansion through acquisitions and brand partnerships. The purchase of Bluegreen Vacations in January 2024 broadened the product range and increased the customer base. Success depends on effective integration of these acquisitions, leveraging brand recognition, strong inventory management, and maintaining robust financing solutions for customers. Key performance measures include contract sales, membership growth, and profitability margins across its business segments. Key Developments and Metrics for the Quarter Contract sales rose 10.2% to $834 million in Q2 2025. Despite higher headline sales, overall GAAP revenue and adjusted EPS (non-GAAP) both came in below analyst estimates. The real estate sales and financing segment posted $760 million in revenue, but profit margins experienced pressure in part from a $45 million net deferral tied to ongoing projects in Hawaii and Japan. Financing revenue benefited from higher interest rates and a larger loan portfolio, with segment financing revenue up $24 million compared to Q2 2024 and profit margin (non-GAAP) remained relatively stable. The timeshare financing loan book totaled approximately $4.02 billion as of December 31, 2024, maintaining a 15.0% weighted average interest rate as of December 31, 2024 with a 10.2% annualized default rate for Q1 2025. In resort operations and club management, revenue grew by $19 million to $405 million, yet adjusted EBITDA slipped from $152 million to $149 million, and Adjusted EBITDA profit margin dropped to 36.8%. Club membership was approximately 724,300 as of Q2 2025, with net owner growth at just 0.6% over the trailing twelve months ended June 30, 2025, compared to 1.7% in the prior twelve months. The rental and ancillary services segment, which covers services beyond core timeshare sales, reported $195 million in GAAP revenue (flat year over year). This segment moved to a loss of $8 million from a $7 million profit compared to Q2 2024, with the profit margin falling to negative 4.1% (non-GAAP). Long-Term Positioning, Acquisition, and Financial Actions Rebranding projects and the expansion of the HGV Max member platform continued, leveraging acquired customer bases and locations. These actions are designed to boost operating efficiencies and drive customer engagement across the expanded resort portfolio. Inventory management continues to be crucial, with the company's pipeline valued at $13.3 billion based on current prices as of Q2 2025. Owned inventory represented 90.6% of the company's total contract sales pipeline as of Q2 2025, and fee-for-service inventory -- where the company manages but does not own vacation units -- has dropped as a share of the mix. This strategy places more risk on the balance sheet if sales slow, so maintaining sales momentum is key. On the financial services front, the company's lending operations contributed significantly to revenue and profit, with most loans carrying interest rates around 15.0% as of December 31, 2024. Securitization of its loan book remains a core liquidity strategy, allowing HGV to convert loan assets into cash that it can use for both operational needs and shareholder returns. Shareholder returns were highlighted by share repurchases: 4.1 million shares were repurchased for $150 million in Q2 2025. The board approved an additional $600 million repurchase authorization over a two-year period on July 29, 2025. Cash flow, however, faced pressure. Adjusted free cash flow dropped 63.5% year over year in Q2 2025. Free cash flow was $28 million, compared to $95 million for the same period in the prior year, a 70.5% decline. The company's net leverage ratio remained at approximately 3.9x trailing-twelve-month EBITDA as of June 30, 2025. Hilton Grand Vacations does not currently pay a dividend. Outlook and What to Watch Ahead Management reiterated its prior 2025 guidance for full-year adjusted EBITDA (before deferrals and recognitions), holding the range at $1.125 billion to $1.165 billion. No additional or updated guidance was provided for revenue or earnings per share for the remainder of the year. For investors and observers, membership growth, the pace of Bluegreen integration, and recovery in profit margins are watch points for the next periods. Potential risks include further pressure on cash flow, slower net owner growth, and the impacts of greater reliance on owned (rather than fee-for-service) inventory. The company also flagged ongoing macroeconomic risks that could affect consumer demand, but refrained from offering new quantitative outlooks beyond the EBITDA guidance. Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted. Where to invest $1,000 right now When our analyst team has a stock tip, it can pay to listen. After all, Stock Advisor's total average return is 1,036%* — a market-crushing outperformance compared to 181% for the S&P 500. They just revealed what they believe are the 10 best stocks for investors to buy right now, available when you join Stock Advisor. See the stocks » *Stock Advisor returns as of July 29, 2025
CTV News
2 days ago
- CTV News
Turbulence forces Delta flight to land and sends 25 passengers to hospitals
Serious turbulence on a Delta Airlines flight headed to Europe sent 25 people to hospitals and forced the plane into an emergency landing in Minneapolis, the airline said. Some aboard the flight from Salt Lake City to Amsterdam weren't wearing seat belts and were thrown about the cabin, one passenger said. 'They hit the ceiling, and then they fell to the ground,' Leann Clement-Nash told ABC News. 'And the carts also hit the ceiling and fell to the ground and people were injured. It happened several times, so it was really scary.' The Airbus A330-900 was carrying 275 customers and a 13-member crew Wednesday evening. The airport fire department and paramedics met the flight and took the 25 people to hospitals for evaluation and treatment, the airline said. Serious injuries from in-flight turbulence are rare, but scientists say they may be becoming more common as climate change alters the jet stream. Several turbulence-impacted flights have been reported this yea and raised awareness about aviation safety. In January, a midair collision over Washington, D.C., killed 67 people. A plane flipped over as it crashed in Toronto in March. Last weekend, passengers slid down an emergency slide to flee a smoking jet at Denver International Airport. Delta said Thursday that seven of the crew members from the Wednesday flight were treated at hospitals and released. The airline also said some passengers were treated and released, but didn't provide an exact number. It said customers could continue their trip on a special Thursday evening flight from the Minneapolis-St. Paul International Airport to Amsterdam. Delta also said it is cooperating with a National Transportation Safety Board investigation. In June, Five people were taken to a North Carolina hospital for evaluation after an American Airlines flight from Miami hit turbulence on its way to Raleigh-Durham International Airport. The plane landed safely. Earlier that month, severe storms in southern Germany forced a Ryanair flight to make an emergency landing after violent turbulence injured nine people on board, German police said. The flight was traveling from Berlin to Milan with 179 passengers and six crew members. Eight passengers and one crew member were hurt. A United Airlines flight from San Francisco to Singapore experienced severe turbulence in March. At the time, the plane carrying 174 passengers and 14 crew members was flying over the Philippines. Five people were injured and the plane landed safely in Singapore. Several flights were diverted to Waco, Texas, on March 3, because of turbulence. Five people were injured aboard a United Express flight from Springfield, Missouri, to Houston. A man was killed when a Singapore Airlines flight hit severe turbulence in May 2024, the first person to die from turbulence on a major airline in several decades. By Kathy Mccormack.
Globe and Mail
3 days ago
- Globe and Mail
Booking (BKNG) Q2 EPS Jumps 32%
Key Points Adjusted EPS of $55.40 beat expectations by 10% in Q2 2025, with GAAP revenue of $6.8 billion was also ahead of estimates. Room nights grew 8%, while gross bookings and flights posted strong double-digit growth; Connected Trip and direct bookings advanced. GAAP net income fell sharply due to foreign currency and higher debt costs, despite underlying business gains. These 10 stocks could mint the next wave of millionaires › Booking Holdings (NASDAQ:BKNG), known for its global portfolio of online travel brands, released second quarter 2025 results on July 29, 2025. The biggest news: the company outperformed expectations for both adjusted earnings (non-GAAP) and revenue (GAAP), reporting adjusted earnings per share (EPS) of $55.40 against estimates of $50.32, and GAAP revenue of $6.8 billion versus an expected $6.55 billion. While adjusted profit and revenue were up strongly from the prior year, headline net income and GAAP EPS dropped, reflecting large negative impacts from foreign currency changes and higher interest expenses. Overall, it was a quarter of robust operating growth and strong cash generation, but with notable pressure on reported profitability caused by external financial factors. Metric Q2 2025 Q2 2025 Estimate Q2 2024 Y/Y Change EPS (Non-GAAP) $55.40 $50.32 $41.90 32 % EPS (GAAP) $27.43 $44.38 (38 %) Revenue $6.8 billion $6.55 billion $5.9 billion 16 % Adjusted EBITDA $2.4 billion $1.9 billion 26 % Free Cash Flow $3.1 billion $2.38 billion 30 % Source: Analyst estimates for the quarter provided by FactSet. What Booking Holdings Does and Where It Focuses Booking Holdings operates an extensive online travel platform spanning brands like Priceline, Agoda, KAYAK (travel search), and OpenTable (restaurant reservations). Through these services, it enables users worldwide to book accommodations, flights, car rentals, attractions, and dining. Over 220 countries and territories are served across its portfolio, making it a major player in global travel and hospitality. Currently, the company is focused on five fronts: expanding its brand presence, advancing artificial intelligence and technology for a more connected travel experience, deepening relationships with travel service partners, maintaining compliance with evolving regulations, and competing against both traditional and online-first rivals. Success hinges on growing direct bookings, integrating AI-driven trip features, and maintaining an attractive inventory and loyalty offerings such as the Genius program. Quarter Highlights: Growth, Margins, and Strategy The period saw notable growth in key operating categories. Room nights booked climbed 8% to 309 million, and gross bookings reached $46.7 billion, an increase of 13%. Notably, flights surged 44%, underscoring the momentum in expanding beyond traditional hotel bookings. Alternative accommodation nights also continued to grow at a low double-digit rate. The Connected Trip initiative, which integrates accommodations, flights, car rentals, and attractions into a single itinerary, made more advances. Connected Trip transactions represented a low double-digit percentage of total transactions, and grew over 30% year-over-year. The company's direct channel mix, representing bookings through its own platforms rather than third parties, reached the mid-fifties as a percentage of room nights over the trailing four quarters. Operationally, margins improved in adjusted results. Adjusted EBITDA margin rose to 35.6%, up from 32.4% in Q2 2024, as revenue growth outpaced operating expenses. Marketing expenses as a percentage of gross bookings was 4.6%, reflecting more bookings coming through direct and loyalty channels. Free cash flow (non-GAAP) saw a substantial rise, powered by strong underlying demand and careful expense control. However, GAAP net income dropped sharply, with the net income margin down to 13.2 % from 26.0 % last year. The primary drivers were unfavorable foreign currency swings—particularly losses on euro-denominated debt totaling $961 million, compared to a gain in the year-ago period—and higher interest costs tied to convertible debt. These factors weigh on bottom-line earnings as reported under U.S. accounting rules. Product, Technology, and Partnerships The company's major brands, including Priceline, Agoda, KAYAK (travel search), and OpenTable (restaurant reservations), all contributed to expanding its reach. expanded its alternative accommodation listings by 9% year-over-year. Direct bookings continued to make up an increasing share of room nights thanks to user adoption of apps and the Genius loyalty program, whose higher tiers now represent over 30% of active travelers. On the technology side, investment in generative artificial intelligence (AI) continues across the brands. The company has released new AI-powered trip planners and conversational agents, such as ' and 'Penny' for Priceline, designed to simplify planning and booking for travelers. Management reported Connected Trip transactions now make up a low double-digit percentage of transactions and up over 30% year-over-year. Integrating multiple travel services through AI is a core part of its product strategy. Partnerships have broadened inventory and supplier engagement, including more listings in alternative accommodations and flights, and new collaborations, such as OpenTable's integration with Uber. The Genius loyalty program gives suppliers access to highly engaged customers, supporting higher direct booking rates and frequency. Management indicated ongoing scrutiny around customer data, the use of AI, and the global nature of operations. The leadership acknowledged heightened competition, especially in alternative accommodations, but pointed to the company's record of outpacing growth by key rivals in this area for 16 of the last 17 quarters. Outlook and What to Watch Next Looking to the next period, management projected room nights to grow between 3.5% and 5.5%, with gross bookings up 8% to 10%, and revenue rising 7 % to 9 %. Adjusted EBITDA is expected in the range of $3.9 billion to $4.0 billion. For FY2025, the company anticipates revenue to grow at a high single-digit rate and adjusted EBITDA to grow at a mid-teens percentage, with room nights expected to grow in the low to mid single-digit range. While demand remained steady through July, management cautioned that year-over-year growth rates are likely to moderate as the company laps a very strong performance during last year's travel season. There are also signs of cautiousness among U.S. consumers, with average length of stay and booking behavior shifting slightly. Macro and geopolitical risks—including currency fluctuations and interest rate exposure—also remain areas to watch. The company's board declared a quarterly dividend of $9.60 per share, and $1.3 billion in share repurchases were completed. Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted. Where to invest $1,000 right now When our analyst team has a stock tip, it can pay to listen. After all, Stock Advisor's total average return is 1,039%* — a market-crushing outperformance compared to 182% for the S&P 500. They just revealed what they believe are the 10 best stocks for investors to buy right now, available when you join Stock Advisor. *Stock Advisor returns as of July 29, 2025
