DeSantis names Sen. Blaise Ingoglia Florida's next CFO
Ingoglia, 54, will fill the remainder of former CFO Jimmy Patronis' term. Patronis left the job in March after winning a seat in the U.S. Congress.
Ingoglia, a Spring Hill Republican and businessman, is expected to face a primary challenge next year from state Sen. Joe Gruters, R-Sarasota, who Trump endorsed for the job.
In addition to supervising the state's finances, the CFO oversees the insurance industry and serves as the state's fire marshal.
At a news conference in Tampa, Ingoglia vowed to defend Floridians from unscrupulous insurers, serve as a 'conservative pit bull' tackling wasteful government spending and support DeSantis' push to eliminate property taxes.
Ingoglia said he thinks Florida's property insurance reforms have been effective in reducing waste and fraud but also promised to defend consumers.
'I want the insurance companies to listen … if an insurance company does not do what they say they're going to do and are contractually obligated to do, I am going to call you out,' he said.
Ingoglia attributed rising property insurance premiums to higher replacement costs of homes and fraudulent claims.
Home insurance costs in Florida spiked in third quarter. Are more increases on the way?
A native of Queens, New York, Ingoglia owns the homebuilding company Hartland Homes and has a net worth of $28 million, according to his latest disclosure statement. He served as chairman of the Republican Party of Florida from 2015 to 2019. His resume also includes a stint in the Florida House
Aside from his business and political career, he's an internationally ranked poker player, posting earnings of $468,282.
DeSantis touted Ingoglia as a conservative warrior who has supported his agenda on immigration, property taxes and other key issues.
'Every single time we've had a flashpoint in Florida, Blaise is running into battle to stand up for people,' he said.
Gruters, an accountant and former Florida GOP party chair, announced Wednesday he has enlisted two of Trump's top political advisers — strategist Chris LaCivita and pollster Tony Fabrizio — to help his statewide campaign for CFO.
The two sides started trading blows Wednesday. LaCivita and Fabrizio branded Ingoglia a 'Never Trumper,' while DeSantis blasted Gruters as not reflecting core conservative principles. He mentioned Gruters' support of last year's ballot initiative seeking to legalize recreational marijuana as an example.
'If George Washington rose from the dead and came back and tapped me on the shoulder and said, 'Will you appoint Joe Gruters CFO?' my response would be, 'No,'' DeSantis said. 'I can't do that without betraying the voters that elected me.'
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Analysis-US airlines reap rewards from premium travel strategy amid demand slump
By Rajesh Kumar Singh CHICAGO (Reuters) -U.S. airlines doubled down on high-end travel after the pandemic to drive up profits and reduce their vulnerability to economic swings. The strategy is paying off as the margins of carriers selling premium seats have held up despite a slump in overall travel demand. Strong demand from affluent travelers is helping airlines offset a pullback in spending by price-sensitive customers. Delta Air Lines last week reported a 5% year-on-year jump in its second-quarter premium ticket revenue, compared to a 5% decline in main cabin revenue. The 10-percentage-point gap was the widest since the pandemic, helping it post a double-digit margin in the April-June quarter. Similarly, premium cabin revenue helped United Airlines mitigate the financial hit from operational constraints at Newark airport near New York City - one of its largest hubs - and increase its earnings in the latest quarter. United's premium revenue rose 5.6% in the June quarter from a year ago. Its overall passenger revenue grew just 1.1%. The industry saw a similar trend in the first quarter when President Donald Trump's sweeping tariffs raised the specter of an economic recession, hammering airline bookings. "Premium capacity remains resilient," said United's Chief Commercial Officer Andrew Nocella. Airline executives have attributed the resilient demand for premium travel to the healthy financial conditions of U.S. households with earnings of $100,000, which account for 75% of air travel spending. While an April selloff in financial markets after Trump announced tariffs raised the risk of undermining that demand, a sharp rebound in U.S. stocks since then has eased those concerns. "Our core consumer is in good shape and continues to prioritize travel," Delta CEO Ed Bastian said last week. TROUBLE IN MAIN CABIN In contrast, lingering uncertainty about the broader economy and rising living costs have taken a toll on demand from less-affluent customers. Bank of America data shows, while spending by middle- and higher-income households held up in June, lower-income household spending turned negative. Low-fare carrier JetBlue Airways last month told staff that it was planning new cost-cutting measures as soft demand made achieving a breakeven operating margin in 2025 "unlikely," according to an internal memo seen by Reuters. Summer travel season tends to be the most profitable for carriers. But weak demand for main cabin seats has forced airlines to offer sales to fill planes. Discount carriers such as Frontier and Spirit Airlines are aggressively slashing flights to prevent more discounting pressure. Airline executives say premium cabins have become "the profit differentiator" in the industry. Since premium travelers tend to be less price-sensitive, carriers expect them to be less affected by economic shifts, making their spending more stable and offering a buffer in a downturn. At Delta, premium revenue accounted for 43% of passenger revenue in the June quarter, up from 35% in 2019. It has helped the Atlanta-based carrier become a pre-tax margin leader post-pandemic. The company expects its revenue from premium cabins to surpass that from main cabins in 2027. Diversified revenues, including from premium cabins, have helped shares of Delta and United outperform the broader industry in the past two years. Encouraged by the payoff, carriers are further ramping up investments to make their premium offerings more attractive. United has unveiled new premium suites with privacy doors on its new Boeing 787-9 planes. The suites will have 27-inch screens, luxury skincare amenities, and caviar and wine pairings. Alaska Airlines is on track to increase the share of premium seats on its flights to 29% by next summer from 26% currently. RISK OF SUPPLY GLUT Faced with weak margins, budget airlines are now also trying to tap into the high-end market. JetBlue, which has reported a profit in just two of its last nine quarters, is putting first-class seats on domestic flights and opening its first airport lounges in New York and Boston. Frontier is retrofitting the first two rows of its aircraft with first-class seats. Spirit, long known for its no-frills service, is seeking to rebrand itself as a premium airline to turn around its business. The number of premium seats in the U.S. domestic market has increased by 14% since 2019, more than three times the growth in main cabin seats, according to data from Visual Approach Analytics. The rush to add premium seats is hampering aircraft deliveries. It also risks causing a supply glut, hurting pricing power. But Alaska CEO Ben Minicucci downplayed those concerns, saying premium travel is more about an experience than a seat. "We see it as an end-to-end premium experience that people will pay for and people expect," Minicucci said in an interview. Sign in to access your portfolio
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StealthGas: Cheap Stock Despite Cash, Contracts and Modern Ships?
StealthGas (GASS, Financial) is executing its plans with discipline. It has upgraded its fleet, managed to secure dependable charter agreements and decreased its total debt, all of which have improved its financial position. Though spot exposure has slightly reduced earnings, this decision could provide greater profits if interest rates improve. Although insiders are not active, financial gurus have taken a careful approach, keeping their positions near breakeven which implies no immediate rush to leave. Nevertheless, the company is still trading at a lower value compared to its sector's average and this disconnect is definitely a lucrative buying opportunity for value investors. Company overview and smart growth moves StealthGas mainly offers seaborne transportation services by ship to the LPG industry across the world. Its vessels transport various types of petroleum and petrochemical gas products. In 2024, StealthGas focused on growth and fleet modernization. It acquired two Medium Gas Carriers (MGCs) that are built on the latest technology and are eco-friendly. It also entered into multiple lease arrangements including new leases and extending some for LPG carriers. This has led StealthGas to secure 65% of its fleet days for 2025 under term charters. The combined revenue from all these contracts will bring in more than $220 million (not including joint vessels), which is huge. Meanwhile, StealthGas is set to become the sole owner of Eco Lucidity and Gas Haralambos by buying the rest of the shares from its JV company. These two freighters will become the property of Port of Bristol Freeports by June. This process is beneficial as cash is created without taking any debt and the company's assets are managed efficiently. Additionally, StealthGas has started employing a different strategy. It is now considering to expand to other shipping segments by broadening its fleet. I feel that the company is making full use of the positive situation in the LPG transportation market. StealthGas Q1 2025: Strength beneath the surface At a quick look, the Q1 2025 results from StealthGas seem underwhelming. Still, when we examine it closely, the company is managing its business according to a strict plan in the face of a tight market. In reality, what GASS continues to build over time is just what long-term investors are after. Revenue stability masks a tactical spot market move: StealthGas earned $42 million in revenue in Q1 2025 which was higher than Q1 2024's $41.6 million but not as high as Q4's $43.5 million. Still, the company decided to take a different approach at this point. It moved five ships to the spot market. Due to this move, voyage costs increased from $2.9 million to $5.1 million which led to a 4.6% drop in net revenues to $36.9 million. Even so, the strategy exposes it to the current market rates in Europe and the Med, but 70% of its ships are still tied to long-term charters for the rest of the year. Earnings dip? Yes. Cause for concern? Not really.: This year's adjusted net income totaled $16.1 million which is a 16% decrease from last year's $19.1 million. Meanwhile, adjusted EPS was 44 cents, less than last year's 53 cents. The drop in earnings was caused by higher operating expenses which went up by 17.7% YOY. This happened due to expenses for crew and maintenance, plus drydocking charges and a non-cash impairment of $0.9 million, the latter items not being seen in Q1 2024. However, despite these difficulties, the company's profits were the same as in Q4 and EBITDA stayed strong at $23.5 million (adjusted). It is important to note that interest costs declined by more than half from the previous year, thanks to debt repayments which improved the company's ability to handle expenses. Net debt-free and almost fully unencumbered: StealthGas has avoided major problems that regularly hit the shipping industry due to over-borrowing. In 2025, the company paid off $54 million of debt and since 2023, it has repaid a total of $315 million. Among the fleet, just one vessel is financed, so the company enjoys full freedom in its use of assets. The company's cash and short-term investments are $77 million and this is more than the $50.9 million in debt it holds, making it net cash positive. Lowering the yearly debt payments to $2.2 million has made it unlikely for the company to face financial troubles. Favorable market tailwinds are quietly building: Global LPG exports surged 4.4% YOY and US propane exports went up 8%. As soon as PDH plants in China are built and US terminals start working by late 2025, the expected rise in cargo shipments will fuel demand for charters into 2026. At the same time, the number of LPG trucks is limited. Almost one-third of vessels are older than 20 years and newbuild activity is limited. Orderbooks for vessels used in pressurized services are still small and scrapping activity has not improved. This means there are plenty of buyers for new and efficient freight vessels which includes all of GASS's vessels, built in Japan and Korea. Simply put, this wasn't a quarter full of big events and that's exactly my point. The company is working on margins, streamlining its capital and preparing itself for a shipping cycle that could work in its favor. Numbers don't lie: StealthGas is going cheap Anyone looking for hidden outperformers among low-key stocks might find GASS to be a good choice. Source: Author generated based on data The first thing to notice is that GASS's P/E GAAP for the past twelve months stands at 3.50x which is 72% lower than the industry's average of 12.8x. Moreover, the forward P/E ratio is only 3.97x for the company, compared to an average of 12.81x in its sector. Simply put, investors are receiving more value per dollar GASS earns than the industry's average. Meanwhile, if you look at the PEG TTM ratio in the same way, it is only 0.12x which is 80% less than the sector median of 0.65x and implies the market is ignoring the company's growth chances. Even among enterprise value metrics which are important for industries that require a lot of money like shipping, GASS remains at the top. Its EV to EBITDA forward multiple is 2.31x, which is 59% cheaper than the industry median of 5.63x. Since its forward EV to EBIT of 4.01x is also under the sector average of 11.04x, GASS excels at making profits from its assets after adjusting for depreciation. This proves that the company's basic business is reliable, despite what the market believes about it. In addition, GASS's Price/Sales measure stands at 1.33x on a TTM basis which is almost in line with the sector's median of 1.24x. Actually, this doesn't provide as much insight as earnings and enterprise value in shipping. Still, investors should remember that GASS has a moderate valuation on the revenue side too. The company has been a low price-to-book ratio player with an average of 0.2x to 0.4x compared to the sector median of around 1.5x. It has not paid a dividend in 15 years and its per-share book value has not changed too much. That being the case, you may be wondering what makes this time any different. The difference this time is that the company is much stronger overall. It is almost debt-free, is very cash-positive, and almost entirely owns its fleet as well. Such vessels are not large LPG carriers, but pressurized ones designed to deliver gas to small ports lacking the infrastructure to accommodate the big refrigerated vessels. These vessels are significant in the distribution of gas in the regional gas distribution, particularly in Europe and Asia. Interestingly, it is not an increase in demand but rather a confined supply that slowly moves the market in favor of StealthGas. Many older vessels are being phased out and there is very limited new shipment activity in the pressurized segment. This is providing StealthGas with firmer control of its operations, better charter rates, and more robust margins, even when the entire market demand remains flat. It is a small change, yet it may be one that may enable the company to escape its decades-long valuation range. To sum up, the company is valued like a business in trouble, yet it functions smoothly and efficiently. Value investors should see this gap as a discounted ticket before the price goes up with the rest of the market. Decoding Price Trends with Insider and Guru Moves The last year has seen StealthGas shares fall by about 27.5%, from being worth more than $8 to its present level of $6.07. The decline is not due to a weaker foundation but to costs such as extra journey and labor expenses, along with the company's shift toward the spot market deals that cause brief ups and downs. Such decisions were made to get the most out of a tight shipping market. The story becomes more interesting when the attention turns to the five-year results. Since 2020, when it was trading for less than $3, StealthGas's share price has soared, giving more than 130% return as of now. This was achieved by reducing financial leverage, increasing charter reliability and making stricter capital control. Even though prices have dropped recently, the long-term trend is still up. Basically, the reasons behind the market's strength are still present and the stock is just consolidating after a robust run. Insider trading: A quiet signal of confidence: Remarkably, no insider activity has been reported during the past three years. In many cases, insiders sell their shares, it often happens with wider concerns or pessimism among investors. Having said that, insiders in this case haven't sold any shares, even through the recent price drop, which seems to indicate they believe the stock will not stop at its current level. To sum up, insiders are relatively calm about recent fluctuations, showing that they are confident about the company's future. Guru trades reflect cautious confidence and steady positioning: While the inside operation was more subtle, guru activity gave stronger clues. In 2025, Renaissance Technologies (Trades, Portfolio) made small trims in its portfolio, like a 0.63% reduction in March, probably a normal portfolio management. In addition, the majority of the fund's assets were gathered in 2023, largely between $4.80 and $6.00 which syncs with GASS's early recovery phase. Even though Chuck Royce (Trades, Portfolio) has exited completely as of late 2024, this doesn't seem to indicate a loss of conviction, but rather a rotational strategy. Currently, most guru funds remain near breakeven or showing minimal gains which reduces the possibility of major sell-offs unless the market changes a lot. A realistic price outlook: Following the current state and values from the past, I predict a price range of 7.00 to 7.50 during the next 6 to 12 months. I don't need to make aggressive forecasts, as what I foresee is simply reflected by the company's earnings power and a modest positivity in sentiment. My perspective is also backed by the Analysts, who assign GASS stock an outperform' rating with a 2.0 rating and anticipate more than 59.24% upside for the company. Therefore, the path to re-rating is well established. Risks to my thesis Although StealthGas is in good financial shape and runs its operations well, there are still significant risks that could temper its immediate growth. About 30% of the company's ships are exposed to the spot market. The fluctuating nature of spot freight rates is due to geopolitical issues, re-directed trade routes and any problems at ports. A decline in these rates or an increase in their variability could affect the company's earnings and squeeze its short-term profits. In addition, the cost burden is piling up. Increasing wages for crews, regular maintenance and drydocking are apparent and if charter rates do not rise, the margins might decrease. At the moment, StealthGas manages these costs. However, if inflation in general continues, it could eventually start to impact the company's profits, especially with any extra costs from higher interest or regulatory compliance costs. Furthermore, Bunker expenses create a major challenge. Since energy markets are unpredictable, the surge in bunker prices has made the voyage costs go up. Such additional expenses which may go uncovered by contracts, can cause ships to earn less on each voyage and dampen the earnings of the company. Last but not least, geopolitical developments are now affecting trade routes more than before. As the EU has put a ban on Russian LPG imports, it has become more uncertain and challenging for the region's cargo flows, especially logistics around shipping. Hence, StealthGas must handle additional logistical issues and understand how global LPG shipping can change due to new regulations. Your takeaway StealthGas is efficient without attracting much attention while blending financial control with flexibility. Thanks to its robust fundamentals and supply backdrop that is acting in its favor, this time the overall story is lucrative. Even though some institutions have reduced their holdings, insider selling is not taking place which suggests that confidence remains. Still, the stock is valued well below its industry's median which could interest value investors. Even though earnings in the short term may be affected by market changes, the company seems to be holding its position brilliantly in the long run. Therefore, those who concentrate on the fundamentals can benefit from StealthGas's stability, variety of choices and being undervalued in a volatile sector. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Industrial sector's gains to be tested as earnings ramp up
By Lewis Krauskopf NEW YORK (Reuters) -The industrial sector has led the way for U.S. equities during a topsy-turvy year on Wall Street, but its strength will be tested as earnings season heats up. S&P 500 industrials, which include aerospace companies, electrical equipment and machinery makers, transportation firms and building products companies, have gained 15% so far in 2025. That's the best year-to-date performance of the S&P 500's 11 sectors and more than double the gain of the overall index. Momentum for the industrials sector and the broader market will be in focus with a heavy upcoming week of second-quarter earnings, which includes reports from more than one-fifth of the S&P 500, led by Alphabet and Tesla, the first of the "Magnificent Seven" megacap tech and growth companies to report. The S&P 500 has surged 26% since April, as investors shook off fears about a recession which had stemmed from President Donald Trump's "Liberation Day" tariff announcement. This earnings season "seems to be especially important because of the rebound that the market has had," said Chuck Carlson, chief executive officer at Horizon Investment Services. "I would think that that has built in a fair amount of optimism in terms of earnings." A number of industrials will be in the earnings spotlight as well. Aerospace and defense stocks have boosted the sector's performance this year, driven by heightened geopolitical tensions in the Middle East and Ukraine and fresh spending commitments by Germany and other nations. The S&P 500 aerospace and defense industry group has surged 30% this year. Defense companies to report in the coming week include RTX, Lockheed Martin and General Dynamics. GE Aerospace, whose shares have soared about 55% this year, raised its 2025 profit forecast on Thursday. Another industrial company spun off from legacy General Electric last year, GE Vernova, has seen its shares skyrocket over 70% this year, making it the best-performing industrial sector stock. The power equipment maker's results are due Wednesday. The push for reshoring infrastructure and expansion of artificial intelligence, which has lifted demand for cooling systems and factory automation, are two themes that have supported a number of stocks in the industry, including Eaton and Rockwell Automation, said Robert Pavlik, senior portfolio manager at Dakota Wealth Management. Another stock that has supported the industrial sector this year: Ride-hailing giant Uber, whose shares are up roughly 50%. "Unlike many non-Tech groups, there are a lot of solid stories here that don't rely on macro forces to deliver solid forward returns," Nicholas Colas, co-founder of DataTrek Research, said in a note on Wednesday. Large cap industrials still look attractive despite the group's recent run, Colas said. Indeed, while industrials have been viewed historically as closely tied to the fortunes of the economy, declines for a number of growth-cycle-linked stocks have weighed on the sector's performance. Shares of package delivery firms UPS and FedEx have posted sharp declines, while airlines including United Airlines and trucking companies such as JB Hunt Transport Services are also negative for the year. "There are economically sensitive (areas) within industrials that are not doing well," said Walter Todd, chief investment officer at Greenwood Capital. Other industrial companies slated to report in the coming week are Honeywell, Union Pacific and United Rentals. Beyond earnings, Wall Street will continue to focus on any developments on trade ahead of August 1, when higher U.S. tariffs on numerous trading partners are set to take effect. Investors will also be sensitive to news on the Federal Reserve, with Fed Chair Jerome Powell facing fresh pressure from Trump to resign as the president presses the central bank to lower interest rates. The Fed's next monetary policy meeting is July 29-30. The S&P 500 has climbed about 7% so far this year. The market has shown resilience despite "an incredible amount of uncertainty," said Eric Kuby, chief investment officer at North Star Investment Management Corp. "We continue to be surprised at how well stocks are trading given a lot of what would seem to be significant headwinds," Kuby said.
