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Yahoo
3 minutes ago
- Yahoo
Finance and foreign ministers in Mexico to talk trade ahead of Carney's visit
OTTAWA — Foreign Affairs Minister Anita Anand and Finance Minister François-Philippe Champagne are in Mexico to meet with President Claudia Sheinbaum to talk economic growth, trade and security. Their trip is happening ahead of Prime Minister Mark Carney's planned visit to Mexico to meet with Sheinbaum. The U.S. hit Canada on Friday with a 35 per cent tariff on goods not compliant with the Canada-United States-Mexico agreement on trade, known as CUSMA, while Mexico received a 90-day reprieve from threatened higher levies. CUSMA is scheduled for a mandatory review next year. Ontario Premier Doug Ford called last year for a bilateral trade deal between Canada and the United States because he said Mexico was serving as a back door for Chinese auto parts and vehicles entering the North American market. Anand and Champagne will also meet with Canadian and Mexican business leaders during the two-day trip. This report by The Canadian Press was first published Aug. 5, 2025. David Baxter, The Canadian Press 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
Yahoo
3 minutes ago
- Yahoo
Cummins CEO Highlights Secular Growth In Power, Cautions On Truck Market Weakness
Cummins Inc. (NYSE:CMI) stock is trading higher on Tuesday after it reported second-quarter 2025 results that beat Wall Street expectations for both earnings and revenue. Strength in its Power Systems and Distribution segments offset declines in other markets. The company posted diluted earnings per share of $6.43, surpassing the $5.10 analyst estimate. Revenue for the quarter was $8.60 billion, beating the $8.43 billion consensus. Sales fell 2% year-over-year as North America declined 6%, while international sales rose 5% on higher demand in Europe and China. Also Read: Net income attributable to Cummins was $890 million, or 10.3% of sales, up from $726 million, or $5.26 per share, in the prior-year period. EBITDA for the quarter rose to $1.6 billion, or 18.4% of sales, compared with $1.3 billion, or 15.3%, a year ago. Power Systems led segment performance with sales rising 19% to $1.9 billion. North American revenue grew 23%, while international sales rose 16%, driven by demand in data center and mission-critical markets. Distribution revenue increased 7% to $3.0 billion, as North America rose 9% and international sales climbed 4%, largely due to increased demand for power generation products in the U.S. The Engine segment reported $2.9 billion in sales, down 8% year-over-year. North American revenue declined 8%, and international revenue fell 7% due to lower on-highway demand in the U.S. and Mexico. Components revenue declined 9% to $2.7 billion, with North America down 15% and flat international sales. View more earnings on CMI Accelera, Cummins' zero-emissions segment, saw sales fall 5% to $105 million due to reduced electrolyzer installations. The company reaffirmed its commitment to long-term investments under its Destination Zero strategy. Operating cash flow for the quarter was $785 million. Cummins ended the period with $2.32 billion in cash and cash equivalents and $6.81 billion in long-term debt. On July 15, the company increased its quarterly dividend from $1.82 to $2.00 per share, payable Sept. 4, 2025, to shareholders of record as of Aug. 22, marking 16 consecutive years of dividend growth. CMI also introduced the S17 Centum generator set, capable of producing up to 1 megawatt in a compact footprint for use in healthcare, water treatment, and commercial sectors. 'We see a contrast across our markets with robust demand for power generation equipment supported by clear secular drivers, and our more economically sensitive markets, such as truck, where end-user confidence has declined,' commented Chair and CEO Jennifer Rumsey. 'This contrast will become even more pronounced in the second half of the year as North America truck build rates decline sharply, starting in the third quarter,' he added. Amid ongoing economic and regulatory uncertainty, the company said it will not reinstate a full-year revenue or profitability outlook at this time. 'Our diversified portfolio, disciplined cost management and strong execution have enabled us to navigate recent industry challenges. However, persistent economic and regulatory uncertainty continues to impact a number of our key markets and cloud our near-term outlook for both business and market performance,' stated Rumsey. Price Action: At last check Tuesday, CMI shares were trading higher by 6.15% to $383.83. Read Next:Photo by JHVEPhoto via Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? CUMMINS (CMI): Free Stock Analysis Report This article Cummins CEO Highlights Secular Growth In Power, Cautions On Truck Market Weakness originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. 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
New York Times
6 minutes ago
- New York Times
U.S. Imports Slid in June on Higher Tariffs
U.S. imports of goods fell in June, the Commerce Department said on Tuesday, as President Trump's tariffs continued to weigh on trade. The nearly 4 percent decline from May came as businesses adjusted to shifting tariff deadlines and uncertainty in negotiations between the Trump administration and officials from other countries. Earlier in the year, companies had rushed to stockpile goods before higher tariffs were put in place. That led to a temporary surge in goods shipments that pushed the trade deficit to a record $138.3 billion in March. Source: Bureau of Economic Analysis By The New York Times Exports dipped slightly, down about 0.5 percent, as U.S. companies sold fewer industrial goods. Still, the overall trade deficit narrowed to $60.2 billion in June. Mr. Trump has imposed tariffs on a variety of industries and trading partners since returning to the presidency in January, raising the U.S. tariff rate to levels not seen in a century. He has suspended, altered and delayed many of those tariffs many times to allow for negotiations, which have resulted in broad-brush agreements with America's major trading partners like Japan and the European Union. Higher tariffs for dozens of countries are set to snap back into effect on Aug. 7 unless more deals are reached. In recent quarters, big swings in trade and inventories have skewed U.S. economic growth. Overall, the data suggest a slow, though positive, pace of growth. Many forecasters expect a deterioration in the months ahead, as tariffs disrupt supply chains and the Trump administration's policies on immigration and government job cuts start to take a toll on the economy. Weaker-than-expected job growth in May, June and July in data released last week has provided more evidence for this view. Angered by the jobs numbers, Mr. Trump fired the commissioner of the Bureau of Labor Statistics on Friday.
