Enbridge to invest $900M US on solar project supporting Meta's data centres
Enbridge Inc. says it will invest $900-million US on a 600-megawatt solar project that will support Meta Platforms, Inc.'s data centre operations.
The Calgary-based pipeline company says construction is underway for the project dubbed Clear Fork, located near San Antonio, Texas.
Service at the facility is expected to begin during the summer of 2027.
Meta, which owns social media and messaging platforms such as Facebook, Instagram and WhatsApp, has signed a long-term contract for 100 per cent of the project's renewable output.
Meta's head of global energy Urvi Parekh says the company is "thrilled to partner with Enbridge to bring new renewable energy to Texas and help support our operations with 100 per cent clean energy."
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Globe and Mail
22 minutes ago
- Globe and Mail
World Kinect (WKC) Q2 EPS Jumps 23%
Key Points Adjusted earnings per share exceeded expectations, reaching $0.59 compared to the analyst estimate of $0.48 for Q2 2025. GAAP revenue fell short of expectations, dropping 18% in Q2 2025 compared to Q2 2024, to $9.04 billion. These 10 stocks could mint the next wave of millionaires › World Kinect (NYSE:WKC), a global fuel and energy supply logistics provider to the aviation, land, and marine sectors, released its Q2 2025 results on July 31, 2025. The company reported adjusted earnings per share of $0.59, comfortably beating the analyst forecast of $0.48. However, GAAP revenue came in at $9.04 billion, missing expectations of $9.32 billion. Revenue dropped 18% compared to Q2 2024. The quarter was shaped by significant one-off items, including $405 million in impairment and restructuring charges. These actions reflected a strategic overhaul, particularly in the Land segment. While Aviation produced strong results, the company's headline revenue contraction (GAAP revenue of $9,043 million) and considerable charges underscore ongoing operational and portfolio transition challenges. Metric Q2 2025 Q2 2025 Estimate Q2 2024 Y/Y Change EPS (Non-GAAP) $0.59 $0.48 $0.48 23 % Revenue (GAAP) $9.04 billion $9.32 billion $10.97 billion (18 %) Gross Profit $232 million $245 million -5 % Adjusted EBITDA $87 million $81 million 7 % Free Cash Flow (Non-GAAP) $13 million $53 million (-75 %) 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 World Kinect (NYSE:WKC) delivers fuel and energy solutions to commercial customers worldwide, focusing on the aviation, land transportation, and marine shipping industries. It sources, supplies, and manages logistics for both conventional fossil fuels and a growing range of sustainable products, such as renewable diesel and sustainable aviation fuel. The company's recent strategy emphasizes portfolio reshaping and operational efficiency. It is expanding into renewable energy, optimizing global supply chains, and increasing focus on its core markets by exiting underperforming business lines. Key factors for success include cost control, regulatory compliance, and competitive service offerings, along with strengthening its capabilities for the energy transition. Quarter Highlights: Financials and Segment Performance The period was marked by a split between standout results in Aviation and ongoing challenges in Land and Marine. Management reported that while Aviation gross profit rose 8% year over year and volumes grew 1.7%, Land and Marine segments both saw double-digit drops in gross profit and single-digit drops in volume. The Land segment especially reflected the impact of recent asset sales, including the divestment of the UK Land business, which closed in April. This transaction resulted in an $82 million pre-tax loss, including $55 million in foreign currency translation losses. The company reported over $430 million in impairment and restructuring costs for the first half of 2025. Most of this, around $367 million, was a non-cash impairment tied to goodwill in the Land segment. The Marine segment recorded a $32 million impairment related to an underperforming physical inventory site. The Land segment's exit from legacy markets and ongoing portfolio cleanup drove its gross profit down 17%, while Marine faced a 26% drop, affected by a one-time tax settlement and weak sector demand. Cost management measures were evident, with adjusted operating expenses falling 10% from the prior year to $173 million, even as headline operating expenses rose because of the impairment charges. The company recognized $6 million in restructuring charges tied to a global finance and accounting transformation initiative. Net cash provided by operating activities (GAAP) fell sharply to $28 million, and free cash flow declined to $13.3 million, down 75% compared to Q2 2024, reflecting the effects of reduced net income and higher transition charges. On the positive side, the Aviation segment continued to benefit from strong general and business aviation activities and solid performance at operated European airports. Adoption of sustainable aviation fuel and renewable products is increasing. Marine segment results remained under pressure from an unfavorable tax settlement and weaker performance in key markets. Shareholder returns included $35 million in share repurchases. The board declared an 18% increase in the quarterly dividend, indicating management's focus on returning capital to shareholders despite the challenging quarter. 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Volume in Marine dropped 7% compared to Q2 2024, continuing the segment's prolonged weakness amidst global shipping volatility. Land segment volume fell 7% compared to Q2 2024, with profit hit by the UK exit, lower North American demand, and ongoing transition costs. Segment revenues reflected these changes, with Land revenue dropping 26.4% and Marine down 17.8% compared to Q2 2024. Impairments in the Land segment, reaching $367 million (of which $359 million was goodwill), reflect recent underperformance and a strategic move to concentrate on core, higher-return markets. Restructuring costs of $6 million aimed to drive future efficiency, particularly in back-office and finance. These measures, while painful in the short term, are part of the company's shift toward a leaner, more focused business. On a positive note, performance in Aviation underscored operational strengths. 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Globe and Mail
22 minutes ago
- Globe and Mail
MasTec (MTZ) Q2 Revenue Jumps 20%
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Management highlighted the need for continuous improvement in operational efficiency, especially as the business scales up. The greatest challenge was cash flow: despite record revenue and bookings, cash provided by operating activities (GAAP) plummeted from $264 million in Q2 2024 to $6 million. The balance sheet remained within the company's target leverage range, with net debt of $2.07 billion. MasTec expanded its share buyback authorization by $250 million in Q1 2025 and emphasized a disciplined, opportunistic approach to deploying capital for both acquisitions and repurchases, focusing on supporting organic growth and strategic market positioning rather than routine buybacks. Other notable developments included a decline in overall headcount, primarily due to reduced pipeline activity, with MasTec reporting an average of approximately 33,000 employees for the twelve months ended December 31, 2024, and approximately 32,000 employees as of December 31, 2024, while non-pipeline staffing increased to support growth in high-demand segments. Depreciation expense also declined. Forward Outlook and What to Watch Management raised its full-year FY2025 revenue outlook to a range of $13.9 to $14.0 billion, up from $13.65 billion previously, reflecting confidence in current booking trends and end-market demand. Adjusted diluted earnings per share (non-GAAP) are now forecast at a midpoint of $6.33 for FY2025 The adjusted EBITDA target has also been increased to $1.13–1.16 billion for FY2025, with an adjusted EBITDA margin between 8.1% and 8.3% for FY2025. 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See the stocks » *Stock Advisor returns as of July 29, 2025 JesterAI is a Foolish AI, based on a variety of Large Language Models (LLMs) and proprietary Motley Fool systems. All articles published by JesterAI are reviewed by our editorial team, and The Motley Fool takes ultimate responsibility for the content of this article. JesterAI cannot own stocks and so it has no positions in any stocks mentioned. The Motley Fool recommends MasTec. The Motley Fool has a disclosure policy.
Globe and Mail
22 minutes ago
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