Covenant Logistics: Q2 Earnings Snapshot
On a per-share basis, the Chattanooga, Tennessee-based company said it had profit of 36 cents. Earnings, adjusted for one-time gains and costs, were 45 cents per share.
The truckload transportation services provider posted revenue of $302.9 million in the period.
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Miami Herald
6 minutes ago
- Miami Herald
Golden Beach vending-machine mogul sentenced to 2-1/2 years for tax evasion
A wealthy Golden Beach woman who owns the Gilly vending machine business was sentenced on Friday to 2-1/2 years in prison after agreeing to pay $1.9 million in back taxes to the federal government for failing to report a vast sum of income hidden for years in foreign bank accounts. Gilda B. Rosenberg, 60, was ordered to surrender to prison authorities in late October by U.S. District Judge Beth Bloom, who gave the woman a lower sentence than prosecutors sought for her tax-evasion conviction in Miami federal court. Bloom also imposed a $30,000 fine. Under her plea agreement, Rosenberg must also pay a penalty of $5.85 million to the Internal Revenue Service to resolve her civil liability for not filing reports on her foreign bank accounts with the Department of Treasury. In March, Rosenberg pleaded guilty to conspiring to defraud the IRS by concealing undeclared foreign accounts, filing false tax returns and evading taxes over a decade. Rosenberg, whose family owns Miami-based Gilly Vending Inc., also pleaded guilty last year to a separate conspiracy charge involving a scheme to defraud the Army and Air Force Exchange Service in Texas by filing false reports on vending machine sales of snacks and beverages to avoid fully paying commissions. She still faces sentencing in the Texas case on Wednesday, but it would run concurrently with the prison term imposed by Bloom, court records show. Rosenberg, a dual U.S. and Colombian citizen, admitted in the tax-evasion case in Miami that she conspired with two family members to hide more than $90 million in assets and income held in undeclared bank accounts in Andorra, Israel, Panama and Switzerland between 2010 and 2022, according to a factual statement filed with her plea agreement with the Justice Department. Rosenberg and the other relatives knew they had not disclosed their ownership of these foreign financial accounts to the U.S. government and not paid any taxes on the income earned from these assets, as was required by law, the statement says. The family members consolidated their assets at accounts with Credit Suisse AG in Switzerland and the United Kingdom, and then they told Credit Suisse employees that they were seeking to hide their assets from U.S. authorities, according to the statement. Their assets remained at Credit Suisse until 2013, when the bank closed their accounts because they were U.S. citizens. 'Some of the banks, including Credit Suisse AG, knew that the Defendant and her family members were U.S. persons,' Justice Department lawyers Mark Daly, Marissa Brodney and Ana Maria Martinez wrote in a sentencing memo. 'At the time that the family members divided the family's assets in 2017, and in the years following, the family members used, or attempted to use, various schemes and machinations both to covertly transfer assets to [Rosenberg] in the United States and to conceal their ongoing tax evasion and history thereof,' the prosecutors wrote, seeking a three-year, four-month prison sentence. Rosenberg's sentencing memo, filed by defense attorneys Bruce Zimet and Joan Silverstein, was sealed by Judge Bloom at their request. But in her federal case in Texas, the defense lawyers focused on Rosenberg's philanthropy, including leading a service project at the Miami Rescue Mission and donating to God's Kids Learning Center in Miami. 'Given Rosenberg's history of caring and giving to others, her appearance in a federal court for sentencing is not easy to reconcile,' they wrote in a memo filed in federal court in Sherman, Texas. 'She is determined to not let her failings define who she is as a person, and obstruct her ability to make a difference in the life of others.' In the Miami tax-evasion case, court records show that Rosenberg and her relatives moved their assets from Credit Suisse to new accounts at Bank Leumi in Israel, Union Bancaire Privée and PKB Privat Bank SA in Switzerland, and an Andorran bank. Rosenberg was listed as the beneficial owner of accounts at UBP and the Andorran bank, claiming she was a Colombian and not a U.S. citizen. Rosenberg, along with her relatives, did not file Reports of Foreign Bank and Financial Accounts (FBARS) disclosing their offshore financial accounts, as required by law. In addition, they continued to file false tax returns with the Internal Revenue Service that omitted income generated by their offshore assets. In 2017, Rosenberg and her relatives divided the family's assets and signed documents to make it appear that she and a relative gifted the offshore assets to another relative who had renounced his U.S. citizenship. Rosenberg and her relatives then tried to transfer assets to her in the United States, prosecutors said. Rosenberg filed false tax returns from 2009 to 2017 that did not report more than $5.5 million in income she earned from her assets at Union Bancaire Privée, which caused a tax loss to the IRS of $1,927,342, according to prosecutors.
Hamilton Spectator
19 minutes ago
- Hamilton Spectator
Portugal invests in electricity grid upgrades after Iberian blackout
LISBON (AP) — Portuguese authorities on Monday announced a raft of measures to strengthen the country's electricity system following the April 28 blackout that left most of Spain and Portugal without power for several hours. They include 137 million euros ($159 million dollars) of investments in the country's electricity grid, increasing the number of 'black start' power stations and reinforcing critical infrastructure such as hospitals with solar panels and batteries. Environment and Energy Minister Maria Graça Carvalho said the plan would ensure that the Iberian nation of 10.6 million is better prepared for future emergencies. 'We will be in a better position to manage the crisis and minimize its consequences,' Carvalho said. The Iberian outage started shortly after 11:30 a.m. in Portugal and 12:30 p.m. in Spain and lasted through nightfall, disrupting businesses, transit systems, cellular networks, Internet connectivity and other critical infrastructure. In just five seconds, Spain lost 15 gigawatts of electricity — or about 60% of its supply. Portugal, whose grid is connected to Spain's, also went down. Only the countries' island territories were spared. Power was fully restored in both countries the next morning. Spanish authorities in June said an investigation found that the country's electric grid was unable to handle a surge in voltage, which triggered small grid failures in the south of Spain that cascaded into larger ones. The chain reaction eventually brought down the electric system in the two Iberian nations. Authorities didn't explain what caused the initial voltage surge. Other measures under review include a possible interconnection between Portugal and Morocco. Interconnections are high voltage transmission lines that link the electricity systems of different countries, allowing cross-border power exchanges. Spain's interconnections with Morocco and France were critical to restoring power after the April blackout. Portuguese authorities said they would increase the number of power stations with autonomous restart capability from two to four. The black start power stations helped Portugal restore its power independently from Spain after the blackout. Authorities said they would spend 25 million euros ($29 million) to reinforce back-up energy sources such as solar panels and batteries at hospitals and other critical infrastructure. An independent panel of European Union experts is investigating what caused the blackout. A preliminary report published earlier this month reached similar conclusions to the Spanish investigation — that an unusual series of voltage surges in Spain and a cascading series of electricity disconnections likely triggered the event. A final report is due in October. ___ Naishadham reported from Madrid.
Yahoo
an hour ago
- Yahoo
Best Buy Earnings Preview: What to Expect
With a market cap of $14.3 billion, Best Buy Co., Inc. (BBY) is a leading multinational retailer specializing in consumer electronics, appliances, and related services, operating in the United States and Canada. The company offers a wide range of technology products and support through its physical stores and online platforms under various brand names, including Best Buy, Geek Squad, and Lively. The Richfield, Minnesota-based company is expected to announce its fiscal Q2 2026 earnings results on Thursday, Sept. 4. Ahead of this event, analysts expect Best Buy to report an adjusted EPS of $1.22, down nearly 9% from $1.34 in the year-ago quarter. It has surpassed Wall Street's earnings estimates in three of the last quarters while missing on another occasion. More News from Barchart Warren Buffett Warns Inflation Turns Business Into 'The Upside-Down World of Alice in Wonderland' But Weeds Out 'Bad Businesses' Why GOOGL Stock May Be the Market's Next Big Winner Alphabet Posts Lower Free Cash Flow and FCF Margins - Is GOOGL Stock Overvalued? Get exclusive insights with the FREE Barchart Brief newsletter. Subscribe now for quick, incisive midday market analysis you won't find anywhere else. For fiscal 2026, analysts expect the consumer electronics retailer to report an adjusted EPS of $6.22, a 2.4% decline from $6.37 in fiscal 2025. However, adjusted EPS is anticipated to grow 8.2% year-over-year to $6.73 in fiscal 2027. Shares of Best Buy have declined 21.6% over the past 52 weeks, underperforming both the S&P 500 Index's ($SPX) 17.1% gain and the Consumer Discretionary Select Sector SPDR Fund's (XLY) 24.3% return over the period. Despite posting a better-than-expected Q1 2026 adjusted EPS of $1.15, Best Buy shares tumbled 7.3% on May 29 due to a significant cut in its full-year comparable sales and adjusted EPS guidance to $6.15 - $6.30. Investor sentiment was further dampened by concerns over rising U.S. tariffs, which could increase costs on imported goods, roughly 30% - 35% of Best Buy's inventory, pressuring margins and consumer demand for high-ticket items. Analysts' consensus view on BBY stock is cautiously optimistic, with a "Moderate Buy" rating overall. Among 22 analysts covering the stock, eight recommend "Strong Buy," 13 indicate 'Hold,' and one advises "Moderate Sell." As of writing, the stock is trading below the average analyst price target of $78.42. On the date of publication, Sohini Mondal did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on
