Business

News on companies, industries, and corporate developments.

Business
CN trims outlook, boosts margins amid trade volatility
Canadian National Railway (CN), a key player in North American freight logistics, has reported second-quarter earnings that highlight its operational resilience despite a turbulent macroeconomic backdrop. Revenue slipped 1% year-over-year to C$4.27 billion, while revenue per ton miles (RTMs) — a key volume metric — also declined 1%. Yet CN’s operating income rose 5% to C$1.64 billion, and its operating ratio improved to 61.7%, reflecting tighter cost controls and improved efficiency. Diluted earnings per share climbed 7% to C$1.87 (up from $1.75 a year earlier), underscoring the company’s ability to protect margins even as trade headwinds persist. "Our team's ability to be nimble and our focus on tight cost control allowed us to adjust our operations and deliver strong results despite a challenging external environment. We are working closely with customers, including those impacted by trade issues, to provide them with the services they need to win in their markets. We remain focused on powering the North American economy and delivering for shareholders," CEO Tracy Robinson said.Credit: Canadian National Railway CompanyHowever, CN revised its full-year guidance downward, now expecting adjusted EPS growth in the mid- to high
Business
'Failure across the board' as telcos breach compliance
Financial hardship complaints to Australia's telecommunications ombudsman have surged 71.9% year-on-year, as four major telcos receive formal government warnings for breaching rules designed to protect struggling customers. Investigations by the Australian Communications and Media Authority (ACMA) found breaches of the Financial Hardship Standard by Optus Mobile, Origin Energy, Skymesh and Swoop Telecommunications. The enforcement action comes as 2.4 million Australian adults experienced financial difficulty or had concerns relating to their telco bill in the past 12 months, yet only 4,388 residential customers had financial hardship arrangements in place.Compliance failures across the boardUnder rules that came into effect in March last year, telcos must include certain information in written communications with customers. Bills, reminder notifications about overdue bills, and communications to identify if a customer is in financial hardship must include information about options for assistance and how to contact their telco for help. Each of the telcos was found to have failed to provide all the required information in at least one of these types of written communications with its customers. “Struggling to pay hou
Business
GE Vernova beats estimates with strong power demand
GE Vernova saw major revenue growth last quarter amid strong demand for its Power segment, beating estimates. Diluted earnings per share were US$1.86, passing Zacks estimates of $1.60. Revenue rose 11% to $9.11 billion, 3.26% above estimates. “GE Vernova had a productive second quarter, positioning us well to continue to accelerate our growth and margin expansion from here. We grew our backlog by more than US$5 billion and increased our Gas equipment backlog and slot reservation agreements from 50 to 55 gigawatts,” said GE Vernova CEO Scott Strazik. “We are at the beginning of an investment supercycle into more reliable baseload power, grid infrastructure and decarbonization solutions. Our near-term results are improving, but more importantly, our long-term potential is accelerating faster.” GE Vernova saw US$12.4 billion in orders last quarter, up 4% year-over-year. Adjusted EBITDA rose $246 million to $770 million, with a margin of 8.5%. Its Power segment reported a 42% increase in orders, reaching US$7.09 billion as Gas Power equipment orders nearly tripled. The segment’s EBITDA increased to $778 million, rising by $164 million year-over-year. Electrification posted a 31% slump in orders to US3.34 billion, whi
Business
RTX flies past estimates, raises sales guidance
Defence manufacturer RTX beat estimates for sales and earnings per share last quarter, and has raised its sales guidance after strong increases across all segments. The company reported sales of US$21.6 billion, a 9% year-over-year increase and passing estimates of $20.65 billion. Its adjusted earnings per share were $1.56, rising 11% and beating estimates of $1.43. “We continued our momentum in the second quarter with organic sales and profit growth across all three segments, including 16% commercial aftermarket growth,” said RTX CEO Chris Calio. “Our backlog grew to US$236 billion, up 15% versus [the] prior year, and we secured major awards for our geared turbofan engines and integrated air and missile defense capabilities in the quarter.” RTX’s adjusted net income rose by 12% year-over-year to US$2.12 billion. Operating cash flow dropped by 83% to $458 million, which the company said was impacted by a four-week strike at Pratt & Whitney in May. Pratt & Whitney’s sales were up 12% to US$7.63 billion. Operating profit dropped by 9% due to a $100 million charge from a customer bankruptcy, but adjusted operating profit rose by 13% to $608 million. Collins Aerospace saw sales grow by 9% to US$7.62 billion, while it
Business
Philip Morris dips as top-line growth disappoints
Philip Morris International (PMI), based in Stamford, Connecticut, reports strong second-quarter results for 2025, driven by growth in its smoke-free portfolio. The company, which controls global brands like Marlboro, IQOS, ZYN, and VEEV, posted net revenues of $10.14 billion, up 7.1% year-over-year, but falling short of analysts’ forecasts of $10.31 billion to $10.33 billion. Adjusted diluted earnings per share rose 20.1% to $1.91, above Wall Street’s consensus of $1.86, according to FactSet. Gross profit climbed 12.1% to $6.9 billion. Smoke-free products now account for 41% of total revenue, reflecting PMI’s accelerated shift away from traditional tobacco. Tuesday afternoon (Wednesday AEST), shares fell over 7%.Credit: Philip Morris InternationalIQOS, PMI’s flagship heat-not-burn device, generated over $3 billion in quarterly net revenue and gained 9.2% market share in its category. In Japan, IQOS reached more than 10 million legal-age users, with market share rising to 31.7%. E-vapor brand VEEV more than doubled its shipments in Europe, while ZYN nicotine pouches saw 36% growth in U.S. offtake in June. Oral product shipments rose by 23.8%, with nicotine pouches up over 40%. Despite a 1.5% decline in cigarette volume

Business
Sanofi buys vaccine developer Vicebio for $1.15bn
Sanofi will acquire London-based biotechnology company Vicebio for more than US$1.15 billion, adding its vaccine technology to Sanofi's portfolio. Vicebio is developing a combination vaccine candidate for two respiratory viruses with its Molecular Clamp technology, which will allow vaccines to be stored at standard refrigeration temperatures. "Vicebio's ‘Molecular Clamp’ technology introduces a purposefully simple but thoughtful approach to further improve vaccine designs at a time when respiratory viral infections continue to impact millions globally”, said Sanofi vaccines global head of research and development Jean-François Toussaint. “This acquisition furthers Sanofi's dedication to vaccine innovation with the potential to develop next-generation combination vaccines that could provide protection to older adults against multiple respiratory viruses with a single immunization." Sanofi will acquire Vicebio’s share capital for US$1.15 billion, with additional payments of up to $450 million based on development or regulatory achievements, the company said. The deal is set to close in 2025’s fourth quarter. Vicebio’s Molecular Clamp strategy, developed at the University of Queensland, stabilises viral proteins in the
Business
Dealer’s share price accelerates on trading update
Shares in Peter Warren Automotive rose more than 10% after it provided a trading update, but other listed auto dealers barely got out of neutral. The company said underlying profit before tax (PBT) was expected to be about $22 million in the financial year ended 30 June 2025 (FY25), subject to completion of the results and the annual audit. This is significantly below the $56.8 million equivalent result in the prior corresponding period, but above the forecast of between $6 million and $8 million made on 12 December, when it reported a deterioration in trading conditions. “The improved earnings relative to prior expectations reflects an increase in seasonality from end-of-year marketing campaigns as well as actions to optimise inventory and costs,” Peter Warren Automotive said in an ASX announcement. Further details will be provided with the announcement of its FY25 results on 21 August 2025. At the time of writing Peter Warren (ASX: PWR) shares were 15 cents (10.20%) higher at $1.62 after trading between $1.56 and $1.68, and capitalising the company at $279.05 million. However shares in other listed dealers barely moved with AP Eagers (ASX: APE) rising 20 cents or 0.11% to $18.69, capitalising it at $4.82 billio
Business
Pinstripe: Sun rises on new era in digital publishing
A company co-founded by Australian media personality David Koch has been sold to a digital media company for an undisclosed sum. SmartCompany parent company Private Media announced it had acquired Pinstripe Media, which was established in 2007 by Koch, a journalist and publisher who hosted the Seven Network breakfast program Sunrise for 21 years, and his wife Libby Koch. Pinstripe Media publishes small business and startup publications including Startup Daily, Flying Solo, Business Builders, which was previously known as Kochie’s Business Builders, and consumer finance publication Your Money & Your Life. These four titles will join the Private Media stable of publications, which includes Crikey, The Mandarin and Pinstripe’s bespoke content agency offering. No redundancies are expected to be made following the deal, according to a statement on the Private Media website. The two companies said Business Builders, Start-up Daily and Flying Solo would retain their editorial independence and brand identities but collaborate to create more value for audiences and partners. David Koch, better known as Kochie, will be a strategic adviser to the business, and will continue to act as a presenter and commentator on the netwo
Business
Trading Floor: Vulcan rallies; Telix, Paladin Energy sink
Azzet reports on three ASX stocks with market-moving updates to share today. Vulcan rallies on German funding dealShares in Vulcan Energy Resources (ASX: VUL) were up around 7% at the open after the mid-cap lithium and geothermal energy producer told the market it had been awarded up to €104 million ($186 million) in grant funding from the German Federal Government and the states of Rhineland-Palatinate and Hesse. The funding is part of Berlin’s plans to boost electric vehicle output, reduce reliance on raw material imports and will assist with building Germany’s and Europe’s critical raw materials supply chain resilience. Vulcan plans to use the cash to advance its German lithium raw material production plans, which have been on the drawing board for some time. Last year the miner told the market it planned to invest €690 million in its Phase One large-scale industrial plant (Lionheart Project) which plans to extract lithium chloride which will be converted into lithium hydroxide - a key component for lithium batteries production - at a facility near Frankfurt. According to a study by the Federal Institute for Geosciences and Natural Resources and the Fraunhofer IE, Germany could have enough lithium reserves to cover