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Industrials
Battlewary: The rise and fall of a defence stock darling
Share markets are skittish beasts at the best of times, but after the menacing gymnastic performance put on by the share price of embattled defence stock, Droneshield (ASX: DRO), the market is left with one seemingly unanswered question: Have the stock’s fundamentals - aka its core business – materially changed? Given that management is obliged to update the market in real-time if they have – the radio silence from the company on this front suggests they haven’t. Assuming that is the case, the other overarching question shareholders are left with is what’s the real reason why three insiders – management with major holdings in the stock – decided, albeit unbeknownst to each other, to successively offload their holdings?What the heck happened?Let’s retrace some recent developments. Droneshield has been on a tear since early June and, following a string of new and weighty contracts, rallied fivefold from $1.30 on 2 June to $6.68 on 9 October. However, since then, the share price has been in freefall, giving back virtually all of those previous gains after fessing up to issuing the latest contract update twice. In isolation, that mistake should have been relatively easy for the market to swallow and move on from - these
Industrials
Rheinmetall lifts 2030 sales target to EU50bn
Shares in German-based Rheinmetall defied a sea of red on the DAX index overnight, up 3% after the defence giant revealed plans to achieve sales of €50 billion by 2030 - five times its 2024 revenue of €9.8 billion. While geopolitical tensions and Russia's full-scale invasion of Ukraine are driving robust demand for its weapons systems, most of 2030 its sales are expected to come from its vehicle systems and weapons and ammunitions businesses. Since the Ukraine war began, the German tank-maker’s shares have risen around 900% and operating margins in the German blue-chip are expected to expand to around 20% - up from 15.2% in 2024 - by the end of the decade, with the cash conversion rate exceeding 50%. To achieve these goals, the company plans to sell a division that specialises in automotive parts in the first half of 2026. With bids due by Christmas, three potential buyers are in the mix for the civilian-facing business. Rheinmetall, like many other defence contractors, has benefitted from Europe's increased defence spending, NATO allies earlier this year agreeing to increase defence spending to 5% of gross domestic product by 2035, up from a previous target of 2%. Underpinning increased military spending in Eu
Industrials
James Hardie shares up 8% on higher net sales, new CFO
James Hardie reported a 34% increase in net sales last quarter and has appointed a new CFO and chair, sending shares up 7.6%. Net sales were US$1.29 billion (A$1.99 billion), up from $960.8 million year-over-year. Adjusted net income was $154.0 million, dropping 2%. “Our second-quarter results were consistent with what we shared in early October, with Siding & Trim outperforming the modeling considerations we provided in August. The environment remains challenging, requiring us to address market conditions with focus and adaptability,” said James Hardie CEO Aaron Erter. “Siding & Trim saw a modest decline in organic net sales in the quarter, and lower manufacturing utilization in our legacy North America operations impacted our margins. We are targeting actions to improve manufacturing costs while continuing to enhance efficiency through the Hardie Operating System.” Operating income decreased by 84%, largely due to one-off costs from its purchase of building materials company AZEK in July. Adjusted EBITDA was $329.5 million, up 25%. Siding & Trim net sales rose by 10% to $766.0 million, though organic sales declined by 3%. Its operating income dropped by 25% to $224.0 million. Its Deck, Rail & Accessories segmen
Industrials
Boeing defence workers vote to end 3mth strike
Striking Boeing factory workers have approved a new five-year contract with the company, ending the second-longest strike in Boeing’s history. The strike began on 4 August and included 3,200 members of the St. Louis area International Association of Machinists and Aerospace Workers Union District 837, who work on Boeing’s defence unit. The strike hampered production of Boeing’s fighter aircraft and munitions, the company said. “IAM District 837 members stood strong and united for over three months. We thank our Bargaining Committee for their tireless efforts, and we appreciate the unwavering support of our members, their families, the St. Louis community, our labor allies, and elected officials throughout this fight,” wrote union members in a statement. “We’re proud of what our members have fought for together and are ready to get back to building the world’s most advanced military aircraft.” These employees will return to work from Sunday at Boeing plants in St. Louis and St. Charles in Missouri, and Mascoutah in Illinois. Under the deal, workers’ average pay will increase by 24%, and will receive a US$6,000 signing bonus. The union rejected four previous offers from Boeing, having pushed for higher signing bonuses
Industrials
Maersk beats estimates with steady global trade
Maersk beat earnings estimates last quarter as global trade proved steady, and has raised its guidance. Adjusted EBITDA was US$2.68 billion, above LSEG estimates of $2.6 billion, but below the $4.80 billion seen one year ago. Total revenue was $14.21 billion, down from $15.76 billion. “We have delivered a strong third quarter across our business. Our performance reflects our ability to execute and continuously improve, as well as the trust customers place in us,” said Maersk CEO Vincent Clerc. “The new East-West network has strengthened our Ocean performance, delivering industry-leading reliability, higher volumes and lower costs. Terminals achieved another record quarter with strong volume growth, and Logistics & Services continued to enhance profitability.” The company’s full-year guidance projects EBITDA of $9.0-9.5 billion. Its August forecast had expected $8.0-9.5 billion. Maersk also expects global container market volume will be around 4%, up from previous guidance of 2-4%. According to Clerc, Maersk saw resilient demand across all markets during the quarter. Global container demand was up 3-5% year-over-year last quarter, the company said, driven by exports from East Asia. Demand in North America sank ami

Industrials
DroneShield soars as world seeks new tech defenses
There's a scene in every modern war film where the general asks: "What's our air superiority?" The answer used to involve fighter jets and missile systems - now it involves a US$200 drone bought on Alibaba carrying explosives into a fuel depot. Not kidding. Australian defense-tech outfit DroneShield (ASX: DRO) has spent the last decade preparing for this moment, and investors have been paying attention. The firm now has its AI-driven hardware in service across 70 countries, completing a transformation from garage startup to scaled defence contractor in 18 months.Catalysts convergeDroneShield actually topped the ASX 200 in September with a 41% gain. The Sydney-based counter-UAS manufacturer closed at A$5.68 on October 3, marking a 440% gain year-to-date and pushing market capitalisation to ~A$5 billion. H1 revenue hit A$72.3 million, up 210% year-over-year, while second-quarter sales reached A$38.8 million - a whopping 480% jump from Q2 2024. The financial beats were driven by three pivotal factors: First, inclusion in the ASX 200 during quarterly rebalancing brought in index fund money that provided a valuation floor for the stock. Second, the unveiling of expanded U.S. research and development operations show
Industrials
DroneShield hits R&D and sales growth records
DroneShield (ASX: DRO) is one of the top performing ASX stocks right now, posting record sales and a more than doubling of its United States workforce in a massive R&D push that has sent shares up almost 8% to $3.55 during trade today. The Australian counter-drone specialist is adding a second Virginia facility in the U.S. and dedicating >30% of new roles to software development and AI capabilities. With global military spending surging past US$900 billion and drone threats making headlines from Ukraine to the South China Sea, DroneShield's timing is spot on. "Expanding our U.S. technology team strengthens our ability to support critical programs and deliver advanced solutions with greater speed and precision," said DroneShield CTO Angus Bean.Orders in…The drone tech leader just surpassed the 4,000 systems sold worldwide milestone with a fresh US$7.9 million order from the Department of Defense. Q3 2025 sales are already sitting at a whopping US$77 million - more than the firm's previous record quarters combined. The stock has rocketed 212% over the past year, earning DroneShield a spot in the S&P/ASX 200 index earlier this month and a market cap pushing over $1.5 billion. With shares trading at over 18 times
Industrials
Beleaguered Reece jumps 12% on $250m buy-back offer
In an effort to fix its leaking market value, plumbing giant Reece Limited (ASX: REH) has announced an A$250 million share buyback - potentially expanding to $400 million with an on-market raise. The stock price jumped 12% after the news broke - temporary relief for shareholders nursing a 60% decline from $29 to below $12 over the past year. Eligible shareholders can offer to sell some or all of their shares to Reece at a floor price of $11.00, representing a 6.6% premium to the last close, at a nominated price between $11.00-$13.00 (inclusive), in 20 cent intervals; and/or at the final buy-back price within that range determined by Reece. The Wilson family, which has controlled Reece since 1969, won't participate in the buyback. Their stake will increase from 67.1% to potentially 71.1% however, further concentrating ownership during the company's most challenging period in decades. “We carefully evaluated all available options in accordance with our capital allocation framework and believe the buy-back is an efficient way to return excess capital to shareholders, while maintaining a conservative leverage ratio," Reece chairman Peter Wilson said. “Despite the challenging near-term outlook, we remain optimistic for t
Industrials
FedEx beats estimates amid cost reduction plan
FedEx beat estimates on earnings and revenue last quarter amid its cost reduction plan, sending shares up 5.5% in after-hours trading. Earnings per share were US$3.83, up from $3.60 one year ago and above LSEG estimates of $3.59. Revenue was $22.24 billion, rising from $21.58 billion and beating estimates of $21.66 billion. “Our earnings growth underscores the success of our strategic initiatives, as we are flexing our network and reducing our cost-to-serve, while further enhancing our value proposition and customer experience,” said FedEx CEO Raj Subramaniam. “Our strategic initiatives, paired with our unique operational data platform from moving 17 million packages through our network daily, position us well to serve our customers in any environment and to create long-term value for our stockholders.” Operating income was $1.30 billion, compared with $1.21 billion one year ago. Net income increased from $890 million to $910 million. Its Federal Express segment reported $19.12 billion in revenue, up 4% year-over-year. The company credited this to higher United States package yields and cost reductions. Revenue for its FedEx Freight segment dropped by 3% to $2.26 billion. FedEx Freight will be separated into a ne