Latest news with #MarkJenkins
Yahoo
8 hours ago
- Business
- Yahoo
Miners locked out of work over pay dispute
About 160 coal miners have been locked out of work for more than one week without pay over a bargaining dispute with their employer. The Mining and Energy Union (MEU) allege US-owned Peabody Energy retaliated after union members at the Helensburg coal mine near Wollongong in NSW stopped work for one hour in response to a 'lack of progress in negotiations.' The union was advised its members would be locked out without pay for eight days from Wednesday less than two hours after a meeting with the Fair Work Commission over the dispute. Miners asked for three pay increases of 5 per cent over a three-year period and an extra $1.50 added to their hourly rate, after miners were allegedly told they would be looked after when they received a low increase under their last agreement. MEU South West District vice president Mark Jenkins said Peabody's lockout was a harsh response aimed at coercing MEU members into giving up their bargaining position. Mr Jenkins said workers had experienced several years of low wage growth compared to high inflation and cost of living pressures, but had continually set production records at the mine for their employer. 'Now, they deserve to see some of the benefit that they were promised in the last agreement,' he said. 'Peabody's move to lock out MEU members for over a week is nothing but an attempt to punish and intimidate workers for exercising their industrial rights.' Peabody Energy have been contacted for comment, but they told the ABC the company implemented employer response action from Wednesday until next Thursday. 'Peabody remains committed to the bargaining process and will continue to negotiate in good faith toward a new enterprise agreement,' a spokesman told the ABC. Error in retrieving data Sign in to access your portfolio Error in retrieving data
Perth Now
8 hours ago
- Business
- Perth Now
Miners locked out of work over pay dispute
About 160 coal miners have been locked out of work for more than one week without pay over a bargaining dispute with their employer. The Mining and Energy Union (MEU) allege US-owned Peabody Energy retaliated after union members at the Helensburg coal mine near Wollongong in NSW stopped work for one hour in response to a 'lack of progress in negotiations.' The union was advised its members would be locked out without pay for eight days from Wednesday less than two hours after a meeting with the Fair Work Commission over the dispute. The Mining and Energy Union allege US owned Peabody Energy retaliated after union members at the Helensburgh coal mine stopped work for one hour in response to a 'lack of progress in negotiations.' Credit: News Limited Miners asked for three pay increases of 5 per cent over a three-year period and an extra $1.50 added to their hourly rate, after miners were allegedly told they would be looked after when they received a low increase under their last agreement. MEU South West District vice president Mark Jenkins said Peabody's lockout was a harsh response aimed at coercing MEU members into giving up their bargaining position. Mr Jenkins said workers had experienced several years of low wage growth compared to high inflation and cost of living pressures, but had continually set production records at the mine for their employer. 'Now, they deserve to see some of the benefit that they were promised in the last agreement,' he said. Peabody allegedly locked out of its Helensburgh coal mine about two hours after a Fair Work Commission meeting with the MEU over the dispute. Credit: News Corp Australia 'Peabody's move to lock out MEU members for over a week is nothing but an attempt to punish and intimidate workers for exercising their industrial rights.' Peabody Energy have been contacted for comment, but they told the ABC the company implemented employer response action from Wednesday until next Thursday. 'Peabody remains committed to the bargaining process and will continue to negotiate in good faith toward a new enterprise agreement,' a spokesman told the ABC.
ABC News
11 hours ago
- Business
- ABC News
Peabody coal mine workers locked out in wages dispute
Workers from an underground New South Wales coal mine are facing a lockout after taking limited industrial action over wage negotiations. About 160 permanent employees were locked out without pay from Wednesday this week to Thursday next week at the Metropolitan Mine in Helensburgh. The Mining and Energy Union said it would lodge a claim for a 15 per cent wage increase over three years, a one-off market rate increase of $1.50 per hour, plus a $4 increase to crib payments. The president of the union's NSW South West District, Mark Jenkins, said mine owner Peabody was punishing workers for exercising their industrial rights as they sought to negotiate a new enterprise agreement. "The workers enacted their industrial right and took some limited one-hour stoppages across their shifts," he said. Mr Jenkins said there was no warning. "We went into a bargaining meeting with the company on the day of the lockout and found out probably about an hour and 45 minutes after the bargaining meeting that the lockout was taking place," Mr Jenkins said. A Peabody spokesperson said Metropolitan Mine acknowledged that employees had engaged in industrial action, and the union had notified the company of further industrial action to come. "In response, Peabody implemented employer response action, with a lockout of employees commencing night shift Wednesday, 18 June and continuing until day shift Thursday, 26 June," the spokesperson said. The action follows a Federal Court decision last year ruling that 22 Peabody Energy crew members unjustly lost their jobs before being replaced by external contractors at the same mine in June 2020. The court found that replacing full-time employees with labour hire did not constitute "genuine redundancies". The lockout comes at a time when the nearby Tahmoor mine is also under pressure, but for a different reason, as the mine hasn't mined coal since February due to unpaid bills. About 560 mineworkers are still being paid but have been stripped of their regular bonuses. They are increasingly anxious about whether the mine, owned by British industrialist Sanjeev Gupta, and linked to the Whyalla steelworks, will reopen. Independent Member for Wollondilly Judy Hannan said this week the state government was monitoring and negotiating with the mine's owner GFG Alliance. The union has called for the state government to intervene.
CBS News
4 days ago
- Business
- CBS News
Middle East conflict will likely drive up gas prices in Florida, nationwide
Middle East conflict will likely cause spike in gas prices Middle East conflict will likely cause spike in gas prices Middle East conflict will likely cause spike in gas prices Escalating tensions between Israel and Iran will likely lead to increases in gas prices in Florida and across the nation. Florida gas prices are at their the lowest in a month, according to AAA - The Auto Club, but face upward pressure heading into this week. Sunday's state average was $2.95 per gallon. That's down 14 cents from a week ago and the lowest since May 12. In Miami-Dade, the average was $2.94 a gallon, down from $3.01 a week ago and $3.06 a month ago, according to AAA. It's a similar story in Broward. On Sunday, the average was $2.97 a gallon, down from $3.01 a week ago and $3.12 a month ago. But the decrease in prices is about to change, according to AAA. Israel and Iran conflict drives up prices "Escalating tensions between Israel and Iran drove oil prices higher last week," AAA spokesman Mark Jenkins said. "As a result, U.S. gas prices are expected to rise this week. The extent of the increase is uncertain, but drivers could begin seeing gas prices move higher on Monday." The U.S. price for crude oil rose 13% last week. Friday's closing price of $72.98 per barrel was $8.40 more per barrel than the week before, and the highest daily settlement since February 11, 2025. An analyst for GasBuddy predicts that prices could rise more than 30 cents a gallon by July Fourth. Oil facilities targeted in attacks On Sunday, Israel and Iran traded more missile attacks despite calls for a halt to the fighting, with neither country backing down as their conflict raged for a third day. Some oil infrastructure appears to have been damaged in Haifa, home to Israel's largest refinery, and in Iran. "They went after oil storage and oil refineries in those depots, as well as of course the targeting of gas facilities in Iran's south," Behnam Ben Taleblu, a senior director at the Foundation for Defense of Democracies, said. Analysts said the good news is that U.S. gas prices were relatively mild before the conflict began. Rystad Energy said the oil market's reaction could be "contained and temporary" if Iran focuses on military targets. Experts said gas prices would rise much more if the Strait of Hormuz was targeted. Goldman Sachs predicts an extended disruption there would push oil prices past $100 per barrel because core OPEC countries need the waterway in order to ramp up production.
Yahoo
13-06-2025
- Automotive
- Yahoo
CVNA Q1 Earnings Call: Carvana Sets Ambitious Growth Targets as Margins Expand
Online used car dealer Carvana (NYSE: CVNA) reported Q1 CY2025 results beating Wall Street's revenue expectations , with sales up 38.3% year on year to $4.23 billion. Its non-GAAP profit of $1.53 per share was significantly above analysts' consensus estimates. Is now the time to buy CVNA? Find out in our full research report (it's free). Revenue: $4.23 billion vs analyst estimates of $3.99 billion (38.3% year-on-year growth, 6.2% beat) Adjusted EPS: $1.53 vs analyst estimates of $0.75 (significant beat) Adjusted EBITDA: $488 million vs analyst estimates of $437.3 million (11.5% margin, 11.6% beat) Operating Margin: 9.3%, up from 4.4% in the same quarter last year Retail Units Sold: 133,898, up 42,020 year on year Market Capitalization: $45.71 billion Carvana's first quarter performance was marked by significant operational improvements and expansion in retail units sold. CEO Ernie Garcia attributed the results to ongoing gains in customer experience, efficiency in operations, and leveraging scale. Garcia emphasized that year-over-year improvements in areas such as reconditioning and inbound transport costs, as well as digital tools that reduced customer service calls, were key to delivering stronger margins. CFO Mark Jenkins echoed this, highlighting the company's ability to convert a high percentage of adjusted EBITDA into operating income. Management noted that these operational efficiencies and investments in technology not only drove unit growth but also helped Carvana achieve new records across several financial metrics. Looking ahead, Carvana's leadership outlined a strategy focused on balancing rapid growth with sustainable margins. Garcia reiterated the company's ambition to reach 3 million annual retail sales within five to ten years while maintaining adjusted EBITDA margins in the 8% to 13.5% range. Management plans to prioritize growth over margins within what they consider reasonable boundaries, ensuring that customer experience and operational quality remain central. Garcia explained that future cost savings and operational gains will likely be reinvested to further differentiate Carvana's offering, stating, 'We will seek to share the significant majority of [fundamental gains] with our customers to further separate our offering.' The team also addressed macroeconomic risks, such as tariffs and economic downturns, expressing confidence in their ability to adapt and maintain stable economics in a competitive market. Management credited the quarter's results to operational efficiencies, enhanced customer experience, and the scalability of Carvana's business model, while also discussing the broader auto industry's impact on future performance. Operational cost reductions: Mark Jenkins highlighted that reductions in reconditioning and inbound transport expenses led to an improved gross profit per unit (GPU), while continued investment in digital tools reduced customer service interactions and improved delivery speed. Customer experience improvements: Garcia noted service levels reached near three-year highs, with faster car deliveries and improved call response times, attributing these to focused investments in technology and logistics. Scaling infrastructure: The company leveraged previously acquired assets, such as ADESA's facilities, to support increased production capacity, enabling higher volumes without significant new capital expenditures in the near term. Market share gains: Management pointed out that Carvana's growth notably outpaced the broader used car industry, with high unit growth even in mature markets like Atlanta and Phoenix, suggesting both new and existing markets continue to expand. Financial stability and adaptability: Garcia addressed concerns about macroeconomic headwinds by emphasizing Carvana's high profitability relative to peers and its ability to maintain stable margins and cash flows even during potential downturns, supported by diversified funding channels and strong relationships with financial partners. Carvana's future performance will depend on its ability to reinvest efficiency gains, expand its customer base, and adapt to evolving market conditions as it pursues ambitious sales and margin targets. Reinvestment of operational gains: Management stated plans to redirect most efficiency improvements—such as cost savings from logistics and technology—into enhanced customer value, whether through lower prices, improved service, or digital experience enhancements, to drive ongoing demand. Scalable infrastructure utilization: The company plans to maximize existing reconditioning facilities and gradually ramp up production capacity at additional sites, aiming for a steady increase in weekly production to achieve long-term sales targets without substantial incremental capital needs. Macroeconomic and market adaptation: Leadership acknowledged risks from tariffs and potential recessions but emphasized that stable industry economics and Carvana's flexible, data-driven approach position the company to respond effectively, maintaining profitability and customer relevance across business cycles. Over the coming quarters, the StockStory team will monitor (1) Carvana's progress in increasing retail unit sales and leveraging existing infrastructure, (2) the pace and effectiveness of reinvesting operational gains into customer value propositions, and (3) the company's response to external pressures such as tariffs, shifting consumer demand, and macroeconomic uncertainty. Sustained margin expansion and further advances in digital tools will also be important signposts. Carvana currently trades at a forward EV/EBITDA ratio of 23.6×. In the wake of earnings, is it a buy or sell? See for yourself in our full research report (it's free). Donald Trump's victory in the 2024 U.S. Presidential Election sent major indices to all-time highs, but stocks have retraced as investors debate the health of the economy and the potential impact of tariffs. While this leaves much uncertainty around 2025, a few companies are poised for long-term gains regardless of the political or macroeconomic climate, like our Top 6 Stocks for this week. This is a curated list of our High Quality stocks that have generated a market-beating return of 183% over the last five years (as of March 31st 2025). Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-micro-cap company Tecnoglass (+1,754% five-year return). Find your next big winner with StockStory today. Sign in to access your portfolio
