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Earnings

Earnings Beats

News

Deere Q2 EPS $6.64 Beats $5.59 Estimate, Sales $12.76B Beat $10.79B Estimate

Biotech

Health Care

Financing

Offerings

General

AURA

Aura Biosciences Has Launched An Underwritten Public Offering Of Shares And Accompanying Warrants, Details Undisclosed

Guidance

As Of March 31, 2025, Aura Biosciences Had Cash And Cash Equivalents And Marketable Securities Of $128M, Sufficient To Fund Its Operations Into 2H Of 2026

Aura Biosciences Q1 2025 EPS $(0.55) Misses $(0.48) Estimate

TSLA

Bloomberg Reported Emirates In Talks With Elon Musk's Spacex To Get Starlink On Flights

DA Davidson analyst Michael Baker assumes Mattel (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAT#NASDAQ">MAT</a>) with a Buy rating and maintains Price Target of $30.

Price Target

Initiation

Analyst Ratings

DA Davidson Assumes Mattel at Buy, Maintains Price Target of $30

TD Securities analyst Andrew Charles reiterates Sweetgreen (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SG#NYSE">SG</a>) with a Buy and maintains $25 price target.

Reiteration

TD Securities Reiterates Buy on Sweetgreen, Maintains $25 Price Target

CoreWeave Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWV#NASDAQ">CRWV</a>), a cloud platform purpose-built for artificial intelligence workloads, has announced a leap in its technological leadership, becoming the first to deploy Nvidia Corp.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) cutting-edge GB200 Grace Blackwell systems at scale during the first quarter of 2025.
What Happened: This milestone, revealed in the company&#8217;s inaugural earnings call as a public entity following its March IPO, underscores CoreWeave&#8217;s commitment to providing the most advanced infrastructure for AI innovation.
This strategic acquisition significantly expands CoreWeave&#8217;s reach within the AI ecosystem and positions it as a comprehensive solution provider for AI development, from infrastructure to developer tools.
&#8220;We are off to an amazing start in 2025,&#8221; said Michael Intrator, CEO of CoreWeave. &#8220;Our financial performance combined with the continued strong trajectory of customer growth and technical achievements demonstrate outstanding execution by our team. Being the first to deploy GB200 Grace Blackwell systems at scale underscores our commitment to delivering superior performance and efficiency to our customers.&#8221;
The deployment of Nvidia&#8217;s GB200 NVL72 instances at scale on CoreWeave&#8217;s AI cloud platform supports leading AI developers such as Mistral AI, IBM, and Cohere, enabling them to push the boundaries of AI model training and inference.
Adding to the impressive first-quarter achievements, CoreWeave also completed its acquisition of Weights &amp; Biases, a leading platform for AI developers.
&#8220;We announced and completed our acquisition of Weights &amp; Biases, one of the industry&#8217;s leading platforms for AI developers with more than 1,400 customers. We are confident our combined companies will allow us to provide additional value to our joint customer base,&#8221; CEO Intrator added.
See Also:<a href="https://www.benzinga.com/general/market-summary/25/05/45399940/warren-buffett-shows-how-patience-pays-98-of-his-160-billion-wealth-came-after-turning-65-"> Warren Buffett Shows How Patience Pays: 98% Of His $160 Billion Wealth Came After Turning 65, Thanks The Power Of &#8216;Compound Interest&#8217;</a>
Why It Matters: The first-quarter revenue of $981.63 million was up 420% year-on-year, beating analyst estimates of $859.77 million, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. The company <a href="https://www.benzinga.com/news/earnings/25/05/45421041/nvidia-backed-coreweave-reports-q1-earnings-revenue-jumps-420-backlog-grows-to-25-9-billion-following-openai-deal-shares-hit-all-time-highs">reported a first-quarter</a> adjusted loss of $1.49 per share. 
CNBC&#8217;s Jim Cramer also praised the robust earnings from CoreWeave in an X post.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Phew, you know liked that Coreweave but even I am blown away by that growth.. Cisco, once again, very solid !!
&mdash; Jim Cramer (@jimcramer) <a href="https://twitter.com/jimcramer/status/1922751843001663637?ref_src=twsrc%5Etfw">May 14, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Looking ahead, CoreWeave provided strong guidance for the second quarter, projecting revenue in the range of $1.06 billion to $1.1 billion. The company also raised its full-year 2025 revenue guidance to $4.9 billion to $5.1 billion, reflecting the strong demand and the inclusion of the backlog from the OpenAI contract.
Price Action: CRWV shares ended 6.64% higher on Wednesday and dropped 6.2% during the premarket trading. The company has advanced 68.65% since its listing in March.
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, ended higher on Wednesday. The SPY was up 0.13% to $587.59, while the QQQ advanced 0.60% to $518.68, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.
Benzinga Edge Stock Rankings shows that CRWV had a stronger price trend over the short, medium, and long term. Its value ranking was poor at the 13.86th percentile; the details of other metrics are <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here</a>. 
<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/quote/CRWV"><img loading="lazy" decoding="async" width="1024" height="149" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/15032023/CRWV-edge-1024x149.png" alt="" class="wp-image-916056" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/15032023/CRWV-edge-1024x149.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/15032023/CRWV-edge-300x44.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/15032023/CRWV-edge-768x112.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/15032023/CRWV-edge.png 1237w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
Read Next:
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/25/05/45429266/solar-security-alert-communication-devices-discovered-in-chinese-inverters-heres-the-stocks-that-could-be-affecte">DOE Warns Of Hidden Risks As Chinese Devices In Power Inverters Sparks National Security Concerns: 7 Stocks That Could Be In Focus</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Image Via Shutterstock

Equities

Market Summary

Broad U.S. Equity ETFs

Futures

Markets

ETFs

CRWV

NVDA

CoreWeave Becomes First To Deploy Nvidia's GB200 Grace Blackwell Systems At Scale — CRWV Stock Falls Over 6% Despite Beating Revenue Estimates

During the marathon Ways and Means Committee meeting scrutinizing <a href="https://www.benzinga.com/markets/equities/25/05/45217098/trumps-big-beautiful-bill-takes-shape-gop-pushes-tax-cuts-border-wall-funding-and-deep-spending-reductions-ahead-of-memorial-day-deadline">the new Republican tax bill</a>, Rep. John Larson (D-Conn.) asked Joint Committee on Taxation Chief of Staff Thomas Barthold about key details, focusing on whether the bill lives up to President Donald Trump's promise of no taxes on Social Security.
What Happened: Larson asked how many individuals would still be taxed on their Social Security income after accounting for the new "senior deduction." 
Barthold stated that under current law in 2026, approximately 56 million tax units will report Social Security benefits. Of those, 32 million will include the benefits in their adjusted gross income (AGI), and about 27 million will owe some tax.
Under the GOP proposal, approximately 25 million returns would still include Social Security benefits in AGI and owe tax, mainly because of other income sources. Around 24 million would see those benefits surpass the proposed $4,000 senior deduction and still owe tax.
Why It Matters: After receiving these clarifications from Barthold, Larson pointed out that the bill seemingly does not live up to Trump's earlier claims.
"So essentially, this bill doesn&#8217;t do as President Trump promised—to eliminate taxes on Social Security—because some seniors will receive no benefit or less than full benefits from the additional senior deduction from this bill", he said.
He then turned to questions of fairness in payroll tax contributions. "Mr. Bartold, at what income amount does someone stop paying FICA [Federal Insurance Contributions Act] contributions to Social Security?" Larson asked. Barthold replied, "For the present year, it&#8217;s $176,100."
See Also: <a href="https://www.benzinga.com/25/05/45429715/robert-de-niro-slams-trump-as-a-philistine-urges-hollywood-to-resist-the-wrath-of-the-president-you-just-cant-let-the-bully-win">Robert De Niro Slams Trump As A &#8216;Philistine,&#8217; Urges Hollywood To Resist &#8216;The Wrath&#8217; Of The President: &#8216;You Just Can&#8217;t Let The Bully Win&#8217;</a>
Larson continued, "Someone who&#8217;s making, let&#8217;s say, $2.5 million in annual wages… will they pay FICA throughout the year?" Barthold answered that FICA is halted once the income cap is reached, meaning high earners contribute only up to the threshold.
Larson concluded by asking how much someone like Tesla Inc. CEO Elon Musk—who is anticipated to recive over $50 billion in compensation from Tesla through stock awards rather than a traditional salary—would contribute to Social Security annually. In response, Barthold explained that income from capital gains and stock-based compensation typically isn&#8217;t subject to FICA taxes.
The bill, which proposes a major health-care revamp that <a href="https://www.benzinga.com/general/health-care/25/05/45345409/trumps-big-beautiful-bill-banks-on-huge-medicaid-cuts-as-its-cost-saving-centerpiece-see-who-risks-losing-coverage-under-the-gop-proposal">reduces Medicaid funding by an estimated $880 billion</a> in order to help fund $4.5 trillion in newly proposed and extended tax reductions, has been a source of major controversy since it was introduced. Democrats have called on GOP leaders to discard Medicaid cuts and instead <a href="https://www.benzinga.com/general/health-care/25/05/45313228/democrats-urge-gop-to-target-medicare-advantage-upcoding-instead-of-medicaid-cuts-calling-budget-plan-a-man-made-disaster">address Medicare Advantage &#8220;upcoding&#8221;</a> to tackle federal waste.
Read Next: 
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/tech/25/05/45426247/jeff-bezos-once-watched-amazons-stock-collapse-from-113-to-6-but-held-on-to-the-belief-that-the-stock-is-not-the-company-heres-how-he-weathered-that-st">Jeff Bezos Once Watched Amazon&#8217;s Stock Collapse From $113 To $6, But Held On To The Belief That &#8216;The Stock Is Not The Company&#8217; — Here&#8217;s How He Weathered That Storm</a></li>
</ul>
Image Via Shutterstock

Government

GOP Tax Bill Breaks Trump's Social Security Tax Pledge, Still Hits 25 Million Seniors While Elon Musk's Stock Wealth Skirts FICA

Barnwell Industries Q2 2025 EPS $(0.15) Down From $(0.13) YoY, Sales $3.57M Down From $4.68M YoY

Katapult Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KPLT#NASDAQ">KPLT</a>) sees Q2 sales of $68.870 billion-$70.636 billion vs $69.25 million analyst estimate.

KPLT

Katapult Holdings Sees Q2 Sales $68.870B-$70.636B vs $69.25M Est

Katapult Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KPLT#NASDAQ">KPLT</a>) FY2025 Revenue expected to be more than $296.63M vs $329.50M Est

Katapult Holdings FY2025  Revenue expected to be more than $296.63M vs $329.50M Est

TD Securities analyst Andrew Charles reiterates Jack In The Box (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JACK#NASDAQ">JACK</a>) with a Hold and maintains $31 price target.

JACK

TD Securities Reiterates Hold on Jack In The Box, Maintains $31 Price Target

Preliminary First Quarter Results
<ul>
<li>Comparable sales decreased by 2.6% from the prior-year period, with comparable sales in the North America region decreasing by 0.5%.</li>
<li>Net loss is expected to be $363 million, as compared with net income of $8 million in the corresponding prior-year period. On a non-GAAP basis, net loss is expected to be $6 million for the first quarter, as compared with net income of $21 million in the corresponding prior-year period.</li>
<li>First quarter loss per share is expected to be $3.81, as compared with earnings per share of $0.09 in the first quarter of 2024. Non-GAAP loss is expected to be $0.07 per share in the first quarter, as compared with non-GAAP earnings per share of $0.22 in the corresponding prior-year period.</li>
<li>Non-GAAP net loss and net loss per share exclude non-cash impairment charges totaling $276 million and primarily reflect a $140 million charge related to a&nbsp;tradename and a goodwill impairment charge of $110 million. Additionally, we recorded a full valuation allowance on the Company's deferred tax assets and deferred tax costs related to the Company's European business totaling $124 million, which is excluded from our non-GAAP results.</li>
</ul>

Foot Locker Reported Select Preliminary Financial Results For Its First Quarter 2025, With Non-GAAP EPS Of $(0.07) That May Not Be Comparable To Consensus Of $0.41

U.S. GoldMining Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/USGO#NASDAQ">USGO</a>) ("U.S. GoldMining" or the "Company") is pleased to provide an update on the results of exploration target delineation and analysis performed for the Whistler Gold-Copper Project (the "Whistler Project" or the "Project") in Alaska, U.S.A.
Highlights:
<ul>
<li>The Whistler Project lies within the emerging&nbsp;West Susitna Mineral District located just 100 miles west of Anchorage, Alaska.</li>
<li>The Company's 100% owned land package consists of 53,700 acres of State mining claims encompassing&nbsp;three separate gold ± copper ± silver mineral systems identified to date.
<ul>
<li>Whistler - Raintree mineral system – includes the Whistler and Raintree West deposits which are hosted within the broader Whistler Orbit intrusive center, comprising multiple additional mapped porphyry intrusions spread over an area of approximately 5 x 5 km, interpreted as a classic 'porphyry cluster' with potential for additional gold ± copper ± silver mineralization to be discovered. &nbsp;</li>
<li>Island Mountain mineral system – encompasses the known Island Mountain deposit plus several additional porphyry or intrusion related gold targets over an area of mapped intrusive rocks with diameter of +3 km.</li>
<li>Muddy Creek mineral system – a large gold-in-soil geochemical footprint over an area of approximately 6 km x 4 km with an intrusion-related gold geochemical signature.</li>
</ul>
</li>
<li>The Company is currently undertaking further analysis to rank and prioritize the numerous targets located across each of the three gold ± copper ± silver mineral systems identified to date, and to develop phased exploration programs which could commence this coming summer.</li>
</ul>

USGO

US GoldMining Maps Major Alaska Gold-Copper Targets Near Anchorage, Eyes Summer Drilling

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="900" height="600" src="https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/15081350/BeiGene-900x600-1.png" alt="" class="wp-image-12984" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/15081350/BeiGene-900x600-1.png 900w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/15081350/BeiGene-900x600-1-300x200.png 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/15081350/BeiGene-900x600-1-768x512.png 768w" sizes="(max-width: 900px) 100vw, 900px" /></figure>
Buoyed by U.S. demand for its blockbuster cancer drug, the Chinese biopharma firm has delivered its first quarterly profit on a GAAP basis
<h4 class="wp-block-heading">Key Takeaways:</h4>
<ul class="wp-block-list">
<li>Global sales of the company's flagship drug for blood cancers rose 62% to $792 million in the first quarter, while U.S. sales reached $563 million</li>
<li>BeiGene is adopting a new English name, BeOne Medicines Ltd., and is moving its headquarters to Switzerland</li>
</ul>
One of China's leading makers of novel drugs, BeiGene Ltd. (688235.SH; 6160.HK; ONC.US), has arrived at a landmark on its earnings journey: its first quarterly profit.
That is, according to one widely accepted accounting measure. By another, it still has a few steps further to go. Investors have been eagerly tracking the company's progress towards the breakeven point, hoping that growing demand for BeiGene's blood cancer drugs would finally push its results definitively from the red into the black.
First-quarter&nbsp;<a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0507/2025050701562.pdf">earnings</a>&nbsp;prepared under GAAP accounting rules for release in the U.S. market crossed that threshold into net profit, although the figures issued in China showed a lingering bottom-line loss despite a swing into operating profit.
The company publishes results in the three jurisdictions in which it is listed: Hong Kong, the United States and mainland China.&nbsp; On May 7 it announced a first-quarter net profit of $1.27 million (9.19 million yuan) on a GAAP basis, compared with a net loss of $251 million during the same period of 2024. Meanwhile, applying another accounting method for China, the company moved into operating profit and shank its net loss to 95 million yuan from 1.91 billion yuan in the same period last year.
The earnings spurt was driven by strong sales of its flagship oncology drugs. Product revenue rose 47% to $1.1 billion in the first quarter of 2025. Zanubrutinib, sold under the U.S. brand name Brukinsa, accounted for 70% of product sales. Demand for the kinase inhibitor, which blocks growth-related proteins in cancers affecting white blood cells, has been booming since U.S. regulators approved the drug to treat chronic lymphocytic leukemia and other cancers.
Zanubrutinib went on to achieve blockbuster status after breaching the $1 billion annual sales barrier in 2023.
Also driving the latest earnings are the PD-1 antibody drug tislelizumab and products licensed in from Amgen, BeiGene said.
Zanubrutinib sales jumped 62% to $792 million in the first quarter from the equivalent period of 2024, with $563 million in the United States alone. Expanded use among patients with chronic lymphocytic leukemia explains more than 60% of its quarter-on-quarter sales growth. Sales surpassed those of a competing drug co-developed by Johnson &amp; Johnson and AbbVie, ibrutinib, making BeiGene's product the market leader in the U.S. BTK inhibitor market. Meanwhile, sales in Europe surged 73% to $116 million on increased market penetration in Germany, Italy, Spain and France.
Sales of tislelizumab, which helps the immune system attack tumor cells, rose 18% to $171 million, outpacing equivalent drugs from Chinese drug companies after making inroads into overseas markets. The drug, which is marketed under the brand name Tevimbra, has been approved in 46 markets and was recently included in medical insurance schemes in the U.S., Europe and China.
<h4 class="wp-block-heading">Going for global impact</h4>
The overseas market is critical for the company, whose globalization strategy is gathering pace just as tensions are ratcheting up between China and the United States. Its original logo featured traditional Chinese calligraphy, but the company took on the English name BeiGene when it went public in 2021. It announced plans for another name change to BeOne Medicines Ltd. in November 2024, and said in its latest results that it would move its headquarters to Switzerland.
Pharmaceuticals are currently exempted from U.S. tariffs, but President Donald Trump has said medicines could be subject to new levies. U.S. production of the two BeiGene flagship drugs is all carried out by a U.S.-based partner with very limited involvement by Chinese suppliers. Thus, any tariffs targeting medical products are likely to have limited impact on the company, which inaugurated a new hub on the Princeton West Innovation Campus in Hopewell, New Jersey, in July last year. The base is equipped with world-class facilities to manufacture biologics as well as to conduct clinical research.
In European and U.S. markets, BeiGene cut sales expenses as a share of product revenue to 41% in the first quarter from 57% in the same period of 2024. The fact that rapidly rising revenue was accompanied by a mere 7% increase in sales and management expenses to $888 million points to improved operating efficiency.
The company has a lot riding on another potentially lucrative drug that targets a protein linked to cell growth. Its drug sonrotoclax, a BCL2 inhibitor, is aimed mainly at hematological tumors.
A marketing application for the drug has been filed in China and is being reviewed on a priority basis, while U.S. regulators have also granted the product fast-track status for use among patients with mantle cell lymphoma and a rare type of blood cancer.
The company currently trades at a price-to-sales (P/S) ratio of around 5.6 times in Hong Kong, compared with 6.6 times for&nbsp;Shanghai Junshi Biosciences&nbsp;(688180.SH; 1877.HK) which also sells PD-1 drugs overseas. As BeiGene starts to deliver profits and improve its operating cash flow, shareholders may enjoy a greater payback.

WIIM

Opinion

Trading Ideas

Market Shrugs Off This Drugmaker's Turnaround

Preliminary First Quarter Results
<ul>
<li>Comparable sales growth of 4.5%</li>
<li>Earnings per diluted share of $3.24 and non-GAAP earnings per diluted share of $3.37</li>
</ul>

DICK'S Sporting Goods Reported Select Preliminary Financial Results For Its First Quarter 2025, With EPS Of $3.24 And non-GAAP EPS Of $3.37 Vs. Consensus Of $3.22

OS Therapies (NYSE-A: OSTX) ("OS Therapies" or "the Company"), a clinical-stage immunotherapy and Antibody Drug Conjugate (ADC) biopharmaceutical company, today announced the launch of OS Animal Health, Inc., a wholly owned subsidiary focused on commercializing OST-HER2 for the treatment of canine osteosarcoma.
<ul>
<li>OST-HER2 market opportunity in canine osteosarcoma exceeds $150 million</li>
<li><a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Ffinance.yahoo.com%2Fnews%2Fos-therapies-announces-positive-data-114200323.html&amp;esheet=54255443&amp;newsitemid=20250515280996&amp;lan=en-US&amp;anchor=Recent+data+in+prevention+of+amputation+in+frontline+canine+osteosarcoma+and+control+of+metastatic+osteosarcoma+adds+to+historical+data+that+supported+prior+conditional+approval+related+to+increase+in+overall+survival+%28OS%29+post-amputation&amp;index=1&amp;md5=a3055be596dfad558e9efcc58ab222ef">Recent data in prevention of amputation in frontline canine osteosarcoma and control of metastatic osteosarcoma adds to historical data that supported prior conditional approval related to increase in overall survival (OS) post-amputation</a></li>
<li>Updated commercial manufacturing process to be used in pending new USDA conditional approval application for frontline, metastatic and OS in osteosarcoma</li>
</ul>
OST-HER2 is an off-the-shelf immunotherapy candidate that has shown positive clinical data in both human pediatric and canine osteosarcoma. Parent company OS Therapies is advancing towards an FDA Accelerated Approval submission, anticipated in the third quarter of 2025, for the prevention of recurrence in pediatric patients with fully resected, lung-metastatic osteosarcoma. Concurrently, its wholly-owned subsidiary, OS Animal Health, is focused on re-establishing USDA conditional approval for OST-HER2 in canine osteosarcoma, with a targeted submission in the second half of 2025.

OSTX

OS Therapies Launches Animal Health Arm to Tackle Dog Bone Cancer With $150M Market Potential

NACG's outlook for 2025
The following table provides projected key measures for 2025. These measures are predicated on contracts currently in place, including expected renewals, and the heavy equipment fleet that we own and operate.
<figure class="table"> 
<table>
<tbody>
<tr>
<td>Key measures</td>
<td>2025</td>
</tr>
<tr>
<td>Combined revenue(i)</td>
<td>$1.4 - $1.6B</td>
</tr>
<tr>
<td>Adjusted EBITDA(i)</td>
<td>$415 - $445M</td>
</tr>
<tr>
<td>Sustaining capital(i)</td>
<td>$180 - $200M</td>
</tr>
<tr>
<td>Adjusted EPS(i)</td>
<td>$3.70 - $4.00</td>
</tr>
<tr>
<td>Free cash flow(i)</td>
<td>$130 - $150M</td>
</tr>
<tr>
<td>Capital allocation</td>
<td>&nbsp;</td>
</tr>
<tr>
<td>Growth spending(i)</td>
<td>$65 - $75M</td>
</tr>
<tr>
<td>Net debt leverage(i)</td>
<td>Targeting 1.7x</td>
</tr>
</tbody>
</table>
</figure>

TSX:NOA

CORRECTION: North American Construction Reaffirms FY25 Outlook: Adj EPS CAD 3.70 - CAD 4.00, Combined Revenue CAD 1.40B - CAD 1.60B

During the pre-market trading session on Thursday, Occidental Petroleum Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OXY#NYSE">OXY</a>) fell 2.56%, Exxon Mobil Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) declined 2.39%, while Chevron Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) fell 1.50% as oil prices saw a considerable drop. This decline is attributed to the potential U.S.-Iran nuclear deal and a sudden increase in U.S. crude oil inventories, triggering concerns of oversupply.
What Happened: Oil prices plunged by more than $2, spurred by the prospects of a nuclear deal between the U.S. and Iran that could result in relaxed sanctions. At the same time, an unexpected rise in U.S. crude oil inventories last week has intensified oversupply worries. U.S. crude oil inventories rose by 3.5 million barrels to 441.8 million last week, contrary to analysts&#8217; expectations of a 1.1 million-barrel decrease, according to the Energy Information Administration, reported Reuters.
Brent crude futures fell $2.48, or 3.75%, to $63.61 a barrel, while U.S. West Texas Intermediate (WTI) crude futures dropped $2.66, or 4.18%, to $60.53 at 0920 GMT.
On Thursday, U.S. President Donald Trump announced that the U.S. was nearing a final agreement on a nuclear deal with Iran, stating that Tehran had &#8220;sort of&#8221; agreed to the terms. This came after an Iranian official told NBC News on Wednesday that Iran was prepared to make a deal with the U.S. if economic sanctions were lifted.
 John Evans, analyst at PVM Oil, stated, &#8220;The crude build in the EIA Inventory Report has chased down the prices, and the move is accelerated by what appears to be a cooling of animosity in the US/Iran nuclear negotiations.&#8221;
At the same time, the International Energy Agency raised its average oil demand growth forecast for 2025 to 740,000 barrels per day—an increase of 20,000 bpd from its previous report—citing stronger economic growth projections and lower oil prices as factors driving increased consumption.
SEE ALSO: <a href="https://benzinga.com/25/05/45427077/bitcoin-flat-ethereum-dogecoin-slip-analytics-firm-highlights-resurgence-in-btc-retail-interest-but-a-brief-pullback-might-be-close-by" target="_blank" rel="noreferrer noopener">Bitcoin Flat, Ethereum, Dogecoin Slip: Analyst Firm Sees &#8216;Significant Recovery&#8217; In Retail Interest But A Pullback Might Be Imminent &#8211; Grayscale Bitcoin Mini Trust (BTC) Common units of fractional undi</a>
Why It Matters: Earlier this month, economist Peter Schiff <a href="https://www.benzinga.com/markets/commodities/25/05/45158813/trump-may-be-getting-lower-oil-prices-but-its-not-due-to-drill-baby-drill-peter-schiff-says-its-more-of-a-chill-baby-chill-scene-out-there">stated </a>that the decline in oil prices is less about a sudden market flood and more about a warning sign for a faltering global economy. 
He argued that oil prices are dropping as global trade is stalling and recession fears are throttling demand. This context provides a broader perspective on the current oil price situation, suggesting that larger economic factors are at play. 
Notably, the International Energy Agency (IEA) raised its average oil demand forecast for 2025 but expects global oil demand growth to slow to 650,000 barrels per day for the rest of the year, down from 990,000 bpd growth seen in the first quarter, due to economic challenges and record electric vehicle sales.
<ul class="wp-block-list">
<li>READ MORE: <a href="https://benzinga.com/markets/cryptocurrency/25/05/45426516/chuck-schumer-says-trump-is-letting-cartel-members-into-the-us-asks-how-much-memecoin-did-" target="_blank" rel="noreferrer noopener">Chuck Schumer Says Trump Is &#8216;Letting Cartel Members&#8217; Into The US, Asks How Much &#8216;Memecoin&#8217; Did They Pay</a></li>
</ul>
Image via Shutterstock
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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