David Hayes

Around 2 p.m. on July 21, Don Beal was deep into his daily tasks at his farm off Oak Villa Road when his day quickly turned abnormal.

Many events took place during the annual Dallas Days. Here's a look at some images captured during the three-day event July 24-26.

Slight positive. Sales growth and margins beat expectations.* Q2 Sales (from continuing operations) 2,388m +6% lfl accelerating from the 4% lfl in Q1. Almost entirely on volumes. * Adj Q2 EBITDA 466m +10% lfl. Up 7% lfl for H1. * Adj EBITDA Margin improved in Q2 to 19.5%; +40bps up on Q1 and 10bps up y/y. * Guiding for +2-+4% lfl sales with the expectation that this will be at the upper-end. * Adj EBITDA margin of around 20%. * All three units grew sales on a like-for-like basis of between 4% and 7%. * Health, Nutrition & Care saw a significant increase in Adj EBITDA margin to 20.4% up from 18.8% y/y. * Cash conversion improved and working capital decreased. Adj Gross Operating Free Cash Flow 320m up from 79m in 1H25. * NetDebt 4.424bn but this before the Animal Health sale has gone through. * 1bn share buyback programme was completed in Feb 26 and a further 540m started in March.

Cash spreads were on average stable this week.

Spreads were unchanged. CIMAU (+5) was wider despite its upgrade. Strong demand in aerospace/defence and AI infrastructure remains clear from earnings updates.* Technip Energies reported a large drop: https://mni.marketnews/4yPh8x7 in EBIT due to Middle East disruption and lowered guidance as a result. Credit arguably already priced in significant risk due to its regional exposure. * Arcadis rejected: https://mni.marketnews/4fGZfb0 the takeover approach from WSP and increased guidance due to a strong order backlog. * Glencore flagged a jump in marketing profits: https://mni.marketnews/4q8NI9r likely due to energy volatility. * Smurfit Westrock cut guidance marginally due to freight and energy costs. * Imerys results: https://mni.marketnews/4pXotqs were marginally positive, with EBITDA guidance implying slightly better leverage. * Illinois Tool Works, Carrier Global, Fortive, Safran, Holcim, MTU Aero Engines, Rolls-Royce, Hochtief, Prysmian, Schneider Electric, Sika, Legrand, Johnson Controls, Rheinmetall, Knorr-Bremse and Eaton all upgraded guidance with firm reports. * ACS and subsidiaries Hochtief and CIMIC were upgraded: https://mni.marketnews/4yOLLmf one notch by S&P, taking the former into investment grade. Thresholds were relaxed following better vertical integration. * Clariant successfully defended itself against cartel allegations made by Shell. 2Q results were strong with Care Chemicals and Adsorbents offsetting disruption in the Catalyst market. * BASF had already raised guidance: https://mni.marketnews/4pRhGhS and used proceeds from the Coatings sale to Make-Whole the 28 & 29s. * Linde reported: https://mni.marketnews/3Tvm0r5 strong Asian sales. AirLiquide DIG Airgas acquisition performing well. Margins expanded: https://mni.marketnews/4w4IexI and backlog is strong. DOW Chemical revised to Stable from Negative. Eastman rating: https://mni.marketnews/4pPJMtJ is at risk. * Syensqo improved margins: https://mni.marketnews/4cd1DoR and announced a new multi-year supply agreement with Boeing. * DSM-Firmenich improved: https://mni.marketnews/4w19AEP volumes, margins and cash conversion. Symrise had a slight beat: https://mni.marketnews/4wIcfEz. * Arkema was able to pass on price increases and expects slightly higher: https://mni.marketnews/3TOgGyZ EBITDA this year. * IMCD grew both organically and with bolt-on acquisitions. Leverage remained stable: https://mni.marketnews/4yLehp3. * Solvay had lower volumes: https://mni.marketnews/4h6OlxJ from a Saudi peroxide outage. It hopes to restart in Q3 but clearly uncertain.

Spreads were unchanged. EONWGR (+5) again underperformed.* DCC agreed takeover terms with the private equity consortium, leaving a change of control trigger likely. * Nextera joined a partnership developing a $100bn data centre project. The announcement was light on financing details; we assume it will raise its own debt with a possible equity contribution from Nextera. * RWE results were strong due to a one-off compensation, helping drive a guidance raise along with better weather conditions. * Engie increased guidance marginally following a firm start to the year and UK Power Networks integration. * EDF reduced EBITDA guidance due to heatwaves and lower electricity prices. * Orano EBITDA suffered from weather related outages, but guidance was confirmed. * Results from EDF, Orano, REN, Elia, Enel, Iren, Italgas, Hera, Terna, Redeia, Acciona Energias, EDP and Veolia were largely uneventful. * EnBW was put on outlook negative by S&P. * ExxonMobil's Permian output and solid cash generation supported QoQ net debt reduction, with buybacks unchanged. * OMV reported good earnings, led by Chemicals, though FCF was weaker and leverage ticked higher. * BP launched a potential sale of its North Sea business, which would support recent deleveraging progress, * Shell's higher FCF supported lower debt and gearing, while the $3bn quarterly buyback was maintained. * Eni's higher production and cash generation was accompanied by modestly higher guidance and a further 600mn buyback increase.

After more than a decade at the helm of the Polk County Fairgrounds and Event Center, Tina Anderson actually gave thought to retiring this year.

After 13 years owning the lone restaurant in Falls City, Laura Britton and Lori Sickles were ready to sell The Boondocks. But they didn't want it to end up with just any new owners. It had to be the right owners.

Cash spreads were firm this week.

By David Hayes I-O Editor It turns out everything that Blain likes includes performing live music.