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Buyout firms TA Associates and Warburg Pincus have hired investment bank William Blair to advise Procare on its sale process that is expected to launch after Labor Day, the sources said, requesting anonymity because the matter is confidential. It sold a part of its stake in the company to Warburg Pincus in 2018.
While we continue to maintain strong credit ratings, a solid balance sheet, and long-term earnings growth outlook of 4% to 6%, our earnings guidance for 2024 reflects a combination of lag related to our capitalinvestments and inflationary pressures that we are experiencing simultaneously. million due to additional capitalinvestments.
Iron ore production reached 328 million tons, the highest level since 2018 and above our original guidance. We are also laser-focused on optimizing our capital expenditures. billion, leveraging optimization initiatives in certain capitalinvestments. They should rather be treated as a type of debt amortization.
Consistent with commentary from previous quarters, the decline in gross profit is associated with the NuVasive merger, namely step-up amortization. As a reminder, step-up amortization is expected to end during our fiscal fourth quarter. Excluding the impacts of step-up amortization, adjusted gross profit was 67.2%. of revenue.
We delivered $36 billion of earnings, strong cash flows, and a 15% return on capital employed. Darren, 2018 was a long time ago, obviously, and a lot has changed since you pushed the doubling of cash flow from 25 to 27, including much greater and perhaps faster progress in Guyana. Results are clear. Good morning, everyone.
Depreciation and amortization for the quarter was $3.8 This quarter marks the lowest level of leverage the company has maintained since the end of 2018, and we anticipate the leverage ratio will continue to improve during the remainder of 2024. million, flat compared to last year -- last quarter. EBIT ex-items for the quarter was $16.4
From 2Q 2018 to 2Q 2020, our wireless service revenues were essentially flat. At the same time, we're investing in the future of our company and the future of our country's connectivity. Since July 2020, our capitalinvestment has totaled about $65 billion. Capitalinvestment was 5.9 billion year to date.
This new action will offset about $1 billion in depreciation and amortization, which means that relative to 2022, our automotive fixed costs will be down $2 billion on a net basis as we exit '24. I think most powerful examples of the benefits of the investment we made starting in 2018 on the Ultium platform.
We launched da Vinci SP in Q3 of 2018 and the installed base now stands at 243. As a reminder, given recent and ongoing capitalinvestments, we expect a significant increase in depreciation expense in 2025 as we bring online additional facilities. We ended Q3 with cash and investments of $8.3 billion, higher than the $7.7
However, when crypto crashed in 2018, Coreweave pivoted and now provides data centers made for supporting generative AI workloads. Without Coreweave, many companies would be faced with building their own infrastructure, which is a significant undertaking and capitalinvestment. Image source: Getty Images.
And management expects even faster growth in the quarters ahead as its big capitalinvestments in data centers come on line later this year. For the first time since 2018, Buffett decided not to buy back a single share of his company's stock in the third quarter of 2024.
The increased revolver size is a reflection of the substantial growth in our company since the last upsize in 2018, which was prior to the Charles Machine Works acquisition. And tw sides of that, so the national rental people had done some capitalinvestments over the last several years. So their fleets are relatively more new.
The outlook for capitalinvestment, depreciation and amortization, and R&D expenditures for FY '25 remains unchanged. And since 2018, their target -- or they have achieved 5 million per quarter. Power products business operations' previous forecast of 3.6 million units remains unchanged.
During the call, Jim, John, and Devina will discuss operating EBITDA, which is income from operations before depreciation and amortization. Fish -- President and Chief Executive Officer But we're still on track, though to -- we said last quarter, we expected by the end of this year, we would have spent about 75% of the total capital.
Turning now to capitalinvestment. We've updated our five-year capital forecast from 2025 through 2029 to $50 billion, an increase of 16% from our prior guidance. Meaningful operating cash flows, combined with a balanced mix of external financings, satisfy our capitalinvestment and dividend forecasts.
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