Core Viewpoint - The article highlights Arcosa (ACA) as a promising growth stock, emphasizing its strong earnings growth, cash flow growth, and positive earnings estimate revisions, which position it well for outperformance in the market [2][10]. Earnings Growth - Arcosa's historical EPS growth rate is 8.6%, but the projected EPS growth for this year is significantly higher at 25.3%, surpassing the industry average of 6.6% [4]. Cash Flow Growth - The year-over-year cash flow growth for Arcosa is currently at 8%, which is above the industry average of 2.7%. The company's annualized cash flow growth rate over the past 3-5 years stands at 11.3%, compared to the industry average of 10.1% [5][6]. Earnings Estimate Revisions - There have been upward revisions in current-year earnings estimates for Arcosa, with the Zacks Consensus Estimate increasing by 0.4% over the past month, indicating a positive trend in earnings estimates [8][7]. Overall Positioning - Arcosa has achieved a Growth Score of B and holds a Zacks Rank 2 due to favorable earnings estimate revisions, making it an attractive option for growth investors [10].

Arcosa (ACA) closed the last trading session at $86.33, gaining 2.8% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $109.20 indicates a 26.5% upside potential.The average comprises five short-term price targets ranging from a low of $100 to a high of $120, with a standard deviation of $7.29. While the lowest estimate indicates an increase of 15.8% from the current price level, the ...

Core Points - Crédit Agricole S.A. is launching its annual capital increase reserved for employees globally [1] - The capital increase will allow 190,000 eligible employees and retired former employees to subscribe to new shares at a discounted price [2] - The subscription price will be set at the arithmetic mean of opening share prices from May 26 to June 20, 2025, with a 20% discount [2] - The subscription period is from June 24 to July 8, 2025 [2] - New shares will be issued on August 28, 2025, and will be eligible for dividends for the 2025 financial year [3] - A maximum of 32 million shares will be issued, with a par value of €96 million [3] - Following the capital increase, a share buyback operation will be conducted to mitigate dilution, pending ECB approval [3] - This initiative is part of the Group's employee profit-sharing policy related to financial performance [3]

Core Viewpoint - The Crelan Group and Crédit Agricole have signed a long-term partnership agreement, allowing Crédit Agricole to acquire a 9.9% minority stake in Crelan, which will enhance Crelan's service offerings and commercial development in Belgium [2][9]. Group 1: Partnership Details - The partnership includes commercial collaborations in asset management, private banking, wealth management, and leasing [2]. - Crelan and Crédit Agricole plan to establish additional joint commercial initiatives in the near future [2]. Group 2: Strategic Vision - Both Crelan and Crédit Agricole share a vision of cooperative banking, aiming to strengthen their services and provide high-quality banking solutions [3]. - The partnership is expected to benefit customers, cooperators, and society as a whole [3]. Group 3: Financial Implications - The partnership is projected to positively impact Crelan's consolidated 2025 transitional CET1 capital ratio by approximately 2% and have a non-material impact on Crédit Agricole's CET1 ratio [7]. - The conclusion of commercial agreements is anticipated to enhance the revenues of both groups [7]. Group 4: Crelan's Position - Crelan is a cooperative bank in Belgium, maintaining its cooperative model and values while ensuring that all deposits remain invested in Belgium [6]. - The bank has a significant presence with 4327 employees, 727 branches, and €55.8 billion in total assets as of December 31, 2024 [8]. Group 5: Crédit Agricole Overview - Crédit Agricole is a leading financial provider in France and a major player in European banking, recognized for its retail banking and asset management services [10][11]. - The group serves 54 million customers and emphasizes a customer-focused banking model [12].

Core Points - Crédit Agricole S.A. announced the redemption of all outstanding USD 1,500,000,000 Senior Non-Preferred Callable Fixed-to-Floating Rate Notes issued on June 16, 2020, effective June 16, 2025 [2][3] - The redemption will occur at the outstanding nominal amount along with any accrued interest, referred to as the Redemption Amount [2][3] - Holders of the Notes will receive formal notice of the redemption in accordance with the Terms and Conditions [3] Summary by Sections - **Redemption Announcement** - The Issuer, Crédit Agricole S.A., will redeem the Notes on June 16, 2025, as per the terms outlined in the base offering memorandum [2] - **Redemption Details** - The Redemption Amount will be due and payable on the Redemption Date, and interest on the Notes will cease on that date unless the Redemption Amount is improperly withheld [3] - **Legal and Regulatory Information** - The press release does not constitute an offer to buy or sell the Notes in various jurisdictions, including the United States, Canada, Australia, or Japan [4][5][7] - Specific legal and regulatory restrictions may apply to the redemption of the Notes in certain jurisdictions [5]

Core Points - Crédit Agricole Leasing & Factoring (CAL&F) has completed the acquisition of 100% of Merca Leasing, enhancing its position in the German leasing market [2][3] - The acquisition aligns with CAL&F's development strategy and aims to accelerate growth in the dynamic German leasing sector [2][5] - Merca Leasing, founded in 1989, is one of the top ten independent leasing companies in Germany, specializing in tailored leasing solutions for SMEs [4][10] Company Overview - CAL&F is a subsidiary of the Crédit Agricole group and has been a significant player in leasing and factoring for over 60 years [8] - The company operates in 10 European countries, providing specialized financing and responsible mobility solutions to a diverse customer base [9] - Key figures for CAL&F at the end of 2024 include 260,400 customers, 2,769 employees, and €34 billion in outstandings [10] Merca Leasing Overview - Merca Leasing focuses on financing business-critical movable equipment, particularly production machinery [11] - The company reported new sales of €309 million and actual outstandings of €472 million at the end of 2024 [12]

Group 1 - The General Meeting of Shareholders of Crédit Agricole S.A. took place on May 14, 2025, with over 1,700 attendees and a quorum of 80.37% [2] - All resolutions proposed by the Board of Directors were approved, with the exception of resolution A, which was rejected by more than 95% [2][3] - A dividend payout of €1.10 per share was confirmed following the approval of the financial statements for the year ended December 31, 2024 [3] Group 2 - Olivier Desportes was appointed as a Director to replace Louis Tercinier, who reached the statutory age limit [3] - The General Meeting ratified the co-optation of Gaëlle Regnard as Director and renewed the terms of several existing directors [4] - Dominique Lefebvre was re-appointed as Chairman, and Jérôme Grivet was appointed as the sole Deputy Chief Executive Officer [5]

Revenue and Profitability - Revenues for the three months ended March 31, 2025 increased 5.6% to $632.0 million compared to $598.6 million for the same period in 2024, driven by higher revenues in Engineered Structures and Construction Products [97]. - Operating profit for the three months ended March 31, 2025 totaled $55.8 million, an increase of 4.5% year-over-year, with significant contributions from Engineered Structures [97]. - Revenues from Engineered Structures increased 23.0% to $284.8 million, primarily due to higher volumes in the wind towers business and contributions from the acquired Ameron business [99]. - Revenues for the three months ended March 31, 2025, increased by 4.6% to $262.8 million, primarily due to the acquisition of Stavola, which contributed $26.4 million [112]. - Operating profit decreased by 36.5% to $18.3 million, impacted by the seasonal nature of the Stavola acquisition, which reduced operating profit by $11 million [115]. - Cost of revenues increased by 9.5% to $217.1 million, with cost of revenues as a percentage of revenues rising to 82.6% from 78.9% [115]. - Inland barge revenues increased by 5.9% to $84.4 million, while total revenues for the Transportation Products segment decreased by 27.1% to $84.4 million due to the sale of the steel components business [123]. Backlog and Orders - The backlog for inland barges as of March 31, 2025 was $333.6 million, up 19.1% from the start of the year, indicating strong customer commitment [91]. - The company received new orders of $1.1 billion for wind towers since the passage of the Inflation Reduction Act, supporting wind energy expansion projects through 2028 [91]. - The backlog for utility, wind, and related structures as of March 31, 2025, was $1,094.1 million, with approximately 59% expected to be delivered during 2025 [117]. - Approximately 59% of the unsatisfied performance obligations for utility, wind, and related structures are expected to be delivered during 2025 [98]. Expenses and Costs - Selling, general, and administrative expenses increased 6.7% for the three months ended March 31, 2025, primarily due to costs from recently acquired businesses, representing 11.7% of revenues [97]. - Operating costs increased 5.7% to $576.2 million for the three months ended March 31, 2025, driven by additional costs from the acquired Stavola and Ameron businesses [106]. - Corporate overhead costs decreased by 5.5% to $15.4 million, primarily due to lower acquisition and divestiture-related expenses [122]. Acquisitions and Capital Expenditures - The company completed the acquisition of Stavola for $1.2 billion in cash, enhancing its Construction Products segment [92]. - Capital expenditures for the three months ended March 31, 2025, were $34.0 million, with full-year expectations of approximately $145 to $165 million [128]. Financial Position and Liquidity - As of March 31, 2025, the company had no outstanding loans and approximately $0.1 million of letters of credit, leaving $699.9 million available for borrowing under its revolving credit facility [130]. - The net cash required by operating activities for the three months ended March 31, 2025, was $0.7 million, compared to $80.5 million provided in the same period in 2024 [125]. - The Company believes that existing cash, available liquidity, and cash flow from operations will be sufficient to fund necessary capital expenditures and operating cash requirements for the foreseeable future [135]. Debt and Financing - The Term Loan has an aggregate principal amount of $700.0 million, with $100.0 million used to pay down the revolving credit facility, and requires mandatory prepayments from excess cash flow starting in fiscal year 2025 [133]. - The Company issued $600.0 million aggregate principal amount of 6.875% 2024 Notes, maturing in August 2032, and $400.0 million aggregate principal amount of 4.375% senior unsecured notes maturing in April 2029 [134]. - The Term Loan has a maturity date of October 1, 2031, and is prepayable at any time without penalty [133]. - The Credit Agreement requires maintenance of certain ratios related to leverage and interest coverage, with compliance as of March 31, 2025 [132]. - The Company’s financial covenants are guaranteed by certain domestic subsidiaries, and obligations are collateralized with substantially all personal property [132]. Taxation - The effective tax rate for the three months ended March 31, 2025 was 19.2%, compared to 17.1% for the same period in 2024, primarily due to higher state taxes [109]. Shareholder Returns - A quarterly cash dividend of $0.05 per share was declared in February 2025, paid on April 30, 2025 [136]. - The Board authorized a $50.0 million share repurchase program effective January 1, 2025, with no shares repurchased as of March 31, 2025 [137]. Market Risks - There has been no material change in market risks since December 31, 2024, as noted in the 2024 Annual Report [141].

Financial Data and Key Metrics Changes - The company reported a consolidated adjusted EBITDA growth of 26%, outpacing a 12% revenue growth in the first quarter of 2025, with a margin expansion of 190 basis points [7][10] - The net debt to adjusted EBITDA ratio was maintained at 2.9 times, with expectations to reduce leverage to a target of 2 to 2.5 times over the next twelve months [9][19] Business Line Data and Key Metrics Changes - In the Construction Products segment, revenues increased by 5%, driven by the contribution from the Stabola acquisition, while organic revenues declined by 6% due to lower freight revenues and divestitures [13][14] - The Engineered Structures segment saw a 23% increase in revenues, largely due to higher wind tower volumes and the inorganic impact from the Amaron acquisition [17] - The Transportation Products segment experienced a 6% increase in revenues, with adjusted segment EBITDA increasing by 13% [18] Market Data and Key Metrics Changes - The aggregates business represented 69% of construction materials revenues, with average organic pricing up 7% year-over-year and total pricing up 10% due to the Stabola acquisition [12][14] - The company expects to benefit from continued investment in U.S. infrastructure and a new era of growth in the U.S. power market [10][24] Company Strategy and Development Direction - The company is focused on executing its strategic vision, with a strong emphasis on organic investments and the integration of recent acquisitions [6][11] - The outlook for 2025 remains positive, with anticipated revenue of $2.9 billion, representing a 17% increase, and adjusted EBITDA of $570 million, reflecting a 30% increase [22][24] - The company is committed to maintaining operational excellence and managing costs effectively in a fluid macroeconomic environment [31][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the evolving macroeconomic and policy environments, citing strong demand in most end markets and solid visibility from backlogs [10][11] - The company anticipates a strong second half of 2025, particularly in the construction products segment, driven by the Stabola acquisition and high single-digit organic growth [24][26] Other Important Information - The company reaffirmed its capital expenditure guidance of $145 to $165 million for the full year, with a focus on maintenance CapEx in 2025 [21] - Free cash flow for the quarter was negative $30 million, but management expects improvement in the second half of the year [21] Q&A Session Summary Question: Can you elaborate on the wind tower contribution to sales and profit dollars in the quarter? - Management highlighted strong volume growth in utility structures and noted that the wind tower facilities are performing well, contributing positively to margins [38][40] Question: What are the expectations for the construction products business moving forward? - Management indicated that there are no surprises in the Stabola operations and expressed optimism about demand and orders for the upcoming months [66][70] Question: How are you thinking about pricing versus volume declines in the aggregates business? - The company is focusing on margin rather than volume, with local decision-making to balance cost absorption and pricing strategies [92][93] Question: What is the outlook for the housing market and its impact on the business? - Management expects stabilization and a potential recovery in the housing market in the second half of the year, although it remains cautious about the overall housing demand [106][108]

Financial Data and Key Metrics Changes - The company reported a consolidated adjusted EBITDA growth of 26%, outpacing a 12% revenue growth in the first quarter of 2025, with a margin expansion of 190 basis points [6][21] - The net debt to adjusted EBITDA ratio was maintained at 2.9 times, with expectations to reduce leverage to a target of 2 to 2.5 times over the next twelve months [7][19] Business Line Data and Key Metrics Changes - **Construction Products**: Revenues increased by 5%, driven by the Stabola acquisition, but organic revenues declined by 6% due to lower freight revenues and divestitures [11][12] - **Engineered Structures**: Revenues increased by 23%, largely due to higher wind tower volumes and the inorganic impact from the Amaron acquisition, with adjusted segment EBITDA increasing by 90% [15][16] - **Transportation Products**: Revenues were up 6%, with adjusted segment EBITDA increasing by 13%, driven by higher tank barge volumes [17] Market Data and Key Metrics Changes - The aggregates business represented 69% of construction materials revenues, with average organic pricing up 7% year-over-year and total pricing up 10% due to the Stabola acquisition [10][12] - The company expects continued investment in U.S. infrastructure to benefit operations, with strong demand conditions in various end markets [8][9] Company Strategy and Development Direction - The company is focused on executing its strategic vision, with a commitment to reducing leverage and enhancing operational efficiency [5][7] - The integration of the Stabola acquisition is expected to contribute positively in the second quarter, with a strong outlook for construction products and engineered structures [20][23] - The company anticipates sustained demand growth in utility structures due to increased electrification and renewable energy needs [25][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the evolving macroeconomic environment, citing strong demand in most end markets and solid visibility from backlogs [8][9] - The company expects a strong 2025, reiterating full-year guidance with anticipated revenue of $2.9 billion and adjusted EBITDA of $570 million, reflecting a 17% and 30% increase, respectively [21][22] Other Important Information - The company reaffirmed its capital expenditure guidance of $145 to $165 million for the full year, with a focus on maintenance CapEx [20] - Free cash flow for the quarter was negative $30 million, but management expects improvement in the second half of the year [20] Q&A Session Summary Question: Can you elaborate on the wind tower contribution to sales and profit dollars in the quarter? - Management highlighted strong demand and volume growth in utility structures, with the wind tower facility ramping up effectively, contributing positively to margins [36][38] Question: What are the expectations for the construction products business moving forward? - Management indicated no surprises in the Stabola operations, with good demand and orders expected to improve significantly in the second quarter [66][71] Question: How is the company managing pricing versus volume declines in aggregates? - The company is focusing on margin rather than volume, with local decision-making to balance cost absorption and pricing strategies [92][93] Question: What is the outlook for the housing market and its impact on the business? - Management expects stabilization and a potential recovery in the housing market in the second half of the year, although not a booming market [104][105]