Star Group(SGU) - 2026 Q1 - Quarterly Report
2026-02-04 21:15
Financial Performance - Total sales for the three months ended December 31, 2025, increased to $539,256,000, up 10.5% from $488,063,000 in the same period of 2024[12] - Net income for the three months ended December 31, 2025, was $35,790,000, representing a 8.6% increase compared to $32,884,000 in 2024[16] - Basic and diluted income per Limited Partner Unit rose to $0.89, up from $0.79 in the prior year, reflecting a 12.7% increase[12] - Operating income for the three months ended December 31, 2025, was $54,238,000, a 10.3% increase from $49,219,000 in 2024[12] - Total comprehensive income for the three months ended December 31, 2025, was $36,077,000, up from $33,624,000 in 2024, reflecting a 7.3% increase[16] - Adjusted EBITDA for the three months ended December 31, 2025, was $68,388,000, representing a 31.7% increase from $51,864,000 in 2024[93] - Net income for the three months ended December 31, 2025, increased by $2.9 million to $35.8 million, primarily due to a $16.5 million increase in Adjusted EBITDA[143] Assets and Liabilities - Total current assets increased to $324,816,000 as of December 31, 2025, compared to $207,281,000 as of September 30, 2025, marking a 56.5% growth[10] - Total liabilities increased to $732,663,000 as of December 31, 2025, up from $516,351,000 as of September 30, 2025, indicating a 41.9% rise[10] - Cash and cash equivalents decreased to $19,857,000 from $24,683,000, a decline of 19.5%[10] - The company reported an increase in receivables to $198,210,000, up from $102,119,000, which is an increase of 94.2%[10] - Total inventory increased to $69,559,000 as of December 31, 2025, compared to $47,022,000 as of September 30, 2025, representing a 47.8% increase[68] - The Company reported total debt of $254,808,000 as of December 31, 2025, compared to $188,118,000 as of September 30, 2025, indicating a significant increase in leverage[72] Revenue Sources - Revenue from home heating oil and propane was $372.6 million, up 15.4% from $322.8 million in the prior year[44] - For the three months ended December 31, 2025, retail volume of home heating oil and propane sold increased by 11.5 million gallons, or 13.9%, to 93.9 million gallons compared to 82.4 million gallons for the same period in 2024[123] - Product sales increased by $48.5 million, or 12.1%, to $448.0 million for the three months ended December 31, 2025, driven by a 9.4% increase in total volume sold and higher average selling prices[124] - Installation and service revenue rose by $2.7 million, or 3.0%, to $91.3 million for the three months ended December 31, 2025, supported by recent acquisitions and expanded service offerings[125] Expenses and Costs - Cost of product increased by $19.8 million, or 8.0%, to $268.5 million for the three months ended December 31, 2025, due to a 9.4% increase in total volume sold, partially offset by a decrease in wholesale product cost of $0.0290 per gallon, or 1.3%[126] - Delivery and branch expenses increased by $10.6 million, or 10.7%, to $109.9 million for the three months ended December 31, 2025, influenced by colder weather and recent acquisitions[135] - Service expense increased by $3.6 million, or 7.0%, to $55.0 million for the three months ended December 31, 2025, representing 106.5% of service sales[130] Cash Flow and Financing - The company experienced a net cash used in operating activities of $55,182,000 for the three months ended December 31, 2025, compared to $64,564,000 in 2024[21] - The company repaid $5.3 million of its term loan and borrowed $71.9 million under its revolving credit facility during the three months ended December 31, 2025[154] - Availability under the revolving credit facility was $168,600,000 as of December 31, 2025, indicating compliance with financial covenants[81] - The company expects to pay $15.8 million for the remainder of fiscal 2026 for its term loan, which is repayable in quarterly payments of $5.3 million[159] Risk Management and Derivatives - The company has utilized weather hedge contracts with a maximum potential payout of $15.0 million for fiscal years 2026 and 2025[34] - The company held derivative instruments totaling 14.5 million gallons of swap contracts and 5.3 million gallons of call options to hedge against heating oil price fluctuations[58] - The company has interest rate swap agreements covering $73.6 million, or 40%, of its long-term debt, with a fair value of $(0.6 million) as of December 31, 2025[60] - A hypothetical 10% increase in product costs would increase the fair market value of outstanding derivatives by $6.8 million, while a 10% decrease would decrease it by $3.9 million[171] Corporate Governance and Compliance - The company believes that its controls system provides reasonable assurance of achieving control objectives, as concluded by the CEO and CFO as of December 31, 2025[176] - Management opines that there are no ongoing litigations that could materially affect the company's operations, financial position, or liquidity[178] - There have been no material changes to the risk factors affecting the company's business since the last Form 10-K report[180] - The company has not adopted or terminated any trading plans during the quarter ended December 31, 2025[186]
EnerSys(ENS) - 2026 Q3 - Quarterly Report
2026-02-04 21:15
Workforce Reduction and Restructuring - The company announced a reduction in force plan to reduce the global workforce by approximately 11%, or about 575 employees, with estimated one-time cash charges of $21.2 million and expected annualized savings of approximately $80 million starting in fiscal 2026[161]. - The company expects to realize approximately $30 million to $35 million in savings in fiscal 2026 from the restructuring plan, with material benefits beginning in the third quarter[161]. - The closure of the Monterrey, Mexico facility is expected to incur a pre-tax charge of approximately $13.7 million, with $12.2 million in cash charges related to severance and environmental expenses[198]. - The Company plans to stop production of residential renewable energy products, estimating total charges of $24.5 million, primarily non-cash charges of $23.6 million[200]. - The Spokane facility closure is estimated to incur total charges of approximately $3.6 million, including $1.4 million in cash charges for employee severance[203]. - The Sylmar facility closure is expected to result in total charges of approximately $13.7 million, with cash charges of $9.7 million primarily for severance[206]. - The Ooltewah facility closure is estimated to incur total charges of approximately $18.5 million, with cash charges of $9.2 million related to severance and cleanup[209]. Financial Performance - Net sales increased by $12.9 million or 1.4% in Q3 fiscal 2026 compared to Q3 fiscal 2025, driven by a 3% increase in pricing and a 2% increase from foreign currency translation[184]. - Net sales for the nine months ended December 28, 2025, increased by $120.6 million or 4.6% compared to the same period in fiscal 2025, attributed to a 2% increase from acquisitions and pricing[185]. - Gross profit for Q3 fiscal 2026 was $276.3 million, a decrease of $21.9 million or 7.3% compared to Q3 fiscal 2025, with a gross profit margin of 30.1%[191]. - Operating expenses for Q3 fiscal 2026 were $147.8 million, a decrease of $6.5 million or 4.2% compared to Q3 fiscal 2025, reflecting cost-saving initiatives[192]. - For the nine months ended December 28, 2025, total operating earnings decreased by $30.7 million or 9.2% compared to the same period in 2024, with operating earnings as a percentage of net sales decreasing by 160 basis points[222]. - Energy Systems operating earnings increased by 66.9% to $42.1 million in Q4 of fiscal 2025, compared to $25.3 million in Q4 of fiscal 2024[220]. - Corporate and other segment reported a significant decrease in operating earnings by 58.8%, from $67.8 million in Q4 of fiscal 2024 to $27.9 million in Q4 of fiscal 2025[220]. Market and Economic Conditions - The data center market is currently in a growth cycle driven by AI and increasing digitization, while the communications market is experiencing a modest recovery[168]. - Global defense budgets are increasing in response to rising geopolitical tensions, with spending in EMEA growing at a higher rate than in the US[168]. - The company experienced lead prices ranging from approximately $0.85 to $0.95 per pound in fiscal year 2026, with customer pricing changes generally lagging behind commodity price movements by six to nine months[169]. - The ongoing Israel-Hamas conflict has disrupted some shipments, leading to potential increases in ocean freight costs and transit times[167]. - The company is assessing the impacts of U.S. tariffs on imported goods, which could have substantial effects on its operations and supply chains[163]. Cash Flow and Financing - Operating activities generated cash of $403.6 million in the nine months of fiscal 2026, a significant increase from $125.1 million in the same period of fiscal 2025[244]. - Investing activities used cash of $75.7 million in the nine months of fiscal 2026, primarily for capital expenditures of $67.2 million and acquisitions of $12.7 million[245]. - Financing activities used cash of $241.4 million in the nine months of fiscal 2026, including treasury stock purchases totaling $301.4 million and cash dividends of $28.6 million[247]. - Total cash and cash equivalents increased by $107.0 million to $450.1 million in the nine months of fiscal 2026, compared to an increase of $129.8 million to $463.2 million in fiscal 2025[249]. - The Company entered into a sixth amendment to the 2017 Credit Facility, increasing the revolving credit facility to $1.0 billion, maturing on September 30, 2030[255]. Taxation and Interest - Interest expense for the nine months ended December 28, 2025, was $37.6 million, a decrease of $0.8 million from $38.4 million in the same period in 2024[228]. - Earnings before income taxes for the nine months ended December 28, 2025, decreased by $41.9 million or 14.4% compared to the same period in 2024, with earnings before income taxes as a percentage of total net sales at 9.0%[235]. - Income tax expense for the nine months ended December 28, 2025, was $32.0 million, an increase of $9.0 million or 39.2% compared to $23.0 million in the same period in 2024[237]. - The effective tax rate for the quarter ended December 28, 2025, was 14.9%, an increase of 5.5 percentage points from 9.4% in the same quarter of 2024[236]. - The company continues to monitor the impact of the OECD's global minimum corporate tax of 15% which may affect future tax liabilities[238]. - The consolidated effective income tax rates for Q3 fiscal 2026 and 2025 were 14.9% and 9.4%, respectively, with a nine-month rate of 12.9% for fiscal 2026 compared to 7.9% for fiscal 2025[241]. Foreign Exchange and Commodity Exposure - About 40% of sales and related expenses are transacted in foreign currencies, impacting sales revenue, production costs, and profit margins[268]. - The largest foreign currency exposure arises from converting U.S. dollar-based lead costs into local currencies in Europe[269]. - The company hedges approximately 5% - 10% of the nominal amount of known annual foreign exchange transactional exposures[270]. - Gains and losses from hedging instruments offset foreign exchange gains or losses on the underlying assets and liabilities being hedged[271]. - An unfavorable 10% movement in exchange rates would have adversely changed hedge valuations by approximately $83.6 million and $75.5 million as of December 28, 2025, and December 29, 2024, respectively[272]. - A 100 basis point increase in interest rates would have raised annual interest expense by approximately $3.9 million on the variable rate portions of the debt[264]. - The Company has forward contracts for lead, with a total value of $98.3 million for 106.8 million pounds at an average cost of $0.92 per pound, covering 20% of lead requirements[265]. - Approximately 100% of the cost of lead requirements is known for the remaining quarter of the fiscal year, considering hedge contracts and FIFO accounting policy[266]. - A 10% increase in the cost of lead would have raised the cost of goods sold by approximately $16.0 million in the three months of fiscal 2026[267].
Moelis & pany(MC) - 2025 Q4 - Annual Results
2026-02-04 21:15
Exhibit 99.1 Moelis & Company Reports Fourth Quarter and Full Year 2025 Financial Results; Declares Regular Quarterly Dividend of $0.65 Per Share and Board Approves New $300 Million Share Repurchase Authorization NEW YORK, February 4, 2026 – Moelis & Company (NYSE:MC) today reported financial results for the fourth quarter and full year ended December 31, 2025. The Firm's fourth quarter revenues were $487.9 million and represented an increase of 11% from the prior year period. The Firm reported fourth quart ...
MAA(MAA) - 2025 Q4 - Annual Results
2026-02-04 21:15
Exhibit 99.2 Schedule excludes MAA's 35% ownership in a 269-unit joint venture property in Washington, D.C. (1) Supplemental Data S-1 PORTFOLIO STATISTICS (CONTINUED) TOTAL MULTIFAMILY COMMUNITY STATISTICS (1) Dollars in thousands, except Average Effective Rent per Unit | | | | | Average | | | | --- | --- | --- | --- | --- | --- | --- | | | | As of December 31, 2025 | | Effective | As of December 31, 2025 | | | | | Percent to | | Rent per Unit for | | | | | | Total of | | the Three | | Total Units, | | | Gr ...
Bank of the James Financial (BOTJ) - 2025 Q4 - Annual Results
2026-02-04 21:15
Exhibit 99.1 Bank of the James Announces Fourth Quarter, Full Year 2025 Financial Results Bank of the James Reports 2025 Net Income of $9.02 Million; Record Annual Earnings; Improved Metrics LYNCHBURG, VA, February 4, 2026 -- Bank of the James Financial Group, Inc. (the "Company") (NASDAQ:BOTJ), the parent company of Bank of the James (the "Bank"), a full-service commercial and retail bank, and Pettyjohn, Wood & White, Inc. ("PWW"), an SEC-registered investment advisor, today announced unaudited results of ...
e.l.f.(ELF) - 2026 Q3 - Quarterly Results
2026-02-04 21:15
Exhibit 99.1 e.l.f. Beauty Announces Third Quarter Fiscal 2026 Results • Net sales increased 21% to $1,187.2 million, primarily driven by growth in both our retailer and e-commerce channels, in the US and internationally. • Gross margin decreased approximately 124 basis points to 70%, primarily driven by higher tariff costs, partially offset by benefits from pricing and mix. • Selling, general and administrative ("SG&A") expenses increased $122.0 million to $706.9 million. Adjusted SG&A (SG&A excluding the ...
Equitable(EQH) - 2025 Q4 - Annual Results
2026-02-04 21:14
Financial Performance - Net income attributable to Holdings decreased by 75.9% to $215 million for Q4 2025, compared to $892 million in Q4 2024[7] - Non-GAAP Operating Earnings for Q4 2025 were $513 million, a slight decrease of 0.4% from $515 million in Q4 2024[7] - The company reported a diluted earnings per common share of $(4.47) for Q4 2025, down 74.5% from $2.74 in Q4 2024[7] - Non-GAAP operating earnings for the year ended December 31, 2025, were $1,741 million, down from $2,004 million in 2024, reflecting a decrease of 13.1%[15] - For the year ended December 31, 2025, consolidated operating earnings were $1,741 million, a decrease from $2,004 million in 2024, representing a decline of 13.1%[21] Equity and Capital - Total equity attributable to Holdings' common shareholders fell by 104.7% to $(1,142) million as of December 31, 2025, from $58 million a year earlier[7] - Total capital returned to common shareholders in 2025 was $1,764 million, an increase from $1,316 million in 2024[7] - The debt to capital ratio (ex. AOCI) increased to 38.3% as of December 31, 2025, up from 27.2% a year earlier[7] - Total equity attributable to Holdings decreased from $10,277 million in December 2024 to $9,968 million in March 2025, a decline of 3.0%[18] - Total equity attributable to Holdings decreased to $5,138 million as of December 31, 2025[74] Revenue and Income - Total revenues decreased by 9.3% year-over-year to $3,277 million for the three months ended December 31, 2025, compared to $3,615 million for the same period in 2024[11] - Total revenues for the consolidated segments amounted to $3,741 million for the three months ended December 31, 2025, compared to $3,948 million in the same period of 2024, a decrease of 5.2%[20] - Total revenues for the year ended December 31, 2025, increased by 13.0% to $6,204 million compared to $5,492 million for the year ended December 31, 2024[29] - Policy charges and fee income fell by 31.8% to $435 million for the three months ended December 31, 2025, down from $638 million in the prior year[11] - Policy charges, fee income, and premiums totaled $3,214 million in 2025, compared to $3,667 million in 2024, showing a decrease of 12.3%[21] Investment Income - Net investment income increased by 7.7% to $1,288 million for the three months ended December 31, 2025, compared to $1,196 million for the same period in 2024[11] - Net investment income for the consolidated segments was $1,311 million for the three months ended December 31, 2025, up from $1,228 million in the same period of 2024, an increase of 6.8%[20] - Net investment income for 2025 was $5,283 million, up from $4,850 million in 2024, indicating an increase of 8.9%[21] - Net investment income improved significantly to $48 million for the year ended December 31, 2025, compared to $27 million for the previous year, marking a 77.8% increase[33] Assets and Liabilities - Total assets rose to $318,312 million as of December 31, 2025, from $295,727 million as of December 31, 2024, reflecting a growth of 7.6%[16] - Total liabilities grew to $316,524 million as of December 31, 2025, up from $292,179 million as of December 31, 2024, marking an increase of 8.3%[16] - The account value balance at the end of the period for the General Account reached $98,909 million, up from $79,376 million at the beginning of the period, reflecting a growth of 24.7%[31] - The total asset value at the end of the period was $176,166 million, an increase from $152,213 million, representing a growth of 15.8%[31] Shareholder Metrics - Weighted-average diluted shares outstanding decreased by 8.2% to 289.1 million in Q4 2025 from 324.8 million in Q4 2024[7] - The ending common shares outstanding decreased from 309.9 million in March 2025 to 283.3 million in December 2025, a reduction of 8.6%[18] - Non-GAAP Operating ROE (TTM) improved to 25.6% for the year ended December 31, 2025, compared to 22.4% a year earlier[7] - Non-GAAP Operating Earnings per common share for the year ended December 31, 2025, was $5.64, down from $5.92 in the previous year, reflecting a decrease of approximately 5%[67] Market Performance - The S&P 500 index value increased from 5,882 in Q4 2024 to 6,846 in Q4 2025, representing a growth of 16.4%[22] - The company’s total AUM/A increased from $1,020.5 billion in Q4 2024 to $1,120.6 billion in Q4 2025, a rise of 9.8%[22] - Total assets under management (AUM) increased to $866.9 billion by December 31, 2025, up from $792.2 billion, indicating a growth of 9.4%[33] Segment Performance - Operating earnings for the Asset Retirement segment reached $410 million for the three months ended December 31, 2025, compared to $385 million in the same period of 2024, representing a 6.5% increase[20] - Operating earnings for the Wealth Management segment were $160 million for the three months ended December 31, 2025, compared to $161 million in the same period of 2024, a slight decrease of 0.6%[20] - Operating earnings for the Corporate and Other segment for the three months ended December 31, 2025, were a loss of $123 million, a 57.7% decrease compared to the previous quarter and a 131.3% decline year-over-year[44] Flow and Premiums - Total first year premiums and deposits for the year ended December 31, 2025, reached $22,361 million, up from $20,922 million in 2024, marking an increase of 6.9%[30] - Total renewal premiums and deposits for the year ended December 31, 2025, were $2,659 million, compared to $2,579 million in 2024, representing a growth of 3.1%[30] - The net flows for the Asset Management segment were negative at $(11.3) billion for the year ended December 31, 2025, compared to $(2.2) billion in the previous year[33] Ratings and Credit - Equitable Financial Life Insurance Company and its subsidiary received an A rating from A.M. Best and A+ from S&P[95] - Equitable Holdings, Inc. has a credit rating of bbb+ from S&P and Baa1 from Moody's[95]
Bassett(BSET) - 2025 Q4 - Annual Results
2026-02-04 21:14
Exhibit 99.1 Bassett Furniture Industries, Inc. P.O. Box 626 Bassett, VA 24055 Contacts: J. Michael Daniel Senior Vice President and Chief Financial Officer (276) 629-6000 – Investors mdaniel@bassettfurniture.com Peter D. Morrison Vice President of Communications (276) 629-6450 – Media ● Revenues increased 5.1% from the prior year quarter. Excluding sales from Noa Home Inc., which closed in late 2024, consolidated revenues increased 6.4%. ● Operating income was $2.3 million or 2.6% of sales as compared to o ...
Crown Holdings(CCK) - 2025 Q4 - Annual Results
2026-02-04 21:13
Corporate Headquarters 14025 Riveredge Drive, Suite 300 Tampa, FL 33637 CROWN HOLDINGS, INC. REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS Tampa, FL - February 4, 2026. Crown Holdings, Inc. (NYSE: CCK) today announced its financial results for the fourth quarter and full year ended December 31, 2025. News Release Highlights Fourth Quarter Full Year 2026 Outlook Timothy J. Donahue, Chairman, President and Chief Executive Officer, stated "The Company continued its strong momentum during the fourth quarter ...
Winvest Acquisition Corp.(WINVU) - 2025 Q1 - Quarterly Report
2026-02-04 21:12
Financial Operations - As of March 31, 2025, the company had not commenced core operations and generated non-operating income from interest on cash and cash equivalents held in the Trust Account[159]. - The company has not commenced operations and relies on the completion of an Initial Business Combination to generate revenue[213]. - There is substantial doubt about the company's ability to continue as a going concern due to insufficient liquidity and a mandatory liquidation date[214]. Business Combination and Extensions - The company entered into a Business Combination Agreement with Xtribe PLC and its subsidiaries, with a registration statement filed on Form F-4 declared effective on March 31, 2025[172]. - The November 2023 Extension Amendment allowed for a potential extension of the Termination Date until June 17, 2024, with a requirement to deposit $55,000 into the Trust Account for each extension[169]. - The June 2024 Extension Amendment allowed for an extension of the Termination Date until December 17, 2024, with a deposit requirement of $30,000 for each extension[173]. - The company held a special meeting on December 10, 2024, where stockholders approved an extension of the Termination Date to January 17, 2025, with the option for monthly extensions[176]. - The company has drawn down a total of $2,070,000 under various Extension Notes to extend the Termination Date[184]. Financial Performance - For the three months ended March 31, 2025, the company reported a net loss of $708,544, an increase from a net loss of $106,446 for the same period in 2024[192]. - As of March 31, 2025, the company had a working capital deficit of $6,637,935, compared to $5,813,265 as of December 31, 2024[193]. - The company incurred ongoing expenses related to being a public company, including legal and professional fees, totaling $730,258 for the three months ended March 31, 2025[192]. Share Redemptions - A total of approximately $98.0 million was redeemed by holders of 9,606,887 Public Shares at a redemption price of approximately $10.20 per share[164]. - Holders of 122,306 Public Shares redeemed their shares for approximately $1,322,518 at a redemption price of approximately $10.81 per share, leaving approximately $12,360,810 in the Trust Account[171]. - Approximately $7,367,204 was redeemed by holders of 650,790 Public Shares at a redemption price of approximately $11.32 per share, leaving 492,333 Public Shares outstanding[174]. - Following the December 2024 Extension Amendment, approximately $3,104,049 remained in the Trust Account after redemptions of 233,555 Public Shares at approximately $12.00 per share[178]. - Holders of 627,684 Public Shares redeemed shares for approximately $6.72 million at a price of $10.71 per share[203]. Funding and Debt - The company raised approximately $750,000 through an unsecured promissory note to extend the Termination Date for the Initial Business Combination[163]. - The company issued an unsecured promissory note on January 31, 2025, allowing borrowing of up to $1,000,000, with $277,756 drawn down to date[180]. - The company issued the First Extension Note for $750,000 and drew down $625,000 to extend the Termination Date to June 17, 2023[200]. - The Second Extension Note was issued for $390,000, with drawdowns of the same amount to extend the Termination Date to December 17, 2023[202]. - The company issued an unsecured promissory note for up to $1,000,000, with drawdowns of $1,000,000 as of March 31, 2025[204]. - The company has no long-term debt or significant liabilities, only a monthly fee of $10,000 to the Sponsor for administrative support[216]. IPO and Trust Account - The company completed its Initial Public Offering on September 17, 2021, raising gross proceeds of $100,000,000 from the sale of 10,000,000 units[195]. - As of September 27, 2021, a total of $116,150,000 of net proceeds from the Initial Public Offering was deposited in the Trust Account[199]. - As of March 31, 2025, the company had approximately $3.3 million in cash held in the Trust Account[212]. - Deferred underwriting discounts of $4,025,000 will be payable upon the consummation of the Initial Business Combination[217]. Regulatory and Compliance - The company received a delisting notice from Nasdaq on March 18, 2025, due to failure to complete the Initial Business Combination by the Extended Date[187].