Core Insights - The Royce Micro-Cap Trust, Inc. aims for long-term capital growth by investing primarily in equity securities of companies with market capitalizations of $1 billion or less [10] Performance Summary - As of August 31, 2025, the Net Asset Value (NAV) is $11.54, while the market price (MKT) is $10.17 [1] - The average annual total return for the Fund as of August 31, 2025, is as follows: - One-Month: NAV 7.25%, MKT 7.39% - Year to Date: NAV 9.64%, MKT 8.81% - One-Year: NAV 12.74%, MKT 12.85% - Three-Year: NAV 13.82%, MKT 13.45% - Five-Year: NAV 12.70%, MKT 13.69% - Ten-Year: NAV 11.35%, MKT 11.81% [1] Portfolio Diagnostics - The average market capitalization of the portfolio is $795.9 million [4] - The weighted average Price-to-Book (P/B) ratio is 1.9x [5] - The net assets of the Fund total $606.9 million, with a net leverage of 1.4% [4] Portfolio Composition - The top ten positions in the portfolio, each representing 1.2% of net assets, include: - CECO Environmental - Montrose Environmental Group - nLIGHT - NWPX Infrastructure - NPK International [6][8] - The top five sectors by percentage of net assets are: - Industrials: 27.8% - Information Technology: 20.1% - Financials: 17.1% - Health Care: 10.7% - Consumer Discretionary: 9.9% [9] Trading and Management - The average weekly trading volume of the Fund is approximately 580,845 shares [7] - The Fund's adviser has over 50 years of experience in small- and micro-cap investments [7]

Core Viewpoint - Royce Micro-Cap Trust, Inc. focuses on long-term capital growth by investing primarily in micro-cap companies with market capitalizations of $1 billion or less, aiming to provide investors with a diversified portfolio and potential for significant returns [8][12]. Performance Summary - As of August 31, 2025, the Net Asset Value (NAV) is $11.54, while the market price is $10.17 [1]. - The average annual total return for the fund as of August 31, 2025, is as follows: - One-Month: NAV 7.25%, MKT 7.39% - Year to Date: NAV 9.64%, MKT 8.81% - One-Year: NAV 12.74%, MKT 12.85% - Three-Year: NAV 13.82%, MKT 13.45% - Five-Year: NAV 12.70%, MKT 13.69% - Ten-Year: NAV 11.35%, MKT 11.81% [1]. Portfolio Diagnostics - The average market capitalization of the portfolio is $795.9 million [4]. - The weighted average Price-to-Book (P/B) ratio is 1.9x [4]. - The net assets of the fund total $606.9 million, with a net leverage of 1.4% [4]. Portfolio Composition - The top ten positions in the portfolio, each representing approximately 1.2% of net assets, include: - CECO Environmental - Montrose Environmental Group - nLIGHT - NWPX Infrastructure - NPK International - Lindblad Expeditions Holdings - EVI Industries - Bel Fuse Cl. B - IES Holdings - Magnite [6][8]. - The top five sectors by percentage of net assets are: - Industrials: 27.8% - Information Technology: 20.1% - Financials: 17.1% - Health Care: 10.7% - Consumer Discretionary: 9.9% [8]. Trading Information - The average weekly trading volume is approximately 580,845 shares [7]. - The fund's adviser has over 50 years of experience in small- and micro-cap investments [7][13].

Core Insights - Gartner Inc. is set to release its second-quarter 2025 results on August 5, with a strong earnings surprise history, averaging 21.8% over the past four quarters [1] Revenue Expectations - The Zacks Consensus Estimate for Gartner's Q2 2025 revenue is $1.7 billion, reflecting a 4.9% increase from the same quarter last year [2] - Research segment revenues are estimated at $1.3 billion, indicating a 3.1% year-over-year growth, driven by an increase in research contracts [2] - Conference revenues are projected at $201.8 million, suggesting a more than 100% surge compared to the prior-year quarter [3] - Consulting revenues are expected to reach $148.4 million, implying a 16.3% increase year-over-year, supported by growth in contract optimization and an expanding consulting backlog [3] Earnings Expectations - The consensus estimate for earnings per share (EPS) is $3.37, indicating a 4.7% year-over-year rise, benefiting from strong margins and effective cost management [4] - Gartner's Earnings ESP is currently -2.73%, and it holds a Zacks Rank of 2 (Buy), suggesting that an earnings beat is not predicted this time [5][8]

Summary of Montrose Environmental Group (MEG) FY Conference Call Company Overview - **Company**: Montrose Environmental Group (MEG) - **Industry**: Environmental Solutions - **Segments**: Consulting, Testing, and Remediation - **Core Focus**: Addressing environmental challenges related to air, water, and soil quality [2][7] Key Points and Arguments Growth and Financial Performance - **Organic Growth**: Core organic growth was high single digits last year and is expected to remain in the same range this year [3][10] - **Revenue Growth**: Since its IPO in 2020, MEG has been growing approximately 25% annually, with organic growth contributing about 13% [10][15] - **Customer Retention**: The company boasts a 96% retention rate of revenue from existing clients, indicating strong customer loyalty [11] - **Cross-Selling Opportunities**: Only 2% of the 6,000 customers use more than two services, highlighting significant potential for cross-selling [13] Market Position and Strategy - **Unique Service Integration**: MEG is noted for its unique combination of consulting, testing, and treatment services, which 85% of surveyed clients expressed interest in [8] - **Client Base**: Primarily serves private sector clients, including Fortune 500 companies, which is relatively unique in the industry [8] - **Intellectual Property**: The company holds 24 patents and is leveraging software and machine learning to enhance service offerings [9] Regulatory Environment and Political Dynamics - **Tailwinds from Regulations**: The current administration's policies are creating more tailwinds than headwinds for MEG, contrary to expectations [17][19] - **Bipartisan Support**: There is broad bipartisan support for environmental regulations, which are not in political crosshairs, ensuring continued demand for MEG's services [19] - **Impact of PFAS Regulations**: Recent clarity on PFAS regulations has led to increased client activity and demand for MEG's services [36][38] Financial Outlook - **Revenue and EBITDA Growth**: The company expects organic revenue growth of 7-9% and organic EBITDA growth to exceed that rate [22] - **Cash Flow**: Anticipated improvement in cash flow conversion above 50% of adjusted EBITDA [26] - **Margin Improvement**: Operating margins are expected to improve due to operating leverage and optimization of processes [27] Acquisition Strategy - **Pause on Acquisitions**: MEG is currently pausing acquisitions to focus on internal operations and optimizing its business structure [24][25] - **Future Acquisition Potential**: The company plans to resume acquisitions when strategically beneficial, supported by a strong balance sheet [25] Additional Important Insights - **Federal Revenue Exposure**: MEG's exposure to US federal revenue is low, around 2.5-3%, minimizing the impact of federal spending cuts [51] - **Market Dynamics**: The company is experiencing growth in its international business, which represents about 20% of total revenue, particularly in Canada, Europe, and Australia [21] - **Client Behavior**: Clients are maintaining their strategies and not significantly altering their approaches despite political changes, which is encouraging for MEG's outlook [18][68] This summary encapsulates the key points discussed during the Montrose Environmental Group FY Conference Call, highlighting the company's growth trajectory, market position, regulatory environment, and financial outlook.

Group 1: Earnings Performance - Select Water Solutions, Inc. reported quarterly earnings of $0.08 per share, exceeding the Zacks Consensus Estimate of $0.07 per share, and up from $0.04 per share a year ago, representing an earnings surprise of 14.29% [1] - The company posted revenues of $374.38 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 3.67%, compared to year-ago revenues of $366.55 million [2] Group 2: Stock Performance and Outlook - Shares of Select Water Solutions, Inc. have declined approximately 36.9% since the beginning of the year, while the S&P 500 has decreased by 3.9% [3] - The current consensus EPS estimate for the upcoming quarter is $0.13 on revenues of $372.61 million, and for the current fiscal year, it is $0.58 on revenues of $1.5 billion [7] Group 3: Industry Context - The Waste Removal Services industry, to which Select Water Solutions, Inc. belongs, is currently ranked in the bottom 23% of over 250 Zacks industries, indicating potential challenges for stock performance [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact investor sentiment and stock performance [5]

Core Insights - Casella (CWST) reported quarterly earnings of $0.19 per share, exceeding the Zacks Consensus Estimate of $0.11 per share, and compared to a loss of $0.01 per share a year ago, representing an earnings surprise of 72.73% [1] - The company posted revenues of $417.1 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 1.13%, and showing an increase from $341.01 million year-over-year [2] - Casella shares have increased approximately 11% since the beginning of the year, contrasting with a decline of -5.3% in the S&P 500 [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.43 on revenues of $457.68 million, and for the current fiscal year, it is $1.21 on revenues of $1.79 billion [7] - The estimate revisions trend for Casella is favorable, leading to a Zacks Rank 1 (Strong Buy) for the stock, indicating expected outperformance in the near future [6] Industry Context - The Waste Removal Services industry, to which Casella belongs, is currently ranked in the bottom 19% of over 250 Zacks industries, suggesting potential challenges ahead [8] - Another company in the same industry, Montrose Environmental (MEG), is expected to report a quarterly loss of $0.12 per share, reflecting a year-over-year change of -175%, with revenues projected at $167.97 million, an increase of 8.1% from the previous year [9][10]

Core Viewpoint - Xylem reported quarterly earnings of $1.03 per share, exceeding the Zacks Consensus Estimate of $0.95 per share, and showing an increase from $0.90 per share a year ago, indicating a positive earnings surprise of 8.42% [1][2] Financial Performance - The company achieved revenues of $2.07 billion for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 1.26% and showing a year-over-year increase from $2.03 billion [2] - Over the last four quarters, Xylem has exceeded consensus EPS estimates three times and has also topped consensus revenue estimates three times [2] Stock Performance and Outlook - Xylem shares have experienced a slight decline of about 0.1% since the beginning of the year, contrasting with the S&P 500's decline of 6% [3] - The company's future stock performance will largely depend on management's commentary during the earnings call and the trends in earnings estimate revisions [3][4] Earnings Estimates - The current consensus EPS estimate for the upcoming quarter is $1.14 on revenues of $2.21 billion, while the estimate for the current fiscal year is $4.64 on revenues of $8.75 billion [7] - The estimate revisions trend for Xylem is currently mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market [6] Industry Context - The Waste Removal Services industry, to which Xylem belongs, is currently ranked in the bottom 23% of over 250 Zacks industries, suggesting potential challenges ahead [8] - The performance of Xylem's stock may be influenced by the overall outlook for the industry, as research indicates that the top 50% of Zacks-ranked industries outperform the bottom 50% by more than 2 to 1 [8]

Core Insights - Waste Management (WM) reported quarterly earnings of $1.67 per share, exceeding the Zacks Consensus Estimate of $1.65 per share, but down from $1.75 per share a year ago, indicating an earnings surprise of 1.21% [1] - The company generated revenues of $6.02 billion for the quarter, missing the Zacks Consensus Estimate by 1.33%, but showing an increase from $5.16 billion year-over-year [2] - Waste Management shares have increased by approximately 13.1% since the beginning of the year, contrasting with a -6.1% decline in the S&P 500 [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $1.93 on revenues of $6.41 billion, and for the current fiscal year, it is $7.60 on revenues of $25.63 billion [7] - The estimate revisions trend for Waste Management is mixed, resulting in a Zacks Rank 3 (Hold), suggesting the stock is expected to perform in line with the market in the near future [6] Industry Context - The Waste Removal Services industry, to which Waste Management belongs, is currently ranked in the bottom 21% of over 250 Zacks industries, indicating potential challenges ahead [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact investor sentiment [5]