Core Insights - WSP Global has signed an agreement to acquire TRC Companies for $3.3 billion, enhancing its capabilities in the power and energy sector [1][2] - The acquisition is expected to close in Q1 2026, subject to regulatory approvals [2] - This strategic move aligns with WSP's 2025-2027 Strategic Plan and aims to position the company as a leader in power and energy consulting [4] Financial Impact - The all-cash deal is valued at $3.3 billion and is projected to add low- to mid-single digit percentage to WSP's adjusted net earnings per share before synergies [2][3] - Post-acquisition, WSP will have approximately 27,000 employees in the US, contributing to 34% of its US revenue [3] Strategic Rationale - The acquisition will broaden WSP's expertise across water, infrastructure, and environmental services, addressing the rising demand for power consumption driven by AI and cryptocurrency sectors [2] - WSP aims to create an integrated platform with industry-leading capabilities in advisory, engineering, and program management through this acquisition [5][6] Advisory and Legal Support - J.P. Morgan and CIBC Capital Markets are serving as financial advisors for WSP, with legal counsel from Skadden, Arps, Slate, Meagher & Flom in the US and Stikeman Elliott in Canada [6] - Harris Williams, UBS Investment Bank, AEC Advisors, and Houlihan Lokey are advising TRC, with legal counsel from Paul, Weiss, Rifkind, Wharton & Garrison [7]

Financial Data and Key Metrics Changes - Adjusted diluted earnings per share increased by 3.6% in Q3 and by 5.9% for the first nine months [18] - Adjusted operating companies income (OCI) for smokeable products grew by 0.7% to nearly $3 billion in Q3 and by 2.5% to $8.4 billion for the first nine months [18] - Adjusted OCI margins expanded to 64.4% for both Q3 and the first nine months, representing margin growth of 1.3 percentage points and 2.7 percentage points respectively [18] Business Line Data and Key Metrics Changes - Domestic cigarette volumes declined by 8.2% in Q3 and 10.6% for the first nine months when adjusted for trade inventory movements [18] - Marlboro expanded its share of the premium segment by 0.3 to 59.6% in Q3 [19] - The oral tobacco products segment saw adjusted OCI decline by less than 1% in Q3, but adjusted OCI margin expanded by 2.4 percentage points to 69.2% for the first nine months [22] Market Data and Key Metrics Changes - The nicotine pouch category grew to 55.7 share points, an increase of 11.1 share points year over year [5] - The e-vapor category included approximately 21 million vapers, up nearly 2 million versus a year ago [11] - Retail share for oral tobacco products was 31.1% for Q3 and 32.9% for the first nine months [23] Company Strategy and Development Direction - The company is focusing on expanding its smoke-free portfolio and exploring international opportunities in innovative smoke-free products [4][15] - A collaboration with KT&G was announced to explore opportunities in international innovative smoke-free products and non-nicotine products [4][16] - The company aims to maintain profitability in the premium segment while also investing in the discount segment to capture price-sensitive consumers [20][21] Management's Comments on Operating Environment and Future Outlook - Management noted that consumer spending remains under pressure due to macroeconomic factors, but they are optimistic about maintaining profitability [30] - The company raised the lower end of its 2025 guidance range, expecting adjusted diluted EPS in the range of $5.37 to $5.45 [24] - Management emphasized the importance of a functioning regulatory system and the need for accelerated product authorizations from the FDA [14][54] Other Important Information - The company returned nearly $6 billion to shareholders, including $5.2 billion in dividends and $712 million in share repurchases [25] - The board authorized the expansion of the share repurchase program from $1 billion to $2 billion, which now expires on December 31, 2026 [25] Q&A Session Summary Question: Insights on fourth quarter earnings growth deceleration - Management acknowledged the impact of share repurchase and MSA legal fund expiration on earnings growth, while monitoring consumer spending [29][30] Question: Drivers behind the moderation in cigarette industry decline - Management indicated that consistency in gas prices and inflation may have contributed to the moderation in decline [31][32] Question: Performance and positioning of ON in the nicotine pouch category - Management expressed satisfaction with ON's performance despite competitive pressures and highlighted the importance of retail takeaway volume [33][34] Question: Opportunities from the KT&G partnership - Management discussed three pronged opportunities: expanding ON internationally, exploring non-nicotine products, and improving operational efficiencies [36][39] Question: Clarification on duty drawbacks and EPS growth - Management stated that duty drawbacks are an additional benefit but emphasized the need for a functioning regulatory system for long-term decisions [52][54] Question: Impact of FDA pilot program on ON+ launch - Management clarified that decisions will be based on long-term interests and the functioning of the regulatory system [53][54]

Core Viewpoint - Cohen & Steers Infrastructure Fund, Inc. successfully completed a transferable rights offering, raising approximately $353 million through the issuance of about 14,993,927 shares of common stock [2][4]. Fund Offering Details - The offering commenced on September 22, 2025, and expired on October 16, 2025 [1]. - The subscription price was set at $23.56 per common share, determined by a formula based on the average sales price and net asset value [3]. - The entire proceeds from the offering will be utilized for investment in line with the Fund's objectives, with the investment adviser covering all associated expenses [2][4]. Investment Strategy - The Fund aims for total return with an emphasis on income, investing at least 80% of its managed assets in securities from infrastructure companies, including utilities, pipelines, and telecommunications [5]. - The Fund's strategy also includes corporate preferred securities and other fixed income investments [5]. Company Background - Cohen & Steers, Inc. is a global investment manager specializing in real assets and alternative income, with a focus on listed and private real estate, preferred securities, and infrastructure [6]. - The firm was founded in 1986 and has a global presence with offices in major financial centers [6].

Core Viewpoint - Brixmor Property Group Inc. held its Q2 2025 earnings call, discussing financial performance and strategic initiatives for the upcoming period [1][2]. Group 1: Financial Performance - The company reported its earnings for the second quarter of 2025, highlighting key financial metrics and performance indicators [3]. - Specific figures regarding revenue, net income, and other financial metrics were discussed, although exact numbers were not provided in the excerpts [1][3]. Group 2: Leadership and Management - The call featured key executives including CEO Jim Taylor, President Brian Finnegan, and CFO Steve Gallagher, who provided insights into the company's operations and future outlook [3]. - The presence of various analysts from leading financial institutions indicates strong interest in the company's performance and strategic direction [1][2].

Group 1 - Amgen Inc. held a special conference call on June 23, 2025, at 5:30 PM ET, featuring key executives including Justin Claeys, Jay Bradner, Susan Sweeney, and Murdo Gordon [1][2][3] - The call was part of the American Diabetes Association's 85th Scientific Session, indicating the company's focus on diabetes-related research and development [2][3] - An investor presentation was made available during the call, suggesting a structured approach to communicating financial and strategic information to stakeholders [3]

Core Viewpoint - Southwest Gas Holdings, Inc. is conducting a secondary public offering of 9,000,000 shares of Centuri Holdings, Inc. at a price of $17.50 per share, with an additional option for underwriters to purchase 1,350,000 shares [1][2] Group 1: Offering Details - The offering is expected to close on May 22, 2025, subject to customary closing conditions [1] - Icahn Partners and Icahn Partners Master Fund LP will purchase $50 million in shares of Centuri's common stock in a concurrent private placement at the same price per share as the public offering [2] - The shares are being offered under an effective shelf registration statement filed with the U.S. Securities and Exchange Commission [4] Group 2: Underwriters and Management - J.P. Morgan, UBS Investment Bank, and Wells Fargo Securities are acting as joint lead book-running managers for the offering [3] - BofA Securities and Moelis & Company are serving as book-running managers, with additional co-managers including Baird, KeyBanc Capital Markets, and others [3] Group 3: Company Background - Southwest Gas Holdings, Inc. operates through its subsidiary Southwest Gas Corporation, providing natural gas services to over 2 million customers in Arizona, Nevada, and California [6] - Centuri Holdings, Inc. partners with regulated utilities to build and maintain energy networks across the U.S. and Canada [7]

WASHINGTON, March 13, 2025 (GLOBE NEWSWIRE) -- FTI Consulting, Inc. (NYSE: FCN) today announced the appointment of Michael Herde as a Senior Managing Director in the firm’s Forensic and Litigation Consulting segment. Mr. Herde, who is based in Boston, is a risk and compliance expert with more than 35 years of experience in financial services, including as a chief compliance officer. His expertise includes wealth management, asset management, fiduciary, and investment and consumer banking for both public and ...

Core Viewpoint - The Bank of New York Mellon Corporation (BNY) has announced a public offering of 500,000 depositary shares, each representing a 1/100th interest in its Series J Noncumulative Perpetual Preferred Stock, with an aggregate public offering price of $500 million [1] Group 1: Offering Details - The depositary shares are priced at $1,000 each, with a liquidation preference of $100,000 per share [1] - Dividends will accrue at a rate of 6.300% per annum until March 20, 2030, after which the rate will be based on the five-year treasury rate plus 2.297% [1] - The offering is expected to close on March 10, 2025 [1] Group 2: Use of Proceeds - BNY intends to use the net proceeds from the sale of the depositary shares for general corporate purposes [2] Group 3: Regulatory Filings - BNY filed a shelf registration statement on October 18, 2024, and a preliminary prospectus supplement on March 3, 2025, with plans to file a final prospectus supplement with the SEC [3] Group 4: Company Overview - BNY is a global financial services company managing over $52.1 trillion in assets under custody and/or administration and $2.0 trillion in assets under management as of December 31, 2024 [4] - The company has been recognized among Fortune's World's Most Admired Companies and Fast Company's Best Workplaces for Innovators [5]