Key Takeaways CCL trades at a forward P/E below peers, even as shares surged 35.3% in the past year.CCL sees record 2026-2027 bookings, high prices, strong deposits and expects same-ship yield growth in 2026.CCL faces cost inflation, higher dry-dock and regulatory costs, and Caribbean capacity pressure.Carnival Corporation & plc (CCL) is trading at a discount relative to its peers, with a forward 12-month price-to-earnings (P/E) ratio of just 12.94x. This is below the industry average of 17.18x and the broa ...

Key Takeaways CSL faces volume pressure as CWT and CCM slow amid residential and commercial construction delays.Carlisle's costs climb as raw material and labor pressures lift selling and administrative expenses.CSL's debt remains elevated after $1B senior notes, while a strong dollar poses currency risks.Carlisle Companies Incorporated (CSL) failed to impress investors with its recent operational performance due to persistent weakness across residential and commercial construction markets, high debt levels ...

Core Insights - Hormel Foods reported higher sales in its fiscal fourth quarter, indicating a positive trend in revenue generation despite challenges [1] - The company experienced a loss during the quarter, highlighting ongoing profitability pressures primarily due to cost inflation [1] Financial Performance - The fiscal fourth quarter saw an increase in sales for Hormel Foods, but the company still faced a loss [1] - Profitability remains under pressure, which is attributed to persistent cost inflation affecting the company's financial health [1]

Core Insights - The company reported a strong set of results for the first half of FY '26, achieving like-for-like sales growth of 4.1% despite cost inflation and consumer uncertainty [2] - Underlying profit before tax (PBT) reached GBP 21.2 million, showing a slight increase compared to the previous year, alongside a strengthening balance sheet with net cash increasing from GBP 8.5 million to GBP 18.6 million [2] Financial Performance - The financial performance for the first half of FY '26 indicates resilience in the face of economic challenges, with a notable sales growth figure [2] - The increase in underlying PBT reflects effective cost management and operational efficiency [2] Strategic Direction - The company has made significant progress on its strategic priorities and plans to share detailed insights on its strategic direction and sustainable growth initiatives in a separate presentation [2][3] - There will be opportunities for stakeholders to ask questions regarding both the interim results and the strategic direction of the company [3]

Core Viewpoint - The rising cost of beef has prompted Premium Brands Holdings to lower its annual adjusted EBITDA forecast, although the company still anticipates an increase in adjusted EBITDA for the year [1][2]. Financial Performance - Premium Brands now projects adjusted EBITDA for 2025 to be between C$670-680 million ($478.1-485.2 million), down from the previous estimate of C$680-700 million [2]. - In 2024, the group's adjusted EBITDA was C$593.7 million [2]. - The company reported record third-quarter adjusted EBITDA of C$179.1 million, a 12.4% increase compared to the third quarter of 2024 [3]. - Third-quarter revenue reached C$1.99 billion, reflecting a year-on-year increase of 19.1%, with organic volume growth of 10.1% [3]. - Despite record adjusted EBITDA, the company's margins were below expectations due to double-digit cost inflation in key beef raw materials [3]. Strategic Outlook - The company believes the current challenges with beef prices are transitory and is implementing targeted pricing actions and new procurement initiatives to restore margins [4]. - Premium Brands aims to achieve a mid-term targeted annual adjusted EBITDA margin of 10% [4]. - The acquisitions pipeline is described as robust, with several transactions expected to close in the next quarter or two [4]. Acquisitions and Financial Strategy - The company is committed to deleveraging its balance sheet throughout 2025 and fiscal 2026, with any acquisitions being conducted within this framework [5]. - Recent acquisitions include Denmark Sausage for US$21 million and three other companies announced in December [5]. Recent Losses - Premium Brands reported a third-quarter loss of C$1.7 million, compared to a profit of C$25.4 million in the same period the previous year [6]. - For the first nine months of the year, net earnings were C$28.8 million, down from C$84.2 million in the first nine months of 2024 [6].

Core Insights - McCormick's fiscal third-quarter results showed a 3% year-over-year increase in net sales, driven by organic growth and a weaker U.S. dollar [4][6] - The company reported adjusted earnings of $0.85 per share, exceeding expectations by a penny, marking its fifth consecutive quarter of growth [5][4] - Despite stable revenue and earnings, McCormick has cut its full-year earnings guidance due to rising costs from inflation and tariffs, now projecting earnings of $3.00 to $3.05 per share [6][9] Financial Performance - Total revenue for Q3 2024 was $1.68 billion, compared to $1.72 billion in Q3 2025, reflecting a 3% increase [3] - Adjusted earnings per share rose from $0.83 to $0.85, a 2% increase [3] - Adjusted gross profit margin decreased from 37.5% to 38.7%, a decline of 1.2 percentage points [3] Market Reaction - Following the earnings report on October 7, McCormick's stock fell by 4%, indicating investor disappointment over future growth prospects [7] - The stock's decline is part of a longer-term downward trend, as investors have shifted focus to companies with more substantial growth narratives [8]

Core Insights - Companies in the construction sector, such as Tutor Perini Corporation (TPC) and Fluor Corporation (FLR), are benefiting from increased public infrastructure investment trends in various regions including the U.S., Canada, the Middle East, and Europe [1][2] Group 1: Tutor Perini Corporation (TPC) - TPC is focusing on higher-margin project opportunities in its Civil and Building segments to enhance long-term revenue visibility and profitability [2][6] - The company reported significant new awards in Q2 2025, including the Midtown Bus Terminal Replacement Phase 1 project valued at $1.87 billion, contributing to a total backlog of $21.1 billion, which grew by 102% year-over-year [5][9] - TPC raised its 2025 GAAP EPS outlook to a range of $1.70-$2.00 and adjusted EPS to $3.65-$3.95, reflecting strong operational performance and contributions from higher-margin projects [7][22] - The Zacks Consensus Estimate for TPC's 2025 EPS indicates a 220.8% year-over-year growth, with estimates trending upward [17][18] Group 2: Fluor Corporation (FLR) - FLR, with a market cap of approximately $6.63 billion, is focusing on key markets within its Energy Solutions, Urban Solutions, and Mission Solutions segments while maintaining strong client relationships [8][10] - The company's backlog decreased by 13% year-over-year to $28.21 billion, impacted by project delays and rising costs [12][20] - FLR's 2025 EPS estimates imply a year-over-year decline of 12.5%, with estimates trending downward over the past 60 days [18][19] - The "Building a Better Future" strategy aims for long-term diversification and disciplined growth, but near-term challenges hinder its attractiveness [22] Group 3: Comparative Analysis - TPC's focus on higher-margin projects and strategic bidding is translating into strong earnings momentum, positioning it as a value-driven growth stock [20][22] - In contrast, FLR is facing execution risks, project delays, and a declining backlog, making it less attractive as an investment opportunity [20][22] - Overall, TPC is rated as a better investment opportunity with a Zacks Rank 1 (Strong Buy), while FLR carries a Zacks Rank 5 (Strong Sell) [22]

Core Insights - Kinross Gold Corporation (KGC) experienced a 4% year-over-year increase in production costs of sales per ounce, reaching $1,074 in Q2, while all-in-sustaining costs (AISC) rose nearly 8% to $1,493 per gold equivalent ounce sold, indicating inflationary pressures [1][7] - The company anticipates continued cost pressures through the end of 2025, projecting full-year AISC to reach $1,500 and production cash costs around $1,120 per ounce due to lower expected production and inflation [2][7] - KGC's AISC remains lower than peers Barrick Mining Corporation and Newmont Corporation, but rising costs suggest potential margin compression risks ahead [5][7] Industry Comparisons - Barrick Mining Corporation reported a 17% increase in cash costs per ounce and a 12% rise in AISC year-over-year, with AISC reaching $1,684 in Q2 [3] - Newmont Corporation's gold costs applicable to sales rose approximately 6% to $1,215 per ounce, with AISC increasing around 2% to $1,593 per ounce due to production declines from asset divestments [4] Stock Performance - KGC's shares have surged 112.9% year-to-date, outperforming the Mining – Gold industry, which rose 78.6%, primarily driven by a rally in gold prices [6] - The forward 12-month earnings multiple for KGC is currently at 13.97, aligning with the industry average, and it holds a Value Score of A [8] Earnings Estimates - The Zacks Consensus Estimate for KGC's earnings in 2025 and 2026 indicates a year-over-year increase of 92.7% and 9.5%, respectively, with EPS estimates trending higher over the past 60 days [9]

Core Insights - First Watch Restaurant Group reported Q2 2025 revenue of $307.9 million, slightly exceeding analyst expectations of $306.6 million, but diluted EPS of $0.03 fell short of the $0.05 estimate and declined from $0.14 in the prior year [1][2][5] Financial Performance - Revenue increased by 19.1% year-over-year from $258.6 million in Q2 2024 [2][5] - Same-restaurant sales growth was 3.5%, with a 2.0% rise in same-restaurant guest count [2][5] - Adjusted EBITDA was $30.4 million, down 13.9% from $35.3 million in Q2 2024 [2] - Restaurant-level operating profit margin decreased from 21.9% to 18.6% [2][7] Company Overview - First Watch operates a chain of sit-down restaurants focusing on breakfast, brunch, and lunch, with 600 locations across 31 states [3] - The company emphasizes fresh, made-to-order dishes and avoids microwaves and deep fryers [3] Strategic Initiatives - The company is pursuing aggressive growth through new restaurant openings and franchise acquisitions, aiming for over 2,200 locations in the U.S. [4][6] - Key strategies include a "Follow the Sun" menu philosophy, investment in digital ordering, and a culture focused on employee retention and guest satisfaction [4] Market Dynamics - Despite strong sales growth, the company faced significant cost inflation, leading to a drop in income from operations margin to 2.4% from 6.4% in the prior year [7] - High prices for commodity ingredients and increased labor costs contributed to margin pressures [7][10] Future Outlook - Management raised full-year adjusted EBITDA guidance to $119–123 million, anticipating revenue growth of about 20% for fiscal 2025 [11] - Same-restaurant sales growth is expected to be in the low single digits, with cost inflation anticipated to peak in Q2 and moderate thereafter [12]

Core Insights - Hershey plans to implement a double-digit price increase across its confection portfolio due to rising cocoa costs [1][4] - The price increase is not influenced by tariffs or trade policies, but rather reflects the reality of escalating ingredient costs, particularly cocoa [2] - Cocoa prices have experienced significant fluctuations, reaching a record high in December due to supply issues in Ghana and the Ivory Coast, although they have recently fallen to an eight-month low [4] Company Actions - During a quarterly earnings call, Hershey's CEO indicated that the company is adjusting pack sizes and pricing to manage high input costs, particularly for seasonal items, which will result in higher prices in the second and third quarters [5]