Key Takeaways MasTec's Q4 EPS of $2.07 beat estimates and rose 44% year over year on 16% higher revenues.Growth in communications, clean energy and power delivery fueled double-digit segment gains.Backlog jumped 33% to $18.96B, driven by 90% growth in Pipeline Infrastructure orders.MasTec, Inc. (MTZ) reported results for the fourth quarter of 2025, with earnings and revenues beating the Zacks Consensus Estimate. Both top and bottom lines increased on a year-over-year basis.MasTec delivered a solid fourth-qu ...

Arcosa (NYSE:ACA) Q4 2025 Earnings call February 27, 2026 08:30 AM ET Company ParticipantsAntonio Carrillo - President and CEOErin Drabek - VP of Investor RelationsEthan Roberts - Equity Research AssociateGail Peck - CFOGarik Shmois - Managing DirectorIan Zaffino - Managing DirectorConference Call ParticipantsBrent Thielman - Managing Director and Senior Research AnalystJulio Romero - Senior Equity Research AnalystOperatorGood morning, ladies and gentlemen, and welcome to the Arcosa, Inc. fourth quarter and ...

MYR Group (NasdaqGS:MYRG) Q4 2025 Earnings call February 26, 2026 10:00 AM ET Company ParticipantsBrian Stern - SVP and COO of Transmission and DistributionDon Egan - SVP and COO of Commercial and IndustrialJennifer Harper - VP of Investor Relations and TreasurerJustin Hauke - VP and Senior Research AssociateKelly Huntington - SVP and CFORick Swartz - President and CEOConference Call ParticipantsBrian Brophy - Director and Equity Research AnalystBrian Russo - Managing Director and Senior Equity Research Ana ...

Key Takeaways PPL plans $23B capex for 2026-2029, targeting a 10.3% rate base CAGR.PPL sees rising data center load, with 25.2 GW in PA and 9.3 GW in KY pipeline.PPL delivered $170M O&M savings and aims for 4-6% annual dividend growth.PPL Corporation (PPL) shares have gained 2.1% over the past three months compared with the Zacks Utility-Electric Power industry’s rally of 2.6%. The company is expanding its footprint through new generation, transmission, and distribution projects, while its strategic investm ...

Core Insights - Dominion Energy, Inc. is a significant player in the energy sector, focusing on electricity and natural gas distribution while heavily investing in renewable energy and infrastructure for future growth [1][6] - The consensus price target for Dominion has been increasing, reflecting positive analyst sentiment, with the average price target rising from $66.67 to $68 [2] - The company is preparing to release its fourth-quarter earnings report, with expectations for earnings growth despite concerns over margin pressures and premium valuation [3] Investment Strategy - Dominion has a substantial $50 billion investment plan and offers a 4.3% dividend yield, which are key components of its growth strategy [4] - The company aims for 6% long-term EPS growth and mid-single-digit dividend increases, supported by projects like the Coastal Virginia Wind project, which is 66% complete [4] - Increasing demand from data centers further bolsters Dominion's growth trajectory [4] Challenges - Dominion faces challenges such as project risks and potential equity dilution, which could impact stock performance despite the positive outlook from analysts [5]

Core Insights - PPL Corporation reported fourth-quarter 2025 operating earnings per share (EPS) of 41 cents, missing the Zacks Consensus Estimate of 42 cents by 2.4% [1]. - On a GAAP basis, EPS was 36 cents, up from 24 cents in the year-ago quarter, with a difference attributed to special items impacting earnings by 5 cents [1]. Financial Performance - Operating EPS for 2025 was $1.81, reflecting a 7.1% increase from $1.69 in 2024 [2]. - Total revenues for Q4 were $2.27 billion, falling short of the Zacks Consensus Estimate of $2.34 billion by 2.7%, but up 2.8% from $2.21 billion in the previous year [3]. - For the full year 2025, revenues totaled $9.04 billion, compared to $8.46 billion in 2024 [3]. Operational Highlights - In Q4, PPL sold 16,487 gigawatt hours (GWh) of electricity, marking a 4% year-over-year increase [4]. - Total operating expenses were $1.8 billion, down 2% from $1.83 billion in the year-ago quarter, primarily due to reduced energy purchases [4]. - Operating income reached $476 million, a 26.3% increase from $377 million in the previous year [4]. Segment Performance - Pennsylvania Regulated segment reported adjusted EPS of 21 cents, up 5% from 20 cents year-over-year, driven by increased transmission revenues and lower operating costs [6]. - Kentucky Regulated segment's adjusted EPS was 19 cents, compared to 17 cents in the prior year, benefiting from higher sales volumes and capital investments [7]. - Rhode Island Regulated segment's adjusted EPS was 3 cents, a 50% increase from 2 cents year-over-year [7]. - The Corporate and Other segment incurred a loss of 2 cents per share, an improvement from a loss of 5 cents in the year-ago quarter [7]. Financial Position - As of December 31, 2025, PPL had cash and cash equivalents of $1.07 billion, up from $0.31 billion a year earlier [8]. - Long-term debt stood at $17.99 billion, an increase from $15.95 billion as of December 31, 2024 [10]. - Net cash provided by operating activities in 2025 was $2.63 billion, compared to $2.34 billion in the previous year [10]. Future Guidance - PPL expects 2026 earnings to be in the range of $1.90 to $1.98 per share, with the Zacks Consensus Estimate at $1.95 [11]. - The company anticipates a long-term annual earnings growth rate of 6-8% through 2029 [11]. - PPL has raised its planned infrastructure investments to $23 billion for 2026-2029, up from the previous plan of $20 billion for 2025-2028 [11]. Market Position - PPL currently holds a Zacks Rank 2 (Buy) [12].

Consolidated Edison posted net income for common stock of $2.02 billion, or $5.66 per share, for 2025, up from $1.82 billion, or $5.26 per share, in 2024. On an adjusted basis, earnings rose to $5.70 per share from $5.40 a year earlier. The utility’s performance was underpinned by rate base growth at its core subsidiaries - Consolidated Edison Company of New York (CECONY) and Orange and Rockland Utilities (O&R) - as well as continued infrastructure investment tied to grid reliability and clean energy inte ...

Industry Overview - The Zacks Mining - Non Ferrous industry is experiencing promising prospects due to rising metal prices and increasing demand for non-ferrous metals, particularly driven by the energy-transition trend [1][4] - The industry includes companies producing metals such as copper, gold, silver, cobalt, molybdenum, zinc, aluminum, and uranium, which are essential across various sectors [3] Market Dynamics - Silver prices surged by 170% in 2025, with an 8.6% increase so far this year, while gold prices are near $5,000 per ounce, reflecting a 15.3% gain this year [4] - Copper futures have risen by 24.2% over the past year, driven by high demand and expectations of tightening global supply [4] - Uranium prices recently retreated to $92 per pound after reaching a two-year high of $101.50, indicating fluctuations in supply expectations [4] Demand Drivers - The demand for non-ferrous metals is expected to remain high, particularly due to their applications in transportation, construction, and renewable energy sectors [6] - The U.S. Infrastructure Investment and Jobs Act is anticipated to drive significant demand for non-ferrous metals as infrastructure upgrades and green policies are implemented [6] Company Highlights - **Coeur Mining**: Revenues nearly doubled to $2.1 billion in 2025, with net income surging to $586 million. The company is set to acquire New Gold, creating a major North American mining entity [15] - **Southern Copper Corporation**: Reported record net sales of $13.4 billion in 2025, with plans to increase copper production to 1.6 million tons by 2033, supported by a $20.5 billion investment over the next decade [19] - **Freeport-McMoRan**: Positioned for growth with high-quality copper assets and ongoing expansions at existing operations, including a significant project in Peru [22] - **Lundin Mining**: Increased its copper mineral resources by 37% and forecasts strong production figures for 2026, aiming to become a top-ten global copper producer [24] Financial Performance - The Zacks Mining - Non Ferrous industry has outperformed the Zacks Basic Materials sector with a collective gain of 77.9% over the past year, compared to the sector's 43% [9] - The industry is currently trading at a trailing 12-month EV/EBITDA ratio of 16.95X, slightly below the S&P 500's 17.80X [10] Future Outlook - The Zacks Industry Rank for the Mining - Non Ferrous industry is 74, placing it in the top 30% of 243 Zacks industries, indicating strong near-term prospects [7]

Financial Data and Key Metrics Changes - In 2025, EQT generated $2.5 billion of free cash flow, significantly outperforming both consensus and internal expectations, with NYMEX natural gas prices averaging approximately $3.40 per million BTU for the year [9][17] - The company exited the year with net debt of just under $7.7 billion, including $425 million of working capital usage during the quarter [17] - Free cash flow attributable to EQT in the fourth quarter was nearly $750 million, approximately $200 million above consensus expectations [17] Business Line Data and Key Metrics Changes - Production consistently exceeded expectations throughout 2025, driven by compression project outperformance and robust well productivity, with compression projects generating a 15% greater than expected base production uplift [7][8] - Average well cost per lateral foot was 13% lower year-over-year and 6% below internal forecasts, while per unit lease operating expenses (LOE) were nearly 15% below expectations and approximately 50% lower than the peer average [8][9] Market Data and Key Metrics Changes - The natural gas market has tightened significantly, with winter to date being 5% colder than normal, driving significant demand and reducing inventories below the 5-year average [21] - Eastern storage levels are now 13% below the 5-year average, indicating a structural demand growth in the market [22] Company Strategy and Development Direction - EQT's strategy focuses on capital efficiency and cost structure while making smart investments at the right time to maximize per-share value creation [6] - The company plans to allocate the first $600 million of post-dividend free cash flow to high-return growth projects in 2026, including compression projects and strategic leasing [15][16] - EQT is investing in infrastructure to connect low-cost natural gas supply to demand centers, emphasizing the need for more pipeline infrastructure [11][12] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of reliability and operational strength during extreme weather events, such as Winter Storm Fern, which showcased the company's integrated operations [10][27] - The company anticipates generating approximately $6.5 billion in Adjusted EBITDA and $3.5 billion in Free Cash Flow attributable to EQT in 2026, with a projected cumulative free cash flow of over $16 billion over the next five years [15][16] Other Important Information - EQT's position as the second-largest marketer of natural gas in the U.S. is expected to have recurring positive impacts on financial performance due to persistent price volatility [8] - The company is focused on maintaining a disciplined maintenance capital program while investing in growth projects to strengthen its platform [14][15] Q&A Session Summary Question: Can you provide insight into the trend in your portfolio breakeven and sustaining capital for 2026? - Management indicated that the levered breakeven cost structure is around $2.20 and is rapidly decreasing as debt is repaid [32] Question: Can you quantify the uplift associated with Winter Storm Fern and lessons learned? - Management noted that uptime during the storm was 97.2%, showcasing a two-times factor outperformance compared to peers, and emphasized the importance of being opportunistic during volatility [36][38] Question: How do you see your strategic growth CapEx evolving over the next couple of years? - Management highlighted a focus on Mountain Valley projects and emphasized the importance of creating structural demand for volumes before considering upstream growth [52][56] Question: What is your gas sales strategy in light of market volatility? - Management explained that they aim to sell a significant portion of gas at first-of-month pricing to de-risk operations while maintaining flexibility to capture value during volatile periods [60][66] Question: When do you expect to see growth emerge in your production? - Management suggested that sustainable upstream growth discussions may begin around 2027, contingent on infrastructure development and demand visibility [81]

Financial Data and Key Metrics Changes - In 2025, the company generated $2.5 billion of free cash flow, significantly outperforming both consensus and internal expectations, with NYMEX natural gas prices averaging approximately $3.40 per million BTU for the year [8][16] - The company exited the year with net debt of just under $7.7 billion, including $425 million of working capital usage during the quarter [16] - The company expects to generate approximately $6.5 billion in Adjusted EBITDA and $3.5 billion in Free Cash Flow for 2026, which includes the impact of approximately $600 million in growth investments [14] Business Line Data and Key Metrics Changes - Production consistently exceeded expectations throughout 2025, driven by compression project outperformance and robust well productivity, with compression projects generating a 15% greater than expected base production uplift [6][8] - Operating costs and capital spending beat expectations, with average well costs per lateral foot coming in 13% lower year-over-year and 6% below internal forecasts [7][8] - The cumulative benefits of marketing optimization resulted in over $200 million of free cash flow uplift relative to guidance [6] Market Data and Key Metrics Changes - The natural gas market has tightened significantly, with winter to date being 5% colder than normal, driving significant demand and reducing inventories below the 5-year average [19][20] - Eastern storage levels are now 13% below the 5-year average, indicating a tightening market [20] - The company anticipates both 2026 and 2027 prices rising further to ensure inventories remain within a comfortable range due to growing LNG exports [20] Company Strategy and Development Direction - The company is focused on capital efficiency and cost structure while making smart investments at the right time to maximize per-share value creation [5] - The 2026 plan includes a disciplined maintenance capital program and the allocation of the first $600 million of post-dividend free cash flow to high-return growth projects [12][14] - The company is investing in infrastructure projects like the Clarington Connector pipeline and compression projects to strengthen its platform and capture premium pricing [24][25] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of natural gas infrastructure for the reliability of the U.S. energy system, advocating for more pipeline infrastructure to meet demand [10] - The company is well-positioned to fund high-return infrastructure growth projects and continue its track record of base dividend growth [18] - Management expressed confidence in the company's ability to capture an outsized share of incremental demand due to its resource base and infrastructure investments [23] Other Important Information - The company recently elected to purchase additional interest in MVP Mainline and MVP Boost, expected to fund approximately $115 million of the total consideration for the acquisition [11] - The company’s operational performance during Winter Storm Fern showcased its integrated model and ability to respond effectively to extreme weather events [9][26] Q&A Session Questions and Answers Question: Can you provide an idea of your portfolio breakeven and sustaining capital for 2026? - Management indicated that the levered breakeven cost structure is around $2.20, which is rapidly decreasing as debt is repaid [30][31] Question: Can you quantify the uplift associated with Winter Storm Fern and lessons learned? - Management noted that uptime during the storm was 97.2%, outperforming Appalachian peers, and emphasized the importance of being opportunistic during volatility [35][36] Question: How do you see your strategic growth CapEx evolving over the next couple of years? - Management stated that the focus is on Mountain Valley projects, with a goal to create more opportunities across the integrated platform [48][49] Question: How does the company balance growth in the current environment? - Management emphasized responding to demand rather than chasing price signals, with a focus on building infrastructure to meet future demand [65][66]