Carriage Services (NYSE:CSV) Q4 2025 Earnings call February 26, 2026 09:00 AM ET Speaker5Good day. Thank you for standing by. Welcome to the Carriage Services 4th Quarter 2025 Earnings Webcast. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Steve Metzger, President. Please go ahead, sir.Speaker7Good morning, everyone, and thank you for joining us to discuss our fourth quarter and year-end results for 2025. In addition to mysel ...

MAS Holdings, South Asia’s largest apparel-tech manufacturer, is shuttering one of its Sri Lankan factories—affecting 2,200 workers—as it seeks to “strategically pivot” away from primarily cut-and-sew production toward expanded knitting, dyeing and finishing,  the company told Sourcing Journal this week. The sprawling enterprise, which runs 53 manufacturing facilities across 17 countries, including its native Sri Lanka, plans to repurpose its Methliya plant in the Sabaragamuwa Province village of Thulhir ...

What happened According to a Securities and Exchange Commission (SEC) filing dated Feb. 17, 2026, Brown Capital Management sold 232,073 shares of Manhattan Associates (NASDAQ:MANH) during the fourth quarter of 2025. The estimated transaction value was $42.42 million, based on the average closing price for the period. At quarter’s end, the position’s reported value fell by $53.51 million, reflecting both the share sale and stock price movement. What else to know The sale reduced the stake to 2.67% of rep ...

Core Insights - FedEx Corp. has joined the Hedera Council to help govern the Hedera distributed ledger network, aiming to enhance global commerce by moving away from traditional paper-based processes [1][2] - The digital transformation of supply chains is seen as inevitable, with a focus on sharing and verifying trusted data across multiple parties without increasing risk or centralizing control [2] - FedEx will contribute its operational expertise to build a cooperative digital infrastructure for global supply chains and will participate in governance decisions as a council member [2][3] Company Involvement - FedEx's participation in the Hedera Council is expected to provide valuable insights into global logistics and commerce as the industry shifts towards digitally native supply chains [3] - Other prominent members of the Hedera Council include Google, IBM, Dell Technologies, LG, Deutsche Telekom, and Ubisoft, indicating a strong corporate interest in the development of distributed ledger technology [3] Market Context - The HBAR token associated with Hedera has experienced a slight decline of about 1% on the day, currently priced at $0.094, but has increased by 7% over the past week [4] - Despite recent gains, the HBAR token remains 83% below its all-time high of nearly $0.57 set in 2021, reflecting ongoing volatility in the cryptocurrency market [4]

Core Insights - FedEx is undergoing a significant transformation with a focus on making supply chains smarter, which includes network, digital, and organizational changes [2][3][5] - The company projects a modest revenue growth of 4% over the next three years, which is expected to drive a 13-14% increase in operating income and $6 billion in free cash flow [3][4][6] Financial Projections - FedEx anticipates a 4% revenue compound annual growth rate (CAGR) over the next three years, leading to a 13-14% increase in operating income and a 200 basis point improvement in return on invested capital (ROIC) [3][6] - The company expects to improve its international operating margin by 440 basis points in the next three and a half years [29] Transformation Strategy - The transformation strategy consists of three interlocking parts: network transformation, digital transformation, and organizational transformation, aimed at enhancing resilience and operational efficiency [2][3][5] - The network transformation, referred to as Network 2.0, is projected to be 65% complete by the end of 2026, with full completion expected by fall 2027 [7][8] Digital Initiatives - FedEx is leveraging artificial intelligence (AI) and machine learning to optimize operations, enhance route efficiency, and provide predictive capabilities for high-value customers [12][13] - The company has established FedEx Data Works to externalize its data capabilities, including predictive maintenance and customs clearance, which can be monetized [13][14] Market Position and Opportunities - FedEx is focusing on high-value industry verticals such as healthcare, automotive, and data centers, which are critical to the industrial economy [5][22] - The company has taken a minority stake in InPost in Europe to enhance its B2B capabilities while complementing its B2C operations [19][20] Economic Outlook - FedEx has observed a dynamic global trade environment, with U.S. exports increasing and imports decreasing, positioning the company favorably given that 70% of its business is in the U.S. [25][26] - The company is optimistic about the industrial economy and anticipates growth opportunities in sectors like healthcare and data centers [22][23]

Core Insights - The company has successfully improved its NAST AGP margin by 20 basis points year-over-year, despite market pressures on gross profits due to a decline in available capacity [1] - In Global Forwarding, gross margins expanded by 120 basis points year-over-year through enhanced revenue management practices [1] - The company has shifted to a more cohesive, centralized model in Global Forwarding, utilizing standardized and lean AI-enabled processes [1] Revenue and Volume Performance - In Q4, the company achieved a total volume growth of 1% and truckload volume growth of approximately 3% year-over-year, contrasting with a 7.6% decline in the CAS freight shipment index [2][10] - The company experienced double-digit year-over-year volume growth in key verticals such as retail and automotive during Q4 [11] - The cash freight shipment index has declined year-over-year for the thirteenth consecutive quarter, marking the lowest Q4 reading since the financial crisis of 2009 [4][10] Cost Management and Productivity - The company reported a double-digit productivity increase in NAST for the full year and a high single-digit productivity increase in Global Forwarding [5] - Personnel expenses in Q4 were $337 million, including $15.2 million in restructuring charges, with a reduction in average headcount by 12.9% year-over-year [34] - The company has optimized its organizational structure, resulting in a decrease in SG&A expenses by 7.9% year-over-year [34] Technology and Innovation - The company is leveraging a unique lean AI approach to enhance productivity and operational performance, which includes the development of AI agents to automate manual tasks [8][27] - The proprietary technology and builder culture enable the company to implement AI solutions rapidly, providing a competitive advantage [24][67] - The company aims to continue disrupting the market by utilizing advanced reasoning capabilities of AI to unlock value in unstructured data [28] Financial Performance - Q4 total revenue and AGP declined approximately 7.4% year-over-year, primarily due to a 13% decline in Global Forwarding's AGP [32] - The company expanded its operating margin by 320 basis points year-over-year, demonstrating resilience in a challenging macro environment [35] - The company generated $305.4 million in cash from operations in Q4, ending the quarter with approximately $1.49 billion in liquidity [38][39] Market Outlook - The company anticipates a seasonally weaker Q1 compared to Q4, with a historical average of a 2.3% sequential volume decline in the CAS freight shipment index [19] - The company remains focused on controlling its operational strategies regardless of market conditions, aiming to deliver industry-leading solutions [21] - The company expects to continue its lean AI transformation, which is seen as a pathway to sustainable, profitable growth [40][46]

Group 1 - Nike plans to cut nearly 800 jobs, specifically 775 positions, primarily affecting distribution centers in Tennessee and Mississippi as part of an automation initiative [1][5] - The company aims to strengthen and streamline operations to enhance speed, discipline, and service to athletes and consumers, focusing on advanced technology and automation [2][5] - These layoffs are part of a broader strategy to reduce complexity and improve operational efficiency, contributing to long-term profitable growth and improved EBIT margins [5] Group 2 - Nike's recent job cuts follow a previous announcement in August 2022 to reduce less than 1% of its corporate workforce, and a planned cut of 2% of its workforce, equating to over 1,600 workers, in February 2024 [6] - Under CEO Elliott Hill's leadership, Nike is investing in its running shoe and sneaker lines to regain market share lost to competitors, despite facing challenges such as declining gross margins and poor sales in China [9] - The company's stock closed at $64.99, reflecting a 2% increase year to date [9]

Core Insights - BOS Better Online Solutions Ltd. has secured a $540,000 order from a major Israeli retail chain for its RFID division, with delivery scheduled for the first quarter of 2026 [1][2]. Group 1: Company Developments - The RFID division's order marks an expansion of the partnership with one of Israel's largest retail chains, evolving from inventory control services to automation packing equipment and now to automatic data capture equipment [2]. - The CEO of BOS noted a recovery in the commercial segment in Israel positively impacting the RFID division, with growth opportunities identified across various end markets including aerospace, defense, industrial manufacturing, and retail [2]. Group 2: Business Strategy - The comprehensive offering and ability to adapt to clients' needs were highlighted as key competitive advantages in securing the recent order [2]. - The company plans to provide its initial outlook for 2026 in the first quarter, aiming to continue its growth trajectory while globalizing and diversifying its business [2]. Group 3: Company Overview - BOS integrates advanced technologies to enhance supply chain operations for global customers across aerospace, defense, industrial, and retail sectors [3]. - The company operates three specialized divisions: Intelligent Robotics Division, RFID Division, and Supply Chain Division, each focusing on different aspects of supply chain optimization [4].

Financial Data and Key Metrics Changes - The company experienced a slow start in Q1 2025 but gained momentum throughout the year, achieving nearly 5% comparable sales growth in Q3 with over 2% traffic growth [3][4] - Despite challenges in December due to weather, the company still delivered positive comparable sales and traffic in Q4 [4] - The company increased its margins while improving guest and team member experiences, indicating a strong operational foundation for future growth [4][5] Business Line Data and Key Metrics Changes - The average build cost for new locations decreased from approximately $2.4 million two years ago to under $2 million this year, without compromising quality [5][6] - The international business grew at a rate consistent with revenue growth in North America, highlighting effective global partnerships [6] Market Data and Key Metrics Changes - The company is focusing on targeted digital media marketing, which has shown positive results, including a 50% increase in app downloads [10] - Digital sales remained strong even during adverse weather conditions that affected in-shack sales, indicating robust brand demand [10] Company Strategy and Development Direction - The company aims to be competitive in the traffic share game within the industry, focusing on operational excellence and marketing effectiveness [5] - There is a commitment to reducing build costs while maintaining quality, which is expected to enhance cash-on-cash returns [5][6] - The company is exploring new kitchen equipment and processes to improve throughput and maintain quality, with potential innovations expected in late 2026 [24][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving additional restaurant-level margin expansion in 2026, driven by supply chain improvements and operational efficiencies [23][29] - The company anticipates continued elevated pricing on beef but expects some deflation in other input costs, allowing for margin improvements [29][30] Other Important Information - The company has successfully improved labor deployment, achieving over 90% labor attainment, which has positively impacted guest satisfaction metrics [16][17] - The company is diversifying its supply chain to mitigate risks associated with single sourcing, which is expected to enhance productivity and reduce costs [20][21] Q&A Session Summary Question: What are the key wins for 2025 and outlook for 2026? - Management highlighted the operational improvements and marketing strategies that have laid a strong foundation for growth moving into 2026 [3][4] Question: How is the company addressing marketing investments? - The company is focusing on targeted digital media and strategic promotions to drive app traffic and sales, with a significant increase in app downloads [10] Question: What changes have been made in labor deployment? - The company has improved labor attainment significantly, leading to better guest satisfaction and operational efficiency [16][17] Question: How is the supply chain being optimized? - Management emphasized the importance of quality and consistency in supply chain decisions, with a focus on diversifying suppliers to enhance competition and reduce costs [20][21] Question: What is the outlook for commodity inflation? - The company expects continued elevated beef prices but anticipates deflation in other input costs, supporting margin expansion [29][30]

Core Insights - The company aims to enhance visibility in the investment community and drive shareholder value through strategic initiatives focused on profitability and growth [2][37] - The first quarter of fiscal 2025 saw a revenue of $9.3 million, a slight decrease from $9.8 million in the same quarter of 2024, with metal fencing products showing a 19% increase in sales [29][31] Financial Performance - Revenue for Q1 2025 was $9.3 million compared to $9.8 million in Q1 2024, with metal fencing products up 19% and wood fencing products up 4% [29] - Gross profit margins for Q1 2025 were 18.3%, down from 19.9% in Q1 2024, primarily due to increased shipping costs and higher production costs for in-store display units [31] - Operating expenses decreased to $2.6 million in Q1 2025 from $2.7 million in Q1 2024, attributed to reduced professional fees and operational efficiencies [32] Strategic Initiatives - The company has focused on innovative in-aisle displayers in major home centers like Home Depot and Lowe's to drive profitable sales growth [6][8] - The Adjust-A-Gate Unlimited product was launched, designed for adaptability and simplicity in gate construction, supporting various gate designs [17][18] - The company is working on diversifying its customer base for sustainable products and has plans for load-ins in multiple regional grocery chains in 2025 [22][23] Market Dynamics - The company is experiencing a seasonal demand pattern, with higher sales expected in the second half of the fiscal year [28] - The demand for pet products has declined by 31% compared to Q1 2024, indicating a need for strategic marketing adjustments [29][21] - The company is also addressing the softness in the retail channel for pet containment products following a pandemic-related surge in pet ownership [21] Asset Management - The company is in the process of selling its seed processing facility, listed for $9 million, which is expected to enhance shareholder value significantly [26][27] - The facility is currently on the market, and discussions with potential buyers are ongoing [26]