Financial Data and Key Metrics Changes - First quarter revenue of Griffon Corporation was $649 million, reflecting a 3% increase compared to the prior year quarter [11] - Adjusted EBITDA before unallocated amounts was $145 million, consistent with the prior year, resulting in an EBITDA margin of 22.3% [11] - GAAP net income for the first quarter was $64 million, or $1.41 per share, compared to $71 million, or $1.49 per share in the prior year [12] Business Line Data and Key Metrics Changes - Home and Building Products (HBP) revenue increased by 3% year-over-year, with an EBITDA margin of 30.1% [3][14] - Consumer and Professional Products (CPP) revenue rose by 2% to $241 million, with adjusted EBITDA increasing by 19% to $22 million [4][15] Market Data and Key Metrics Changes - HBP revenue benefited from a 7% increase in price and mix, although this was partially offset by a 4% reduction in residential volumes [14] - CPP experienced increased volume in Australia and Canada, but this was offset by reduced volume in the US due to soft consumer demand [4] Company Strategy and Development Direction - The company announced a joint venture with ONCAP to create a leading global provider of hand tools and home organizational solutions, enhancing its competitive position [7][8] - Strategic actions include a comprehensive review of alternatives for Ames Australia and the UK, and the combination of Hunter Fan with the HBP segment, aiming to transform Griffon into a pure-play building products company [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about a recovery in the residential and commercial markets, anticipating substantial leverage as activity improves [19] - The company remains committed to a capital allocation strategy focused on organic growth, share repurchases, dividends, and debt reduction [19] Other Important Information - The company repurchased $18 million of its stock during the first quarter, with a total of $578 million repurchased since April 2023 [5] - A quarterly dividend of $0.22 per share was authorized, marking the 58th consecutive quarterly dividend [6] Q&A Session Summary Question: What was the thought process behind the timing of the joint venture? - Management noted a disconnect between market value and intrinsic value, believing the JV would unlock value and strengthen consumer businesses [26][27] Question: What is the expected contribution from the joint venture? - The second lien debt from the JV is at a 10% PIK rate, but net income from the JV is not expected to be material due to its private company status [30] Question: Why not an outright sale instead of a joint venture? - A joint venture allows for unlocking substantial value now and in the future while maintaining a minority interest [59] Question: What is the revenue contribution from Hunter Fan? - Hunter Fan had $211 million in revenue in fiscal 2025, and margins are expected to remain above 30% after combining with HBP [36] Question: What is the outlook for the HBP business? - Management expects continued pressure on residential volume but remains optimistic about recovery in the housing market and growth in the commercial sector [50][51]

Financial Data and Key Metrics Changes - First quarter revenue of Griffon Corporation was $649 million, reflecting a 3% increase compared to the prior year quarter [11] - Adjusted EBITDA before unallocated amounts was $145 million, consistent with the prior year, resulting in an EBITDA margin of 22.3% [11] - GAAP net income for the first quarter was $64 million, or $1.41 per share, down from $71 million, or $1.49 per share, in the prior year [12] - Free cash flow for the quarter was $99 million, indicating strong operational performance [3] Business Line Data and Key Metrics Changes - Home and Building Products (HBP) revenue increased by 3% year-over-year, with an EBITDA margin of 30.1% [3][13] - Consumer and Professional Products (CPP) revenue rose by 2%, with adjusted EBITDA increasing by 19% to $22 million, driven by price and mix improvements [4][14] Market Data and Key Metrics Changes - HBP revenue growth was supported by a 7% increase in price and mix, although offset by a 4% decline in residential volumes [13] - CPP experienced increased volumes in Australia and Canada, but faced reduced volumes in the US due to soft consumer demand [4] Company Strategy and Development Direction - The company announced a joint venture with ONCAP to create a leading global provider of hand tools and home organizational solutions, enhancing competitive positioning [6][8] - Strategic actions include a comprehensive review of alternatives for Ames Australia and the UK, and the combination of Hunter Fan with the HBP segment, aiming to streamline operations and enhance shareholder value [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about a recovery in residential and commercial markets, anticipating substantial leverage as activity improves [19] - The company remains committed to a capital allocation strategy focused on organic growth, share repurchases, dividends, and debt reduction [19] Other Important Information - The board authorized a quarterly dividend of $0.22 per share, marking the 58th consecutive quarterly dividend [5] - The company repurchased $18 million of stock during the quarter, with a total of $578 million repurchased since April 2023 [5][16] Q&A Session Summary Question: What was the thought process behind the timing of the joint venture? - Management noted a disconnect between market value and intrinsic value, believing the joint venture would unlock value and strengthen consumer businesses [25][26] Question: What is the expected contribution from the joint venture? - The second lien debt from the joint venture is at a 10% PIK rate, but net income from the joint venture is not expected to be material due to its private company status [29] Question: What is the revenue contribution from Hunter Fan? - Hunter Fan had $211 million in revenue in fiscal 2025, and margins are expected to remain above 30% after its integration into the HBP segment [35] Question: Why choose a joint venture instead of an outright sale? - A joint venture allows for unlocking substantial value now and in the future while maintaining a minority interest, which is seen as a better strategic fit [57] Question: What are the cash flow expectations for the remaining company? - The remaining company is expected to continue generating strong cash flow, with the first half of the year being more positive than in the past [64]

Financial Data and Key Metrics Changes - In 2025, consolidated service revenue increased by 0.6%, with adjusted EBITDA rising by 0.7%, leading to a 20 basis point improvement in adjusted EBITDA margin to 43.6%, the strongest annual margin in over 30 years [18] - Adjusted EPS declined by 7.9% in 2025, primarily due to higher depreciation and amortization from network investments and increased interest expense [18] - Free cash flow increased by 10% to CAD 3.2 billion, driven by higher EBITDA, lower capital expenditures, and improved working capital [19] Business Line Data and Key Metrics Changes - Wireless service revenue declined by 0.2% in Q4, an improvement from the 1.5% decline in Q4 of the previous year, with consumer wireless service revenue stable year-over-year [20][22] - Fibre-to-the-home internet net additions were 43,000 in Q4, reflecting disciplined pricing and strong demand [21] - AI-powered solutions revenue grew by 31% in Q4, driven by momentum in Ateco and Bell Cyber, contributing to the goal of reaching CAD 1.5 billion in AI-powered solutions revenue by 2028 [22] Market Data and Key Metrics Changes - Ziply Fiber's total revenue in Q4 was CAD 232 million, with internet revenue growing in double digits due to fibre expansion and strong customer penetration [23] - Ziply added over 6,000 net new fibre customers in Q4, with a focus on higher growth markets for future expansion [24] Company Strategy and Development Direction - The company has aligned its organization around four strategic priorities: enhancing customer experience, strengthening fibre and wireless network leadership, establishing a fibre growth platform in the U.S., and accelerating enterprise and digital media momentum [3][4] - The acquisition of Ziply Fiber is a key milestone in the fibre growth strategy, with plans to reach approximately 3 million fibre passings by the end of 2028 [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth of core segments while managing declines in legacy services, indicating a focus on disciplined execution and customer-first initiatives [36] - The company anticipates consolidated revenue growth of 1%-5% and adjusted EBITDA growth of 0%-4% for 2026, reflecting continued momentum in growth engines [26][27] Other Important Information - Capital expenditures are expected to remain stable at approximately CAD 3.7 billion in 2026, with a lower capital intensity of 15% or less [29] - The company has CAD 2.5 billion of available liquidity and a pension solvency surplus of CAD 4.4 billion, providing financial flexibility for executing the 2026 business plan [30] Q&A Session Summary Question: Guidance ranges for 2026 - Management indicated that the guidance reflects growth in segments while managing legacy declines, with potential swings from wireless penetration gains and overall market growth [35][36] Question: Wireless pricing environment - Management noted that while there has been aggressive promotion in the market, they remain disciplined in their strategy, focusing on premium brand value and customer experience [39][40] Question: Ziply's growth and margins - Management confirmed that Ziply's performance is consistent with expectations, with strong demand for fibre and plans for broader geographic expansion [45][46] Question: U.S. competitive environment - Management stated that the strategy in the U.S. remains unchanged, focusing on penetration and capital discipline while assessing opportunities for expansion [67] Question: Asset sales and capital allocation - Management confirmed ongoing asset sales as part of capital allocation discipline, with updates to be provided as agreements are reached [71]

Some voluntary and a few involuntary all primarily due to pricing. These cancellations will impact our revenue, but have little impact on profitability. We expect to be at the bottom end of our mid-single-digit range at 3% or 4% for Q1. This is unrelated to our core community management business which we believe will carry the division to mid-single-digit organic growth for the year. Moving on to FirstService Brands. Revenues for the quarter were down 3% in aggregate, and 7% organically, with organic growth ...

Financial Data and Key Metrics Changes - Total sales grew 6% year-over-year to $5.5 billion, marking an all-time high [8] - Adjusted earnings per share (EPS) was $3.90, up 10% year-over-year, indicating the second consecutive year of double-digit EPS growth [8] - Generated over $1 billion of free cash flow, strengthening the financial position [9] - In Q4, total sales grew 3.8% year-over-year to nearly $1.4 billion, with core sales growing 1.6% [22] Business Line Data and Key Metrics Changes - Water Quality segment delivered $846 million in total sales, up 4.3% year-over-year, with core sales growth of 1.4% [24] - PQI segment total sales grew 3% year-over-year to $550 million, with core sales growth of 1.8% [25] - Both segments experienced steady underlying demand, with pricing increases contributing to sales growth [22][24][25] Market Data and Key Metrics Changes - Core sales in North America grew 5.3%, while Western Europe saw a growth of 3.8% [9] - High-growth markets experienced a core sales increase of 5.1% year-over-year, led by Latin America, India, and the Middle East [12] - Core sales growth in China was modest, primarily driven by PQI [12] Company Strategy and Development Direction - The company aims for mid- to high-single-digit adjusted EPS growth in 2026, with a focus on strategic growth and disciplined capital allocation [17][30] - Recent acquisitions, including In-Situ, are expected to enhance the water analytics portfolio and drive growth in environmental markets [18][19] - The company is committed to leveraging its Veralto Enterprise System to drive continuous improvement and support customer needs [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in steady demand for products and services due to the ongoing need for clean water and safe food [7][17] - The company anticipates another year of core sales growth and continued margin expansion, despite potential macroeconomic challenges [30] - Management highlighted the importance of recurring revenue, which comprises 60% of total sales, providing stability against fluctuations in capital expenditure [40] Other Important Information - The company established a $750 million share repurchase program and announced an 18% increase in its dividend [7][29] - Free cash flow conversion was reported at 115% of GAAP net income for Q4 [22] Q&A Session Summary Question: Expectations on municipal CapEx and demand trends - Management sees steady demand across municipal and industrial markets, with government funding continuing to flow [40] Question: Impact of DRAM supply on business - Management indicated minimal exposure to DRAM, expecting no material impact [42] Question: Margin expansion guidance and cost considerations - Management expects 50 basis points of margin expansion, driven by pricing and the rolling off of tariff-related headwinds [50] Question: Data center growth potential - Management noted that while data center sales are growing, they remain a small part of the overall business and not expected to be a significant contributor in 2026 [54] Question: Performance in PQI related to high protein boom - Management reported stable demand in CPG markets, with opportunities arising from changes in dietary requirements and packaging [60] Question: Geographic performance in Western Europe - Management explained that fluctuations in Western Europe were primarily due to fewer shipping days impacting year-over-year comparisons [62] Question: EPS growth guidance and market conditions - Management indicated that while top-line growth is expected, EPS growth is forecasted to be more modest due to various factors, including the In-Situ acquisition [70] Question: Integration plans for In-Situ acquisition - Management expressed excitement about the In-Situ acquisition, highlighting opportunities for top-line and cost synergies [82]

Financial Data and Key Metrics Changes - Total sales for 2025 grew 6% year-over-year to $5.5 billion, marking an all-time high [6] - Adjusted earnings per share (EPS) was $3.90, up 10% year-over-year, indicating the second consecutive year of double-digit EPS growth [7] - Free cash flow exceeded $1 billion, strengthening the company's financial position [8] Business Line Data and Key Metrics Changes - Water Quality segment delivered $846 million in total sales for Q4, up 4.3% year-over-year, with core sales growth of 1.4% [22][23] - PQI segment total sales grew 3% year-over-year to $550 million in Q4, with core sales growth of 1.8% [24][25] - Both segments showed strong operating profit growth, with Water Quality's adjusted operating profit increasing 5.8% and PQI's adjusted operating profit up $13 million year-over-year [22][25] Market Data and Key Metrics Changes - Core sales in North America grew 5.3% and in Western Europe by 3.8% in 2025, with high-growth markets seeing a 5.1% increase [8][12] - Core sales growth in Water Quality was driven by strong demand in chemical processing, power generation, mining, and data centers [9] - In high-growth markets, core sales increased 5.1% year-over-year, led by Latin America, India, and the Middle East [11] Company Strategy and Development Direction - The company aims for continued core sales growth and margin expansion, with a focus on strategic growth and disciplined capital allocation [5][16] - Recent acquisitions, including In-Situ, are expected to enhance the company's water analytics portfolio and address freshwater challenges [17][19] - The company is committed to leveraging its Veralto Enterprise System to drive continuous improvement and support customer needs [32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in steady demand for products and services due to the ongoing need for clean water and safe food [5][16] - The company anticipates another year of core sales growth in 2026, with adjusted EPS growth projected in the mid- to high single digits [29][30] - Management noted that underlying demand remains steady, despite some macroeconomic uncertainties [67] Other Important Information - The company established a $750 million share repurchase program and announced an 18% increase in its dividend [5][27] - The acquisition of In-Situ was completed early in 2026, funded with cash on hand, and is expected to contribute significantly to growth [26][29] Q&A Session Summary Question: Expectations on municipal CapEx and demand trends - Management sees steady demand across both municipal and industrial markets, with strong growth in industrial sectors like data centers [39] Question: Impact of DRAM supply on business - The company's exposure to DRAM is minimal, and no material impact is expected [40] Question: Margin expansion guidance and inflation concerns - Management expects 50 basis points of margin expansion, driven by pricing and the rolling off of tariff-related headwinds [48][49] Question: Data center growth potential - Data centers represent a small but growing segment, with expectations for continued double-digit growth [52] Question: Geographic performance in Western Europe - The year-over-year performance was impacted by fewer shipping days, but overall execution remains strong [61] Question: Guidance range for sales growth - The company aims for low to mid-single-digit growth, with various factors influencing the range [101]

Financial Data and Key Metrics Changes - The company reported a strong start to fiscal Q1 2026, with revenue guidance raised by $90 million and EBITDA guidance increased by $60 million, reflecting solid performance [8][17] - EBITDA margin for the quarter was 52.4%, slightly better than expected, with strong operating cash flow generation of over $830 million [10][11] - The company ended the quarter with a cash balance of over $2.5 billion and a net debt to EBITDA ratio of 5.7 times, down from 5.8 times [33][34] Business Line Data and Key Metrics Changes - Total commercial OEM revenue increased approximately 17% year-over-year, driven by higher build rates from Boeing and Airbus [22][23] - Commercial aftermarket revenue grew by approximately 7%, with all submarkets experiencing positive growth, particularly in commercial transport [25][26] - Defense market revenue grew by approximately 7%, supported by new business wins and increased defense spending globally [26][27] Market Data and Key Metrics Changes - Commercial OEM bookings were up significantly, indicating a recovery from previous disruptions, with growth in the high teens percentage [23][24] - The commercial aftermarket is expected to grow in the high single-digit percentage range, supported by strong bookings and positive indicators [25][26] - Defense bookings were robust, significantly surpassing sales for the period, indicating a strong backlog in the defense segment [27] Company Strategy and Development Direction - The company maintains a consistent long-term strategy focused on proprietary aerospace businesses with significant aftermarket content, aiming for private equity-like returns [7][8] - Recent acquisitions, including Stellant Systems, Jet Parts Engineering, and Victor Sierra Aviation, align with the company's strategy to enhance its aftermarket revenue and strengthen partnerships with airlines [12][14] - The capital allocation priorities remain focused on reinvesting in businesses, disciplined M&A, and returning capital to shareholders [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the fiscal year, noting that underlying market fundamentals have not changed significantly, and they are encouraged by the current trends in commercial aerospace [17][18] - The company anticipates continued growth in commercial OEM and aftermarket segments, with guidance reflecting a conservative approach due to potential risks in production rates [18][19] - Management remains focused on operational excellence and value drivers, with a commitment to closely monitor market developments [19][20] Other Important Information - The company has signed agreements for three new acquisitions, with a total expected revenue contribution of approximately $580 million for the 2025 calendar year [11][12] - The company has significant M&A firepower remaining, approaching $10 billion, providing flexibility for future opportunities [16] Q&A Session Summary Question: Profitability in the quarter - Management noted that the EBITDA margin of 52.4% was better than expected, driven by strong growth in commercial OEM and effective cost management [40] Question: Distributor POS and aftermarket growth - Management confirmed that distributor POS growth has been strong, but there has been some headwind from inventory changes, which should turn into a tailwind as the year progresses [44][46] Question: Aftermarket bookings growth - Management indicated that aftermarket bookings grew faster than revenue, but specific numbers were not disclosed, emphasizing a rolling 12-month average for bookings [60][62] Question: Acquisitions and market trends - Management acknowledged that acquisition prices reflect current market trends but believe they paid fair prices that align with their targeted IRR [81][82] Question: Material share loss from PMAs - Management stated that there has been no material share loss from PMAs, and operational teams are effectively meeting customer demand [86] Question: Margin structure of acquired businesses - Management indicated that while the acquired businesses have growth potential, they do not expect their margins to reach the company's average levels [99]

Financial Data and Key Metrics Changes - Fourth quarter adjusted operating income was $586 million, bringing full-year adjusted operating income to $2.094 billion [18] - Adjusted earnings per share from continuing operations for the fourth quarter was $3.40, with full-year adjusted EPS from continuing operations of $10.78 [18] - Free cash flow was $309 million in the fourth quarter, totaling just over $1 billion for the full year [18] Business Line Data and Key Metrics Changes - U.S. dialysis treatments declined by 1.1% for the full year compared to 2024, with a slight decline of about 20 basis points in the fourth quarter [19] - Revenue per treatment (RPT) grew approximately $12 sequentially in the fourth quarter, with full-year RPT at approximately $410, reflecting a 4.7% increase [20] - International adjusted operating income was $21 million for the fourth quarter, totaling $114 million for the full year, indicating strong performance and positive organic growth [21] Market Data and Key Metrics Changes - The company anticipates treatment volume for U.S. dialysis to be approximately flat in 2026, with a forecasted growth of 1%-2% in RPT [26] - The expiration of enhanced premium tax credits is expected to create a $40 million headwind in 2026, offset by the elimination of a $45 million headwind from the previous year's cyber incident [26] Company Strategy and Development Direction - The company is focused on enhancing patient care through clinical initiatives, including vaccination programs and partnerships with home care providers [14][15] - A strategic clinical partnership with Elara Caring aims to lower hospitalizations and missed treatment rates while improving patient experience [14] - The company expects to deliver an incremental $20 million of IKC operating income growth in 2026, building on its first profitable year in IKC [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining profit growth despite near-term financial headwinds, emphasizing a focus on clinical excellence [12][13] - The company expects adjusted operating income for 2026 to be in the range of $2.085 billion to $2.235 billion, reflecting a 3.2% growth at the midpoint [17] - Management highlighted the importance of addressing mortality rates and missed treatments to achieve long-term growth targets [32] Other Important Information - The company repurchased nearly 13 million shares for approximately $1.8 billion in 2025, with a leverage ratio of 3.26x consolidated EBITDA [22] - The midpoint of the guidance for 2026 adjusted EPS is $14.30, representing a 33% increase over the previous year [29] Q&A Session Summary Question: Confidence in returning to 2%+ volume growth - Management indicated that achieving this growth is tied to clinical improvements and expects benefits to materialize over the next two years [32] Question: Trends in missed treatments and mortality - Missed treatments were up in Q4, but year-over-year changes were minimal, with a noted correlation between missed treatments and mortality [41] Question: ACA headwind expectations - The company anticipates a $40 million headwind from ACA changes in 2026, with open enrollment performing better than expected [45] Question: Impact of cyber incident on financials - The cyber incident created a $70 million headwind in 2025, which is expected to be offset by the ACA headwind in 2026 [54] Question: IKC performance and future growth - Management noted that shared savings contributed to better-than-expected performance in IKC, with confidence in continued growth [56] Question: International business growth - The international segment is expected to grow through a mix of M&A and organic growth, with improving margins [67]

Financial Data and Key Metrics Changes - For Q4 2025, adjusted operating income was $586 million, bringing full-year adjusted operating income to $2.094 billion. Adjusted earnings per share (EPS) for Q4 was $3.40, with full-year adjusted EPS of $10.78. Free cash flow for Q4 was $309 million, totaling just over $1 billion for the full year [16][15][17] - Revenue per treatment (RPT) increased approximately $12 sequentially in Q4, with full-year RPT at approximately $410, reflecting a 4.7% increase year-over-year [17][18] - Patient care costs per treatment (PCCs) finished the year 5.9% higher than 2024, near the top end of revised expectations [18] Business Line Data and Key Metrics Changes - U.S. dialysis treatments declined by 1.1% for the full year 2025 compared to 2024, with a slight decline of about 20 basis points in Q4 [16][17] - International adjusted operating income was $21 million for Q4, totaling $114 million for the full year, reflecting strong performance and positive organic growth [18] - Integrated Kidney Care (IKC) achieved its first profitable year in 2025, with Q4 adjusted operating income of $46 million and full-year adjusted operating income of $22 million [18][19] Market Data and Key Metrics Changes - The company anticipates treatment volume for U.S. dialysis to be approximately flat in 2026, with expectations for RPT growth of 1%-2% [20][22] - The expiration of enhanced premium tax credits is expected to create a $40 million headwind in 2026, offset by the elimination of a $45 million headwind from a cyber incident in 2025 [22] Company Strategy and Development Direction - The company is focused on enhancing patient care through clinical initiatives, including vaccination programs and the adoption of GLP-1 medications, which are expected to improve patient outcomes and reduce mortality [11][12] - A strategic partnership with Elara Caring aims to establish an ESKD-focused offering to lower hospitalizations and improve patient experiences [12][24] - The company expects to deliver adjusted operating income growth of approximately 3.2% in 2026, with a focus on maintaining sustainable U.S. dialysis margins and delivering durable financial performance [15][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining profit growth despite near-term financial headwinds, emphasizing a focus on clinical excellence and targeted initiatives to enhance patient care [11][10] - The company anticipates that improvements in clinical outcomes will take time to materialize, with expectations for benefits to become evident in approximately two years [28][29] Other Important Information - The company repurchased nearly 13 million shares for approximately $1.8 billion in 2025, with a leverage ratio of 3.26 times consolidated EBITDA at year-end [19][24] - Free cash flow guidance for 2026 is set between $1 billion and $1.25 billion, reflecting a resilient business model [15][25] Q&A Session Summary Question: Confidence in returning to 2%+ volume growth - Management indicated that achieving 2% growth is tied to clinical improvements and expects to see benefits from initiatives in about two years [27][28] Question: Trends in mistreatments and mortality - Management noted that mistreatments were up in Q4 but did not see significant changes in mortality rates, emphasizing a correlation between mistreatment and mortality with some lag [35][36] Question: ACA headwind expectations - Management provided estimates for ACA headwinds, indicating better-than-expected performance during open enrollment but noted the need to monitor payment behaviors [39][40] Question: Impact of cyber incident on financials - Management clarified that the cyber incident created a $70 million headwind, with expectations for RPT headwinds to be offset by the expiration of enhanced premium tax credits [48] Question: Performance of IKC and future growth - Management highlighted that shared savings in IKC outperformed expectations due to improved care management and interventions, projecting continued growth [50][51] Question: International business growth and margins - Management expects international growth to be driven by both M&A and organic growth, with margins improving as fixed overhead is leveraged [61]

CFO Ghislain Houle said reported diluted EPS grew 12% year-over-year in Q4, while adjusted EPS rose 14%. He attributed the adjusted results to two notable items: a CAD 34 million pre-tax charge related to a workforce reduction program discussed on the prior quarter’s call and CAD 15 million in advisory fees tied to industry consolidation matters.Robinson also emphasized efficiency gains, with the fourth-quarter operating ratio at 60.1%—the company’s best quarterly operating ratio of the year and an improvem ...