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 ...

Steel Partners Holdings on Wednesday publicly disclosed an unsolicited proposal to acquire a controlling stake in InMode Ltd. (NASDAQ:INMD) , offering shareholders a cash premium while criticizing the company's stock performance, capital allocation, and repeated guidance cuts.The stock is trading near the upper end of its 52-week range of $13.14-19.78, according to Benzinga Pro data.Steel Partners approached InMode about acquiring 51% of the company's outstanding shares at $18 per share. The offer represent ...

Financial Data and Key Metrics Changes - The company reported a full-year growth in NOI of 4.8% and a 5% increase in normalized FFO per share for 2025 [3][15] - Fourth quarter normalized FFO was $0.79 per share, and full-year normalized FFO was $3.06 per share, representing 4.2% and 5% growth respectively compared to the prior year [15][16] - The annual dividend rate was set at $2.17 per share, marking a 5.3% increase and the 22nd consecutive year of annual dividend growth [7] Business Line Data and Key Metrics Changes - The MH business generated over $1 billion in revenue in 2025, with a combined revenue CAGR of 5.9% over the last five years [9] - Core community-based rental income increased by 5.5% for the full year 2025 compared to 2024, driven by rent increases for renewing residents and new residents [16] - Core RV and marina annual base rental income increased by 4.1% compared to the prior year, while core seasonal and transient rent combined decreased by 9.1% [16] Market Data and Key Metrics Changes - Approximately half of the MH revenue comes from Florida, with 20% from California and Arizona, and the rest from the North Central and Northeast US [9] - The average occupancy in California properties is 96%, reflecting strong demand in high-cost markets [11] - The company noted strong demand for MH communities, particularly in Florida and Arizona, supported by favorable economic conditions and demographic trends [10][11] Company Strategy and Development Direction - The company focuses on internal growth and operational expansions, particularly in the Sunbelt markets, while maintaining a strong balance sheet for potential acquisition opportunities [52] - The management emphasized the importance of community engagement and the value proposition of manufactured housing in addressing housing affordability issues [42] - The company plans to continue investing in its communities to support long-term growth and resident retention [5][6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operating environment, anticipating normalized FFO growth of 3.7% for 2026 and core property operating income growth of 5.6% [7][18] - The company highlighted the positive demographic trends, with a significant portion of the population aging into their target market [11] - Management acknowledged challenges in the investment market due to fragmented ownership and limited transaction activity, focusing on internal growth instead [52][53] Other Important Information - The company reported a utility recovery rate of 48.7%, a 220 basis point increase from 2024 [17] - The balance sheet is well-positioned with no secured debt maturing before 2028 and access to $1.2 billion in capital [21][22] Q&A Session Summary Question: Seasonal and transient business expectations for the year - Management provided insights on the seasonal and transient revenue streams, indicating a positive outlook based on early booking trends and favorable holiday timing [24][30] Question: Progress on marina repairs - Management confirmed that repairs on three marinas affected by storm damage are expected to be completed by the latter half of 2026 [40] Question: Canadian customer demand - Management noted that Canadian customers represent 10% of total RV revenue, with no significant increase in home sales from this group, maintaining a strong demand profile [48] Question: Impact of cold weather on RV demand - Management indicated that cold weather has historically driven demand for RVs, with marketing efforts focused on encouraging customers to escape to warmer locations [93] Question: Non-core income decline - Management explained that the decline in non-core income is attributed to timing differences in insurance proceeds and recovery from storm-affected properties [121] Question: Strategy for rental home business - Management stated that the rental home business will continue to grow based on demand, with a focus on selling homes to current renters [99]

Financial Data and Key Metrics Changes - The company reported a full-year growth in NOI of 4.8% and a 5% increase in normalized FFO per share for 2025 [3][6] - Fourth quarter normalized FFO was $0.79 per share, and full-year normalized FFO was $3.06 per share, representing 4.2% and 5% growth respectively compared to the prior year [13][14] - Core community-based rental income increased by 5.5% for the full year 2025 compared to 2024 [14] Business Line Data and Key Metrics Changes - The MH business generated over $1 billion in revenue in 2025, with a combined revenue CAGR of 5.9% over the last five years [8] - Core RV and marina annual base rental income increased by 4.1% compared to the prior year, while core seasonal and transient rent combined decreased by 9.1% [15] - The membership business contributed $65.6 million net for the full year, with approximately 5,900 upgraded membership subscriptions enrolled [15] Market Data and Key Metrics Changes - Approximately half of the MH revenue comes from Florida, with 20% from California and Arizona, and the rest from North Central and Northeast US [8] - The average occupancy in California properties is 96%, reflecting strong demand in high-cost markets [10] - The company noted that 70 million baby boomers are in the U.S., with 10,000 turning 65 every day, indicating a favorable demographic trend for the company's offerings [10] Company Strategy and Development Direction - The company aims to continue its focus on community engagement and resident retention, emphasizing the value proposition of affordable living environments [4] - Initial guidance for 2026 anticipates normalized FFO growth of 3.7% and a 5.3% increase in the annual dividend rate to $2.17 per share [6][17] - The company is focused on internal growth and operational expansions, particularly in the Sunbelt markets, while maintaining a strong balance sheet [55] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the operating model, citing stable cash flow and solid underlying business trends [6][7] - The company expects to have approximately $100 million of discretionary capital after meeting obligations for dividend payments and capital expenditures [6] - Management noted that demand for MH and RV offerings remains strong, supporting consistent growth in long-term revenue streams [12] Other Important Information - The company has no secured debt maturing before 2028, with a debt to EBITDARE ratio of 4.5 times and interest coverage of 5.7 times [20] - The company is experiencing a timing difference in recognizing non-core income due to insurance proceeds and recovery of storm-affected properties [123] Q&A Session Summary Question: What gives confidence that seasonal and transient can accelerate through the balance of the year? - Management indicated that the first quarter earns approximately 50% of anticipated full-year seasonal rent and almost 20% of full-year transient rent, with favorable booking pace expected [26][29] Question: What is the expected impact of insurance renewal on expenses? - Management noted that they are pleased with the lack of adverse claims experience in 2025 and indicated that the insurance market is softening, but specific guidance will be provided after the renewal process [34] Question: What is the outlook for Canadian customers? - Management stated that Canadian customers represent 10% of total RV revenue, with no significant increase in home sales observed, but demand remains strong [51] Question: What is the strategy for the rental home business moving forward? - The company plans to prioritize selling homes but may accept rentals as demand arises, as rentals can expose more prospects to future home buying [102] Question: What is the outlook for the campground membership results? - Management highlighted that while there has been a decline in membership count, annual income has increased significantly, indicating a shift in the customer base [118][120]

Financial Data and Key Metrics Changes - Revenue for the third quarter was $556 million, down slightly from the prior year, reflecting lower wallboard and paperboard sales volume, partially offset by higher cement sales volume and contributions from the recently acquired aggregates business [11] - Earnings per share were $3.22, down 10% from the third quarter of fiscal 2025, primarily due to lower net earnings from wallboard sales volume, despite a 5% reduction in fully diluted shares from the share buyback program [11] - Gross profit margin was reported at 28.9% [3] Business Line Data and Key Metrics Changes - Heavy materials sector revenue increased by 11%, driven by a 9% increase in cement sales volume and a 22% increase in concrete and aggregates revenue [11] - Aggregate sales volume reached a record 1.6 million tons, up 81%, reflecting a 34% increase in organic aggregate sales volume [13] - Light materials sector revenue decreased by 16% to $203 million, primarily due to lower wallboard and recycled paperboard sales volume and a 5% decline in wallboard sales prices [13] Market Data and Key Metrics Changes - Cement and aggregate sales volumes grew last quarter, supported by federal, state, and local infrastructure spending, as well as solid growth in key non-residential end markets [8] - Residential construction, which drives wallboard volumes, faced challenges, with current housing data reflecting affordability issues in the home building industry [9] Company Strategy and Development Direction - The company aims to maintain operational flexibility and efficiency through economic cycles, focusing on health and safety, cost control, and customer support [3][4] - Strategic projects include the modernization of the Mountain Cement plant and the Duke wallboard facility, expected to lower cost structures and strengthen competitive positions [7] - The company plans to continue investing in return-focused projects or acquisitions while ensuring a strong balance sheet [3] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about infrastructure and non-residential markets as they head into calendar 2026, despite the mixed construction environment [19] - The company remains focused on operations rather than predicting demand, emphasizing their ability to operate effectively in various economic conditions [9] - Management noted that while wallboard pricing has seen a downward trend, they expect prices to stabilize and potentially recover as housing construction activity improves [26] Other Important Information - The company returned nearly $150 million to shareholders through dividends and share repurchases during the fiscal third quarter [14] - A total of $750 million in 10-year senior notes was issued to enhance financial flexibility and align capital structure with long-term investments [15] Q&A Session Summary Question: Is cement demand widespread across markets? - Management indicated that demand is broad-based across markets, with optimism for infrastructure and non-residential markets as they enter calendar 2026 [19] Question: What is driving the margins in cement? - Margins were impacted by slight declines in pricing, with raw material costs being largely in line and maintenance costs under control [21][22] Question: What is the outlook for wallboard pricing? - Management noted that wallboard pricing has seen a downward trend but remains range-bound relative to historical cycles, with expectations for stabilization as housing recovers [26][60] Question: How is the company addressing winter storm impacts? - The company has prepared facilities for extreme cold temperatures, ensuring operations are ready for winter storms [41] Question: What is the status of the Lehigh JV? - The plant is performing better, but Texas remains a challenged market due to pricing and demand pressures [31] Question: What are the expectations for capital expenditures? - Capital spending expectations were adjusted due to timing of large projects, with a focus on prioritizing sustaining capital [46]

Core Insights - Murphy Oil Corporation experienced a pivotal year in 2025, marked by strong exploration momentum and operational execution, achieving significant well performance in both onshore and offshore assets [2][3][8] Financial Performance - In 2025, the company averaged production of 182 thousand barrels of oil equivalent per day (MBOEPD), an increase from 177 MBOEPD in 2024, generating $1.2 billion in cash from continuing operations and approximately $300 million in free cash flow [3][19] - The company returned $286 million to shareholders through dividends and share buybacks, with a lease operating expense per barrel of oil equivalent (LOE/BOE) of $10.89, a 20% reduction from the previous year [3][19] - For the fourth quarter of 2025, production averaged 181 MBOEPD, with realized oil prices at $59.21 per barrel, down $6.97 from the third quarter, while realized natural gas prices increased by 56% to $2.34 per thousand cubic feet (MCF) [10][19] Operational Highlights - The company set records for the longest laterals in its US onshore program and achieved a 7% year-over-year reduction in drilling costs per well [4][5] - In Vietnam, the Hai Su Vang (Golden Sea Lion) appraisal well was successful, indicating potential for significant resource growth, with first oil expected in the fourth quarter of 2026 [7][15] - The Gulf of America saw the completion of the 2025 workover program, and the acquisition of the Pioneer FPSO is expected to enhance the economics of the Chinook 8 development well [6][10] Capital Expenditures and Investments - Capital expenditures for the fourth quarter were $341 million, lower than the guidance of $392 million, with full-year CAPEX at $1.157 billion, aligning with the lower end of the guidance range [13][22] - The company plans to allocate approximately 75% of its 2026 capital budget to development, with a projected CAPEX range of $1.2 billion to $1.3 billion [22] Future Outlook - Production is anticipated to decrease to 171 MBOEPD in 2026, primarily due to lower natural gas volumes at Tupper Montney, but the company expects to generate over 35% more cash flow from this asset compared to 2025 [23] - The company is optimistic about its exploration and appraisal activities, with plans to drill additional appraisal wells in Vietnam and continue exploration in Côte d'Ivoire [24][18]

Core Viewpoint - Orrstown Financial Services reported record annual net income for 2025, highlighting strong profitability and growth in fee income, while managing margin pressures from recent interest rate cuts [4][5][7]. Financial Performance - The company achieved a net income of $80.9 million for 2025, equating to $4.18 per diluted share, with a return on average equity of 14.76% and return on average assets of 1.49% [4][7]. - In the fourth quarter, net income was $21.5 million, or $1.11 per diluted share, with non-interest income representing 22% of operating revenue [3][4]. Interest Margin and Projections - The fourth-quarter net interest margin was reported at 4.00%, down from 4.11% in the previous quarter, attributed to lower purchase accounting accretion and reduced interest income from variable-rate loans [2][4]. - Management projects a net interest margin for 2026 in the range of 3.90% to 4.00%, with expectations for funding costs to begin declining in the first quarter of 2026 [1][6][8]. Fee Income and Growth Strategies - Fee income totaled $52.3 million, representing 21% of operating income, with a focus on expanding wealth management services [6][9]. - The company reported an increase in fourth-quarter fee income to $14.4 million from $13.4 million in the third quarter, driven by wealth management income and swap fees [9][11]. Loan and Deposit Trends - Orrstown experienced 4% loan growth in the fourth quarter, with management optimistic about achieving 5% or better growth in 2026 [13]. - Deposits were relatively flat, with a slight decline of $5 million, and the cost of deposits was reported at 1.98% for the quarter [14]. Credit Quality and Capital Position - Credit quality remained strong, with a provision expense of $0.1 million and net charge-offs of $0.5 million, while the allowance for credit losses ended at 1.19% of loans [15]. - The company announced a quarterly dividend increase to $0.30 per share, marking a 50% increase since the merger date [16]. Capital Management and Investments - The company repositioned its securities portfolio, purchasing $125 million of agency mortgage-backed securities, aimed at addressing asset sensitivity [17]. - Capital ratios increased quarter over quarter, and the bank remains well-capitalized, with ongoing monitoring of share repurchase opportunities [18].

Financial Data and Key Metrics Changes - Fourth quarter net income was $102 million or $1.13 per share, while excluding special items, it was $209 million or $2.32 per share, compared to $222 million or $2.47 per share in Q4 2024 [3][4] - Fourth quarter net sales increased to $2.4 billion in 2025 from $2.1 billion in 2024, and total company EBITDA, excluding special items, rose to $486 million from $439 million [4][5] - For the full year 2025, net sales were $9 billion, up from $8.4 billion in 2024, and EBITDA increased to $1.86 billion from $1.64 billion [5] Business Line Data and Key Metrics Changes - In the packaging segment, Q4 EBITDA, excluding special items, was $476 million with sales of $2.2 billion, resulting in a margin of 21.7%, compared to last year's EBITDA of $426 million and sales of $2 billion [7] - For the full year 2025, packaging segment EBITDA was $1.83 billion with sales of $8.3 billion, a margin of 22.1%, compared to $1.6 billion and $7.7 billion in 2024 [8] - The paper segment's Q4 EBITDA, excluding special items, was $37 million with sales of $154 million, a margin of 24.2%, compared to $39 million and $151 million in Q4 2024 [17][18] Market Data and Key Metrics Changes - Domestic containerboard and corrugated products prices were $0.50 per share above Q4 2024 but down $0.32 per share compared to Q3 2025 [11] - Export containerboard prices were flat year-over-year and down $0.01 from Q3 2025, with export sales volume up 12,000 tons from Q3 2025 but down 15,000 tons from Q4 2024 [11] - Legacy box plant shipments were down 1.7% compared to last year's record Q4, but overall shipments for 2025 were flat with 2024 [12] Company Strategy and Development Direction - The company is focused on integrating the acquired Greif operations and improving operational efficiency, with plans for gas turbine energy projects to enhance energy independence and reduce costs [10][23] - The company aims to maintain a balanced approach to capital allocation, investing in growth while returning value to shareholders through dividends and buybacks [24] - The company is optimistic about demand trends heading into 2026, with expectations for year-over-year growth in corrugated volume and strong shipment volume from acquired plants [24] Management's Comments on Operating Environment and Future Outlook - Management noted that operational performance was strong across the mill system, and they expect to operate at full capacity with improved cost structures from the Wallula restructuring [9][26] - The company anticipates challenges from rising costs in labor, energy, and materials, but expects to benefit from price increases in containerboard starting March [25][26] - Management expressed confidence in the underlying demand trends, citing improvements in consumer sentiment and GDP growth as positive indicators for future performance [53][65] Other Important Information - Cash provided by operations reached a record $443 million in Q4, with free cash flow of $124 million after capital expenditures of $319 million [19] - The company ended the year with a cash balance of $668 million and liquidity of about $1.25 billion, with planned capital expenditures for 2026 estimated between $840 million and $870 million [20] Q&A Session Summary Question: What is the expected increase in cost per ton in the containerboard business? - Management indicated uncertainty due to seasonal weather impacts and inflationary concerns but noted a potential increase of about $10 per ton [30][36] Question: How are winter storms impacting operations and guidance? - Management reported that winter storms caused some plants to be down, affecting shipments, but they are assessing the situation and expect to recover [32][34] Question: What is the status of the Greif acquisition and its impact on operations? - Management confirmed that they are discontinuing Greif's previous purchase commitments and are focused on integrating the acquired assets for improved operational efficiency [49][43] Question: How does the current demand environment compare to last year? - Management noted a more positive sentiment across the customer base, with improved visibility and predictability in demand compared to the previous year [72][73] Question: Are the recent price increases reflected in the Q1 guidance? - Management stated that the $70 per ton price increase effective March 1 is partially included in the Q1 guidance, but not the full benefit [56]