Financial Data and Key Metrics Changes - Non-GAAP EPS increased nearly 20% year over year, reaching $0.44 per share [5][8] - Revenue growth returned in both segments, with Workplace Furnishings revenue slightly increasing and Residential Building Products revenue growing 7% year over year [8][10] - Consolidated non-GAAP gross and operating margins expanded year over year, with non-GAAP operating margin at the highest first quarter level since 2007 [8][9] Business Line Data and Key Metrics Changes - Workplace Furnishings segment saw a slight revenue increase, but non-GAAP EBIT margin compressed by 20 basis points year over year due to a different mix of business [9][10] - Residential Building Products revenue increased 7% year over year, with remodel retrofit business growing 13% and operating profit growing 16% [11][12] Market Data and Key Metrics Changes - Contract customer revenue increased 4% year over year, while shipments to small and medium-sized businesses (SMB) declined approximately 5% [9][10] - Orders in the Residential Building Products segment increased 8% year over year, with remodel retrofit orders up double digits [15][16] Company Strategy and Development Direction - The company remains focused on investing to drive revenue growth and expanding margins, with a cautious yet confident outlook for 2025 [6][32] - Continued investment in new product development and strengthening relationships with builders is emphasized to enhance market position [22][23] Management's Comments on Operating Environment and Future Outlook - Management acknowledges heightened macroeconomic uncertainty but expresses confidence in strategies and customer commitment to long-term investments [13][38] - The company expects continued earnings improvement driven by margin expansion and revenue growth, despite potential demand volatility [12][23] Other Important Information - The company maintains a strong balance sheet and cash flow generation, with a gross debt leverage ratio of 1.3 times [30][31] - Ongoing initiatives in Mexico and KII synergies are expected to contribute an additional $0.70 to $0.80 of EPS through 2026 [23][24] Q&A Session Summary Question: What was the SMB order number this last quarter? - SMB orders were slightly down 5% for Q1 [36] Question: Are there any changes in order patterns or buying activity due to increased uncertainty? - There is a lot of uncertainty, but the backlog looks encouraging, and customers are committed to long-term investments [38] Question: Was the hospitality business affected by tough comparisons this quarter? - Yes, it was a tough comp, and there is some volatility in demand, particularly in custom business [40] Question: Did you see any improvement in the transactional part of the SMB business in April? - Orders started to pick back up over the last five weeks, indicating resilience [47] Question: What are the end market assumptions for the second half? - Limited market help is expected, but strategic initiatives are anticipated to drive low single-digit growth [55] Question: How do you expect earnings visibility to translate into free cash flow? - Expected free cash flow from transformational efforts is projected to be $45 million to $50 million, enhancing financial flexibility [64]

Financial Performance & Outlook - The company affirmed its 2025 earnings guidance of $5.68 to $6.08 per share[9] - Q1 2025 earnings reached $68.1 million, with a diluted EPS of $1.62[10] compared to $74.3 million and $1.77 diluted EPS in Q1 2024[12] representing an 8% decrease in net income[12] - The company projects a 14.2% Return on Equity (ROE) for 2025[13] - The electric segment is expected to have 7% earnings growth in 2025[13] Electric Segment & Rate Base - A net revenue increase of $13.1 million (6.18% increase) was achieved in the North Dakota rate case, implemented in March 2025[10, 19] - The North Dakota rate case resulted in an increased ROE to 10.1% (from 9.77%) and an equity layer of 53.5% (from 52.5%)[19] - The company anticipates significant rate base growth with a Compound Annual Growth Rate (CAGR) of 9.0%[22] Manufacturing & Plastics Segments - Sales prices in the plastics segment decreased by 11% in Q1 2025, while sales volumes increased by 13%[41] - Material input costs for the plastics segment decreased by 89%[41] - The BTD Georgia facility expansion was completed in Q1 2025, with the potential to generate up to $35 million in incremental annual revenue[10, 47] Capital Investments & Financing - The company plans total capital expenditures of $278 million in 2025[63] - Long-term debt issuances for Otter Tail Power Company are projected at $100 million for 2025[65] - The company anticipates normalized plastics earnings of $45-$50 million in 2028[70]

Core Viewpoint - Viavi Solutions Inc. reported strong third-quarter fiscal 2025 results, with revenues and net income exceeding expectations, driven by growth in the Network Enablement and Service Enablement segments, although macroeconomic challenges pose concerns for future spending [1][2]. Financial Performance - Net income on a GAAP basis was $19.5 million or 9 cents per share, a significant improvement from a net loss of $24.6 million or 11 cents per share in the prior year [2]. - Non-GAAP net income rose to $33.9 million or 15 cents per share, up from $13.2 million or 6 cents per share year-over-year, surpassing the Zacks Consensus Estimate by 3 cents [2]. Revenue Breakdown - Quarterly revenues reached $284.8 million, reflecting a 15.8% year-over-year increase, exceeding the Zacks Consensus Estimate of $282 million [3]. - The Network Enablement segment generated $188 million in net sales, a 23.9% increase from $151.7 million in the previous year, driven by strong demand from service providers and network equipment manufacturers [3]. - Service Enablement segment revenues were $20.2 million, up 11.6% year-over-year, supported by healthy demand trends [4]. - Optical Security and Performance Products revenues slightly increased to $76.6 million from $76.2 million, primarily due to strength in anti-counterfeiting products [4]. - Revenue contributions from different regions included $108.1 million from America, $100.7 million from Asia-Pacific, and $76 million from EMEA, showing respective increases from the previous year [5]. Margins and Operating Performance - Non-GAAP gross margin improved to 60%, up 210 basis points year-over-year, with the NE segment's gross margin at 63.4%, an increase of 190 basis points [6]. - Total non-GAAP operating margin increased by 740 basis points year-over-year to 16.7%, with the NSE business operating margin rising to 10.4% [7]. Cash Flow and Liquidity - The company generated $7.8 million in cash from operating activities during the quarter, a decrease from $19.5 million in the prior year [8]. - As of March 29, 2025, Viavi had $374.2 million in cash and cash equivalents and $396.1 million in long-term debt [8]. Outlook - For the fourth quarter of fiscal 2025, management anticipates revenues between $278 million and $290 million, with non-GAAP earnings per share expected to be between 10 cents and 13 cents [10]. - Projected revenues for the NSE business are between $203 million and $213 million, while the OSP segment is expected to generate revenues between $75 million and $77 million [10].

Core Insights - Cigna Group reported first-quarter 2025 revenue of $65.45 billion, exceeding analyst estimates of $60.39 billion, with a year-over-year sales increase of 14% driven by existing client relationships and strong growth in specialty pharmacy services [1] - Adjusted earnings per share were $6.74, surpassing analysts' expectations of $6.35 [1] Revenue Breakdown - Evernorth Health Services, which includes Pharmacy Benefit and Specialty and Care Services, achieved first-quarter sales of $53.68 billion, reflecting a 16% increase [2] - Cigna Healthcare segment sales rose 9% to $14.48 billion, primarily due to premium rate increases to cover expected medical cost increases [3] Customer Metrics - Total medical customers decreased by 6% from December 31, 2024, to 18.04 million, largely due to the impact of the HCSC transaction; however, excluding this impact, customer numbers remained stable [4] - Total customer relationships reached 182.2 million as of March 31, 2025, with a 1% increase when excluding the HCSC transaction [4] - Total pharmacy customers increased by 3% to 122.3 million, attributed to new sales and expanded relationships [4] Future Outlook - Cigna anticipates fiscal 2025 adjusted income per share of $29.60, slightly up from the previous estimate of $29.50, aligning with consensus expectations [5] - Evernorth's adjusted income from operations is projected to be at least $7.2 billion, with Cigna Healthcare expected to contribute at least $4.125 billion [5] Financial Ratios - The Cigna Healthcare Medical Care Ratio (MCR) is expected to range between 83.2% to 84.2% [6] - The MCR for the first quarter of 2025 was reported at 82.2%, an increase from 79.9% a year ago, primarily due to higher stop-loss medical costs [7]

Financial Data and Key Metrics Changes - The company reported a strong core FFO growth of 4.8% in Q1 compared to the previous year, exceeding prior Q1 guidance by $0.03 [11][12] - The company reaffirmed its full-year 2025 outlook, which includes sequential internal and external growth in the second half of the year [11][12] Business Line Data and Key Metrics Changes - The company has 19 projects currently under construction with a total capital cost of $3 billion, which are match funded and expected to drive outsized earnings growth as they lease up [19][20] - The company is projecting a drop in deliveries in established regions to 80 basis points of existing stock in 2026, equating to just 45,000 units, which is the lowest level of new deliveries seen in 20 years [10][11] Market Data and Key Metrics Changes - 47% of the company's portfolio is in established regions on the East Coast, 40% on the West Coast, and 12% in expansion regions, with a significant rotation of capital to suburban areas [9][10] - The company noted that rental affordability has improved in established regions due to solid income growth, resulting in rent-to-income ratios below pre-COVID levels [10][11] Company Strategy and Development Direction - The company is focused on reshaping its portfolio to optimize future returns and is well-positioned to execute strategic initiatives across various macroeconomic scenarios [6][8] - The company aims to increase its allocation to expansion regions to 25% of its portfolio, primarily through trading older assets from established regions [33][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong balance sheet and liquidity position, which supports planned development starts and the ability to respond to market challenges [26][28] - The company is closely monitoring job market uncertainties but has not seen significant impacts on leasing velocity or pricing in key markets [15][56] Other Important Information - The company raised $890 million of equity at an average gross price of $226 per share, which is expected to be deployed into accretive development [8][26] - The company has renewed and increased its unsecured credit facility to $2.5 billion, enhancing liquidity and access to cost-effective capital [27][28] Q&A Session Summary Question: Effective rent growth has been lower than last year; what is the reason? - Management indicated that the lower rent growth is due to a combination of factors, including a stronger focus on occupancy and differences in year-over-year comparisons [30][32] Question: Will economic or policy changes affect the plan to grow expansion markets? - Management stated that the movement towards the 25% target in expansion regions is primarily through trading and is somewhat agnostic to capital market conditions [33][34] Question: What factors are monitored for development starts? - Management mentioned that each project is evaluated individually based on costs, NOI, and market conditions, with a focus on profitability [38][40] Question: What is the outlook for renewal rates and rent growth? - Management expects renewal rates to strengthen in the second half of the year, with current renewal offers in the low to mid 5% range [61][85] Question: What is driving the strong performance in Northern California? - Management highlighted return-to-office mandates, job growth, and limited supply as key factors driving performance in Northern California [98][100]

Company Overview - First Financial Corp. (THFF) is based in Terre Haute and operates in the Finance sector [3] - The stock has experienced a price change of 6.95% since the beginning of the year [3] Dividend Information - First Financial Corp. currently pays a dividend of $0.51 per share, resulting in a dividend yield of 4.13% [3] - The average dividend yield for the Banks - Midwest industry is 3.28%, while the S&P 500's yield is 1.63% [3] - The company's annualized dividend of $2.04 has increased by 51.1% compared to the previous year [4] - Over the past 5 years, First Financial Corp. has raised its dividend 4 times, averaging an annual increase of 15.55% [4] - The current payout ratio is 44%, indicating that the company pays out 44% of its trailing 12-month EPS as dividends [4] Earnings Growth - The Zacks Consensus Estimate for earnings in 2025 is $6.02 per share, reflecting an expected increase of 50.50% from the previous year [5] Investment Appeal - First Financial Corp. is considered an attractive dividend investment and a compelling opportunity, holding a Zacks Rank of 1 (Strong Buy) [7]

Core Viewpoint - Oneok is positioned as an attractive long-term investment opportunity due to its high-yielding dividend and strong earnings growth potential, with total returns averaging 13% annually over the past decade [1][2]. Financial Performance - Oneok has achieved a remarkable adjusted EBITDA growth rate of over 16% annually for 11 consecutive years, despite declines in crude oil prices during this period [3]. - The company's adjusted EBITDA is projected to increase from $5.2 billion in 2023 to over $8.2 billion in 2024, representing a nearly 60% surge [6]. Growth Drivers - The company has made significant acquisitions, including an $18.8 billion acquisition of Magellan Midstream Partners in 2023 and a $5.9 billion purchase of Medallion Midstream and a controlling interest in EnLink Midstream [5]. - Oneok expects to capture over $250 million in synergies from its acquisitions this year, with additional synergies anticipated in 2026 and 2027 [7]. Expansion Projects - Oneok is undertaking several organic expansion projects, including the expansion of its refined products system in Denver, expected to be completed by mid-2024, and a 210,000-barrel-per-day natural gas liquids fractionator in Medford, OK, set to come online in late 2026 and early 2027 [8]. - A joint venture with MPLX to build an LPG export terminal in Texas City, Texas, and a new pipeline is also in progress, with completion expected in early 2028 [9]. Dividend and Shareholder Returns - The company anticipates increasing its dividend payout by approximately 3% to 4% per year, supported by strong earnings growth from both acquisitions and organic projects [10]. - Oneok's combination of income and growth positions it as a compelling investment opportunity for those seeking both yield and capital appreciation [11].

Financial Data and Key Metrics Changes - Earnings per share (EPS) for Q1 2025 were $1.05, an increase of nearly 11% compared to $0.95 in Q1 2024, affirming the company's full-year EPS guidance of 8% growth [7][12] - Consolidated reported earnings were $1.50 per share, up $0.10 per share versus the same period in 2024, with revenues higher by $0.44 per share due to authorized rate increases and acquisitions [13][14] - Operating costs increased by $0.15 per share, primarily due to employee-related costs and acquisition-related expenses [14] Business Line Data and Key Metrics Changes - The company achieved a constructive settlement in the general rate case in Missouri, with an annualized revenue increase of $63 million expected [15] - In Virginia, a settlement approved a $15 million annualized increase in water and wastewater revenues [15] Market Data and Key Metrics Changes - The company continues to expect to grow its dividend at 7% to 9% per year, in line with its EPS growth target [11] - The total debt to capital ratio was 58%, within the target of less than 60%, with strong credit ratings affirmed by S&P and Moody's [21] Company Strategy and Development Direction - The company aims for long-term earnings and dividend growth of 7% to 9%, driven by a capital investment program targeting approximately $3.3 billion in 2025 [10][22] - The company is focused on infrastructure investments, particularly in PFAS remediation and lead service line replacement, while maintaining a strong regulatory and operational execution [22][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to execute financial and operational plans, with no expected material impact from recent tariff-related announcements [20] - The company highlighted the need for significant investments in U.S. water infrastructure, estimating a total of $625 billion over the next twenty years [29] Other Important Information - The Board approved an increase in the quarterly cash dividend from $0.765 to $0.825 per share, marking an 8.2% increase [11] - The company is well-positioned for growth through acquisitions, with approximately 37,000 customer connections under agreement [26] Q&A Session Summary Question: Thoughts on pulling forward 2026 equity issuance - Management stated there are no plans to pull forward equity issuance and will evaluate the market as needed [37] Question: Acquisition outlook under potential recession - Management expects a continuous flow of acquisition opportunities, potentially driven by recession or reduced federal funding [38] Question: Update on California rate case - Management did not disclose the percentage increase for the California rate case and confirmed a separate proceeding for cost of capital [43][44] Question: Update on California desalination project - Management confirmed that the last major permit approval was received, and they expect to break ground on the desalination project this year [49] Question: Legislative progress and opportunities - Management did not quantify the opportunities from legislative changes but noted they would help earned returns in each state [56]

Financial Data and Key Metrics Changes - The company expects EPS to decline about 30% for the first half of the year, with Q2 expected to be down less than Q1, which was down over 30% [12][13][14] - Gross margin for Q2 is expected to decrease by approximately 700 basis points, influenced by tariff components and increased SG&A expenses [14][13] Business Line Data and Key Metrics Changes - The company reported a 10% increase in its business, with a 100 basis point increase in market share, particularly in the sweets category [23] - The company anticipates low single-digit growth in everyday chocolate for the second half of the year, driven by strong innovation [35] Market Data and Key Metrics Changes - The company has seen strong growth in international markets, particularly in Brazil, where organic sales grew double digits [98] - The competitive environment in international markets has normalized, aiding the company's performance [98] Company Strategy and Development Direction - The company is focused on mitigating tariff impacts through various strategies, including lobbying and operational adjustments [10][9] - The company aims to continue growing its chocolate business while expanding into the salty snacks and sweets categories, targeting younger and more diverse demographics [79][78] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a path to earnings growth next year, despite current tariff challenges [20][21] - The company is actively monitoring consumer sentiment and adapting its strategies to maintain market share amid a weak consumer environment [31][30] Other Important Information - The company is not planning any buybacks for the year but remains open to capital allocation opportunities depending on how the year unfolds [99] - The company is investing in innovation and marketing to ensure long-term growth, particularly in the chocolate category [113][114] Q&A Session Summary Question: What is the risk of tariff expenses in Q3 and Q4? - Management indicated that unmitigated tariff impacts could reach up to $100 million per quarter, primarily from cocoa and Canadian retaliatory tariffs [8][9] Question: How should investors think about the magnitude of EPS decline in Q2? - Management expects EPS to be down about 30% for the first half, with Q2 showing a decline less than Q1 due to strong net sales [12][14] Question: What is the outlook for earnings growth next year? - Management maintains a positive outlook for earnings growth next year, despite the challenges posed by tariffs [20][21] Question: How is the company addressing consumer trends towards healthier eating? - Management noted that while consumer sentiment is weak, the chocolate category remains resilient, and they are focusing on premium and permissible products [31][30] Question: What is the competitive landscape in the U.S. chocolate market? - Management reported no significant changes in the competitive landscape, with smaller players softening and larger players increasing innovation [124] Question: How will the company approach pricing in light of cocoa prices? - Management confirmed that pricing will increase in Q2 and Q3 as part of their seasonal pricing strategy [128]

Financial Data and Key Metrics Changes - The company reported GAAP diluted EPS of $1.25 and non-GAAP diluted EPS of $1.22 for the first quarter of 2025, compared to $1.06 in the same period last year, reflecting a significant increase in earnings driven by rate recovery and colder weather [5][9][10] - The company affirmed its long-term rate base and earnings per share growth rate targets of 4% to 6% [5][20] - A dividend of $0.66 per share was declared, payable on June 30, 2025, to shareholders of record as of June 13, 2025 [5] Business Line Data and Key Metrics Changes - The Electric and Gas segments contributed strongly to the earnings, with margin improvements driven by new rates and favorable weather conditions [9][10] - New rates contributed $0.20 to margin improvement, while favorable loads added $0.13, resulting in a total margin increase [10][12] - Transition revenues contributed approximately $0.05 to the quarter's earnings [10] Market Data and Key Metrics Changes - The Montana rate review is nearing completion, with a full natural gas settlement and a partial electric settlement reached [6][19] - The average bill impact from the gas case is approximately 9%, maintaining rates below the national average [19] Company Strategy and Development Direction - The company aims to achieve greater than 6% EPS growth through opportunities with data centers and new large load opportunities, alongside FERC regional transmission and incremental generating capacity [7][20] - The company is focused on maintaining reliability and affordability for customers while supporting long-term growth [19][22] - Legislative successes include a wildfire bill providing legal protections and a transmission bill facilitating the establishment of CPCNs for large transmission projects [23][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering on earnings and rate-based growth commitments over the long term, despite not providing specific 2025 earnings guidance until the conclusion of the Montana rate review [20][21] - The first quarter performance was solid and slightly ahead of expectations, with a lower contribution anticipated from the second quarter due to the timing of rate implementations [21][22] Other Important Information - The company completed $500 million in long-term debt financing to address its financing needs for 2025 [14][15] - The company is currently at over 60% carbon-free energy in Montana and is exploring opportunities for new large load customers [31] Q&A Session Summary Question: Inquiry about tariff proceedings and data center customers - Management indicated that there are nine parties in the early stages of data center requests, with two parties (Atlas and Sabey) in the contractual estimate phase, expecting contracts by the end of Q2 or early July [42][45] Question: EPS guidance for 2025 - Management acknowledged the inquiry about 2025 guidance, indicating expectations to remain within the 4% to 6% range but noted that it may not be linear [51] Question: Changes in electric average customer counts - Management clarified that changes in customer counts were due to a new system for counting street lighting districts, with overall customer growth remaining around 1.5% [55] Question: Long-term capacity planning and Colstrip - Management confirmed that there is adequate land around Colstrip for potential future capacity, including gas or nuclear options, depending on regulatory timelines [62][66]