Financial Data and Key Metrics Changes - The company achieved 3% net sales growth and 8% growth in adjusted EBITDA for Q2 2025, despite broader economic uncertainty [5][14] - Adjusted EBITDA for the quarter increased to $226.7 million, with an adjusted EBITDA margin improvement of 60 basis points to 15.5% [18][32] - Gross profit increased by 4% to approximately $531 million, with gross margin improving by 30 basis points to 36.4% [16][29] Business Line Data and Key Metrics Changes - Organic daily sales were flat, with maintenance-related demand remaining steady, while new residential construction and repair markets were down [15][25] - Agronomic products saw a 7% increase in organic daily sales, while landscaping products decreased by 1% [27][28] - The company added two acquisitions in July, contributing approximately $41 million or 3% to net sales growth [14][29] Market Data and Key Metrics Changes - The new residential construction market, which represents 21% of sales, is expected to decline due to elevated interest rates and low consumer confidence [42][43] - The new commercial construction market, representing 14% of sales, has remained flat, although customers have smaller backlogs [43][44] - The maintenance end market, which accounts for 35% of sales, is expected to continue growing steadily [44] Company Strategy and Development Direction - The company aims to leverage its scale and resources to drive market share gains and improve operational efficiency [10][11] - The acquisition strategy focuses on filling product lines and expanding geographic reach, with a robust pipeline of potential deals [13][39] - The company is committed to improving customer excellence and sales force productivity through digital initiatives and CRM enhancements [20][21] Management's Comments on Operating Environment and Future Outlook - Management expects end market demand for landscaping products to be slightly down year-over-year in 2025, but anticipates pricing improvements [42][44] - The company is optimistic about achieving low single-digit organic daily sales growth for the remainder of the year, supported by commercial initiatives [45] - Management highlighted the importance of maintaining financial strength and flexibility to execute growth strategies in varying market conditions [36] Other Important Information - The company repurchased approximately 466,000 shares for $54.3 million in Q2 2025, marking the largest share repurchase quarter since the program's initiation [32] - Net debt at the end of the quarter was approximately $532 million, with a leverage ratio of 1.3 times trailing twelve-month adjusted EBITDA [35] Q&A Session Summary Question: Update on Pioneer integration and SG&A leverage - Management confirmed that the Pioneer integration is fully completed, and synergies are being realized, contributing to SG&A leverage improvements [50][51] Question: Share repurchase authorization and future plans - Approximately $250 million remains in share repurchase authorization, and management indicated that aggressive repurchases could continue if acquisition opportunities remain limited [54][55] Question: Outlook for adjusted EBITDA and risks - Management feels confident in meeting adjusted EBITDA guidance but noted risks related to market demand deterioration [58][59] Question: Drivers of market share gains - Key initiatives driving market share gains include digital engagement, sales force productivity, and competitive private label offerings [70][72] Question: Impact of labor scarcity on operations - Customers have managed to find labor despite challenges, and labor scarcity is not seen as a significant limiter on market demand [76][77] Question: Trends in new residential construction - The new residential construction market is experiencing a decline, particularly in high-growth areas, with expectations of low single-digit decreases [92][94] Question: Pricing and inflation outlook - Management expects pricing to be flat in Q3 and to improve by 1% to 2% in Q4, driven by tariff-related price increases in certain product categories [97][100]

Second Quarter 2025 Financial Performance - Net sales increased by 3% to $1,461.6 million compared to the second quarter of 2024[27, 28] - Gross profit increased by 4% to $531.4 million, with gross margin improving 30 basis points to 36.4%[25, 27] - Net income attributable to SiteOne increased 7% to $129.0 million[25, 27] - Adjusted EBITDA increased 8% to $226.7 million, and the margin improved 60 basis points to 15.5%[25, 27] - Acquired sales contributed $40.9 million, representing 3% to the overall growth rate[29] Balance Sheet and Cash Flow - Working capital increased to $1,061.7 million[30] - Cash provided by operating activities was $136.7 million[30] - Share repurchases amounted to $54.3 million[25, 30] - Net debt was $531.6 million, with a leverage ratio of 1.3x Net debt / Adjusted EBITDA[30] Acquisitions and Growth Strategy - The company acquired Grove Nursery and Nashville Nursery[24] - Green Trade Nursery acquisition was completed[25] - Full year Adjusted EBITDA is expected to be in the range of $400 million to $430 million[44]

July 30, 2025 Second Quarter 2025 Earnings Click Here to Edit Title Cautionary Statement Click Here to Edit Title Cautionary Statement Under the Private Securities Litigation Reform Act; Non-GAAP Measures This presentation contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements may relate to, among other things, the Company's third quarter 2025 and full year 2025 outlook including expected organic sales, expected earnings ...

Financial Data and Key Metrics Changes - The company reported second quarter revenue of $182 million, reflecting a 15% increase year-over-year, with an 11% organic growth excluding acquisitions and currency effects, and a 17% organic non-COVID growth [26][27] - Adjusted income from operations was $22 million, up 8% year-over-year, with an adjusted operating margin of 12%, down 80 basis points from the previous year [30][31] - Adjusted fully diluted earnings per share for the second quarter were $0.37, down 6% year-over-year [32] Business Line Data and Key Metrics Changes - Chromatography revenue grew over 40%, driven by large-scale column demand from Pharma and Europe, while filtration revenue grew mid-teens excluding COVID [21][22] - Capital equipment revenue returned to growth in the high teens, with orders growing over 20% [12][22] - Consumable revenue and orders, excluding proteins, grew over 20% year-over-year, marking a record revenue quarter on a non-COVID basis [11][24] Market Data and Key Metrics Changes - North America represented 49% of total revenue, Europe 38%, and Asia Pacific 13%, with all regions growing in the mid-teens [27] - Orders from China rebounded to over 40% year-over-year, indicating a significant recovery [28][58] - Emerging biotech revenue grew in the high teens, although orders remained muted [10][60] Company Strategy and Development Direction - The company aims to be the global innovation leader in bioprocessing, focusing on differentiated data-driven solutions across therapeutic modalities [15][16] - Strategic investments are being made in manufacturing labor to serve customers better and preserve lead times [9] - The company plans to double its size in the medium term with modest M&A assumptions, while maintaining profitability and driving gross margin expansion [17][37] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the business momentum, highlighting strong order trends and broad-based demand across the portfolio [8][10] - The company is focused on customer-centric innovation to enable clients to produce therapies more efficiently [10][16] - Despite macro challenges, the company believes it can deliver differentiated growth and outpace industry growth by 5% [17][73] Other Important Information - The company published its 2024 corporate sustainability report, highlighting a 25% reduction in waste generation [20] - The company has taken price actions to offset inflation, resulting in a slight benefit to 2025 revenue [19] Q&A Session Summary Question: Can you elaborate on the growth seen on the clinical trial side versus commercial campaigns? - Management noted very little pull forward in orders, except for a couple of million in China due to tariff uncertainties, and emphasized that the business is still more clinical than commercial [44][45] Question: Can you size your exposure to gene therapy? - Management indicated minimal incremental revenue expected from the gene therapy platform for the remainder of 2025, representing a 1% headwind versus prior guidance [48][49] Question: What are the trends in capital equipment and China? - Management expressed optimism about capital equipment performance, attributing it to differentiated systems and a strong funnel, while also noting a significant rebound in orders from China [56][58] Question: What is the outlook for new modalities? - Management acknowledged a muted outlook for new modalities in the second half but emphasized strong growth in other areas, compensating for the headwind from gene therapy [66][68] Question: What is the expected market growth? - Management estimates market growth to be between 8% to 12%, with confidence in achieving growth above market levels [72][74]

Financial Data and Key Metrics Changes - The company reported sales of $6.1 billion with 6% organic sales growth, benefiting from a foreign currency translation tailwind [17] - Adjusted operating profit increased by 10% year-over-year to $1.2 billion, with adjusted operating margin expanding by 130 basis points to 19.1% [18][19] - Adjusted EPS rose by 26% year-over-year to $0.92, driven by organic revenue growth and strong productivity [19][30] Business Line Data and Key Metrics Changes - The CSA segment achieved organic sales growth of 14%, with commercial sales excluding Nuresco up 45% [20] - The CSE segment saw flat organic sales growth, with residential and light commercial sales about flat, while commercial was up low single digits [22] - The CS Asia Pacific segment experienced a 4% decline in organic sales, with strong growth in Japan, India, and the Middle East offset by weakness in residential China [23] Market Data and Key Metrics Changes - Total company organic orders were down high teens, with North America residential orders down about 60% compared to the previous year [25] - The Americas had strong performance, particularly in commercial HVAC, with total global commercial HVAC sales expected to reach approximately $6.5 billion in 2025, up nearly 20% year-over-year [6][17] - The European market showed mixed results, with residential sales down but heat pump unit sales in Germany up over 50% [14] Company Strategy and Development Direction - The company aims for sustained organic growth of 6% to 8% by exceeding customer expectations through differentiated products and double-digit aftermarket growth [5] - The integration of RLC and commercial HVAC in Europe is expected to create sales and cost opportunities, leveraging each other's strengths [15] - The company is focused on building a backlog for data centers and expanding its product offerings, including new technologies and integrated solutions [6][7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving close to 20% adjusted EPS growth this year despite unforeseen headwinds [16] - The company anticipates a strong second half of the year, supported by a robust backlog in commercial and continued growth in aftermarket services [25][30] - Management noted that the residential market in North America is expected to face challenges, with volume estimates adjusted downward for the second half [41][42] Other Important Information - Free cash flow for the first half of the year was approximately $1 billion, with plans for $3 billion in share buybacks [5][28] - The company is maintaining its full-year guidance for adjusted EPS in the range of $3 to $3.1 [29] Q&A Session Summary Question: Insights on Europe and margin guidance - Management discussed synergy capture in Europe and noted that while margins were impacted by mix issues, they remain confident in achieving cost synergies [31][33] Question: Price capture beyond tariffs - The company indicated that total price capture was about two points for the overall company in Q2 and expected to remain similar for the full year [36] Question: U.S. Residential and light commercial market assumptions - Management provided insights on volume expectations, indicating a downward adjustment for the second half due to slower movement and higher inventory levels [41][42] Question: Transportation market outlook - Management noted a return to growth in North America truck and trailer, with expectations for continued recovery in the second half [113][115] Question: Update on Climate Solutions Asia Pacific - Management highlighted strong growth in Japan and India, while acknowledging ongoing challenges in the residential market in China [90][92]

Core Insights - Ameris Bancorp reported Q2 2025 results with non-GAAP earnings per share of $1.59, exceeding the consensus estimate of $1.33, while GAAP revenue of $231.8 million fell short of expectations by $65.6 million, representing a 22.0% shortfall [1][2] - The company experienced higher profitability with strong capital growth and improved efficiency metrics, despite underlying revenue softness and modest loan and deposit growth [1][5] Financial Performance - Non-GAAP EPS increased by 36.0% year-over-year from $1.17 to $1.59 [2] - Non-GAAP revenue rose to $301.3 million, a 6.1% increase from $284.1 million in Q2 2024 [2] - GAAP net income increased to $109.8 million, up 21.0% from $90.8 million in the prior-year period [5] - Return on average tangible common equity (non-GAAP) improved to 15.76%, up from 13.35% [2] Asset and Loan Growth - Total assets grew by 0.6% to $26.68 billion, with total loans increasing by $335 million to $21.04 billion [6] - The loan portfolio remains diversified, with commercial & industrial loans at $3.18 billion and commercial real estate loans at $8.88 billion [6] Revenue Generation - Net interest income increased to $232.7 million, a 9.3% year-over-year growth, with a net interest margin of 3.77% [7] - Noninterest income grew nearly 8% quarter-on-quarter to $68.9 million, driven by a rebound in mortgage banking revenue [8] Asset Quality and Credit Losses - Provision for credit losses (GAAP) significantly decreased to $2.8 million from $24.7 million a year earlier [9] - Nonperforming assets fell to 0.36% of total assets, down from 0.74% in the prior-year quarter [9] Shareholder Value and Capital Management - The company repurchased 212,472 shares and increased the quarterly dividend to $0.20 per share from $0.15 [10] - The tangible common equity (TCE) ratio (non-GAAP) improved to 11.09%, up from 9.72% a year ago [10] Strategic Focus and Outlook - Ameris Bancorp emphasizes organic growth and selective acquisitions, focusing on expanding its core banking presence in the Southeast [4] - Management anticipates mid-single-digit loan and deposit growth for 2025, with a slight adjustment in margin guidance to settle above 3.60% [11][12]

Group 1 - Heineken Holding N.V. reported a net result of €380 million for its participating interest in Heineken N.V. for the first half of 2025 [2] - The total revenue for the company reached €16,924 million, with a net revenue organic growth of 2.1% and a per hectolitre growth of 3.3% [2] - Beer volume experienced an organic decline of 1.2%, while Heineken volume saw a growth of 4.5% [2] Group 2 - Operating profit for the first half of 2025 was €1,433 million, with an organic growth of 7.4% for operating profit (beia) [2] - The outlook for the full year remains unchanged, with an expected organic growth of operating profit (beia) between 4% to 8% [2]

Financial Data and Key Metrics Changes - For Q2 2025, net income was $3,900,000 with diluted earnings per share of $0.60, an increase of nearly 28% compared to the prior year quarter [5] - Tangible book value per share increased to $16.44, up from $15.26 last year, representing a 7.7% increase [5] - Net interest income totaled $12,100,000, an increase of over 25% from $9,700,000 in the second quarter of last year [5] - Operating expenses decreased approximately 4.5% from the linked quarter [7] - Noninterest income rose 15.1% from the prior year quarter to $5,000,000 [11] Business Line Data and Key Metrics Changes - Mortgage originations for the quarter were just short of $98,000,000, reflecting a strong rebound [9] - Loan growth for the quarter was approximately $90,000,000, up 8.9% from the prior year [5] - The wealth management division faced challenges but remains a valued part of the product suite [12] - Commercial real estate loans grew by approximately $91,000,000, while consumer loans increased by over $12,000,000 [18] Market Data and Key Metrics Changes - Deposits grew by over 12% year-over-year, including Marblehead deposits of £51,000,000 [6] - Excluding Marblehead deposits, deposit growth was approximately 7.5% [14] - The loan book grew $89,000,000 or approximately 9% from the prior year [15] Company Strategy and Development Direction - The company focuses on five key initiatives: revenue diversity, organic growth, deepening client relationships, operational excellence, and top-tier asset quality [8] - The company aims to capitalize on market disruptions to drive organic growth and maintain operational efficiency [17] - The integration of the Marblehead acquisition has been successful, retaining legacy relationships and community connections [13] Management Comments on Operating Environment and Future Outlook - Management expressed optimism for the second half of 2025, anticipating positive resolutions to several nonperforming credits [30] - The company expects continued solid loan growth and stable to slightly lower funding costs, which should support margin expansion [30] - Management highlighted the potential for increased residential mortgage volume with anticipated rate reductions [30] Other Important Information - The company was added to the Russell 2000 Index during the recent rebalancing, reflecting strong financial performance [8] - The allowance for credit losses remained robust at 1.43% of total loans, providing 265% coverage of nonperforming assets [20] Q&A Session Summary Question: Mortgage outlook and potential for $300,000,000 in volume - Management remains optimistic about achieving $300,000,000 in mortgage volume, especially with strong performance in key markets like Indianapolis [36][38] Question: Gain on sale margin consistency - The gain on sale margin is expected to remain stable, projected in the range of $2.15 to $2.25 for the rest of 2025 [40] Question: Loan growth outlook and pipeline status - Management is optimistic about loan growth, with a strong pipeline and some modest payoffs noted [42][47] Question: Margin stabilization and future expectations - The margin is expected to improve slightly, potentially reaching around 3.70% [56][57] Question: Capital management and M&A considerations - The company is exploring M&A opportunities while also focusing on organic growth, with a potential slowdown in share buybacks [62][64] Question: Expense management and future run rates - Management indicated that expenses are expected to rise with increased mortgage production, but overall efficiency is improving [66][68]

Financial Data and Key Metrics Changes - In Q2 2025, the company reported revenue of $146 million, an increase of 8% year over year, and cash from operations of $36 million, both exceeding the high end of the guided range [8][14] - Earnings per share (EPS) for the quarter was $0.24, up 20% year over year [8][14] - Gross margins for the MedTech and Specialty Audio segment were 50.6%, down 280 basis points year over year, but improved 200 basis points sequentially [14][15] Business Line Data and Key Metrics Changes - MedTech and Specialty Audio revenue was $67 million, up 10% year over year, driven by increased demand in hearing health and specialty audio [9][14] - Precision Devices segment revenue was $79 million, up 6% year over year, with gross margins at 38.7%, an increase of 150 basis points from the previous year [10][16] Market Data and Key Metrics Changes - The primary end markets served, including medtech, defense, and industrial sectors, are expected to remain insulated from tariff impacts, with demand gaining strength [6][10] - Bookings trends in the Precision Device segment have shown positive growth for three consecutive quarters, indicating strong demand across various end markets [11][22] Company Strategy and Development Direction - The company is focused on leveraging unique technologies and creating custom products, aiming for organic growth acceleration in 2025 and beyond [12][13] - New product initiatives, such as the inductor line and specialty film production line, are expected to expand the total addressable market (TAM) and drive future growth [12][38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the hearing health business and the overall strength of demand across segments, anticipating year-over-year growth for the full year 2025 [10][25] - The company is closely monitoring the industrial market, which has shown sensitivity to recessions but currently exhibits stable demand [6][10] Other Important Information - The company repurchased $30 million worth of shares in Q2, funded by strong cash generation from operations [12][18] - The net leverage ratio based on trailing twelve months adjusted EBITDA was 0.7x, with liquidity exceeding $350 million [18][42] Q&A Session Summary Question: What is providing the upside in guidance? - Management noted strong bookings in the Precision Device segment, with a book-to-bill ratio above 1.15, indicating broad-based demand across medical, defense, and industrial markets [22][25] Question: Any early thoughts on Q4? - While not providing specific guidance, management expects year-over-year and sequential growth in Q4 based on strong order activity [27][28] Question: Expectations for gross margin expansion? - Management anticipates gross margins to improve by at least 100 basis points in Q3, driven by capacity utilization in high-performance products [29] Question: Insights on M&A opportunities? - The M&A pipeline remains strong, with management being disciplined in pursuing opportunities that align with corporate strategy [39][40]

Core Viewpoint - Stanley Black & Decker has announced a $0.01 increase in its quarterly cash dividend to $0.83 per share, reflecting the company's commitment to enhancing shareholder value and confidence in its long-term growth strategy [1][2]. Company Overview - Founded in 1843 and headquartered in the USA, Stanley Black & Decker is a global leader in Tools and Outdoor products, employing approximately 48,000 people and producing a wide range of innovative tools and solutions for builders, tradespeople, and DIY enthusiasts [2]. Dividend Details - The approved quarterly cash dividend of $0.83 per share will be payable on September 16, 2025, to shareholders of record as of September 2, 2025 [1].