Core Viewpoint - Whirlpool faced significant challenges in 2025, including a 30-year low in existing home sales and approximately $300 million in tariffs, but is optimistic about margin and cash flow improvements in 2026 through pricing normalization and new product launches [1][2][3][6]. Housing Market Impact - Existing home sales are crucial for appliance demand, particularly for higher-margin discretionary products, and have reached a 30-year low due to the mortgage lock-in effect and decreased consumer confidence [1]. Tariff and Pricing Environment - The company absorbed around $300 million in tariffs in 2025, which affected pricing strategies as the industry did not immediately adjust prices due to preloaded inventory and tariff uncertainties [2][6]. - Management noted a shift in industry pricing behavior late in 2025, with meaningful changes observed after mid-December, leading to a more normalized pricing environment in early 2026 [10][11]. Financial Performance in 2025 - Whirlpool reported a full-year ongoing EBIT margin of 4.7%, ongoing EPS of $6.23, and free cash flow of $78 million, impacted by tariff payments and higher inventory levels [6][8]. - Despite pressures, global organic revenues remained flat year-over-year, with market share gains in North America noted in the second half of 2025 [7]. 2026 Financial Guidance - For 2026, management anticipates approximately 5% revenue growth, ongoing EBIT margin expansion of 80-110 basis points to around 5.5%-5.8%, and free cash flow of $400-$500 million [5][13]. - The company expects full-year ongoing EPS of about $7, which includes an adjusted effective tax rate of approximately 25% [14]. Segment Performance - MDA North America reported a 2.8% EBIT margin in Q4 and approximately 5% for the full year, with margins pressured by promotions and lack of tariff-related price adjustments [15]. - MDA Latin America experienced a 2% decline in full-year net sales due to economic instability in Argentina and aggressive promotions in Brazil, but achieved a 6.2% EBIT margin [15]. - SDA Global saw about 10% net sales growth in Q4, driven by new products, with a full-year EBIT margin of 16% [15]. Capital Allocation and Debt Management - Whirlpool plans to allocate about $400 million in capital expenditures and aims to pay down at least $400 million of debt in 2026 while continuing to fund dividends [17]. - The company is evaluating options for further debt reduction, including potential asset sales [17]. Product and Operational Strategy - Whirlpool transitioned over 30% of its product portfolio to new products in 2025, enhancing its competitive position in the market [12]. - The company plans to launch approximately 100 new products in 2026, which is expected to contribute positively to margins [20].

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I am proud to say that we just had a quarter for the record books. We are reporting our best ever quarter with 143.8% billion in revenue, up 16% from a year ago and exceeding our expectations. The demand for iPhone was simply staggering with revenue growing 23% year-over-year and all-time records across every geographic segment. ...

Core Viewpoint - Thermo Fisher Scientific Inc. reported strong fourth-quarter results for 2025, exceeding earnings and sales expectations, indicating robust operational performance and strategic growth initiatives [1][2]. Financial Performance - Adjusted earnings for Q4 2025 were $6.57 per share, surpassing the consensus estimate of $6.45 [1]. - Quarterly sales reached $12.22 billion, a 7% increase year-over-year, exceeding the analyst consensus of $11.95 billion [1]. - Organic revenue growth was reported at 3% [1]. Segment Performance - Life Sciences Solutions sales increased by 13.1% to $2.95 billion [3]. - Analytical Instruments sales rose by 1.3% to $2.22 billion [3]. - Specialty Diagnostics revenues reached $1.22 billion, up 5.4% [3]. - Laboratory Products and Biopharma Services sales increased by 7.5% to $6.38 billion [3]. Future Guidance - For 2026, the company projects revenue growth between 4% and 6%, with expected revenue of $46.3 billion to $47.2 billion and organic growth of 3% to 4% [4]. - Adjusted earnings for 2026 are anticipated to be between $24.22 and $24.80 per share, reflecting a 6% to 8% increase compared to the consensus of $24.61 [5]. - The pending acquisition of Clario, valued at $8.875 billion, could contribute an additional 20 to 25 cents to earnings per share in 2026 [5]. Market Reaction - Following the earnings report, Thermo Fisher Scientific shares experienced a decline of 3.20%, trading at $588.57 [5].

Financial Data and Key Metrics Changes - The company achieved full-year EBIT of $574 million, exceeding the prior guidance of $500 million [4] - Operating revenues for Q4 reached $7.4 billion and $28 billion for the full year, marking quarterly and annual records [4] - Fourth quarter RASM was down slightly by 0.2% year-over-year, impacted by FAA-mandated schedule cuts [12] - For 2026, the company is guiding adjusted EPS of at least $4, significantly higher than the 2025 adjusted EPS of $0.93 [8][16] Business Line Data and Key Metrics Changes - Capacity grew by 5.8% year-over-year in Q4, despite a flat fleet count [12] - The company outperformed its $370 million cost reduction target for 2025 [6] - CASM ex increased by 0.8% year-over-year in Q4, despite operating less capacity than initially planned [15] Market Data and Key Metrics Changes - The company ranked number 1 in on-time performance and completion factor in December, earning recognition as The Wall Street Journal's Best US Airline of 2025 [5] - The company expects RASM to increase by at least 9.5% year-over-year in Q1, driven by yield, load factor, and loyalty programs [13] Company Strategy and Development Direction - The company is focused on transforming its business model through initiatives aimed at enhancing customer experience and operational efficiency [7] - The introduction of assigned seating and extra legroom is expected to significantly contribute to revenue growth and customer satisfaction [14] - The company plans to optimize its route network and increase its corporate customer base through product changes [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver meaningful margin expansion and strong earnings growth in 2026 [15] - The company does not anticipate a significant economic snapback or share shift in its 2026 guidance, focusing instead on existing customer base performance [84][85] - Management highlighted the importance of ongoing cost discipline and operational efficiency as key components of future success [18] Other Important Information - The company completed $2.6 billion in share buybacks in 2025, representing about 14% of shares outstanding [6] - The company ended the quarter with $3.2 billion in cash and a gross leverage ratio of 2.4 times, both within target ranges [18] Q&A Session Summary Question: How does January booked RASM compare to February? - Management indicated that bookings for new products look good, but they are not ready to provide an upper range for upside potential yet [23][24] Question: What drove the Q4 CASM performance? - Management confirmed that there was no shift out of Q4 into Q1, and the performance was due to finding efficiencies across various business areas [25][26] Question: Can you explain the load factor decline in Q4? - Management clarified that decisions were made to maximize earnings rather than focusing solely on load factor, which may appear unflattering [31] Question: Is there a risk that ancillary revenues normalize over time? - Management confirmed that initial reactions to new products are strong, and they expect continued interest as customers adapt [100] Question: What is the expectation for the Extra Legroom fee? - Management expects to see the full run rate benefit of the Extra Legroom seats in the upcoming quarters, with strong initial reactions [77] Question: How is the corporate revenue growth trend? - Corporate business is up mid-single digits, with strong bookings entering the new year, supported by new product offerings [90][92]

Core Insights - Roche Holding AG is a leading Swiss pharmaceutical company with a strong market position, reflected in its P/E ratio of 46.89 and price-to-sales ratio of 5.72 [1] - The company reported core EPS growth and anticipates high single-digit growth in core EPS for 2026, supported by a robust drug pipeline [2][4] - Roche's revenue for 2025 was CHF 61.5 billion (approximately $80 billion USD), with a 7% increase in group sales at constant exchange rates [2][4] Financial Performance - Core operating profit rose by 13%, contributing to a 58% increase in IFRS net income, aided by the base effect of impairment charges in 2024 [3] - The Pharmaceuticals Division saw a 9% rise in sales to CHF 47.7 billion, driven by demand for key products like Phesgo, Xolair, and Ocrevus [2] - Roche's sales increased by 8% in the fourth quarter of 2025, indicating continued positive momentum [2] Future Outlook - Roche projects a mid single-digit increase in group sales for 2026 and plans to increase its dividend [3][4] - The company's financial health is strong, with a debt-to-equity ratio of 1.21 and a current ratio of 1.29, indicating effective debt management and ability to cover short-term liabilities [3][4]

Financial Data and Key Metrics Changes - The company achieved a full-year EBIT of $574 million, exceeding the prior guidance of $500 million [3] - Operating revenues for Q4 reached $7.4 billion and $28 billion for the full year, marking quarterly and annual records [3] - Fourth quarter RASM was down slightly by 0.2% year-over-year, impacted by FAA-mandated schedule cuts [12] - The company is guiding for full year 2026 adjusted EPS of at least $4, significantly higher than the 2025 adjusted EPS of $0.93 [8][17] Business Line Data and Key Metrics Changes - Capacity grew by 5.8% year-over-year in Q4, despite a flat fleet count [12] - The company outperformed its cost reduction target of $370 million for 2025 [5] - The introduction of assigned seating and extra legroom offerings is expected to enhance revenue growth and customer satisfaction [13][14] Market Data and Key Metrics Changes - The company expects RASM to increase by at least 9.5% year-over-year in Q1, driven by yield, load factor, and loyalty programs [13] - Corporate revenue growth in Q4 was up mid-single digits, with strong bookings entering 2026 [88] Company Strategy and Development Direction - The company is focused on transforming its business model through various initiatives aimed at improving customer experience and operational efficiency [6][10] - There is an emphasis on growing earnings through route network optimization and appealing to business travelers with new product offerings [10] - The company plans to follow industry norms in providing guidance, stepping back from detailed specifics on initiatives [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational reliability and product changes, which are expected to drive significant earnings growth in 2026 [15][19] - The company does not anticipate a significant macroeconomic snapback or share shift in its 2026 guidance [82] Other Important Information - The company completed $2.6 billion in share buybacks in 2025, representing about 14% of shares outstanding [5] - The company ended the quarter with $3.2 billion in cash and a gross leverage ratio of 2.4 times, both within target [19] Q&A Session Questions and Answers Question: How does January booked RASM compare to February? - Management indicated that bookings for new products look good, but they are not ready to provide an upper range for upside potential yet [24] Question: What drove the Q4 CASM performance? - Management noted that there was no shift out of Q4 into Q1, and efficiencies were found across various areas of the business [26] Question: Can you help frame the load factor decline in Q4? - Management explained that decisions were made to maximize earnings rather than focus on load factor, which may appear unflattering [32] Question: Is there a risk that ancillary revenues normalize over time? - Management confirmed that the new product offerings are performing better than expected, with increased ancillary revenue observed [97]

周四，IBM(IBM.US)涨逾5%，报311.15美元。财报显示，IBM第四季度营收同比增长12%，达197亿美 元，高于预期的192亿美元；非公认会计准则下每股收益为4.52美元，超出预期0.23美元。主要得益于其 备受关注的软件部门的强劲增长。 IBM预计，在调整汇率波动因素后，2026年的营收增长将超过5%。这一预测超过了华尔街预期的 4.1%。自由现金流将达到约157亿美元，同样超过了分析师的平均预期。首席执行官Arvind Krishna在声 明中表示："我们以强劲的势头和实力进入2026年。" ...

Core Insights - Nike is currently not operating at its best, facing significant challenges despite being a leader in the global sportswear market, with shares trading 63% below their peak as of January 23 [1] Group 1: Revenue Growth - From fiscal 2019 to fiscal 2024, Nike's revenue grew at a compound annual rate of 6%, but in fiscal 2025, revenue decreased by 10% year over year; analysts expect a 1% increase in sales for fiscal 2026 [3] - North America saw a 9% increase in sales in the second quarter of 2026, while the Greater China segment experienced a 17% decline in sales last quarter [4] Group 2: Gross Margin - Nike's gross margin decreased from 43.6% in Q2 2025 to 40.6% in the most recent quarter, impacted by higher expenses due to trade policy changes, with tariffs adding $1.5 billion to product costs [5] - The company is moving away from excessive discounts and promotional activities, which is a positive trend for gross margin [5] Group 3: Demand Creation Expense - Nike remains one of the most powerful brands globally, and maintaining the brand image is crucial for the company's success [7] - The leadership team is focusing on refreshing the product lineup and rebalancing the distribution strategy, moving away from an over-reliance on e-commerce established during the COVID-19 pandemic [6]

Core Insights - Provident Financial Services Inc reported strong quarterly performance with net income increasing to $83.4 million, resulting in an earnings per share (EPS) of $0.64 and a return on average assets (ROAA) of 1.34% [1] - The company achieved a record revenue of $225.7 million for the third consecutive quarter, driven by record net interest income of $197.4 million and noninterest income of $28.3 million [1][6] Financial Performance - Net income rose to $83.4 million, translating to an EPS of $0.64 [1][6] - Revenue reached a record high of $225.7 million, supported by net interest income of $197.4 million and noninterest income of $28.3 million [1][6] - The reported net interest margin was 3.44%, which increased by 1 basis point quarter-over-quarter, while the core net interest margin expanded by 7 basis points to 3.01% [6]