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].

Core Insights - Rogers Communications (RCI) reported Q2 2025 adjusted earnings of 82 cents per share, exceeding the Zacks Consensus Estimate by 2.5% but down 3.5% year over year [1][7] - Total revenues reached $3.77 billion, missing the consensus mark by 0.39% and reflecting a year-over-year increase of 1.3% [1][7] - The company experienced growth in service revenues across Wireless, Cable, and Media segments [7] Revenue Breakdown - Total revenues increased 2.4% year over year to C$5.22 billion, driven by growth in Wireless, Cable, and Media services [2] - Wireless revenues accounted for 48.7% of total revenues, increasing 3% year over year to C$2.54 billion, with service revenues rising 0.6% to C$2 billion [3] - Cable revenues, representing 37.7% of total revenues, grew 0.2% year over year to C$1.97 billion, while equipment revenues decreased significantly by 56.3% to C$7 million [5] - Media revenues, making up 15.5% of total revenues, increased 9.8% year over year to C$808 million [8] Subscriber Metrics - As of June 30, 2025, the prepaid mobile phone subscriber base increased by 92K to 1.16 million, with a monthly churn rate of 3.23% [3] - The postpaid wireless subscriber base reached 10.91 million, with net additions of 312K subscribers year over year and a churn rate of 1.0% [4] - Retail Internet subscribers totaled nearly 4.446 million, reflecting a net increase of 232K subscribers year over year [5] - Smart Home Monitoring subscribers reached 141K, an increase of 40K, while Home Phone subscribers decreased by 111K to nearly 1.45 million [6] Financial Performance - Adjusted EBITDA rose 1.6% year over year to C$2.36 billion, with a margin contraction of 40 basis points to 45.3% [9] - Free cash flow surged 38.9% year over year to C$925 million, driven by increased adjusted EBITDA and lower capital intensity [12] - Operating expenses increased 3.1% to C$2.85 billion, with a slight increase in operating costs as a percentage of revenues [9] Balance Sheet and Cash Flow - As of June 30, 2025, RCI had C$11.8 billion in available liquidity, including C$7 billion in cash and cash equivalents [10] - The debt leverage ratio was 3.6 times, nearing pre-Shaw acquisition levels, indicating accelerated deleveraging progress [11] - Cash flow from operating activities was C$1.60 billion, an increase of 8.4% year over year [11] Guidance - For 2025, RCI expects total service revenues to grow between 3% and 5%, with adjusted EBITDA growth projected between 0% and 3% [13]

Financial Data and Key Metrics Changes - Kaiser Aluminum reported second quarter conversion revenue of $374 million, an increase of approximately $5 million or 1% compared to the prior year period [12] - Adjusted EBITDA for the second quarter was $68 million, down approximately $6 million from the prior year period [18] - Reported net income for the second quarter was $23 million or $1.41 net income per diluted share, compared to net income of $19 million or $1.15 net income per diluted share in the prior year quarter [17] - Free cash flow for full year 2025 is now projected to be between $50 million and $70 million, revised down from an initial expectation of $100 million [20] Business Line Data and Key Metrics Changes - Aerospace and high strength conversion revenue totaled $127 million, down $6 million or approximately 5%, primarily due to a 4% decline in shipments [12] - Packaging conversion revenue totaled $130 million, up $11 million or approximately 9% year over year, despite a 3% decline in shipments [13] - General engineering conversion revenue for the second quarter was $86 million, up $3 million or 3% year over year on a 5% increase in shipments [13] - Automotive conversion revenue of $32 million declined 4% year over year on a 15% decrease in shipments [14] Market Data and Key Metrics Changes - Demand for aerospace and high strength applications, including business jet, defense, and space, remained strong despite a decline in commercial aircraft OEM production patterns [12][13] - Broader market factors, including reshoring opportunities, continue to create a favorable operating environment in the general engineering end market [13] - North American demand for packaging far exceeds available supply, expected to continue beyond 2025 [24] Company Strategy and Development Direction - Kaiser Aluminum is focused on long-term goals to achieve mid to high 20% EBITDA margins, with expectations for continued progress as demand cycles advance [6] - Investments in Trentwood and Warrick rolling mills are seen as foundational for margin expansion, with completion of the Trentwood Phase seven investment expected in the fourth quarter [9] - The company is committed to quality and maintaining its position as North America's leading coated supplier for aluminum packaging solutions [10] Management's Comments on Operating Environment and Future Outlook - Management noted that customer sentiment was impacted by tariff-related uncertainty, particularly in the automotive segment, but conditions improved late in the second quarter [7] - The broader policy and geopolitical landscape remains fluid, introducing volatility in ordering patterns [8] - The outlook for total conversion revenue for 2025 remains unchanged at a 5% to 10% year-over-year improvement, with a raised full-year EBITDA outlook of 10% to 15% growth [29] Other Important Information - The company finalized a key multiyear packaging customer contract for coated products, reflecting customer confidence and market strength [11] - Total cash as of June 30, 2025, was approximately $13 million, with a strong liquidity position of approximately $538 million [19] Q&A Session Summary Question: What is driving the delay in the commissioning of the packaging line? - The delay is attributed to typical startup issues with complex equipment, with multiple coatings being qualified simultaneously [33] Question: When do you foresee the destocking in aerospace inventory coming to an end? - The destocking is expected to dissipate by the end of the year, with a healthier supply chain anticipated in 2026 [40] Question: How should we think about the cadence of EBITDA in the back half of the year? - The second half is expected to align with previous predictions, with a slight decline in aerospace but an increase in packaging offsetting it [42] Question: How exposed is the company to specific defense programs? - The company is well-positioned across various platforms, maintaining a consistent supply to multiple defense programs [56]

Plexus (PLXS) Q3 2025 Earnings Call July 24, 2025 08:30 AM ET Company ParticipantsShawn Harrison - Vice President of Communications & Investor RelationsTodd Kelsey - President and Chief Executive OfficerOliver Mihm - Executive VP & COOPatrick Jermain - Executive VP & CFOJacob Moore - Equity Research AssociateConference Call ParticipantsDavid Williams - Equity Research AnalystJames Ricchiuti - Senior AnalystAnja Soderstrom - Financial Analyst, Equity Research - Small-Mid Cap Technology SectorOperatorLadies a ...

Financial Data and Key Metrics Changes - The company reported an adjusted pretax profit of $869 million for Q2 2025, with earnings per share of $0.95, which is at the high end of the guidance provided earlier [6][20] - Total revenue for Q2 was $14.4 billion, reflecting a year-over-year increase of 0.4% [20] - The operating margin for Q2 was approximately 8%, with an EBITDAR margin of 14.2%, a decline of 1.5% year-over-year [20][21] - Free cash flow for Q2 was $791 million, contributing to a total of $2.5 billion in the first half of the year [22] Business Line Data and Key Metrics Changes - Long-haul international PRASM increased by 5% for Atlantic routes and approximately 1% for Pacific routes, while domestic unit revenue decreased by approximately 6% year-over-year [8][9] - Managed business revenue grew by 10% year-over-year, outperforming broader industry growth [10] - Active Advantage members increased by 7% year-to-date, with premium cabin unit revenue performing four points better than the main cabin [11] Market Data and Key Metrics Changes - Domestic unit revenue is expected to remain lower year-over-year in Q3, with July anticipated to be the low point [9][24] - The company expects capacity to increase by 2% to 3% year-over-year in Q3, with domestic capacity up approximately 5% during the July peak [24] Company Strategy and Development Direction - The company is focused on enhancing customer experience, operational excellence, and driving efficiencies [7][12] - Plans to expand premium seating and improve the customer experience through new lounge openings and enhanced in-flight services [13][15] - The company aims to restore its historical share of indirect channel revenue by the end of 2025, which could represent $1.5 billion in revenue [60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term initiatives and the ability to recover from current challenges, including weather disruptions and operational issues [26][27] - The company anticipates sequential improvement in revenue performance as demand strengthens in the latter half of the year [24][41] Other Important Information - The company raised $1 billion through a loyalty term loan financing, reducing net debt to $29 billion, the lowest level since Q3 2015 [22] - The company is on track to take delivery of 50 new aircraft this year, with total CapEx expected to be between $3.5 billion and $4 billion [23] Q&A Session Summary Question: Percentage of American flights operating at a loss - Management stated that they do not base operations on competitors' perceptions and highlighted their strong hub and spoke network [32][34] Question: Domestic performance outlook for Q3 - Management indicated that July would be challenging, but they expect sequential improvement in August and September [40][41] Question: Capacity and unit costs outlook - Management confirmed that unit costs are expected to remain in line with previous guidance, with a focus on efficiency initiatives [49][50] Question: Indirect revenue share recovery - Management confirmed plans to restore indirect channel share by the end of 2025, which could lead to significant revenue increases [60] Question: Customer experience improvements - Management emphasized measuring improvements through Net Promoter Scores and revenue performance, with ongoing investments in premium services [83][86]

2 Commercial update Sales and distribution progress American Airlines Group Inc. SECONER IAL July 24, 2025 2023 2024 2025 YTD Q2 +7% YTD % contribution to premium revenue ~77%1 ~74% ~75% +18% YTD Q2 2025 Q3 2025E Q2 2024 Q3 2024 Q4 2024 Q1 2025 Historical Share ~ (2%) (3% Initial Expectation (5%) (7%) (9%) (10%) (11%) Indirect Channel Flown Revenue Performance¹ 1. Indirect revenue channels contributed over $14B in annual revenue in 2023. Q3 2025E based on current expectations Source: Internal data Revenue s ...

Financial Performance - Net sales for Q2 2025 reached $3.66 billion, marking a 5.0% increase from Q1 2025 and a 0.5% increase year-over-year [2][5] - Non-GAAP gross profit margin was reported at 29.9%, slightly up from 29.7% in Q1 2025 [7] - Pretax income increased by 16% from Q1 2025 to $304.3 million, while net income attributable to Reliance was $233.7 million, up 17% year-over-year [2][34] - Earnings per share (EPS) for Q2 2025 was $4.42, an 18% increase from Q1 2025 [2][34] Sales and Market Dynamics - The company sold a record 1,615.0 thousand tons in Q2 2025, a 4.0% increase year-over-year, despite a 0.9% decline from Q1 2025 [5][9] - Average selling price per ton sold increased by 6.1% compared to Q1 2025, exceeding the company's guidance [6][7] - Demand for non-residential construction, the largest end market, improved, and is expected to remain healthy in Q3 2025 [10] Cash Flow and Capital Allocation - Cash flow from operations was $229.0 million in Q2 2025, reflecting a significant increase of 255% from Q1 2025 [16] - The company repurchased $79.9 million of common stock in Q2 2025, with a total of $143.0 million returned to shareholders through dividends and share repurchases [18][17] Business Outlook - Reliance anticipates a seasonal decline in tons sold of 1.0% to 3.0% in Q3 2025 compared to Q2 2025, but an increase of 3.0% to 5.0% compared to Q3 2024 [19] - The company expects average selling prices in Q3 2025 to remain stable, with potential fluctuations in carbon steel and aluminum prices [19]

Core Insights - Texas Instruments Incorporated (TI) reported second quarter revenue of $4.45 billion, net income of $1.30 billion, and earnings per share of $1.41, which included a 2-cent benefit not in the original guidance [1][2] - Revenue increased by 16% year-over-year and 9% sequentially, driven by a broad recovery in the industrial sector [6] - The company generated free cash flow of $555 million for the quarter, representing 10.6% of revenue, and $1.8 billion for the trailing 12 months [2][6] Financial Performance - Revenue for Q2 2025 was $4,448 million, up from $3,822 million in Q2 2024, marking a 16% increase [2] - Operating profit rose to $1,563 million, a 25% increase from $1,248 million in the same quarter last year [2] - Net income increased by 15% to $1,295 million compared to $1,127 million in Q2 2024 [2] Cash Flow and Returns - Cash flow from operations for the trailing 12 months was $6,439 million, with free cash flow at $1,763 million [2][6] - Total cash returned to shareholders was $1,537 million, which includes $1,235 million in dividends and $302 million in stock repurchases, reflecting a 38% increase from the previous year [3][6] - The company invested $3.9 billion in R&D and SG&A and $4.9 billion in capital expenditures over the past 12 months [6] Segment Performance - Analog segment revenue was $3,452 million, up 18% from $2,928 million in Q2 2024, with operating profit increasing by 27% [12] - Embedded Processing segment revenue rose by 10% to $679 million, with operating profit growing by 6% [12] - Other segment revenue increased by 14% to $317 million, with operating profit up by 26% [12] Outlook - TI's third quarter outlook anticipates revenue between $4.45 billion and $4.80 billion and earnings per share between $1.36 and $1.60, excluding impacts from recent U.S. tax legislation [6]

Group 1 - Alliance Global Partners has cut its price target for Tilray Brands (TLRY) stock by 25%, from $1 to $0.75 per share, citing softness in international cannabis and alcohol sales [1][3] - Despite the price target cut, Tilray's stock price increased by 15.8% as of 2:05 p.m. ET on Tuesday, indicating an unexpected investor reaction [1][3] - Tilray generates 25% of its revenue and 40% of its gross profit from alcoholic beverages, which is significant for its overall financial performance [3] Group 2 - Tilray has not reported a profit since 2018 and has never generated positive free cash flow (FCF) [4][5] - Analysts do not expect Tilray to become profitable before 2029, although there are forecasts for positive FCF in 2026 [5] - Given the company's historical performance, there is skepticism regarding its ability to achieve positive FCF in the near future, leading to a recommendation to sell the stock [5]

Core Viewpoint - Lockheed Martin has faced significant challenges in its latest quarter, resulting in cost overruns and write-offs that led to disappointing earnings and a decline in stock value [1][3][4]. Financial Performance - Lockheed Martin reported earnings of $1.46 per share on revenue of $18.2 billion, missing Wall Street's expectations of $6.52 per share and $18.6 billion in revenue [4]. - The quarterly results included $1.6 billion in program losses, with $950 million attributed to a classified aerospace project. Without these charges, earnings would have been $7.29 per share [4]. - Free cash flow was negative, with the company using $150 million in cash instead of the anticipated $1.2 billion in positive free cash flow due to slower-than-expected F-35 deliveries [5]. Market Position and Future Outlook - Lockheed Martin has been shut out of recent high-profile contracts, including a new fighter jet program awarded to Boeing, contributing to a 14% decline in stock value from its peak this year [3]. - The company's book-to-bill ratio was low at 0.8x, indicating that none of its four segments booked more business than they billed out during the quarter [6]. - Despite current challenges, Lockheed Martin is expected to find new opportunities over time, with investors currently receiving a 3% dividend yield as the company navigates these headwinds [7].