Core Insights - Fitch Ratings assessed large European composite insurers as having 'Strong' to 'Very Strong' profitability, supported by diversified earnings sources that provide stability through cycles [1] Group 1: Financial Performance - Financial performance improved in 2024, driven by a favorable market environment in life insurance and improved pricing relative to inflation in non-life [2] - On average, non-life combined ratios were stable, with a consistent contribution from natural catastrophe losses [2] Group 2: Capital Position - Insurers maintain very strong capital positions, with all having very strong Solvency II or Swiss Solvency Test ratios at end-2024 and end-H1'25 [3] - Strong earnings and positive market effects offset higher capital repatriation to shareholders for most companies [3] - Fitch scored the peers as 'Extremely Strong' or 'Very Strong' on its Prism Global model at end-2024, supported by sustained operating capital generation, although Generali's score fell marginally to 'Strong' [3] Group 3: Financial Leverage - Financial leverage ratios ranged from 17% to 25% at end-2024, with expectations for stability or slight decline by end-2025 as companies do not plan to increase leverage [4] Group 4: Company Profiles - Company profile scores for large European composite insurers were either 'aa+' or 'aa', reflecting leading franchises in core markets, large operating scale, and extensive diversification by geography and business line [5] Group 5: Asset Management - The insurers' asset allocation is considered conservative, with high credit quality fixed-income securities accounting for most invested assets [5] - The agency views the peers' asset/liability management as disciplined and sophisticated, with reduced interest rate risk exposure in life portfolios [6] - Non-life reserving practices are considered prudent, with favorable prior-year reserve developments for at least the past three years [6] Group 6: Insurance Financial Strength Ratings - For Insurance Financial Strength ratings, AXA, Allianz, and Zurich are rated AA with a stable outlook; Aviva and Generali are rated A- with a stable outlook; MAPFRE is rated A+ with a positive outlook [7]

The New York City Marathon is this Sunday. That race attracts athletes from all over the world and CEOs from major brands because of its prestige and global appeal. Joining us right now is one of those CEOs who are flocking here to New York City this weekend.Dan Sheridan is Brooks running CEO and Dan, thanks for coming in. >> Thanks for having me. It's nice to be in New York. >> It's great to have you here.Now, you guys are not an official sponsor of the New York City Marathon. Uh but you do have a lot of p ...

Core Insights - Idorsia Ltd reports strong financial results for the first nine months of 2025, driven by significant sales growth of QUVIVIQ and reduced operating expenses, positioning the company towards profitability by the end of 2027 [2][3][12] Financial Performance - Net revenue for the first nine months of 2025 reached CHF 173 million, a substantial increase from CHF 53 million in the same period of 2024, primarily due to QUVIVIQ sales [10] - Operating expenses decreased to CHF 162 million in 2025 from CHF 211 million in 2024, reflecting a disciplined approach to cost management [11] - The company achieved an operating income of CHF 23 million in the first nine months of 2025, compared to an operating loss of CHF 154 million in the same period of 2024 [10] Product Performance - QUVIVIQ global net sales increased by over 130% year-on-year to CHF 91 million in the first nine months of 2025, with sales in Europe reaching CHF 73 million [7][8] - TRYVIO, a new hypertension therapy, is gaining traction, being the first systemic hypertension therapy to target a new pathway in over 30 years and included in the ACC/AHA Hypertension Management guidelines [8] Research and Development - The pediatric study for daridorexant is on track to complete recruitment by year-end 2025, with results expected in Q2 2026 [6] - Ongoing development of chemokine receptor antagonists and a synthetic glycan vaccine platform is progressing, with several studies expected to begin in the coming years [12] Financial Guidance - Idorsia reaffirms its sales guidance for QUVIVIQ at around CHF 130 million for 2025, with expectations of continued growth and disciplined expense management [20] - The company anticipates a non-GAAP operating loss of around CHF 175 million for the Idorsia-led business in 2025 [20]

Core Insights - CoStar Group's stock experienced a significant decline of nearly 10% following the release of its quarterly earnings, despite the S&P 500 index remaining flat on the same day [1] Financial Performance - For Q3, CoStar reported revenue of $834 million, reflecting a robust year-over-year increase of 20%, driven by a 92% rise in net new bookings to $84 million [2] - The company's net income, calculated on a non-GAAP basis, increased by 10% to $97 million, translating to an adjusted earnings per share of $0.23 [3] - Analysts had anticipated a higher adjusted net profit of $0.18 per share, although CoStar exceeded the consensus revenue estimate of slightly over $812 million [4] Future Guidance - CoStar's guidance for adjusted net income for the full year 2025 is projected between $0.82 and $0.84 per share, aligning with the analyst consensus of $0.82 [5] - The revenue forecast for 2025 is set at $3.23 billion to $3.24 billion, slightly above the collective analyst estimate of just below $3.23 billion [5] - The company has raised its guidance for adjusted EBITDA for the full year to a range of $415 million to $425 million, marking an increase of $40 million at the midpoint [6] Market Sentiment - Despite posting double-digit increases in key financial metrics, market professionals had expected higher profitability from CoStar [8]

Core Viewpoint - Carvana's stock has surged in 2023 due to accelerated profitability and scale, following a six-quarter streak of positive net income and record Q2 performance. The focus now is on whether Carvana can sustain this growth as it normalizes [1]. Financial Performance - Q2 was described as "another exciting quarter," with Carvana becoming the fastest-growing and most profitable automotive retailer in the U.S., achieving a 41% unit increase and a 10.6% GAAP operating margin. Adjusted EBITDA reached $601 million with 12.4% margins and an 85% conversion to operating income, indicating structural leverage [2]. - For Q3 2025, revenue is estimated at $5.10 billion, with normalized EPS at $1.32, reflecting a year-over-year sales growth of 39.4%. For FY 2025, revenue is projected at $19.08 billion, increasing to $24.11 billion in FY 2026 [2]. Key Areas to Watch 1. **ADESA Integration and Reconditioning Leverage**: Carvana has integrated 12 ADESA locations, reducing transport miles by approximately 20% and expanding capacity for future growth. These sites are considered "CapEx light" and are essential for achieving long-term goals of 3 million annual units and 13.5% EBITDA margins [3]. 2. **Per-Unit Economics and Margin Quality**: Retail gross profit per unit increased by about $200 in Q2 due to lower reconditioning and transport costs, as well as tariff-related benefits. Investors will monitor if these gains continue or normalize with changing macro conditions [4]. 3. **Advertising and Brand Investment**: Carvana increased ad spending by $12 million sequentially in Q2 and plans a larger increase in Q3, aiming to establish a foundation for long-term growth. Analysts will look for return on investment signals from these initiatives [5]. 4. **Finance Platform and Loan Performance**: Carvana's integrated finance operation is a competitive advantage, with strong data-driven credit models and expanding loan buyer pools that reduce funding costs. Investors will pay attention to trends in delinquency and cost of funds [6]. 5. **Unit Growth Trajectory Toward 3 Million Goal**: Management aims to reach 3 million cars per year within 5–10 years, implying a compound annual growth rate (CAGR) of 20–40% for unit growth. The acceleration or moderation of Q3 volumes will influence market reactions [7].

Core Insights - Carnival reported strong Q3 fiscal 2025 results, with adjusted earnings and revenues exceeding estimates and showing year-over-year growth [2][4] - The company raised its full-year fiscal 2025 adjusted net income guidance for the third consecutive quarter, driven by stronger net yields and effective cost management [3][11] - Carnival's stock has seen an upward trend in estimates revision since the earnings release, indicating positive investor sentiment [12][14] Financial Performance - Adjusted EPS for Q3 was $1.43, surpassing the Zacks Consensus Estimate of $1.32 by 8.3%, and up from $1.27 in the prior year [4] - Total revenues reached $8.15 billion, beating the consensus mark of $8.07 billion by 1% and increasing 3.3% year over year [4] - Adjusted net income for the quarter was $1.98 billion, a 13.2% increase from $1.75 billion in the previous year [6] Revenue Breakdown - Passenger ticket revenues amounted to $5.43 billion, up from $5.24 billion in the prior-year quarter [5] - Onboard and other revenues increased to $2.72 billion from $2.66 billion reported in the year-ago quarter [5] Balance Sheet and Liquidity - As of August 31, 2025, cash and cash equivalents were $1.76 billion, up from $1.21 billion as of November 30, 2024 [7] - Total debt decreased to $26.5 billion from $27.48 billion as of November 30, 2024 [7] Booking Trends - Carnival has experienced strong booking momentum since May, with volumes exceeding last year and outpacing capacity growth [8] - Nearly half of fiscal 2026 is already booked at historical high prices, indicating strong demand [9] Future Outlook - For Q4 fiscal 2025, Carnival expects adjusted EBITDA of approximately $1.34 billion and adjusted net income of about $300 million [10] - The company anticipates adjusted EBITDA for fiscal 2025 to be around $7.05 billion, reflecting over 15% growth year over year [11] - The stock has a Zacks Rank 1 (Strong Buy), suggesting an expectation of above-average returns in the coming months [14]

Core Viewpoint - GRAB stock has seen a 24% increase year-to-date, driven by optimism regarding profitability, fintech expansion, and recovery in Southeast Asia's ride-hailing and delivery sectors [1][6] Financial Performance - GRAB's revenues increased by 17% from $2.5 billion to $2.9 billion over the past year, with quarterly revenues rising by 18.4% to $773 million [13] - The company reported an operating income of $13 million, resulting in an operating margin of 0.4% [13] - GRAB achieved a net income of nearly $23 million, indicating a net margin of around 0.8% [13] - The company has a cash flow margin of 32.1%, producing approximately $936 million in operating cash flow [13] - As of the latest quarter, GRAB's debt stood at $385 million, with a market cap of $24 billion, leading to a debt-to-equity ratio of 1.6% [13] - Cash and cash equivalents amount to $5.9 billion out of total assets of $9.6 billion, resulting in a cash-to-assets ratio of 61.0% [13] Market Position and Competition - Competition in the mobility and delivery segments remains intense, with rivals like Gojek and Foodpanda employing aggressive pricing strategies [4] - The fintech segment faces regulatory and credit-quality challenges, which may hinder margin expansion [4] Valuation and Growth - GRAB's valuation is considered very high compared to the broader market [7] - The company has experienced an average top-line growth rate of 71.1% over the last three years [7] Stock Performance History - GRAB stock has decreased by 86.5% from a high of $17.06 in November 2021 to $2.31 in October 2022, while the S&P 500 saw a peak-to-trough drop of 25.4% during the same period [14] - The stock has not yet returned to its pre-crisis high, with a recent peak of $6.45 in September 2025 and current trading at $5.94 [14]

Financial Data and Key Metrics Changes - The company reported $14 million year-to-date and ended the quarter with $21 million of net debt, indicating a healthy leverage position of just under half a turn on a trailing twelve-month EBITDA basis [1] - The company added approximately $160 million in new awards and change orders during the quarter, resulting in a backlog of $679 million at quarter-end [1] Segment Results and Key Metrics Changes - Marine revenues increased by approximately 2% year-over-year and 6% sequentially to $143 million, with adjusted EBITDA growing over 50% to $18 million, representing a 12% margin compared to 7% in the same quarter of the previous year [2] - Concrete revenues decreased by 5% year-over-year but increased by 17% sequentially to $82 million, with adjusted EBITDA showing a loss of $4 million compared to a profit of $4 million in the previous year [2][3] Market Data and Key Metrics Changes - The company has a robust pipeline with over $1 billion in awards or projects awaiting decisions, which has remained consistent around $1.2 billion throughout the year [8] - Data centers represent about 27% of the concrete business revenue for the quarter, indicating steady activity in this segment [10] Company Strategy and Development Direction - The company is focused on expanding its bonding capacity to bid on larger projects, facilitating growth opportunities in the coming years [35] - The management emphasized that the business is multifaceted, with ongoing projects outside of the Pacific region, including significant work in Texas and South Carolina [46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to finish the year strong and highlighted the potential for growth in 2026 and beyond [4] - There have been no significant policy-related shifts affecting the company, although some private sector project movements have occurred due to uncertainties [16][17] Other Important Information - The company expects to use proceeds from the East West Jones property sale, which generated over $22 million, to pay down debt and for general corporate purposes [1] - Full-year 2025 guidance has been updated, with revenue expectations increased to $825 million to $860 million and adjusted EBITDA guidance raised to $44 million to $46 million [3] Q&A Session Summary Question: Can you discuss the pipeline and opportunity size? - Management noted that the pipeline has been consistent, with a strong outlook for next year and significant opportunities for 2026 [7][8] Question: Update on the Deschutes Estuary project? - The project is awarded but not yet booked, expected to start about a year from now [9] Question: Details on the data center opportunity? - Data centers account for 27% of the concrete revenue for the quarter, with ongoing bidding activity [10] Question: Anticipated profitability mix in the backlog? - Management expects concrete to remain profitable, despite previous year comparisons being less favorable [15] Question: Impact of policy changes on major projects? - No significant movements related to policy changes have been observed, although some private sector projects have been affected [16] Question: Thoughts on elevated SG&A expenses? - The increase is attributed to investments in business expansion and some lumpiness in employee costs [25] Question: Expectations for cash flow in the fourth quarter? - The company anticipates good cash flow from the East West Jones sale and has not seen a slowdown in cash collection [26][27] Question: Present value of the dredged spoils agreement? - Details on the agreement will be kept confidential for competitive reasons [34] Question: Increase in project size for data centers? - There has been a notable increase in the size of project opportunities for data centers compared to two or three years ago [36] Question: Long-term vision and demand for marine services? - Management remains confident in the long-term vision and growth opportunities, despite some delays in larger contract opportunities [44][45]

Core Insights - Sensata Technologies is a significant player in the Zacks Instruments - Control industry, providing sensors and controls for automotive, industrial, and aerospace applications, and has consistently met market expectations despite competition [1] Financial Performance - For Q3 2025, Sensata reported an EPS of $0.89, exceeding the estimated $0.85 by 4.71%, and improved from $0.86 in the same quarter last year [2][6] - The company's revenue reached $932 million, surpassing the estimated $921 million, although it reflects a 5.2% decline from $983 million in the previous year, still exceeding the Zacks Consensus Estimate of $915 million by 1.86% [3][6] Financial Health - Sensata's current ratio is 2.71, indicating a strong ability to cover short-term liabilities, while its debt-to-equity ratio stands at 1.11, suggesting a moderate level of debt [4][6] Valuation Metrics - The company has a P/E ratio of 40.51, a price-to-sales ratio of 1.20, an enterprise value to sales ratio of 1.87, and an enterprise value to operating cash flow ratio of 12.44, with an earnings yield of 2.47% [5]

RT ARK Funds (@ARK_Funds)In China, ride-hailing costs average less than $1 per mile versus about $2 in the US. And yet, ARK sees the US as a more profitable early market. @TashaARK, CFA explains why in the Q3 webinar.Watch: https://t.co/MZzCcqAss7 https://t.co/ONZZlx87zH ...