Financial Data and Key Metrics Changes - First quarter revenues were $244.5 million, up 5% sequentially from Q4 and 21% year-over-year [5][20] - Gross margin for Q1 was 12.4%, an increase of 40 basis points from Q4 but below the forecast of 14.5% [20] - Operating income for Q1 was $6.6 million, with net interest expense at $1.6 million and non-GAAP net income tax expense at $600,000 [20] Business Line Data and Key Metrics Changes - The company acknowledged challenges in transitioning from externally sourced products to internally manufactured products, impacting gross margins [6][20] - A new contract in the commercial space market led to higher costs and revenue push-outs due to redesign requirements [9] - The decision to exit the refurbishment business in Scotland had a slight negative impact on both revenue and gross margin [9] Market Data and Key Metrics Changes - The overall customer demand environment has remained consistent, with expectations for modest growth in wafer fab equipment (WFE) for 2025 [5] - Specific markets such as silicon carbide applications have weakened, affecting OEM customers differently [15] Company Strategy and Development Direction - The company aims to increase the use of proprietary, internally sourced components to drive gross margin expansion [10][17] - By the end of 2025, the company expects to have all four major customers qualified on all three major product families [12] - Planned capital expenditures for 2025 are expected to be around 4% of revenue, higher than the historical average of 2% [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strategy despite recent challenges, indicating that improvements in gross margins are expected as internal supply ramps up [18] - The company anticipates Q2 revenues between $225 million and $245 million, reflecting a slight decrease in visibility compared to previous guidance [15][22] - Management noted that geopolitical uncertainties and tariff impacts could affect future demand but did not foresee significant demand erosion [91] Other Important Information - The company is working to mitigate the impact of tariffs on gross margins and is collaborating with customers to manage costs [40][41] - The exit from the refurbishment business in Scotland was primarily due to declining demand, with an estimated annual revenue loss of around $10 million [99] Q&A Session Summary Question: Change in revenue outlook for the year - Management indicated that the softer outlook is primarily due to a slowdown in the lithography business and challenges in the non-semi business [26][28] Question: Execution on gross margin internalization - Management estimated that they achieved about 75% to 80% of their internal sourcing goals in Q1, with ongoing improvements expected [30][32] Question: Impact of tariffs on customers - Management noted that while some customers are pushing costs down, the company is working collaboratively to manage tariff impacts [40][41] Question: Confidence in second half growth - Management expressed confidence in continued strength in DRAM and NAND investments, with expectations for growth in the second half [46][91] Question: Disconnect with largest customer's guidance - Management clarified that they do not see significant disconnects in outlooks, with expectations for semi business to strengthen in the second half [54] Question: Clarification on severance costs - The majority of severance costs were related to exiting the Scotland operation, with some smaller reductions also accounted for [65]

Financial Data and Key Metrics Changes - First quarter revenues were $244.5 million, up 5% sequentially from Q4 and 21% year-over-year [5][20] - Gross margin for Q1 was 12.4%, an increase of 40 basis points from Q4 but below the forecast of 14.5% [20] - Operating income for Q1 was $6.6 million, with a net interest expense of $1.6 million and a non-GAAP net income tax expense of $600,000 [20] - Free cash flow was $500,000 after generating $19 million in cash flow from operations and deducting $18.5 million in capital expenditures [21] Business Line Data and Key Metrics Changes - The company acknowledged challenges in transitioning from externally supplied products to internally manufactured products, impacting gross margins [6][20] - A new contract in the commercial space market led to higher costs and revenue push-outs due to redesign requirements [9] - The decision to exit the refurbishment business in Scotland had a slight negative impact on both revenue and gross margin [9] Market Data and Key Metrics Changes - The overall customer demand environment has remained consistent, with expectations for modest growth in wafer fab equipment (WFE) for 2025 [5] - The company expects revenue growth to outperform overall WFE growth in 2025 [5] - Specific markets such as silicon carbide applications have weakened, affecting OEM customers differently [14] Company Strategy and Development Direction - The company aims to increase the use of proprietary, internally sourced components to drive gross margin expansion [10] - By the end of 2025, the company expects to have all four major customers qualified on all three major product families: valves, fittings, and substrates [12] - Planned capital expenditures for 2025 are expected to be around 4% of revenue, higher than the historical average of 2% [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand for products and qualifications, despite challenges in aligning supply with demand [60] - The company is working to mitigate the impact of tariffs on gross margins and is optimistic about collaboration with customers [42] - Visibility for the second half of the year is less certain, but management believes the business will be relatively evenly weighted between the first and second halves of 2025 [15] Other Important Information - The company is facing complexities due to recent tariff announcements, particularly affecting steel and aluminum imports [12][13] - The exit from the refurbishment business in Scotland was primarily due to declining demand, resulting in a loss of approximately $10 million in annual revenue [96] Q&A Session Summary Question: Change in revenue outlook for the year - Management noted that the lithography business is softer, primarily due to the exit from Scotland, while NAND investment continues [27][29] Question: Gross margins and tariff impacts - Management indicated that they executed about 75% to 80% of their internal sourcing goals, with ongoing improvements expected [32] Question: Customer behavior regarding tariffs - Management stated that customers are collaborating to address tariff impacts, with some costs being passed through [42] Question: Confidence in second half growth - Management expressed confidence in continued strength in DRAM and NAND upgrades, with expectations for growth in the second half [46] Question: Disconnect with largest customer guidance - Management believes there are natural offsets in the market, and they do not see significant disconnects from customer forecasts [54] Question: Impact of exiting Scotland operations - The exit from Scotland was primarily responsible for severance costs, with the majority of the impact coming from that decision [65] Question: Monitoring steps for gross margins - Management acknowledged the need for better forecasting and alignment between supply and demand, with plans for deeper organizational oversight [72] Question: Long-term view on internal sourcing - Management maintains a positive long-term view on incremental margins from internal sourcing, with ongoing improvements expected [82]

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share of $1.20, with a neutralized increase of approximately 5% over the prior year period when accounting for currency effects and tax [4][15] - Reported sales decreased by 3%, with core sales remaining flat compared to the prior year period [14][20] - Adjusted EBITDA increased by 3% to $183 million, with adjusted EBITDA margins expanding by 120 basis points to 20.7% [14][22] Business Line Data and Key Metrics Changes - Pharma segment's core sales increased by 3%, with prescription core sales up 10% driven by strong demand for emergency medicines and therapeutics [17] - Consumer Healthcare core sales decreased by 10% due to softer demand for nasal decongestants and cough medicines [17] - Injectables core sales decreased by 8% due to tough comparisons from the prior year [18] - Active Materials Science solutions saw an 11% increase in core sales driven by demand for diabetes and probiotic solutions [18] - Beauty segment's core sales decreased by 3%, with prestige fragrance sales declining significantly [19] - Closures segment's core sales decreased by 2%, with product sales growth offset by lower tooling sales [20] Market Data and Key Metrics Changes - The U.S. market showed signs of inventory normalization, while other regions have not yet experienced similar trends [6][36] - The company noted a robust order book for injectables in 2025, indicating strong demand from GLP-1 and Biologics [7] Company Strategy and Development Direction - The company is focused on long-term growth driven by macro trends such as healthcare decentralization and the growth of generic medicines [6][7] - The company is ramping up share repurchases, having repurchased over $80 million worth of shares in the first quarter [13] - The company aims to leverage its global footprint and local supply chain structure to adapt to changing market conditions and tariff impacts [29][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth prospects despite current economic uncertainties, highlighting resilience in essential product categories [28][114] - The company anticipates a strong second quarter with positive contributions from all segments, particularly Pharma and Beauty [30][31] - Management acknowledged the challenges posed by inventory levels and destocking cycles but remains optimistic about future demand [36][38] Other Important Information - The effective tax rate for the first quarter was 25.8%, reflecting the impact of a temporary surtax in France [15] - The company ended the quarter with a cash balance of $126 million and a net debt of $870 million, maintaining a leverage ratio of 1.16 [24] Q&A Session Summary Question: Can you provide more color on order patterns and inventory levels? - Management noted that while U.S. inventories have normalized, other regions have not yet seen similar trends, and they expect another quarter of destocking [36][38] Question: What is the impact of GLP-1s on injectables? - There is strong demand for GLP-1s, and the company is ramping up capabilities to meet this demand [40] Question: What is the outlook for the Prestige fragrance market? - Management indicated that the decline in Prestige fragrance sales is primarily due to lower sales in Europe, but they expect improvements in the coming quarters [56][60] Question: How are tariffs affecting the business? - The company is monitoring the tariff situation closely, expecting limited net effects, and is passing on costs where necessary [26][86] Question: What is the outlook for tooling activity? - Management indicated that tooling activity is on the rise as customers seek to differentiate their products [109]

Financial Data and Key Metrics Changes - The company reported a 3.7% increase in revenue year-on-year for Q1 2025, driven by strong performance in the HVAC segment and recent acquisitions [8][13] - Adjusted EBITDA grew by 12% year-on-year, with a margin expansion of 150 basis points [6][8] - Adjusted EPS increased by 10% to $1.38 for the quarter [13][17] Segment Performance Changes - In the HVAC segment, revenues grew by 6.8% year-on-year, with organic growth of 4.4% driven by the heating platform [13][14] - The Infection and Measurement segment saw a 2% decline in revenues year-on-year, with organic revenue down 6.9%, partially offset by a 5.2% increase from the acquisition of KTS [15][16] - Segment backlog for HVAC was $451 million, up approximately 3% from Q4, while the Infection and Measurement segment backlog was $346 million, up 56% sequentially [14][16] Market Data and Key Metrics Changes - The company noted a healthy backlog for highly engineered solutions in the HVAC segment, with positive sentiment regarding data center opportunities in 2025 and 2026 [21][22] - Demand in the Detection and Measurement segment remains steady, with regional variations noted, particularly stronger in the U.S. compared to Europe and Asia [42][44] Company Strategy and Industry Competition - The acquisition of Sigma and Omega is expected to enhance the value provided to HVAC customers and position the company for future growth [10][22] - The company aims to leverage its business system to manage tariff impacts and maintain strong margin performance [8][9] - The company believes it is less cyclical than most industrial tech companies due to diverse end market drivers and a high level of replacement revenue [20][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the updated full-year guidance, anticipating adjusted EBITDA growth of 15% at the midpoint [7][22] - The company is well-positioned to navigate macroeconomic uncertainties and adapt to rapid changes in the environment [22] - Management highlighted strong demand in the HVAC segment, particularly in data centers, and noted that replacement sales are critical and resilient [20][38] Other Important Information - The company ended Q1 with cash of $182 million and total debt of $960 million, resulting in a leverage ratio of approximately 1.6 times [16] - Adjusted free cash flow for Q1 was approximately $36 million [17] Q&A Session Summary Question: What are the assumptions regarding gross and net tariff impact for the year? - Management indicated a tariff impact of approximately $0.08 to $0.12 on adjusted EPS, with a gross cost of around $20 million offset by price increases of about $14 million [28][29] Question: How does the Sigma and Omega acquisition fit into growth rates and EBITDA margins? - Management expressed strong confidence in the acquisition, noting it complements existing products and has synergy opportunities for growth, with expected revenues of $65 million for Sigma and Omega [30][31] Question: What is the outlook for order rates and demand amid tariff-related uncertainty? - Management reported no significant changes in demand, with a balanced performance across HVAC segments and strong activity in data centers [37][38] Question: Can you provide insights on Ingenia's revenue projections and multi-year growth visibility? - Management projected Ingenia's revenue capacity to reach $140 million by the end of the year, with high demand for its unique value proposition [48][50] Question: How does the acquisition of Sigma and Omega affect total addressable market (TAM)? - Management noted that while the TAM for Sigma and Omega is smaller than cooling towers, it still meaningfully expands the company's market opportunities [52][53]

Financial Performance - Revenues for 1Q25 were $1410 million, compared to $1470 million in 1Q24[8] - Net loss attributable to Huntsman Corporation was $5 million in 1Q25, compared to a net loss of $37 million in 1Q24[8] - Adjusted net loss was $19 million in 1Q25, compared to $11 million in 1Q24[8] - Adjusted EBITDA was $72 million in 1Q25, compared to $81 million in 1Q24[8] - Free cash flow from continuing operations was negative $107 million in 1Q25, compared to negative $105 million in 1Q24[8] Segment Performance - **Polyurethanes:** Revenues were $912 million in 1Q25, a decrease from $926 million in 1Q24; Adjusted EBITDA margin increased to 4% from 5%[10, 12] - **Performance Products:** Revenues were $257 million in 1Q25, a decrease from $291 million in 1Q24; Adjusted EBITDA margin decreased to 12% from 14%[19, 21] - **Advanced Materials:** Revenues were $249 million in 1Q25, a decrease from $261 million in 1Q24; Adjusted EBITDA margin decreased to 14% from 16%[28, 30] Outlook - Second quarter 2025 adjusted EBITDA is estimated to be between $35 million and $50 million for Polyurethanes[17, 50] - Second quarter 2025 adjusted EBITDA is estimated to be between $30 million and $40 million for Performance Products[26, 50] - Second quarter 2025 adjusted EBITDA is estimated to be between $35 million and $40 million for Advanced Materials[35, 50]

Financial Data and Key Metrics Changes - Total Q1 revenue was $280 million, up 3% sequentially, with adjusted EBITDA of $94 million, an increase of 1.2% sequentially [9][11] - GAAP net income for Q1 was $54 million, down from $57 million in the previous quarter, primarily due to professional fees incurred at corporate [12] - Adjusted net income and earnings per share were $59 million and $0.73 per share, respectively, compared to $57 million and $0.71 per share in the fourth quarter [12] Business Line Data and Key Metrics Changes - Pressure Control segment revenues were $190 million, up 7.7% sequentially, driven by customer drilling efficiencies [9][10] - Spoolable Technologies segment revenues were $93 million, down 3.6% sequentially due to lower domestic customer activity, partially offset by increased international shipments [10][11] - Operating income for Pressure Control increased by $3.5 million or 6.9% sequentially, while Spoolable Technologies saw a decrease of $1.6 million or 6.5% sequentially [10] Market Data and Key Metrics Changes - International sales in the Spoolable Technologies segment increased by 30% quarter over quarter, driven by robust demand in Canada [22] - The company expects U.S. land drilling activity to decline slightly in the second quarter, with approximately 30 fewer land rigs operating than at the end of Q1 [20] Company Strategy and Development Direction - The company is focused on mitigating tariff impacts by increasing alternative sourcing and ramping up production from its Vietnam facility [16][17] - There is a commitment to international expansion, although no specific updates were provided during the call [26] - The company plans to reduce full-year 2025 net CapEx outlook to a range of $40 million to $50 million while maintaining critical investments [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining profitability despite macroeconomic uncertainties and tariff impacts [27] - The company anticipates a decline in pressure control revenue in Q2 but expects spoolable technologies revenue to increase due to seasonal expansion [20][21] - Management noted that downturns historically create opportunities for new customer acquisition and that they are already seeing such opportunities [90] Other Important Information - The company paid a quarterly dividend of $0.13 per share, resulting in a cash outflow of approximately $11 million [13] - The cash balance at the end of the quarter was $348 million, reflecting a sequential increase of approximately $5 million [13] Q&A Session Summary Question: Transition to Vietnam and cost advantages - Management clarified that Bossier City is not a low-cost operation but offers fast turnaround and robust manufacturing, protecting market share [30] Question: Customer behavior regarding tariffs - Management confirmed that customers have requested to pull forward purchases, but these requests have been denied to maintain fairness among all customers [39] Question: Customer loyalty during downturns - Management indicated that major customers are sticking with the company, emphasizing the importance of supply chain sustainability [42] Question: M&A opportunities in the current environment - Management noted that private equity firms are willing to sell oil field service investments at attractive prices, but the focus remains on the current industry [46] Question: Impact of tariffs on margins - Management acknowledged that there will be some margin compression in the second half of the year due to tariffs, but diversification efforts will help mitigate impacts [68] Question: Ongoing Section 232 investigation - Management expressed that the U.S. lacks adequate steelmaking capacity, which could lead to inflationary pressures [81]

Financial Performance - Harley-Davidson's diluted EPS was $1.07[6], a decrease of 38% year-over-year[12] - HDMC revenue decreased by 27% year-over-year to $1,082 million[6, 12], primarily due to a planned decrease in motorcycle shipments[6] - HDMC operating income margin was 10.8%[6, 12], a decrease from 16.2% in Q1 2024[21, 22] - HDFS operating income margin increased to 26.1%[6, 12], with operating income of $64 million, a 19% increase year-over-year[12, 27] - LiveWire revenue decreased by 42% to $3 million[12, 31], with a 72% decrease in motorcycle units sold (33 units)[31] Retail Sales and Market Share - Global motorcycle retail sales decreased by 21% year-over-year[6, 13], driven by a volatile macro environment and consumer uncertainty[6] - North America retail sales decreased by 24%[13] - Asia Pacific retail sales decreased by 28%[13] - Harley-Davidson's U.S market share was 36% for new 601+CC motorcycles[13] Capital Allocation - The company repurchased $87 million of shares (3.4 million shares) on a discretionary basis[6, 35] - The company has repurchased 10.5 million shares on a discretionary basis or $337 million of HOG stock towards the $1 billion target[38] Tariffs - The net new 2025 tariff headwind is estimated at $130 - $175 million[26]

Q1 2025 Financial Performance - Sales increased by 1.7% to $4.306 billion, with a 3.3% increase on a daily basis[23] - Diluted EPS increased by 2.5% to $9.86[23] - Gross profit margin increased by 30 bps to 39.7%[23] - Operating margin decreased by 20 bps to 15.6%[23] Segment Performance - High-Touch Solutions N A sales decreased by 0.2% to $3.397 billion, but increased 1.3% on a daily basis[28] - Endless Assortment sales increased by 10.3% to $828 million, with a 15.3% increase on a daily, constant currency basis[36] - Zoro's daily sales grew by 18.4%[36] Full Year 2025 Guidance - The company reaffirmed its full-year sales guidance of $17.6 billion to $18.1 billion, representing a 2.7% to 5.2% increase[51] - The company expects daily, constant currency sales growth of 4.0% to 6.5%[51] - The company expects diluted EPS of $39.00 to $41.50, representing flat to 6.5% growth[51]

Financial Data and Key Metrics Changes - Teleflex reported revenues of $700.7 million for Q1 2025, a decrease of 5% year over year on a GAAP basis and a decline of 3.8% on an adjusted constant currency basis, which was within the guidance range of -3% to -4% [5][6] - Adjusted earnings per share (EPS) for the first quarter was $2.91, reflecting a 9.3% decrease year over year [5][26] - Adjusted gross margin was 60.4%, a 70 basis point decrease compared to the prior year, primarily due to cost inflation and unfavorable product mix [23] - Adjusted operating margin was 24.7%, a decline of 190 basis points year over year [23] Business Line Data and Key Metrics Changes - **Americas Revenues**: $475.7 million, a 3.2% decrease year over year, impacted by OEM declines and challenges in the UroLift office site [6] - **EMEA Revenues**: $151.2 million, down 2.8% year over year, with strong performance in Surgical and Vascular Access offset by anesthesia [7] - **Asia Revenues**: $73.8 million, a 9.7% decrease year over year, in line with expectations due to volume-based procurement in China [7][8] - **Vascular Access**: Revenue increased 1.9% year over year to $182.4 million, driven by growth in PICCs [8] - **Interventional**: Revenue was $137.5 million, an increase of 3.2% year over year, led by growth in complex catheters [9] - **Anesthesia**: Revenue decreased 8.6% year over year to $86.6 million, with growth in endotracheal tubes offset by tough comps [11] - **Surgical**: Revenue increased 2% year over year to $105.8 million, with solid underlying trends [12] - **OEM Revenue**: Decreased 26.8% year over year to $63.9 million, impacted by a lost customer contract [12] Market Data and Key Metrics Changes - The company experienced softness in orders in EMEA during Q1, which has since recovered in April [5] - The China business is expected to see sequential quarterly revenue improvement through the remainder of 2025 [8] Company Strategy and Development Direction - Teleflex announced plans to separate into two independent publicly traded companies to enhance shareholder value, with significant inbound interest in acquiring NewCo [18][19] - The acquisition of BioTronix Vascular Intervention business is on track to close by the end of Q3 2025, expected to enhance Teleflex's portfolio in the cath lab [20][21] Management's Comments on Operating Environment and Future Outlook - Management noted that the first quarter evolved largely as expected, with specific headwinds anticipated to be transitory [35] - The company expects to return to growth and create shareholder value despite current challenges, including tariffs and customer contract losses [35][36] - Adjusted EPS guidance for 2025 has been revised to a range of $13.2 to $13.6, reflecting headwinds from tariffs and other factors [31] Other Important Information - The company is actively exploring strategies to mitigate tariff exposure, including optimizing the supply chain and increasing the mix of USMCA compliant products [31][32] - The total addressable global market for treating coronary vessel perforation is estimated to exceed $80 million, highlighting growth opportunities in the vascular intervention space [21] Q&A Session Summary Question: Has there been any incremental demand on the OEM side of the business? - Management noted a pickup in demand within the OEM business, with order rates improving as the quarter progressed [43][44] Question: Can you provide more details on the $55 million tariff impact? - The $55 million figure reflects current tariffs and does not include mitigation strategies. Management is exploring various strategies to mitigate the impact [48][52] Question: Is there significant interest in NewCo? - There is a healthy mix of interest from both strategic and private equity firms, with a focus on maximizing shareholder value [73][87] Question: How is the interventional urology business performing? - The interventional urology business is performing in line with expectations, with strong growth in the Palette product [100][101]

Financial Data and Key Metrics Changes - The company reported first quarter sales of over $1,100,000,000, with organic revenue down approximately 3% year-over-year [6][17] - Adjusted EBITDA margins were 18.2%, and adjusted earnings per share were $1.4, both lower than the previous year due to reduced volumes and higher manufacturing costs [7][17] - Free cash flow increased compared to the prior year, contributing to a solid balance sheet [9] Business Line Data and Key Metrics Changes - Engineered Bearings sales were $761,000,000, down 5.2% from last year, with organic sales down 2.8% due to lower demand in Europe and The Americas [25][26] - Industrial Motion sales were $380,000,000, down around 2%, with organic sales declining 3.8% as lower demand was partially offset by higher pricing [28][29] Market Data and Key Metrics Changes - In Asia Pacific, sales increased by 10%, driven by growth in renewable energy demand, particularly in China [19] - The Americas saw a decline of about 4%, with significant drops in the auto truck and off-highway sectors [19] - EMEA experienced an 11% decrease due to ongoing industrial softness in Western Europe [20] Company Strategy and Development Direction - The company is focused on maintaining profitable growth and operational excellence while navigating a challenging industrial market [12][14] - A comprehensive review of the automotive OE business is underway, targeting a significant portion of this segment to enhance margins by 2026 and 2027 [15][61] - The company aims to deliver $75,000,000 in cost savings for 2025 to offset inflation in labor and other input costs [34] Management's Comments on Operating Environment and Future Outlook - Management noted that industrial market conditions are expected to remain challenging throughout the year, with no significant changes in demand observed [9][10] - The company is actively monitoring the tariff situation and plans to pass costs into the market through repricing [10][11] - There is confidence in the ability to mitigate the impact of tariffs and recover margins over time [11][38] Other Important Information - The company is committed to generating strong cash flow and enhancing profitability through disciplined capital allocation [14][15] - The transition in leadership is not expected to alter the strategic direction, with continuity in the management team [86][88] Q&A Session Summary Question: Guidance update regarding pricing and volume assumptions - Management indicated that pricing is expected to improve slightly due to tariffs, while volume is anticipated to decline, particularly in Industrial Motion [44][45] Question: Trends in renewable energy demand, especially in China - Management expressed positive surprise regarding renewable energy demand in Q1, expecting mid-single-digit growth for the full year [47][48] Question: Impact of tariffs on customer demand - Management stated there was no significant evidence of customers pulling forward demand due to tariffs [54][55] Question: Actions in the automotive OE business - The focus is on light vehicles and OEMs, with plans to exit a significant portion of the automotive OE business to improve margins [57][61] Question: Pricing strategies relative to competitors - Management noted that competitors are also raising prices, and the company is positioned to pass through costs effectively [66][68] Question: Future pricing expectations for raw materials - Management indicated that higher pricing for raw materials is likely to persist into 2026 due to limited capacity in the U.S. market [96][98]