Josh Brown, you have a final trade you want to give me, please. >> Think Spotify is getting overdone. I may enter.No position yet, but this is too much. >> Okay, keep an eye on that stock. Uh, which is getting hammered today down near 12%.Kevin Simpson, what you got. >> IBM, it's down post earnings. They raised fullear free cash flow, reaffirmed revenue, reasonable multiple, and almost a 4% dividend.>> All right, the linkster >> verdive electrification. That's the theme I continue to like in industrials are ...

Financial Data and Key Metrics Changes - Hubbell reported a 2% increase in sales for the quarter, reaching just under $1.5 billion, with adjusted operating profit up 8% to $362 million and adjusted earnings per share growing 11% to $4.93 [16][17][19] - Adjusted operating margin expanded by 120 basis points to 24.4% [17] - The company raised its full-year adjusted earnings per share outlook to a range of $17.65 to $18.15, reflecting a $0.30 increase at both ends of the prior outlook range [35] Business Line Data and Key Metrics Changes - In the Utility segment, sales grew 1% to $936 million, driven entirely by organic growth, with grid infrastructure showing a 7% increase [20][21] - The Electrical Solutions segment achieved 4% sales growth to $545 million, largely organic, with a small contribution from the Ventev acquisition [25] - Grid automation experienced a 13% contraction, attributed to the roll-off of large projects and a backlog created by previous supply chain issues [23][24] Market Data and Key Metrics Changes - The grid infrastructure orders were up high teens year-over-year in the first half, supporting expectations for strong organic growth in the second half [22] - Data centers are anticipated to grow by 30%, while light industrial markets remain resilient [30][64] - The telecom enclosures business has returned to growth after a period of contraction [62] Company Strategy and Development Direction - The company is focused on simplifying its business to drive productivity and operating efficiencies, aiming for long-term margin expansion [9] - Hubbell is confident in its ability to navigate macroeconomic and inflationary uncertainties, leveraging its unique positions in grid modernization and electrification [36][37] - The company continues to explore acquisition opportunities in higher growth areas such as T&D, data centers, and light industrial markets [88][89] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving positive price-cost productivity in 2025 despite raw material inflation and tariffs impacting costs [7] - The outlook for the second half of 2025 includes expectations for 4% to 6% organic growth and continued operating margin expansion [35] - Management noted that the macroeconomic environment remains dynamic, but they are well-positioned in attractive markets [9][36] Other Important Information - The transition to a unified FIFO-based inventory accounting standard is expected to provide better matching of expense and revenue recognition, particularly during inflationary periods [12][13] - The company has been proactive in managing its cost structure and pricing actions to drive continued profitable growth [9] Q&A Session Summary Question: On electrical distribution, is mid single digit growth the sustainable growth rate? - Management confirmed that mid single digit is the underlying growth rate, with improvements expected in the second half due to easier comparisons [40][41] Question: Will Aclara return to growth in the fourth quarter? - Management indicated that Aclara is expected to return to low single to mid single digit growth from a new lower base [42] Question: What is the tariff impact on results? - Management stated that they have been slightly ahead of tariffs on a price-cost basis and have managed to implement price increases effectively [43][44] Question: How is the company hedging against commodity price fluctuations? - Management explained that they use price increases as a hedge against commodity costs and feel well covered against inflation [49][50] Question: What is the outlook for operating margin expansion in the second half? - Management expects favorable mix dynamics and price realization to support margin expansion, despite some tariff costs impacting margins [72][73] Question: What is the growth trajectory for Grid Infrastructure? - Management anticipates continued strength in transmission and substation markets, with expectations for mid to high teens growth [80][81] Question: What is the status of the M&A pipeline? - Management confirmed ongoing activity in the M&A pipeline, with a focus on higher growth areas and recent small acquisitions [84][88]

Core Insights - The discussion revolves around whether QuantumScape Corporation is pursuing electrification or advancing energy storage technology [1] Group 1 - QuantumScape Corporation reported its Q2 2025 earnings, prompting discussions about its strategic direction in the energy sector [1] - The company is positioned at the intersection of electrification and energy storage, indicating potential growth opportunities in both areas [1]

Group 1: Company Overview - Hitachi Energy has announced a new deal worth up to $700 million USD with E.ON to deliver transformers for the German energy grid, aimed at enhancing energy security, resilience, and affordability [1] - The company is executing the largest investment plan in the global transformer industry, with a total of $9 billion USD to scale up manufacturing capacity worldwide [3] - Hitachi Energy employs over 2,000 people across eight locations in Germany, including three key manufacturing sites [3] Group 2: Industry Context - There is a significant global shortage of transformers, which are essential for efficient electricity transmission and distribution [3] - Following recent German elections, energy prices and reliability have become major concerns for voters, with over 70% citing rising living costs as their primary issue [2] - Electricity demand in Germany is projected to increase from 96 TWh in 2024 to 236 TWh by 2035, driven by advancements in AI, data centers, and the electrification of key industries [2] Group 3: Strategic Importance - The agreement with E.ON will allow Hitachi Energy to reserve manufacturing capacity to support the accelerated expansion and modernization of the German power grid [4] - Hitachi Energy's CEO emphasized the need for bold investments and innovations to shape future energy systems, highlighting the company's commitment to delivering critical equipment [5] - The company is recognized as a leader in high-voltage technology, with one in every four high-voltage switchgear units globally being from Hitachi Energy [5][6]

I look at small to mid-cap companies with disruptive technology. I provide competitive analysis of companies and often research the founders and their previous endeavors. I follow, investigate and report on companies that I believe have growth potential and highlight some of the ones best avoided. I invest with a two-year time frame but often keep investments for far longer.I am the third generation of investors in my family, my grandfather lost money in the 1929 stock market crash, and the oil crises of th ...

Financial Data and Key Metrics Changes - Total company revenue for the quarter was $2,500,000,000 with an Adjusted EBITDA of $509,000,000, reflecting a margin of 20.1% when excluding foreign exchange impacts [7][22] - Free cash flow generated was $261,000,000, with total shareholder distributions amounting to $271,000,000 through dividends and share buybacks [7][25] - The total company backlog increased by 5% sequentially to €16,600,000,000 [22] Business Line Data and Key Metrics Changes - In the Subsea segment, revenue was DKK2.2 billion, a 14% increase compared to the first quarter, driven by increased iEPCI project activity in the North Sea and higher installation activity in Brazil [22][23] - Surface Technologies revenue was €318,000,000, a 7% increase from the first quarter, primarily due to higher project and services activity in the Middle East [23][24] - Adjusted EBITDA for Subsea was €483,000,000, up 44% sequentially, with an EBITDA margin of 21.8% [23] Market Data and Key Metrics Changes - In North America, the company has reduced its footprint by 50% over the last three years while improving operating margins and increasing cash flow [10] - International markets now represent nearly two-thirds of Surface Technologies revenue, focusing on core markets with long-term production growth ambitions [10] - Subsea orders achieved $2,600,000,000 in the quarter, with a strong performance in Subsea Services, particularly in greenfield developments [11][12] Company Strategy and Development Direction - The company is focused on transforming its Subsea operations through new commercial models and configurable product offerings, enhancing customer relationships and technology leadership [8][20] - The strategy includes exiting unprofitable markets and consolidating facilities in North America while emphasizing operational efficiency [10] - The company aims to reach a three-year goal of $30,000,000,000 in Subsea inbound by the end of the year, supported by a robust order book [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating current market challenges and highlighted the importance of strong customer relationships and technology innovation [20] - The outlook for offshore activity remains robust, with significant project sanctioning expected in regions like Guyana and Mozambique [17][19] - The company anticipates continued strength in Subsea revenue growth and an adjusted EBITDA margin similar to the current quarter [25][27] Other Important Information - The company has increased its full-year guidance for total company adjusted EBITDA to approximately $1,800,000,000, a 30% increase compared to the prior year [28] - The company has committed to distributing at least 70% of free cash flow to shareholders, with a current distribution rate of 85% [28] Q&A Session Summary Question: Breakdown of Subsea order book composition - Management confirmed that the strong performance in Subsea Services is a result of successful market strategies and direct awards, indicating a positive trend for the business [31][32] Question: Expectations for awards in the second half - Management indicated that both the Subsea opportunities list and direct awards are expected to contribute to future awards, with confidence in maintaining a robust level of direct awards [34][36] Question: Growth trajectory for services revenue - Management confirmed that services revenue is expected to grow in line with Subsea revenue, with a strong installed base contributing to long-term sustainability [42][44] Question: Insights on brownfield and greenfield project appetite - Management noted a strong commitment to advancing both greenfield and brownfield projects, with significant capital flowing into offshore markets [51][53] Question: Emerging areas for activity outside the Golden Triangle - Management highlighted the importance of regions like East Africa and the Eastern Mediterranean, along with ongoing projects in Brazil and Guyana [61][63] Question: Competitive dynamics in the Middle East - Management emphasized the unique challenges of the Middle East market and the company's focus on technology and high-end services to maintain a competitive edge [70][72] Question: Pricing dynamics in the market - Management clarified that over 80% of their business is direct awarded, which mitigates competitive pricing pressures, focusing instead on project returns and cycle time [88][91] Question: Potential of hybrid flexible pipe technology - Management expressed optimism about the hybrid flexible pipe's applicability across various markets, emphasizing its advantages in weight and installation costs [96][98]

Financial Performance - Visteon's Q2 2025 net sales reached $969 million[4], while adjusted EBITDA stood at $134 million[4], representing a 13.8% margin[4] - Adjusted Free Cash Flow (FCF) was $67 million[4], and the company held $361 million in net cash[4] - The company is raising the midpoint of full-year sales guidance to $3775 million from $3750 million[24] - Visteon is initiating a quarterly dividend of $0.275 per share[37] Sales Performance by Region - Sales in the Americas were $328 million[8], with a growth-over-market (GoM) of (4%)[8] - European sales reached $341 million[8], achieving a GoM of 8%[8] - Rest of Asia (RoA) sales amounted to $214 million[8], also with a GoM of 8%[8] - China sales were $84 million[8], impacting Visteon's global GoM by (5%)[13] New Business Wins - Visteon secured $2 billion in new business wins[6] - Year-to-date new business wins totaled $3.9 billion[15], positioning the company to exceed its $6 billion full-year target[16] - Displays accounted for 53% of new business wins in the first half of 2025[15], while clusters represented 12%[15], and electrification & other 29%[15]

Business Overview and Strategy - Teck is focusing on metals essential for the energy transition, aiming to be a leading provider of responsibly-produced critical minerals[13, 15] - The company is balancing growth with cash returns to shareholders, focusing on core excellence, value-driven growth, and resilience[13, 15] - Teck's strategy revolves around four pillars: metals for the energy transition, core excellence, value-driven growth, and resilience[14, 15] Operational Performance and Outlook - Teck anticipates copper production to increase from 446kt in 2024 to between 470kt and 525kt in 2025[27] - The company projects a copper EBITDA margin expansion from 42% in 2024 to 52% in 2025[27] - The net cash unit cost for copper is expected to improve from $220 per pound in 2024 to between $190 and $205 per pound in 2025[27] - The company has revised its 2025 copper production guidance for Quebrada Blanca (QB) to between 210kt and 230kt, a decrease of 20kt to 40kt from the previous guidance[44] Capital Allocation and Shareholder Returns - Teck is committed to returning 30-100% of available cash flow to shareholders[19, 29] - Approximately $60 billion has been returned to shareholders since 2020, with ~$22 billion in authorized share buybacks completed from a $325 billion program (~70%)[29] - The company maintains a base dividend of $050 per share per year paid quarterly[20, 29] Growth Projects and Balance Sheet - The Highland Valley Mine Life Extension (HVC MLE) project is sanctioned, extending the mine life to 2046, with average copper production of 132ktpa over the life of mine[33, 34] - The project capital estimate at sanction for HVC MLE is between C$21 billion and C$24 billion[34] - Teck has a strong liquidity position of $48 billion as of July 23, 2025, and net debt of C$02 billion as of June 30, 2025[37]

Summary of 29Metals Limited Conference Call Company Overview - **Company**: 29Metals Limited (29M) - **Market Cap**: Approximately $400 million [3] - **Key Assets**: - Golden Grove in Western Australia (producing asset) - Capricorn Copper in Queensland (growth option) [2][14] Industry Context - **Copper Demand**: Increasing demand for copper due to global electrification and data center growth [3][4] - **Supply Constraints**: Copper supply is becoming constrained with lower grades and increased mining difficulty [4] Key Points on Golden Grove - **Production Capacity**: - 50,000 tonnes of copper equivalent per annum, with guidance for a 7% increase in copper production and a 15% increase in zinc production for 2025 [2][10] - Historical production of approximately 20,000 tonnes of copper [2] - **Ore Quality**: - Highest grade ore source (Xantho extended) has a reserve grade of just under 5% [6] - Significant investment in Xantho and upcoming Gossen Valley expected to enhance production [8][9] - **Financial Performance**: - Projected 155% increase in EBITDA and 16% increase in copper equivalent production from 2023 to 2024 [9] - Reduction in unit costs by 10% anticipated [9] - **Exploration and Growth**: - Increased exploration budget from $4 million in 2024 to $10-14 million in 2025 [12] - Focus on resource extensions and near-mine exploration [13] Key Points on Capricorn Copper - **Current Status**: Production suspended due to extreme weather in 2023; working towards a sustainable restart [14][15] - **Resource Potential**: - 64 million tonnes in mineral resources with 1.2 million tonnes of contained copper [14][18] - Historical production of $110 million and $66 million EBITDA in 2021 and 2022, respectively [15] - **Challenges and Solutions**: - Need to manage surface water and establish a long-term tailings solution for a successful restart [16][19] - Significant progress made in reducing water levels by 1.3 gigaliters [17] - **Drilling Results**: Recent drilling campaigns yielded high-grade results, including 48 meters at 2.7% copper and 36 meters at 3.9% copper [18] Investment Thesis - **Unique Positioning**: 29Metals is well-positioned in a market where high-quality copper assets are scarce, with significant geological upside in both assets [19][20] - **Long-term Outlook**: The company emphasizes the importance of copper in the electrification trend and suggests that the next two years may present different opportunities compared to the past two years [20]

Financial Data and Key Metrics Changes - The company reported third quarter sales of $4.5 billion, representing a 14% increase year-over-year and exceeding guidance [6][8] - Adjusted earnings per share (EPS) reached a record $2.27, a 19% increase compared to the previous year [6][8] - Adjusted operating margins improved to 20%, up 60 basis points from the prior year [7][8] - Free cash flow generation was $1 billion for the quarter, contributing to a year-to-date total of approximately $2.1 billion [5][19] Business Line Data and Key Metrics Changes - The Industrial segment experienced over 20% organic growth, driven by Digital Data Networks and Energy businesses [6][8] - The Transportation segment saw a 2% organic growth in the auto business, with a notable 11% growth in Asia, offset by a 5% decline in Western regions [10][11] - The Energy business grew 70%, including contributions from the Richards acquisition, with a 20% organic growth rate [12][13] Market Data and Key Metrics Changes - Orders in the Transportation segment increased by 5% year-over-year, with a 17% growth in Asia [9] - The Industrial segment orders grew by 12% year-over-year, reflecting strong momentum in AI applications and energy sectors [9][12] - The global auto market remains uneven, with strength in Asia helping to offset declines in Europe and North America [9][10] Company Strategy and Development Direction - The company is focused on capitalizing on strong demand for AI and energy applications, with significant investments made to broaden its business portfolio [4][5] - A strategic emphasis on localization has resulted in over 70% of production being localized, enhancing customer differentiation [5][6] - The company plans to hold an Investor Day to discuss growth opportunities and value creation [3] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued strong performance into the fourth quarter, expecting double-digit sales and adjusted EPS growth [6][8] - The company anticipates that the strong demand trends in AI and energy will persist, contributing to future growth [45][46] - Management noted that while there are challenges in Western markets, the overall outlook remains positive due to strong performance in Asia [9][10] Other Important Information - The company returned $1.5 billion to shareholders and deployed $2.6 billion for acquisitions in the Industrial segment [8][19] - The impact of tariffs was approximately 1.5% of sales, with minimal earnings impact, and the company continues to mitigate these through sourcing changes and pricing actions [18][19] Q&A Session Summary Question: Is the AI business fully ramped and scaled? - Management confirmed that AI revenue is expected to exceed $800 million this year, with continued growth anticipated into next year [22][24] Question: What is driving the diversification and growth in the industrial segment? - Management highlighted investments in connectivity and power trends as key drivers of growth, with margins in the industrial segment now exceeding 20% [30][32] Question: Is there any meaningful impact from customers pre-buying to mitigate tariff risk? - Management indicated that there is no significant evidence of pull-ins affecting orders, with growth seen across both segments [38][40] Question: What is the outlook for margins moving forward? - Management expects to maintain margins above 20% in the industrial segment, supported by operational improvements and volume leverage [105][108] Question: How is the company positioned for future acquisitions? - Management expressed confidence in the acquisition pipeline, focusing on bolt-on opportunities to strengthen the energy business [96][98]