Financial Data and Key Metrics Changes - Total capital expenditures for the quarter were $190 million, with year-to-date investments reaching $491 million, aligning with the revised full-year guidance of $650 to $680 million [3][12] - Average realized price for natural gas was $3.59 per unit, a $0.20 premium over the NYMEX average of $3.39 [12][13] - Cash operating expenses for the third quarter were $0.11 per Mcfe, consistent with previous guidance [6][23] Business Line Data and Key Metrics Changes - Production for the quarter was 2.2 Bcfe per day, with expectations to increase to approximately 2.3 Bcfe per day in Q4 and 2.6 Bcfe per day by 2027, representing a 20% increase from current levels [4][5] - The company completed over 1,000 frac stages during the third quarter, achieving completion efficiencies of nearly 10 frac stages per day [6][7] Market Data and Key Metrics Changes - The U.S. exported record volumes of LNG in Q3, with new LNG projects reaching FID, contributing to a total of approximately 9 Bcf per day of incremental feed gas demand [8][9] - Demand for NGLs is expected to see substantial increases, with strong international demand supporting improved pricing [10][11] Company Strategy and Development Direction - The company plans to maintain a flat annual capital expenditure while adding 400 million cubic feet equivalent per day of growth over the next two years, focusing on efficient capital returns to shareholders [5][12] - Range Resources aims to leverage its high-quality inventory and strong financial position to meet increasing demand in the Midwest, Gulf Coast, and global LNG markets [4][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to generate significant free cash flow and deliver value to shareholders, citing a strong operational performance and a favorable market environment for natural gas and NGLs [12][16] - The company anticipates a tightening of gas marketing fundamentals as additional LNG export capacity comes online in 2026 [10][16] Other Important Information - The company has repurchased $177 million in shares and paid nearly $65 million in dividends year-to-date, while reducing net debt by $175 million [13][14] - Management highlighted the importance of infrastructure expansion in Appalachia to support long-term energy needs [10][12] Q&A Session Summary Question: Can you provide insights on the work in progress inventory and its outlook for 2026? - Management indicated that capital allocation for 2026 will focus more on completing the DUC inventory, with expectations for a linear utilization trend over the year [18][20] Question: What are the opportunities for upside in 2026 and 2027? - Management noted potential efficiencies in operations and infrastructure utilization as key areas for upside performance [25][26] Question: How do you view the NGL market for 2026? - Management expressed optimism regarding demand growth for NGLs, with significant export capacity expansions expected [27][30] Question: What is the status of supply agreements and potential expansions? - Management confirmed ongoing discussions with potential end users, focusing on long-term reliable supply agreements [34][35] Question: What is needed for the credit agencies to upgrade the company to investment grade? - Management stated that the company is checking all boxes for an upgrade, with growth plans and asset quality supporting this potential [59][60]

Financial Data and Key Metrics Changes - The company reported third quarter revenue of $463 million, an increase from the prior year due to higher gold and copper prices and sales volumes [13] - Cash generated from operations before working capital adjustments was $296 million, or $0.37 per share, higher than the prior year period [13] - The company achieved record quarterly free cash flow of $205 million, driven by higher revenue [13] - Net earnings for the quarter were approximately $142 million, or $0.18 per share, primarily due to increased revenues [13][14] - All-in sustaining costs reduced from the second quarter by $425 to $966 per ounce, with an average realized gold price of $3,458 per ounce [5][14] Business Line Data and Key Metrics Changes - New Afton produced approximately 115,200 ounces of gold and 12 million lbs of copper in the quarter, with B3 cave overperforming [5][7] - Rainy River achieved record quarterly production of over 100,000 ounces of gold, a 63% increase over the second quarter, with all-in sustaining costs of $1,043 per ounce [4][10] - New Afton achieved an all-in sustaining cost of negative $595 per ounce after considering copper credits [7] Market Data and Key Metrics Changes - The average realized gold price was $3,458 per ounce, contributing to the increase in revenue [5][13] - The company expects all-in sustaining costs to reduce further through the fourth quarter [5] Company Strategy and Development Direction - The company is focused on increasing production and reducing costs, with a target of ramping up C-Zone to full processing capacity of approximately 16,000 tons per day by early 2026 [6][10] - Exploration initiatives are being advanced, with a significant increase in the exploration budget to $22 million for approximately 63,000 meters of drilling [15][18] - The company aims to generate approximately $1.8 billion of free cash flow over the next three years, with expectations of being at the high end of this projection for 2025 [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued significant growth in gold and copper production over the next two years, with expectations of decreasing unit costs per ounce of gold [19][20] - The company is committed to maintaining a strong balance sheet while investing in exploration and organic opportunities [29] - Management highlighted the importance of safety, with a low total recordable injury frequency rate of 0.61, down from 0.82 in the previous quarter [4][20] Other Important Information - The company repaid a total of $260 million in debt during the quarter, including the full repayment of a $150 million credit facility drawn earlier [6][14] - Significant safety milestones were achieved, with New Afton surpassing 1 million hours and Rainy River surpassing 1.5 million hours worked without a lost time injury [4] Q&A Session Summary Question: Can you provide a breakout of tonnage from the C-Zone and B-Zone? - The B-Zone contributed 4,300 tons per day, while the C-Zone contributed the remainder [24] Question: What are your plans for capital allocation with the free cash flow? - The company takes a disciplined approach to capital allocation, focusing on maintaining a strong balance sheet, investing in exploration, and evaluating capital returns to shareholders [29] Question: What is the expected grade for K-Zone? - The company is still in the drilling phase and will need to update models to determine the total size and grade of K-Zone [33] Question: Can you provide an update on tailings management at Rainy River? - The company is assessing the full potential of K-Zone and is not currently seeing a need for significant investment in the tailings management area [39] Question: What should we expect for Rainy River's performance in Q4? - The company expects continued positive performance in Rainy River, with no significant changes in trajectory [45] Question: How will the drilling results impact the resource update for K-Zone? - The company plans to include all drilling results in the resource update scheduled for January [49]

Core Insights - Boeing's stock is down approximately 1.25% following the announcement of a nearly $5 billion charge related to the 777X program, which has faced delays in aircraft delivery [1][4] - The company reported positive free cash flow for the first time on a quarterly basis in 2023, with a revenue increase of 30% [2] - Boeing's backlog in commercial airplanes has risen to nearly $100 billion compared to December 2024, indicating strong demand [2] - The company achieved record deliveries of 160 airplanes in the quarter, the highest since 2018, reflecting positive operational momentum [3] Financial Performance - Boeing's earnings report highlighted a significant $5 billion charge for the 777X program, which was higher than the anticipated $4 billion, raising concerns about its long-term cash generation capabilities [4] - Despite the non-cash nature of the charge, it may have multi-year implications for cash flow, contributing to negative market sentiment [4] - The FAA certification process has been slower than expected, which has compounded the delays in the 777X program [4][5] Market Position and Outlook - The 777X program was initially expected to enter service in 2020, but delays have shifted focus away from it, especially as the company worked on resolving issues with the 737 Max and 787 [5][6] - Boeing's stock has performed well this year, up 44%, but the current challenges with the 777X program have led to a neutral rating from analysts, indicating a balanced risk-reward scenario [6] - Analysts suggest focusing on suppliers to Boeing, such as Helmet (HWM) and RTX, which may benefit from increased production rates of the 737 Max and 787 without being affected by the 777X issues [7]

Financial Performance and Outlook - The company expects to grow production by approximately 20% through 2027 with a reinvestment rate of less than 50%[12] - Cumulative free cash flow is projected to be greater than $2 billion from 2025-2027[28] - The company anticipates annual capital expenditures between $650 million and $700 million from 2025-2027[28] - The company's free cash flow breakeven is approximately $200 per Mcfe[28] Asset Base and Inventory - The company possesses over 30 years of high-quality Marcellus inventory[7, 14] - The company has approximately 440,000 net acres in Southwest Pennsylvania[15] - The company has approximately 70,000 net acres in Northeast Pennsylvania[15] - The company has 28 million lateral feet of undrilled Marcellus at YE 2024[16] Market Access and Strategy - Approximately 30% of the company's natural gas is directed to the Midwest market[18] - Approximately 25% of the company's natural gas is directed to the Gulf Coast market[18] - Approximately 25% of the company's natural gas is directed to LNG and premium Gulf markets[18]

Third Quarter 2025 Earnings Presentation The Chefs' Warehouse, Inc. 1 Safe Harbor Statement Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements in this presentation regarding the business of The Chefs' Warehouse, Inc. (the "Company") that are not historical facts are "forward-looking statements" that involve risks and uncertainties and are based on current expectations and management estimates; actual results may differ materially. The risks and uncertainties which c ...

Third Quarter 2025 Financial Review October 29, 2025 3Q 2025 EARNINGS RELEASE Forward-Looking Statements Certain statements in this financial review relate to future events and expectations and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "believe," "estimate," "will be," "will," "would," "expect," "anticipate," "plan," "forecast," "target," "guide," "project," "intend," "could," "should" or other similar words or expressions often ...

Core Insights - Kirby Corporation reported net earnings of $92.5 million or $1.65 per share for Q3 2025, a 6% increase from $90.0 million or $1.55 per share in Q3 2024 [1][5] - Consolidated revenues for Q3 2025 were $871.2 million, up from $831.1 million in Q3 2024 [1] Segment Performance - **Marine Transportation**: Revenues were $484.9 million, slightly down from $486.1 million in Q3 2024. Operating income decreased to $88.6 million from $99.5 million, with an operating margin of 18.3% compared to 20.5% [3][4][6] - **Inland Marine**: Average barge utilization was in the mid-80% range, impacted by seasonal weather and softer market conditions. Spot market rates declined in the low-to-mid single digits, while term contracts remained flat [2][4][5] - **Coastal Marine**: Strong market fundamentals with barge utilization in the mid to high-90% range. Revenues increased by 13% year-over-year, and operating margins reached around 20% [6][12] - **Distribution and Services**: Revenues rose to $386.2 million from $345.1 million, with operating income increasing to $42.7 million from $30.4 million. Operating margin improved to 11.0% from 8.8% [7][9] Financial Metrics - **EBITDA**: For Q3 2025, EBITDA was $201.4 million, up from $190.5 million in Q3 2024 [11][24] - **Cash Flow**: Net cash provided by operating activities was $227.5 million, with capital expenditures of $67.2 million. Free cash flow for the quarter was $160.3 million [11][32] - **Debt and Liquidity**: Total debt stood at $1,048.9 million, with a debt-to-capitalization ratio of 23.8%. The company had $47.0 million in cash and cash equivalents [11][24] Market Outlook - **Inland Marine**: Expected to see stable market conditions with signs of improvement. Higher barge utilization is anticipated due to seasonal factors [12][15] - **Coastal Marine**: Favorable market fundamentals are expected to continue, with steady customer demand and pricing benefiting from limited vessel availability [12][13] - **Distribution and Services**: Continued strength in power generation and marine repair markets, with full-year revenues expected to rise in the mid-single digits [15][16]

Core Insights - Constellium SE reported strong financial results for Q3 2025, with significant increases in revenue, net income, and Adjusted EBITDA compared to Q3 2024 [5][6][21] - The company appointed Ingrid Joerg as the new CEO, effective January 1, 2026, succeeding Jean-Marc Germain, who will retire at the end of 2025 [3][5] - The company raised its guidance for 2025, expecting Adjusted EBITDA to be in the range of $670 million to $690 million and Free Cash Flow to exceed $120 million [3][27] Financial Performance - Q3 2025 shipments reached 373 thousand metric tons, a 6% increase from Q3 2024, with revenue of $2.2 billion, up 20% year-over-year [5][6] - Net income for Q3 2025 was $88 million, compared to $8 million in Q3 2024, while Adjusted EBITDA increased to $235 million, an 85% rise from the previous year [5][6][21] - For the first nine months of 2025, shipments totaled 1.1 million metric tons, up 2% from the same period in 2024, with revenue of $6.2 billion, an 11% increase [7][6] Segment Performance - Aerospace & Transportation (A&T) segment Adjusted EBITDA for Q3 2025 was $90 million, a 67% increase from Q3 2024, driven by higher shipments and favorable pricing [10][11] - Packaging & Automotive Rolled Products (P&ARP) segment Adjusted EBITDA rose to $82 million in Q3 2025, a 14% increase, supported by improved performance at Muscle Shoals [12][14] - Automotive Structures & Industry (AS&I) segment Adjusted EBITDA increased significantly to $33 million in Q3 2025, up 371% from the previous year, despite lower shipments [15][16] Cash Flow and Liquidity - Free Cash Flow for the first nine months of 2025 was $68 million, a significant improvement from $(15) million in the same period of 2024 [23] - Cash flows from operating activities were $271 million for the first nine months of 2025, compared to $240 million in the prior year [24] - As of September 30, 2025, the company had liquidity of $831 million, consisting of $122 million in cash and cash equivalents [26] Outlook and Strategic Developments - The company expects demand trends to remain stable through the end of 2025, benefiting from improved market dynamics [3][27] - Constellium completed the divestment of its Nanjing Automotive Structures plant in August 2025, indicating a strategic shift in operations [29]

Financial Data and Key Metrics Changes - The company reported consolidated net revenues of $2.9 billion and adjusted EBITDA of $884 million for Q3 2025, with hold-normalized EBITDA at $927 million [4][5] - Regional EBITDA grew 4% on a hold-normalized basis during the quarter [7] - The Las Vegas segment reported same-store adjusted EBITDA of $379 million and hold-normalized EBITDA of $398 million, with occupancy at 92% compared to 97% last year [5][6] Business Line Data and Key Metrics Changes - The digital segment generated net revenue of $311 million and adjusted EBITDA of $28 million, with hold-normalized adjusted EBITDA at $40 million [9] - iCasino saw a 29% net revenue growth driven by increased volume and average monthly active users [10] - The Las Vegas segment faced challenges with a 5% decrease in average daily rate (ADR) due to city-wide visitation weakness [5][13] Market Data and Key Metrics Changes - Regional revenues increased year over year, particularly in Danville and New Orleans, contributing to same-store net revenue growth [5][8] - The Las Vegas market experienced a decline in visitation, impacting occupancy and ADR, but showed sequential improvement as the quarter progressed [5][13] Company Strategy and Development Direction - The company is focused on reinvesting in its assets, with recent CapEx projects exceeding return expectations and plans for new developments in Las Vegas [6][8] - The digital segment aims for a 20% top-line growth with a 50% flow-through to EBITDA, maintaining long-term growth targets [11][12] - The company is refining its marketing approach to enhance customer engagement and improve returns on investments [8][19] Management's Comments on Operating Environment and Future Outlook - Management noted a soft summer in Las Vegas but expects recovery in the fourth quarter, driven by group business and improved leisure trends [13][16] - The company anticipates a record EBITDA year in 2025, supported by strong booking pace for Q4 [5][6] - Management expressed confidence in the Las Vegas market's fundamentals, despite recent challenges [31][32] Other Important Information - The company redeemed $546 million of senior notes and repurchased $100 million of stock during the quarter, reducing the share base by 6% [12] - The weighted average cost of debt is just over 6%, with plans to use free cash flow for debt reduction and stock repurchases [12] Q&A Session Summary Question: Insights on Las Vegas leisure demand recovery - Management indicated that leisure demand is improving, with group activity helping to compress rates and occupancy [21][22] Question: Regional performance and marketing strategies - Management expects improved flow-through as marketing strategies are refined, focusing on effective promotions without entering a promotional war [24][25] Question: Future outlook for Las Vegas and capital investments - Management highlighted the importance of consumer demand recovery and upcoming conferences that could drive significant EBITDA [39][40] Question: Digital segment performance and customer acquisition - Management noted that Q4 is expected to be strong due to football season, with marketing spend returning to normal levels [58][60] Question: Regulatory environment and prediction markets - Management is monitoring the regulatory landscape for prediction markets and is prepared to act if opportunities arise [64][66]

Financial Performance & Outlook - Clearwater reported Net Sales from continuing operations of $399 million in Q3 2025, a 3% increase compared to Q3 2024 and a 6% increase compared to Q2 2025[10] - The company experienced a Net Loss from continuing operations of $54 million in Q3 2025, which includes a non-cash goodwill impairment of $45 million[10, 11] - Adjusted EBITDA from continuing operations was $178 million with a margin of 4%, towards the higher end of the guidance range[10, 11] - Q4 2025 Adjusted EBITDA is projected to be between $13 million and $23 million, influenced by seasonality and a major maintenance outage at the Augusta, GA mill costing approximately $16 million[15] - For FY 2026, revenue is projected to be $145 billion to $155 billion, with a capacity utilization rate in the mid-80% range[15] Strategic Initiatives & Industry Trends - The company is targeting Adjusted EBITDA margins of 13% to 14% across the paperboard industry cycle, aiming for a 40-50% Adjusted EBITDA to free cash flow conversion rate, or over $100 million per year[5] - Clearwater is focused on reducing its fixed cost structure by $30 million to $40 million in 2025, with current tracking suggesting savings of approximately $50 million[5] - The company is exploring options to expand its product offering, including post-consumer recycled content, compostable plates, lightweight folding carton, poly-free coatings/barriers, unbleached paperboard grade (CUK), and recycled paperboard grade (CRB)[7] - Industry trends indicate a modest shipment growth expected in 2025 and a demand growth of approximately 3% projected for 2026[8] - Bleached paperboard net exports are expected to improve in 2025, with imports forecasted to decrease by approximately 4% and exports forecasted to decrease by approximately 2% compared to 2024[8]