Core Insights - Cboe Global Markets, Inc. (CBOE) reported second-quarter 2025 adjusted earnings of $2.46 per share, exceeding the Zacks Consensus Estimate by 1.6% and reflecting a year-over-year increase of 14.4% [1][9] - Total adjusted revenues reached a record $587.3 million, up 14% year over year, driven by growth in derivatives markets, Data Vantage, and cash and spot markets [2][9] Financial Performance - Options revenues increased by 19% year over year to $364.8 million, supported by higher market data, access and capacity fees, and increased net transaction and clearing fees due to a rise in total options average daily volume [3] - North American Equities revenues remained flat at $98.4 million year over year, with higher access and capacity fees offset by lower net transaction and clearing fees [3] - Europe and Asia Pacific revenues grew by 30% year over year to $70.4 million, driven by increased net transaction and clearing fees [4] - Futures net revenues decreased by 14% year over year to $30.1 million, primarily due to a 19% decline in net transaction and clearing fees [4] - Global FX net revenues rose by 19% year over year to $23.6 million, mainly due to higher net transaction and clearing fees [4] Operating Metrics - Adjusted operating expenses were $213.3 million, an increase of 8.2% year over year, mainly due to higher compensation, benefits, and technology support services [5] - Adjusted operating income grew by 18.5% year over year to $374 million, surpassing estimates [5] - Adjusted operating margin expanded to 63.7%, an increase of 230 basis points year over year [6] Financial Position - CBOE ended the second quarter with cash and cash equivalents of $1.26 billion, a 36.5% increase from the end of 2024 [7] - Total assets rose to $9 billion, up 16.2% from the end of 2024 [7] - Long-term debt was $1.4 billion, a slight increase of 0.06% from the end of 2024 [7] - Total shareholders' equity increased by 9% to $4.7 billion from December 31, 2024 [7] Shareholder Returns - CBOE paid out cash dividends of $66.4 million or 63 cents per share and repurchased shares worth $35.3 million in the second quarter [10] - Approximately $614.5 million remains under the current share repurchase authorization as of June 30, 2025 [10] Guidance - CBOE anticipates high single-digit organic revenue growth and has adjusted 2025 expense guidance downwards [11] - Adjusted operating expenses are expected to be in the range of $832 million to $847 million, lower than previous guidance [11] - The company reaffirms capital expenditures for 2025 to be in the range of $75 million to $85 million [13]

We've got some big decisions to make as clubs. Um uh which direction are we going with our financial system. Uh it's a good time actually because this is the start of our new commercial term.So we're in growth. Um we've got three years ahead of us of fixed revenue all going in the right direction. So clubs can continue to invest in players and managers from all around the world.blend it with their homegrown talent. ...

Core Insights - Host Hotels & Resorts reported Q2 2025 revenue of $1.59 billion, exceeding analyst expectations of $1.51 billion, with diluted EPS at $0.32, down from $0.34 year-over-year [1][2] - The company experienced solid top-line growth but faced margin pressures due to rising wage costs and lower insurance proceeds [1][9] Financial Performance - Revenue increased by 8.2% year-over-year from $1.47 billion in Q2 2024 [2] - Adjusted EBITDAre reached $496 million, up 3.1% from the previous year [2][8] - Comparable hotel RevPAR grew by 3.0% year-over-year, indicating strong demand and pricing power [2][5] Operational Trends - Transient business saw a 1.6% increase in room nights and a 6.8% rise in related revenue, while group business faced declines due to renovations [6] - Notable geographic performance included an 18.6% increase in RevPAR in Maui, while markets like Washington, D.C. and Nashville saw declines [7] Profitability and Margins - Adjusted EBITDA margin declined to 31.0% from 32.2% year-over-year, attributed to higher wage expenses and lower insurance recoveries [9] - GAAP net income for Q2 2025 was $225 million, down 7.0% year-over-year [9] Capital Management - The company sold The Westin Cincinnati for $60 million and repurchased 6.7 million shares for $105 million, maintaining a quarterly dividend of $0.20 per share [10][11] - Total assets stood at $13.0 billion with $2.3 billion in available liquidity as of June 30, 2025 [12] Future Guidance - Management raised FY2025 revenue guidance to $6,054–$6,109 million, reflecting a growth of 6.5%–7.5% compared to 2024 [13] - Expected comparable hotel EBITDA margin for the full year is projected to be between 28.4% and 28.7% [13]

the year on the tariff front, Mel. >> All right, Steve, keep us posted on that. Steve Kovach out in Cupertino.What do we make of this quarter. What do we make about the commentary. That one point of ten points of growth were was from pull forward as opposed to the other nine points, and also the fact that they're not breaking out there.I spend, as the others are, Karen. >> Well, the one point of ten. Well, I first sort of wonder, how do you know. How do you know what is a pull forward.Do you have to ask. Si ...

苹果(AAPL.O)美股盘后直线拉升涨超3%，公司预计三季度营收将实现中高个位数增长。 ...

Core Insights - Evercore Inc. (EVR) reported a strong second-quarter 2025 performance, with adjusted EPS of $2.42, exceeding the Zacks Consensus Estimate of $1.78 and up from $1.81 in the prior year [1][10] - The company's net income attributable to common shareholders was $97.2 billion, reflecting a 31.7% increase year over year [2] Revenue and Expenses - Adjusted net revenues for Q2 2025 reached $838.9 million, surpassing the Zacks Consensus Estimate by 17.6% and increasing 20.7% year over year [3][10] - Total expenses rose 17.6% year over year to $683.4 million, driven by increases across most components, except for professional fees and other operating expenses [3] - The adjusted compensation ratio improved to 65.4%, down from 66% in the prior-year quarter [3] Segment Performance - In the Investment Banking & Equities segment, net revenues increased 21.2% year over year to $812.2 million, with operating income surging 40.8% to $145.9 million [5] - The Investment Management segment reported net revenues of $21.7 million, up 12.7% from the prior year, although operating income decreased by 3.5% [6] Balance Sheet Strength - As of June 30, 2025, Evercore had cash and cash equivalents of $617.3 million and investment securities totaling $1.1 billion, with current assets exceeding current liabilities by $1.6 billion [7] Capital Distribution Activities - The company declared a quarterly dividend of 84 cents per share, payable on September 12 to stockholders of record as of August 29 [8] - In the reported quarter, Evercore repurchased 0.2 million shares at an average price of $237.79 [8] Overall Performance and Outlook - The revenue growth was primarily driven by strong momentum in advisory solutions and revenues, supported by a solid liquidity position [11] - However, the rising expense base may hinder bottom-line growth in the near term [11]

Core Insights - Masco Corporation (MAS) reported strong second-quarter 2025 results, with earnings and revenues exceeding Zacks Consensus Estimates, leading to a 10% increase in shares during pre-market trading [1] - The company's performance was attributed to effective management amid a dynamic geopolitical and macroeconomic environment, as stated by President and CEO Jon Nudi [1] Financial Performance - Adjusted earnings per share (EPS) for the quarter were $1.30, surpassing the Zacks Consensus Estimate of $1.08, and up from $1.20 in the same quarter last year [2] - Net sales reached $2,051 million, exceeding the consensus mark of $2,004 million, although this represented a 1.9% decline from the prior year [2] - Excluding divestitures, net sales remained flat year over year [2] Regional Sales Analysis - North American net sales decreased by 3% in local currency compared to the previous year [3] - International net sales increased by 1% year over year in local currency [3] Segment Performance - Plumbing Products segment saw a 5% year-over-year increase in net sales to $1.31 billion, with adjusted EBITDA rising to $303 million from $276 million in the prior year [4] - Decorative Architectural Products segment reported sales of $738 million, down 12% from the previous year, with adjusted EBITDA decreasing to $165 million from $184 million [5] Margin Analysis - Adjusted gross margin expanded by 10 basis points to 37.7% [6] - Adjusted selling, general and administrative expenses as a percentage of net sales decreased by 90 basis points to 17.6% [6] - Adjusted operating margin increased by 100 basis points year-over-year to 20.1%, with adjusted EBITDA for the quarter at $449 million, up from $437 million last year [6] Liquidity and Shareholder Returns - As of June 30, 2025, Masco had total liquidity of $1.34 billion, including cash and cash investments of $390 million [7] - The company repurchased 1.6 million shares for approximately $101 million during the reported period [8] - A quarterly dividend of $0.31 per share has been announced, scheduled for payment on August 25, 2025 [8]

Core Insights - Garmin Ltd. reported second-quarter 2025 pro forma earnings of $2.17 per share, exceeding the Zacks Consensus Estimate by 10.7%, and showing a 37% year-over-year improvement [1] - Net sales reached $1.81 billion, surpassing the Zacks Consensus Estimate by 4.4%, and increased by 20% compared to the same quarter last year [1] - The growth in net sales was driven by strong performance across the Outdoor, Fitness, Aviation, Marine, and Auto OEM segments [1] Segment Performance - **Outdoor Segment**: Contributed 27% of net sales with $490.4 million, an 11% year-over-year increase, primarily due to strong adventure watch sales. Operating income was $158 million with a 32% margin [2] - **Fitness Segment**: Accounted for 33.4% of sales, generating $605.4 million, reflecting a 41% year-over-year increase driven by demand for advanced wearables. Operating income was $198 million with a 33% margin [3] - **Aviation Segment**: Made up 13.7% of sales with $249.4 million, a 14% year-over-year increase, supported by OEM and aftermarket products. Operating income was $63 million with a 25% margin [4] - **Marine Segment**: Contributed 16.5% of sales at $299.3 million, up 10% year-over-year, led by chartplotters. Operating income was $63 million with a 21% margin [5] - **Auto OEM Segment**: Generated $170.2 million in sales, marking a 16% year-over-year increase, but reported an operating loss of $10 million with a 6% gross margin [6] Financial Overview - Gross profit increased by 24% year-over-year to $1.07 billion, with a gross margin improvement of 150 basis points to 58.8% [7] - Operating expenses rose 14% year-over-year to $595 million, while operating income increased by 38% to $472.3 million, with an operating margin expansion of 330 basis points to 26% [7] - As of June 28, 2025, Garmin held $2.59 billion in cash and marketable securities, down from $2.67 billion in the previous quarter [8] Guidance Update - Garmin raised its 2025 revenue guidance to $7.1 billion from $6.85 billion, indicating an 8.7% year-over-year increase [10] - Pro forma EPS guidance was increased to $8.00 from $7.80, reflecting a 7.9% year-over-year increase [11] - The company expects a gross margin of 58.5% and an operating margin of 24.8% for 2025, with an effective tax rate forecast raised to 17.5% [11]

Core Insights - Howmet Aerospace Inc. reported adjusted earnings of 91 cents per share for Q2 2025, exceeding the Zacks Consensus Estimate of 87 cents, with a year-over-year increase of 36% [1] - Total revenues reached $2.05 billion, surpassing the consensus estimate of $1.99 billion, marking a 9% increase from the previous year, driven by strong performance in the commercial aerospace market [1] Segment Performance - The Engine Products segment generated revenues of $1.06 billion, accounting for 51.6% of total revenues, with a 13% year-over-year increase, supported by growth in commercial aerospace, defense aerospace, industrial gas turbine, and oil and gas markets [2] - The Fastening Systems segment reported revenues of $431 million, representing 21% of total revenues, with a 9% year-over-year increase, primarily due to growth in commercial and defense aerospace markets, despite a decline in commercial transportation [3] - The Engineered Structures segment's revenues increased by 5% year-over-year to $290 million, contributing 14% to total revenues, benefiting from growth in the defense aerospace market [4] - The Forged Wheels segment's revenues totaled $276 million, accounting for 13.4% of total revenues, with a 1% year-over-year decline due to lower volumes in the commercial transportation market, partially offset by higher aluminum cost pass-through [5] Financial Metrics - Cost of goods sold rose by 6.1% year-over-year to $1.37 billion, while selling, general, and administrative expenses decreased by 8.2% to $89 million [6] - Adjusted EBITDA increased by 22% year-over-year to $589 million, with an adjusted EBITDA margin of 28.7%, up 300 basis points [6][7] - Adjusted operating income rose by 25.6% year-over-year to $520 million, with an adjusted operating income margin of 25.3%, up 330 basis points [7] Balance Sheet and Cash Flow - As of the end of Q2 2025, Howmet had cash and cash equivalents of $545 million, down from $564 million at the end of December 2024, while long-term debt decreased to $3.25 billion from $3.31 billion [8] - In the first half of 2025, Howmet generated net cash of $699 million from operating activities, compared to $574 million in the same period last year, with capital expenditures totaling $221 million [8][10] - Free cash flow for the same period was $478 million, with dividends paid amounting to $83 million, up from $42 million a year ago, and share repurchases totaling $400 million [10] Future Guidance - For Q3 2025, Howmet expects revenues between $2.02 billion and $2.04 billion, with adjusted EBITDA projected between $575 million and $585 million, and adjusted EPS estimated in the range of 89 to 91 cents [11] - For the full year 2025, Howmet forecasts revenues between $8.08 billion and $8.18 billion, an increase from previous guidance, with adjusted EBITDA expected between $2.30 billion and $2.34 billion [12]

Financial Data and Key Metrics Changes - Revenue for Q2 2025 increased by 9% year over year, reaching $2,530,000,000, exceeding guidance [5][11] - EBITDA margins improved to 28.7%, up 300 basis points year over year, with EBITDA at $589,000,000 [6][12] - Earnings per share (EPS) rose by 36% year over year to $0.91 [7][12] - Free cash flow was strong at $344,000,000, enabling share repurchases and debt repayment [6][12] Business Segment Data and Key Metrics Changes - Engine products revenue increased by 13% to $1,056,000,000, with EBITDA margin rising to 33% [17] - Fastening systems revenue grew by 9% to $431,000,000, with EBITDA margin at 29.2% [19] - Engineered structures revenue increased by 5% to $290,000,000, with EBITDA margin at 21.4% [20] - Forged wheels revenue decreased slightly, but EBITDA margin remained strong at 27.5% [21] Market Data and Key Metrics Changes - Commercial aerospace revenue grew by 8%, driven by demand for engine spares [9] - Defense aerospace revenue reached a record $352,000,000, up 21% [9] - Industrial and other markets saw a 17% increase, with oil and gas up 26% and IGT up 25% [10] - Commercial transportation revenue declined by 4% due to higher aluminum costs [9] Company Strategy and Development Direction - The company is focused on expanding capacity for turbine airfoils and IGT, with significant capital expenditures planned [5][13] - Continued investment in engine business is expected to drive future growth, particularly in commercial aerospace and IGT [13][30] - The company anticipates strong demand in commercial aerospace and defense sectors, with a cautious outlook on commercial transportation [24][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued growth in commercial aerospace and defense markets, supported by high backlogs and increasing production rates [24][25] - The company expects to maintain EBITDA margins above 28% and has raised full-year guidance for revenue and free cash flow [29][30] - Management remains vigilant regarding potential risks in the commercial truck market and ongoing inventory destocking in aerospace [81][96] Other Important Information - The company announced a 20% increase in quarterly dividends to $0.12 per share starting in August [6][12] - The balance sheet remains strong with a cash balance of $546,000,000 and a net debt to trailing EBITDA ratio of 1.3 times [14][12] Q&A Session Summary Question: Comments on product rationalization within structures - Management indicated that most rationalization has already occurred, leading to improved margins and healthy revenue growth [32][33] Question: Expectations for margins in structures for the second half - Management expects to maintain current margin levels, with a goal of EBITDA above 28% [34] Question: Update on engine expansions and profitability - Management detailed ongoing construction of new plants, with expected outputs in 2026 and 2027, and anticipates improved profitability as training costs decrease [43][47] Question: Contribution of F-35 in defense revenue - Management noted strong contributions from the F-35 program, with expectations for continued growth in spares business [53][55] Question: Inventory levels and destocking risks - Management acknowledged some destocking in the aerospace sector but indicated that overall growth remains positive [96] Question: Pricing expectations for the coming years - Management expects consistent pricing increases in line with previous years, maintaining a disciplined approach to long-term agreements [115] Question: Industrial policy and forging assets - Management confirmed the importance of their forging assets and indicated potential discussions with the DoD regarding upgrades [120] Question: Monitoring supply chain bottlenecks - Management highlighted the importance of engine production rates for narrow-body aircraft and the need for increased supply to meet demand [126]