AI is a huge revolution, but we need different communities building diverse data sets and coming up with their own solutions. Technovation’s mission is to empower girls and young women to become technology leaders, innovators all over the world. Many of the girls have never used a computer before, and then they are actually building either a mobile app or an AI prototype from scratch.You can actually see the diversity in the problems that these girls are picking. And also the global reach of where these pro ...

T. Rowe Price Launches Innovation-Focused ETFETF Trends is now VettaFi. Read More --T. Rowe Price has added yet another fund to its growing suite of active ETFs. The firm launched its new innovation-focused ETF, TNXT, on the NASDAQ exchange today. TNXT, the T. Rowe Price Innovation Leaders ETF, brings the firm's suite to a total of 31 active ETFs, with 21 in equities and 10 in fixed income. The company managed some $1.78 trillion in client assets as of December 31, according to a press release.See more: [Th ...

¿Alguna vez se han preguntado cuánto valor pueden llegar a tener nuestras ideas o qué tan lejos pueden llegar. En el primer semestre en 1976, dos jóvenes emprendedores tuvieron una idea simple, sencilla, pero que al final sería una revolución innovadora en todo el mundo. Steve Jobs, junto con su amigo Steve Bosniacar computadoras personales accesibles para todos.Para este proyecto fue necesario que Jobs vendiera su coche y diera lugar en el garaje de la casa de sus padres. Wosniac, por su parte, vendió su c ...

Core Viewpoint - Dover Corporation is a global manufacturer with a diverse range of products and services, enhancing its market resilience and positioning it well for growth across various sectors [1][2][3]. Group 1: Company Overview - Dover operates through segments such as Engineered Products, Clean Energy & Fueling, and Climate & Sustainability Technologies, allowing it to serve various industries [1]. - The company faces competition from other industrial manufacturing firms like Emerson Electric and Parker Hannifin [1]. Group 2: Market Sentiment - The consensus price target for Dover's stock has increased from $207.29 to $223 over the past year, indicating growing analyst confidence in the company's future [2][6]. - Despite a lower price target set by Deutsche Bank at $176, the overall sentiment towards Dover remains positive due to its strong market presence [4][6]. Group 3: Innovation and Growth Potential - Dover's focus on innovation, particularly in digital and software services, strengthens its position in the industrial landscape and aligns with evolving industry needs [3][6]. - Strategic acquisitions and strong bookings contribute to a positive market outlook and potential for growth across various sectors [3][6]. Group 4: Earnings Expectations - As Dover prepares to announce its fourth-quarter earnings, expectations are high for growth in both revenue and profit, with analysts anticipating another earnings beat [4]. - The company's history of consistently exceeding earnings expectations highlights its strong operational performance and supports its potential for continued success [5].

Financial Data and Key Metrics Changes - The company reported sales of $3.8 billion in 2025, a slight increase over the previous year, with earnings per share (EPS) rising 6% to a record $3.85 [10][6] - Free cash flow for 2025 was $546 million, a 15% increase compared to 2024, with a free cash flow conversion rate of 100% [13][14] - The company returned $597 million to shareholders through dividends and share repurchases [6][14] Business Line Data and Key Metrics Changes - North America segment sales were $3 billion, slightly up from 2024, with a segment margin of 24.4%, an increase of 20 basis points year-over-year [10][11] - North America water heater sales increased by 1%, while boiler sales grew by 8% due to higher commercial and residential volumes [7][10] - Water treatment sales in North America decreased by 2%, but sales in priority channels grew by 10% [8][9] - Rest of the World segment sales decreased by 4% to $880 million, primarily due to lower sales in China [11][12] Market Data and Key Metrics Changes - In China, third-party sales decreased by 12% in local currency due to economic weakness and soft consumer demand [9][11] - The company expects China sales to decrease mid-single digits in 2026 due to ongoing market challenges [20][21] - The India business, including Pureit, is projected to grow approximately 10% as the company leverages brand synergies [21][28] Company Strategy and Development Direction - The company is focused on portfolio management, innovation, and operational excellence as key strategic priorities [22][24] - The acquisition of Leonard Valve is aimed at expanding into the water management market, enhancing digital capabilities and integrated product offerings [26][27] - The company plans to continue investing in gas tankless offerings and other energy-efficient products to maintain market leadership [16][22] Management's Comments on Operating Environment and Future Outlook - Management noted that the U.S. residential market is expected to remain flat to down due to pressures in new home construction [18][19] - The company anticipates a return to growth in China in the second half of 2026, driven by internal actions and market recovery [21][38] - Management expressed confidence in the company's ability to navigate competitive pressures and maintain profitability through strategic actions [28][29] Other Important Information - The company has increased its dividend for over 30 consecutive years, with a quarterly dividend of $0.36 per share approved [14][15] - The company expects to repurchase approximately $200 million of its stock in 2026 [17][15] Q&A Session Summary Question: What is driving the persistent downturn in residential volumes? - Management indicated that the downturn is primarily due to pressures in new home construction, with emergency and proactive replacements remaining stable [36][37] Question: What indicators suggest a return to growth in China? - Management highlighted the need to move past the impact of government subsidies and focus on remodeling and refurbishments as key drivers for growth [38] Question: Can you elaborate on the competitive intensity in the wholesale channel? - Management noted that competitive pressure is increasing due to low new home construction and retail gaining market share, but emphasized their strong position in both retail and wholesale channels [42][43] Question: What is the growth outlook for the water treatment business? - Management expressed optimism about continued growth and margin expansion in the water treatment business, driven by strategic focus and integration efforts [70][73]

Financial Data and Key Metrics Changes - Consolidated sales in Q4 increased by a mid-single-digit percentage, with a low single-digit contribution from the Suvinil acquisition [4] - Adjusted diluted net income per share in the quarter increased by 6.7% [4] - Adjusted EBITDA grew 13.4% and expanded 100 basis points to 17.7% as a percentage of sales [4] - Free cash flow conversion in the quarter was 90.1% [4] - For the full year, net operating cash grew 9.4% to $3.5 billion, or 14.6% of sales [10] - Free cash flow for the year was $2.7 billion, with a conversion rate of 59% [11] Business Segment Data and Key Metrics Changes - Paint Stores Group sales increased, led by high single-digit growth in Protective and Marine, while Residential Repaint growth was slightly below the mid-single-digit range [6] - Consumer Brands Group sales exceeded expectations, driven by the Suvinil acquisition, but underlying sales were essentially flat [6][14] - Performance Coatings Group sales were at the high end of expectations, with adjusted segment margin improving 150 basis points to 19% [7] - Adjusted segment margin decreased in Consumer Brands due to the Suvinil impact and lower production to match softer demand [14] Market Data and Key Metrics Changes - The demand environment remains challenging, with existing home sales expected to be down at least in the mid-single-digit range [19] - The Architectural Billings Index has shown negative readings, but multifamily starts were positive for most of the second half of 2025 [20] - The U.S. manufacturing PMI ended at its lowest point in December, indicating a contracting environment [22] Company Strategy and Development Direction - The company focuses on creating opportunities and controlling costs while maintaining a disciplined approach to pricing and market share [10][30] - Investments in new stores and sales territories are planned, with expectations to open 80-100 net new stores in the U.S. and Canada in 2026 [27] - The company aims to continue delivering innovative solutions and outperforming the market despite challenging conditions [30] Management's Comments on Operating Environment and Future Outlook - Management anticipates a continued softer demand environment into 2026, with cautious consumer sentiment providing little support for recovery [18] - The company remains committed to its strategy of focusing on volume and share gains, even in a competitive environment [68] - Management expressed confidence in the Residential Repaint segment as a significant growth opportunity despite current market challenges [76] Other Important Information - The company reinstated its 401(k) matching program for eligible U.S. employees, effective February 1 [16] - The company plans to recommend an annual dividend increase of 1.3% to $3.20 per share, marking the 48th consecutive year of dividend increases [28] Q&A Session Summary Question: Can you provide more color on the Performance Coatings segment's margin outperformance? - Management attributed the margin outperformance to discipline, new business wins, and simplification efforts [33][34] Question: What is the SG&A outlook for 2026? - SG&A is expected to grow by a low single-digit percentage, factoring in the reinstatement of the 401(k) match and cost controls [39][40] Question: How do you view the impact of severe winter weather on current demand trends? - Management noted that weather impacts are typical and do not raise concerns for the current quarter [60][61] Question: Can you discuss the performance of packaging coatings and the potential for recovery? - Management indicated that while they have recovered from temporary share loss, there is still significant potential for growth, especially in regions like Asia and LATAM [64][66] Question: What are the expectations for the Consumer Brands segment moving forward? - Management expects challenges in the North American DIY market but remains optimistic about the Suvinil acquisition and its integration [80][82]

Financial Data and Key Metrics Changes - The company achieved an 11% revenue compound annual growth rate since 2020 and a 24% adjusted EPS compound annual growth rate [7] - Adjusted EBITDA margins expanded by 470 basis points, and free cash flow conversion reached 106% [7] - The fourth quarter saw organic revenue growth of 4%, with adjusted EPS growth of 10% [8] Business Line Data and Key Metrics Changes - Americas Commercial HVAC bookings increased by over 35% year-over-year, with a record Q4 organic bookings [8] - Applied Solutions bookings surged more than 120%, achieving a record book-to-bill ratio of 200% [8] - The services business, accounting for about one-third of enterprise revenue, has maintained a low teens compound annual growth rate since 2020 [9] Market Data and Key Metrics Changes - In the Americas, commercial HVAC revenue grew in low double digits, while residential bookings were up mid-single digits but revenues declined mid-teens [11] - EMEA Commercial HVAC bookings were robust, up mid-teens, with revenues up mid-single digits [12] - Asia Pacific faced challenges, particularly in China, with double-digit declines in bookings and revenue [12] Company Strategy and Development Direction - The company emphasizes a purpose-driven strategy focused on energy efficiency and sustainability, positioning itself to meet growing customer demand for smarter energy solutions [4] - Continued investment in innovation, growth, and digital capabilities is expected to drive future growth, particularly in services [10] - The company plans to deploy between $2.8 billion and $3.3 billion in 2026, with a focus on strategic M&A and share repurchases [22] Management's Comments on Operating Environment and Future Outlook - Management anticipates a gradual recovery in residential markets and transport refrigeration, with expectations for improved performance in the second half of 2026 [10][17] - The company is optimistic about its backlog and pipeline, indicating strong visibility for future revenues [9][16] - Management remains confident in delivering differentiated long-term value and advancing sustainability initiatives [24] Other Important Information - The company completed or committed approximately $3.2 billion in capital allocation in 2025, including dividends, M&A, and share repurchases [21] - The acquisition of Stellar Energy is expected to enhance capabilities in modular design and meet growing demand for prefabricated cooling systems [22] Q&A Session Summary Question: Guidance on revenue for Americas Commercial HVAC - Management expects strong growth in the first quarter, around 7%-8%, increasing to low teens in the second half of the year due to strong bookings [26][27] Question: Confidence in residential inventory normalization - Management believes inventory is now at the right level and anticipates a flat to down 5% performance in residential for 2026 [30][31] Question: Margin pressure in Q4 and future expectations - Management indicated that margins were impacted by residential deleverage but expects to see improvements in 2026 with a target of 25% or higher organic incrementals [53][54] Question: Positioning in the data center market - Management confirmed strong demand in the data center vertical and emphasized ongoing innovation in thermal management systems [57][59] Question: Pricing dynamics in the residential market - Management noted that pricing has not faded, and any declines in residential revenue are primarily due to volume rather than pricing [92][103]

Financial Data and Key Metrics Changes - The company reported sales of $3.8 billion in 2025, a slight increase over the previous year, with earnings per share (EPS) rising 6% to a record $3.85 [9][5][4] - Free cash flow for 2025 was $546 million, a 15% increase compared to 2024, driven by lower capital investments and higher earnings [12][10] - The company returned $597 million to shareholders through dividends and share repurchases [5][14] Business Line Data and Key Metrics Changes - North America segment sales were $3 billion, slightly increasing from 2024, with segment earnings of $728 million, up 2% year-over-year [9][10] - North America water heater sales increased by 1%, while boiler sales grew by 8% due to higher commercial and residential volumes [6][7] - Water treatment sales in North America decreased by 2%, but sales in priority channels grew by 10% [8][6] - Rest of the World segment sales decreased by 4% to $880 million, primarily due to a 12% decline in China [10][8] Market Data and Key Metrics Changes - In China, third-party sales decreased by 12% in local currency due to economic weakness and soft consumer demand [8][10] - The company anticipates a mid-single-digit decline in China sales for 2026, with expected challenges in the first half of the year [20][19] Company Strategy and Development Direction - The company aims to strengthen its portfolio through acquisitions, such as the recent acquisition of Leonard Valve, which expands its water management market reach [5][26] - Strategic priorities include portfolio management, innovation, and operational excellence to drive long-term growth [21][22] - The company is focusing on expanding its water treatment business and enhancing profitability through targeted investments [23][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating a dynamic environment, citing strong performance in commercial markets despite challenges in residential channels [4][5] - The outlook for 2026 includes an expected EPS range of $3.85-$4.15, reflecting a 4% growth over 2025 [14][15] - Management noted that the first half of 2026 may be particularly challenging due to subdued consumer demand in China [20][19] Other Important Information - The company has increased its dividend for over 30 consecutive years, with a quarterly dividend of $0.36 per share approved [14][13] - The company plans to repurchase approximately $200 million of its stock in 2026 [16][14] Q&A Session Summary Question: What is driving the persistent downturn in residential volumes? - Management indicated that the downturn is primarily due to pressures in new home construction, with emergency and proactive replacements remaining stable [35][36] Question: What indicators suggest a return to growth in China? - Management noted that the return to growth will be driven by moving past the phase of government subsidies and focusing on remodel and refurbishment needs [37][36] Question: Can you elaborate on the competitive intensity in the wholesale channel? - Management explained that competitive pressure is increasing due to low new home construction and retail gaining market share, but they maintain a strong position in both retail and wholesale channels [41][42] Question: How do you expect price costs to trend through the year? - Management expects to protect the price-cost relationship but acknowledges potential challenges due to rising input costs [55][54] Question: What are the growth prospects for Leonard Valve? - Management indicated that Leonard Valve has been growing at double digits, and they expect it to contribute approximately $70 million in sales in 2026 [54][53]

Financial Data and Key Metrics Changes - The company achieved a strong fourth quarter performance with organic revenue growth of 4% and adjusted EPS growth of 10% [6][11] - Free cash flow remained robust, supporting strategic M&A, dividends, and share repurchases [4][5] - The company reported a record backlog of $7.8 billion, with exceptional enterprise organic bookings up 22% [6][8] Business Line Data and Key Metrics Changes - Americas Commercial HVAC bookings increased by over 35% year-over-year, contributing significantly to the overall growth [6][10] - Applied Solutions bookings surged more than 120%, achieving a record book-to-bill ratio of 200% [6][10] - EMEA HVAC bookings grew mid-teens, while residential bookings were up mid-single digits, but revenues declined mid-teens due to inventory normalization [10][11] Market Data and Key Metrics Changes - The Americas Commercial HVAC market showed strong growth, while residential markets faced challenges with a projected decline of up to 5% [10][14] - EMEA transport markets are expected to be flat to modestly lower, while Asia Pacific faced challenges, particularly in China, with double-digit declines in bookings and revenue [10][15] Company Strategy and Development Direction - The company emphasizes a purpose-driven strategy focused on sustainability and performance, positioning itself to meet growing energy demands through innovation [3][4] - Continued investment in services and digital capabilities is expected to drive growth, particularly in the commercial HVAC sector [9][18] - The acquisition of Stellar Energy is aimed at enhancing modular design capabilities and addressing supply chain constraints [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in strong growth for 2026, driven by exceptional bookings and a robust backlog [10][14] - The outlook for the residential market is cautious, with expectations of a gradual recovery in the second half of 2026 [14][15] - Management highlighted the importance of disciplined execution and innovation in maintaining competitive advantage [3][21] Other Important Information - The company plans to deploy between $2.8 billion and $3.3 billion in 2026, with a focus on strategic M&A and share repurchases [18][19] - The company expects to maintain a strong balance sheet and free cash flow conversion of 100% or greater [16][17] Q&A Session Summary Question: Guidance on revenue for Americas Commercial HVAC - Management indicated strong bookings growth in the second half of 2025, expecting revenue growth of 7%-8% in Q1 2026, increasing to low teens in the second half [22][24] Question: Confidence in U.S. Residential HVAC inventory and pricing - Management confirmed that inventory levels are normalized and pricing has not faded, with expectations of flat to down 5% in 2026 driven by volume [25][26][28] Question: Broadening of orders among end markets - Management noted broad-based growth across multiple verticals, including data centers, with encouraging signs in previously weak sectors like retail and office [33][34] Question: Impact of customer lead times on orders - Management stated that there have been no significant changes in lead times, maintaining competitiveness in delivery [39][40] Question: European margins and price-cost dynamics - Management expects European margins to improve in 2026, with a target of 25% or better organic incrementals across segments [48][50] Question: Biopharma reshoring visibility - Management is optimistic about large pharma projects related to reshoring, tracking several mega projects in the pipeline [78][80] Question: Data center HVAC content and future trends - Management believes the fraction of spending on HVAC in data centers will remain stable, with innovations in thermal management systems expected [87][88]

Financial Data and Key Metrics Changes - Consolidated sales in Q4 2025 increased by a mid-single-digit percentage, with a low single-digit contribution from the Suvinil acquisition [3] - Adjusted diluted net income per share in the quarter increased by 6.7% [3] - Adjusted EBITDA in the quarter grew 13.4% and expanded 100 basis points to 17.7% as a percentage of sales [3] - Free cash flow conversion in the quarter was 90.1% [3] - Full-year net operating cash grew 9.4% to $3.5 billion, or 14.6% of sales [9] - Free cash flow for the year was $2.7 billion, with a conversion rate of 59% [10] - The company ended 2025 with a net debt to adjusted EBITDA ratio of 2.3x [11] Business Segment Data and Key Metrics Changes - Paint Stores Group sales increased by a low single-digit percentage, with high single-digit growth in Protective and Marine [11] - Consumer Brands Group sales grew by a low single-digit percentage, driven by the Suvinil acquisition, while underlying sales decreased by low single digits [12] - Performance Coatings Group sales were flat overall, with strength in packaging and auto refinish, and adjusted segment margin improved by 150 basis points to 19% [5][12] Market Data and Key Metrics Changes - The residential repaint segment remains a significant growth opportunity, despite a challenging demand environment [17] - The new residential market is expected to decline at least in the mid-single-digit range due to negative single-family starts [18] - The Architectural Billings Index has continued its long run of negative readings, indicating a challenging commercial segment [19] Company Strategy and Development Direction - The company focuses on creating opportunities and controlling costs amid a challenging operating environment [9] - Strategic investments continue, including the acquisition of Suvinil and the opening of a new global headquarters [10] - The company aims to outperform the market despite a difficult demand backdrop, emphasizing share gains and customer relationships [21][28] Management's Comments on Operating Environment and Future Outlook - The management anticipates a softer demand environment to persist into 2026, with cautious consumer sentiment providing little support for recovery [16] - The company remains committed to its customer-first strategy and is focused on winning new business and maintaining pricing discipline [28] - Management expressed confidence in the company's ability to navigate challenges and generate growth despite market conditions [27] Other Important Information - The company plans to open 80-100 net new stores in the U.S. and Canada in 2026 [26] - An annual dividend increase of 1.3% to $3.20 per share is recommended, marking the 48th consecutive year of dividend increases [26] Q&A Session Summary Question: Performance Coatings segment margin outperformance - Management attributed the margin outperformance to discipline and focus on SG&A control, with strong new business wins contributing to improved margins [32][34] Question: SG&A outlook for 2026 - SG&A is expected to grow by a low single-digit percentage, factoring in the reinstatement of the 401(k) match and cost control measures [37][40] Question: Impact of severe winter weather on demand trends - Management noted that weather impacts are typical and do not raise concerns for current demand trends [61] Question: Residential Repaint sales performance - Management indicated that while sales were up low single digits, they remain confident in the segment's potential for share gains [74][75] Question: Consumer Brands performance expectations - Management highlighted challenges in the North American DIY market but remains optimistic about the Suvinil acquisition and its integration [78][82]