Financial Performance & Guidance - Q3 2025 Adjusted EBITDA was $68 million[6], which annualizes to a run rate of $272 million[6] - Q4 2025 Adjusted EBITDA guidance is $65-70 million[13] - Q1 2026 Adjusted EBITDA guidance is $70-75 million[13] - Power Solutions Adjusted EBITDA for Q3 2025 was $58 million[13], with Q4 2025 guidance of $56-60 million[13] - Logistics Solutions Adjusted EBITDA for Q3 2025 was $17 million[13], with Q4 2025 guidance of $18-20 million[13] Capital Expenditures & Debt - Consolidated Capex for Q3 2025 was $63 million[9] - Remaining consolidated capex spend reflects standalone SEI needs as JV has its own third-party financing[9] - Pro Forma Potential Gross Debt with Fully Deployed JV Capacity is approximately $1403 million[6, 15] - Net to SEI Debt with Convertible Notes considered as Debt is approximately $1153 million[6, 15] - Net to SEI Debt with Convertible Notes considered as Shares is approximately $250 million[6, 15] Fleet & Capacity - Pro Forma Adjusted EBITDA at 2200 MW Operated is projected at $575-625 million Net SEI and $700-750 million Consolidated SEI[6] - The company expects to grow to a 2200 MW operated fleet by early 2028[9]

'Corporates now have multiple funding sources beyond banks, and many are sitting on large cash reserves.'Illustration: Dominic Xavier/RediffC S Setty, chairman of State Bank of India (SBI), in conversation with Tamal Bandyopadhyay, discusses the slowdown in credit growth, the Reserve Bank of India's (RBI's) reforms, and the potential impact of allowing private sector professionals into public-sector banks (PSBs).Why is credit growth not picking up?We're not lacking in credit growth. If you look at the RBI d ...

What is it that was so good, given the fact that this really is a hardware story, not necessarily a technology story, which is what's going on with the rest of the tech world. Sure. I mean, look, if you look services that continues to be Rock of Gibraltar for them and that, you know, mid-teen growth.I think that some from a multiple perspective that investors are really focused on. But the reality is we've talked about so many times in the show over the years, like other cycles have been disappointing from ...

Financial Data and Key Metrics Changes - The company reported GAAP diluted EPS of $0.62 per share for Q3 2025, down from $0.76 in the prior period, while non-GAAP diluted EPS increased to $0.79 from $0.65 [4][8] - Year-to-date GAAP EPS stands at $2.22 compared to $2.34 last year, with adjusted EPS at $2.41 in 2025 versus $2.27 in 2024 [9][10] - The company affirmed its 2025 earnings guidance range of $3.53 to $3.65 [4] Business Line Data and Key Metrics Changes - Margin improvement contributed $0.52 to EPS, driven by rate increases ($0.35), customer usage ($0.08), and electric and gas transmission [10][11] - The company incurred $0.12 of merger-related costs during the quarter, impacting overall performance [12] Market Data and Key Metrics Changes - Mild weather negatively impacted earnings by approximately $0.05 compared to the previous year [12] - The company is awaiting outcomes from its Montana rate review, which is expected to influence future earnings [13] Company Strategy and Development Direction - The company is pursuing an all-stock merger with Black Hills Corporation, with regulatory filings already submitted [4][15] - A significant capital investment plan focuses on transmission and distribution (T&D) investments, with potential incremental opportunities in data centers and large load customers [6][14] - The company plans to file a large load tariff in Montana in Q4 2025, aiming to attract data centers [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting financial commitments and anticipates a favorable outcome from the Montana rate review [13] - The company expects to provide its 2026 outlook during the year-end call in February [14] Other Important Information - A dividend of $0.66 per share was declared, payable on December 31, 2025 [5] - The company is working on a $300 million natural gas generation project, which is not included in the current five-year CapEx plan [5] Q&A Session Summary Question: Clarification on data center activity and timelines - Management confirmed an increase in the queue count for high-level assessments and indicated that one could convert to an LOI soon [32] Question: Timeline for gas plan approval in South Dakota - Management stated that initial feedback from the Southwest Power Pool was positive, with expectations for transmission piece feedback in early 2026 [33]

Group 1 - Alphabet Inc (NASDAQ:GOOG) is experiencing a trend in analyst calls, with expectations for increased AI capital expenditures (CapEx) [1] - Doug Clinton from Deepwater Asset Management believes Wall Street's estimates for Alphabet's AI CapEx are too low, predicting significant growth in spending [1][2] - Alphabet reported strong quarterly results and raised its 2025 CapEx target to a range of $91 billion to $93 billion, up from $85 billion, with further increases expected in 2026 [3] Group 2 - Comparatively, analysts expect a 12% growth in CapEx for Alphabet and Amazon, while Meta is projected to grow at a much higher rate of 30% to 40% [2] - The anticipated increase in CapEx for Alphabet and Amazon is expected to positively impact companies like Nvidia and TSM [2]

Capital Expenditure and Earnings - American Electric Power (AEP) has announced a $72 billion capital expenditure plan, which is a 33% increase from its previous five-year capex plan, driven in part by 765-kV transmission projects in Texas and the PJM Interconnection region [1] - Year-to-date operating earnings reached $2.6 billion, reflecting a 13% increase from the previous year, partly due to rate increases [3] - AEP expects an annual earnings per share growth rate of 7% to 9%, up from the previous estimate of 6% to 8%, with the stock price rising 6% to $122.11 per share [4] Load Growth and Demand Projections - AEP anticipates a peak load of 65 GW by 2030, which is a 76% increase from its current summer peak, driven by 28 GW in data center and other large load agreements [2][7] - In the last 12 months, AEP's utilities sold 6% more electricity compared to the previous year, with residential sales up 2.3% and commercial sales up 7.9% [6] - About half of the anticipated 28 GW demand growth is expected to come from the Electric Reliability Council of Texas market, with significant contributions from hyperscalers like Google, AWS, and Meta [8] Rate Hikes and Customer Impact - AEP expects its customers to face annual residential rate hikes of approximately 3.5% over the next five years [5] - The company is experiencing surging loads, with 2 GW of data centers coming online in the third quarter [6] Infrastructure and Competitive Advantage - AEP owns about 2,100 miles of 765-kV transmission lines across six states, representing 90% of all 765-kV infrastructure in the U.S., providing a competitive advantage in connecting data center loads [9] - The company emphasizes the need for generation diversity to meet the growing electricity demand and ensure reliability [10]

Core Viewpoint - Meta is significantly increasing its capital expenditures (capex) to enhance its AI capabilities, with a raised capex forecast for 2025 to a range of $70 to $72 billion, up from $66 to $72 billion, indicating a strong focus on infrastructure expansion to seize future opportunities [1][2][16] Capital Expenditures - The company is expected to invest aggressively in both building its own infrastructure and contracting with third-party cloud providers, with a notable increase in capex dollar growth anticipated for the next year [1][2] - Recent significant cloud deals include a $10 billion agreement with Google, a $14 billion deal with CoreWeave, and a $20 billion deal with Oracle, suggesting a trend towards more cloud partnerships [2] Market Dynamics - The tech sector is shifting from being capex-light to capex-heavy, similar to the energy sector, as companies must invest larger amounts to keep pace with AI growth [4][5] - Concerns are rising regarding the return on investment (ROI) from these increased expenditures, as the value proposition may diminish at higher spending levels [5][6] Financial Implications - Meta's recent financial maneuvers include taking on significant debt, such as a $27 billion loan for building a data center in Louisiana, indicating a trend towards financialization in the tech industry [10][12] - The company has faced challenges with its AI initiatives, particularly with its Llama 4 model, which lags behind competitors, raising questions about the effectiveness of its spending [8][9] Performance Metrics - Meta reported a $16 billion charge that impacted earnings per share (EPS), which would have been approximately 10% better than expected without this charge, highlighting the financial strain from increased capex [16] - Despite concerns over spending, the company beat revenue expectations by about 4%, with margins now exceeding 40%, suggesting underlying business strength [16]

Core Insights - NiSource Inc. reported third-quarter 2025 operating earnings per share (EPS) of 19 cents, missing the Zacks Consensus Estimate of 20 cents by 5% and down by a penny from the previous year [1] - The company’s total revenues reached $1.28 billion, exceeding the Zacks Consensus Estimate of $1.17 billion by 8.6% and increasing 18.3% year-over-year [2][9] Financial Performance - Total operating expenses were $0.98 billion, up 13.7% from $0.86 billion in the prior-year quarter [3] - Operating income increased to $297.5 million, a rise of 36.3% from $218.3 million in the previous year [3] - Net interest expenses rose to $179.8 million, up 33.6% from $134.6 million in the prior-year quarter [3] Sales and Distribution - Total gas distribution in Sales and Transportation (excluding weather) was 100.2 Million British Thermal Units per day (MMDth), up 3.5% from 96.8 MMDth in the prior-year quarter [4] - Total electric sales (excluding weather) were recorded at 4,621.6 gigawatt-hours (GWh), an increase of 0.8% from 4,587.1 GWh in the prior-year quarter [4] Financial Position - Cash and cash equivalents as of September 30, 2025, were $95 million, down from $156.6 million as of December 31, 2024 [5] - Long-term debts as of September 30, 2025, were $14.47 billion, compared to $12.07 billion as of December 31, 2024 [5] - Net cash flows from operating activities in the first nine months of 2025 were $1.65 billion, up from $1.24 billion in the same period of 2024 [5] Liquidity and Guidance - NiSource's liquidity as of September 30, 2025, was nearly $3 billion, sufficient to meet near-term obligations [6] - The company reaffirmed 2025 non-GAAP earnings guidance of $1.85-$1.89 per share and expects 2026 non-GAAP earnings in the range of $2.02-$2.07 [7] - NiSource anticipates an earnings CAGR of 6-8% through 2030 [7] Capital Expenditure - The company plans a capital expenditure of $28 billion for the 2026-2030 period, which is nearly $8.6 billion higher than the previous five-year plan, primarily driven by $7 billion in strategic investments for data centers [8][9]

Core Insights - Baker Hughes Company (BKR) reported third-quarter 2025 adjusted earnings of 68 cents per share, exceeding the Zacks Consensus Estimate of 61 cents and improving from 67 cents in the previous year [1][10] - Total quarterly revenues reached $7,010 million, surpassing the Zacks Consensus Estimate of $6,832 million and increasing from $6,908 million year-over-year [1][10] Segment Performance - The strong quarterly results were primarily driven by the Industrial & Energy Technology business segment [2] - Revenues from the Oilfield Services and Equipment (OFSE) unit were $3,636 million, down 8% from $3,963 million a year ago, but above the estimate of $3,632 million [3] - EBITDA from the OFSE segment totaled $671 million, down 12% from $765 million in the third quarter of 2024, attributed to lower volume, inflation, and shifts in business mix, partially offset by cost-out initiatives and productivity improvements [4] - Revenues from the Industrial & Energy Technology (IET) unit amounted to $3,374 million, up 15% from $2,945 million year-over-year, exceeding the estimate of $3,182.6 million [5] - EBITDA from the IET segment was $635 million, up 20% from $528 million in the previous year, driven by volume, positive pricing, and favorable foreign exchange movements, partially offset by inflation and lower cost productivity [5] Financial Overview - Total costs and expenses for the third quarter were $6,189 million, higher than the year-ago figure of $5,899 million, and above the projection of $6,054.4 million [6] - Orders from all business segments amounted to $8,207 million, up 23% from $6,676 million a year ago, driven by strong order intake growth across both OFSE and IET segments [7][10] - Free cash flow generated was $699 million compared to $754 million a year ago [8] - Net capital expenditure in the second quarter was $230 million [9] - As of September 30, 2025, cash and cash equivalents stood at $2,693 million, with long-term debt of $5,988 million and a debt-to-capitalization ratio of 24.8% [11]

Getty Images The following segment was excerpted from the Brasada Capital Third Quarter Of 2025 Quarterly Update. Capex defined as Capital Expenditure Corporate investment in Artificial Intelligence has been the primary driver of the market, with capital expenditure extending beyond ...