Core Insights - Barrick Mining Corporation's fourth-quarter profits more than doubled year over year due to higher gold prices, but increased unit costs negatively impacted results [1][7] - The company's total cash costs per ounce of gold rose approximately 15% year over year, while all-in-sustaining costs (AISC) increased around 9% year over year [1][7] - Barrick's consolidated gold production fell roughly 19% year over year to 871,000 ounces in the fourth quarter, contributing to higher unit costs [2][7] Cost Metrics - AISC for Barrick in the fourth quarter was $1,581, reflecting a 10% year-over-year increase to $1,637 in 2025 [1][3] - For 2026, Barrick projects AISC to be in the range of $1,760-$1,950 per ounce, indicating a significant year-over-year increase at the midpoint [3] - Cash costs per ounce are forecasted to be $1,330-$1,470, up from $1,199 in 2025 [3] Industry Comparison - Agnico Eagle Mines Limited reported an AISC of $1,517 per ounce in the fourth quarter, marking a 10% increase from the prior quarter and a 15% year-over-year rise [4] - Kinross Gold Corporation's fourth-quarter attributable AISC was $1,825 per ounce, a 21% increase from the prior-year quarter [5] Stock Performance and Valuation - Barrick's shares have increased by 101.1% over the past six months, outperforming the Zacks Mining – Gold industry's rise of 73.2% [6] - The company is currently trading at a forward 12-month earnings multiple of 13.13, which is a 3.9% discount compared to the industry average of 13.67X [8] Earnings Estimates - The Zacks Consensus Estimate for Barrick's 2026 earnings implies a year-over-year increase of 48.8%, with a 15.3% increase projected for 2027 [9]

Jeld-Wen (NYSE:JELD) Q4 2025 Earnings call February 18, 2026 08:00 AM ET Company ParticipantsBill Christensen - CEOJames Armstrong - VP of Investor RelationsSamantha Stoddard - CFOConference Call ParticipantsSusan Maklari - Senior Equity Research AnalystOperatorLadies and gentlemen, thank you for standing by. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome you to the JELD-WEN's fourth quarter and full year 2025 earnings conference call. All lines have b ...

Strategic reviews of the European business and non-core assets are ongoing to potentially provide meaningful liquidity and strengthen the balance sheet.The company is intentionally prioritizing pricing discipline over volume, accepting some share loss to offset persistent inflation in glass, metals, and tariffs.Service levels have stabilized following the completion of production transitions and consolidations in both North America and Europe.A transition from the previous 'one-size-fits-all' excellence mod ...

Core Insights - Drilling Tools International Corporation (DTI) has seen its stock rise by 82.3% in six months, outperforming competitors and the Oil & Gas-Field Services sub-industry [1][2] - The company has demonstrated strong financial performance despite challenges in the oil and gas sector, raising questions about the sustainability of its growth [1][5] Financial Performance - DTI reported $5.6 million in adjusted free cash flow for Q3 2025, with a target of $14 million to $19 million for the full year [5][6] - The company reduced its net debt to $46.9 million by the end of Q3, indicating financial resilience [5][6] - DTI's price-to-sales ratio stands at 0.81, significantly below the sub-industry average of 1.49, suggesting potential undervaluation [6][11] Market Position and Growth - DTI's revenues from the Eastern Hemisphere increased by 41% year over year, now representing about 15% of total revenues, indicating successful international expansion [7] - The company operates a diverse fleet of equipment and has established itself as a reliable provider in the oil and gas industry, competing effectively against larger players like Halliburton and Oceaneering [9][10] Strategic Initiatives - DTI is focusing on smart cost management, innovative technology, and strategic growth to prepare for future industry upturns [12] - The "OneDTI" initiative aims to enhance global presence and scalability through recent acquisitions [12] Challenges - DTI faced a 3.2% year-over-year decline in Q3 revenues and a net loss of $0.9 million, highlighting revenue volatility [13] - The company is experiencing a 5% decline in North American rig counts and a 42% drop in product sales to $7 million [13] - Geopolitical risks and seasonal softness in Q4 may impact DTI's operations and financial performance [14]

Financial Data and Key Metrics Changes - The company recorded $1.4 billion in group property EBITDA for the full year of 2025, growing by 17% compared to 2024 [4] - Group-wide adjusted property EBITDA for the fourth quarter of 2025 grew 12% year-over-year to approximately $331 million [8] - Macau property EBITDA grew 24% year-over-year in Q4 2025 and 25% for the full year compared to 2024 [4] Business Line Data and Key Metrics Changes - In Macau, the fourth quarter property EBITDA grew 24% year-over-year, while full-year EBITDA grew 25% [4] - City of Dreams Mediterranean and satellite casinos in Cyprus achieved 78% year-over-year growth in property EBITDA to $21 million for Q4 2025 [7] - The Philippines faced competitive pressures, impacting performance, but positive developments are noted, including visa-free travel for Chinese nationals [5] Market Data and Key Metrics Changes - Macau market GGR increased by 24% year-over-year, with market share also increasing in Q1 2026 [4] - The company anticipates a strong Chinese New Year with higher yielding cash ADRs compared to 2025 [4] Company Strategy and Development Direction - The company plans to implement new initiatives in 2026, including the opening of the renovated Countdown Hotel, expected to set a new benchmark in Macau [5] - A revamp of the retail area at COD and upgrades to food and beverage offerings are also planned to enhance product quality [5] - The company has concluded evaluations of strategic alternatives for COD Manila, indicating confidence in future business recovery [6] Management's Comments on Operating Environment and Future Outlook - Management noted that 2025 was a year of growth and recovery, supported by disciplined cost management and margin expansion [4] - Competition in Macau remains intense, but management is comfortable with their margin expectations and has been disciplined in reinvestment [23][28] - The company expects Macau daily OpEx to increase to approximately $3.2 million in Q1 2026 due to increased marketing activity [9] Other Important Information - The company had available liquidity of approximately $2.4 billion and consolidated cash on hand of approximately $1.2 billion as of the end of 2025 [9] - Total CapEx for 2026 is projected at $450 million, with significant allocations for the Countdown Hotel and other properties [34] Q&A Session Summary Question: Impact of House of Dancing Water on traffic and conversion - Management noted a meaningful uptick in property visitation since reopening House of Dancing Water, with significant food and beverage spending observed [16][17] Question: Competitive intensity in Macau and EBITDA margin expectations - Management acknowledged intense competition but expressed confidence in maintaining margins, with no immediate catalysts for change [21][23][28] Question: Clarification on operating expenses and non-recurring items - Management confirmed that additional bad debt was approximately $5 million for the quarter, with $6 million related to the anniversary events [32] Question: CapEx breakdown for major projects - Total CapEx for 2026 is projected at $450 million, with $375 million allocated to Macau and significant funds for the Countdown Hotel [34]

Core Insights - The company achieved a record adjusted EBITDA of $2.8 million due to operational efficiencies in production and distribution, along with disciplined cost management [1] - The acquisition of the 'Varnamtown' IP for streaming development aligns with the company's strategy to create original IP with monetization potential [1] - Revenue growth was driven by a 5% quarter-over-quarter increase in PodRoll revenue, indicating higher adoption of the Dynamic Ad Marketplace by brands [1] Group 1 - Performance is increasingly supported by an AI-powered infrastructure that enhances predictive profitability, automated advertising management, and audio quality [2] - The partnership with Dr. Phil's Envoy Media Company marks a significant shift towards multi-platform original content, launching a new daily podcast-based network [2] Group 2 - Management is transitioning from a traditional podcast publisher to a vertically integrated content and monetization network focused on owned media assets [3] - Future adjusted EBITDA growth is anticipated, driven by structural improvements rather than one-time items [3] - The company plans to launch multiple new video and audio projects within the Envoy Media partnership over the next 3 to 6 months [3] - Guidance for the upcoming quarter indicates a typical seasonal deceleration in advertising spend as brands reset budgets [3] - Strategic focus remains on M&A opportunities, with discussions ongoing with several podcast networks to complement the existing portfolio [3] - Future revenue growth is expected to benefit from expanded B2B deals, including deeper integration with Amazon's ART19 and potential new content offerings for Pluto TV [3]

Financial Data and Key Metrics Changes - Net sales for the third quarter were $20.7 million, down from $23.4 million in the prior year quarter, while net income increased to $1.5 million from $900,000 a year ago [3][8] - Gross margin decreased to 23.5% from 26.1% in the prior year quarter, primarily due to higher tariffs and one-time costs [4][8] - Marketing and administrative expenses increased by $600,000 to $5 million, with expenses as a percentage of net sales rising to 24% from 18.8% [8][10] - Basic and diluted earnings per share were $0.14, up from $0.09 in the prior year quarter [9] Business Line Data and Key Metrics Changes - The softness in revenue was primarily attributed to the bedding category, where consumers are opting for lower-cost items like blankets instead of higher-priced bedding sets [14][15] - Positive performance was noted in bibs, toys, and disposable categories during the holiday season [3] Market Data and Key Metrics Changes - The majority of products are sourced from China, with over 90% of products coming from there, which poses risks due to ongoing trade tensions [16][32] - Consumer spending remains uneven and price-sensitive, impacting sales [4][35] Company Strategy and Development Direction - The company is focused on driving profitability through pricing and cost actions to offset the challenging sales environment [3] - A conservative inventory strategy is in place to minimize exposure to excess inventory amid volatile pricing and tariff environments [6] - The relaunch of the Groovy Girls product line is expected to create opportunities with specialty customers and expand reach in the juvenile space [4] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the difficult operating backdrop, including elevated tariffs and shifting retailer behavior, but remains confident in the long-term fundamentals of the infant, toddler, and juvenile category [11] - The company is committed to cash flow generation, debt reduction, and disciplined capital allocation as key pillars of shareholder value [7] Other Important Information - The company incurred $600,000 in severance expenses related to operational consolidation efforts [6] - Insurance proceeds of $2.5 million were received during the quarter, positively impacting income before tax [9] Q&A Session Summary Question: Where was the softness on the revenue line? - The softness was primarily in the bedding category, with consumers opting for lower-cost alternatives [14][15] Question: What percentage of the product comes from China? - Almost all products, in the high 90% range, are sourced from China [16] Question: Can you provide details on the $2.5 million insurance claims benefit? - The claims relate to a product category dropped at retail shortly after acquisition, leading to a successful claim under the representations and warranties insurance [17][20] Question: How much did retail price increases contribute to quarterly revenue? - Price increases were implemented across retailers by October, impacting the sales mix during the quarter [24][26] Question: What is the contingency plan if tariffs increase again? - The company is exploring alternative sourcing options but is currently focused on maintaining quality and safety standards [32] Question: Will Groovy Girls be sold internationally? - Yes, the product will be sold internationally through distributors [42] Question: How is the Disney license in Canada performing? - The license started in January, and the company is in the process of introducing its products to larger retailers [44] Question: What is the status of international sales? - Specific numbers were not disclosed, but the company is actively working to expand its international distributor network [48]

Financial Data and Key Metrics Changes - Revenue for the fourth quarter was reported at $466.7 million, a 6.6% increase year-over-year [9] - Year-over-year revenue growth exceeded 7%, with significant contributions from the campus division, which achieved over $100 million in revenue [4] - Net income was reported at $31.2 million, with diluted earnings per share at $0.44, including an $8.3 million benefit related to tax treatment [11] - Cash flow from operations was reported at $17.4 million, adjusted to $36.4 million after accounting for a decrease in payroll accrual [11] Business Line Data and Key Metrics Changes - Environmental services segment revenues were reported at $210.8 million with a margin of 12.6% [9] - Dietary services segment revenues were reported at $255.9 million with a margin of 7.2% [9] - Cost of services was reported at $394.6 million, representing 84.6% of revenue, with a target to manage costs in the 86% range for 2026 [9][10] Market Data and Key Metrics Changes - The company anticipates mid-single-digit revenue growth for 2026, supported by strong industry fundamentals and demographic trends [5][7] - The demand for long-term and post-acute care services is expected to increase significantly as the baby boomer population ages [5] Company Strategy and Development Direction - The company’s strategic priorities for 2026 include driving growth through management development, managing costs through operational execution, and optimizing cash flow [7] - A new $75 million share repurchase plan was announced, following the completion of a $50 million repurchase plan ahead of schedule [8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the regulatory environment and its alignment with the needs of vulnerable populations [7] - The company is confident in its ability to sustain growth through effective management and execution strategies [19] Other Important Information - The company ended the year with a strong balance sheet, cash and marketable securities of $203.9 million, and an undrawn credit facility of $300 million [14][15] - The company has upgraded contracts to improve pricing mechanics and cash flow, resulting in better margin visibility and collection trends [12] Q&A Session Summary Question: Revenue upside opportunity in the nursing home sector - Management highlighted that growth is execution-based, with a robust sales pipeline and strong demand for services [19] Question: Margin expectations for 2026 - Management noted that margins have expanded due to service execution and operational efficiencies, with a target to manage costs of services at 86% [21][22] Question: Split of campus services revenue and growth potential - Campus services revenue is split evenly between the CSG brand and Meriwether Godsey, with expectations for accelerated organic growth [25][27] Question: Cash flow from operations trajectory for 2026 - Management expects cash flow from operations to approximate net income, with consistent margins and revenue growth [29] Question: Balancing share buybacks with M&A opportunities - Management indicated that the strong liquidity position allows for pursuing share buybacks, organic growth, and M&A without compromising any priorities [30][31] Question: New business additions and growth drivers - Management anticipates continued organic growth driven by execution and a robust pipeline, with timing of new business adds being fluid [36][39]

Financial Data and Key Metrics Changes - Organic revenue for Aramark grew 5% to $4.8 billion in Q1 2026, with an estimated 8% growth without the calendar shift impact [6][16] - Operating income was $218 million, slightly up from the prior year, while adjusted operating income was $263 million, up 1% on a constant currency basis [17] - GAAP EPS was $0.36 and adjusted EPS was $0.51, with a calendar shift impacting adjusted EPS growth by approximately 13% [19] Business Segment Data and Key Metrics Changes - FSS US organic revenue increased to $3.4 billion or 2%, with a potential growth of approximately 5% without the calendar shift [8] - International revenue reached $1.5 billion, an increase of over 13% year-over-year on an organic basis, maintaining double-digit growth for 19 consecutive quarters [11] - The U.S. AOI had a 1% decline compared to the same period last year, while international segment AOI grew by 12% on a constant currency basis [18] Market Data and Key Metrics Changes - The U.K., Spain, Germany, and Chile were the leading contributors to international revenue growth [11] - The company reported strong client retention levels across all markets, with significant new business wins in healthcare, education, and corrections in the U.S. [5][10] Company Strategy and Development Direction - The company aims for a net new target of 4%-5% in fiscal 2026, driven by strong client retention and new business opportunities [6] - Aramark is focusing on expanding its global supply chain GPO network, particularly in hospitality areas such as theme parks and hotels [6][13] - The company is committed to leveraging AI technology to enhance supply chain efficiencies and operational productivity [13][45] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving record-breaking financial performance, citing strong business momentum and client retention [5][20] - The company anticipates continued revenue growth in Q2, driven by onboarding new business and maintaining high retention rates [21][22] - Management noted that inflation is in line with expectations, with food and labor costs running around 3% [70][71] Other Important Information - The company repurchased $30 million of its shares as part of its share repurchase program [19] - Capital expenditures were higher due to commitments associated with sizable new business wins, expected to normalize over the year [61] Q&A Session Summary Question: Competitive business wins and future trends - Management noted significant success in competitive new account wins, particularly in large organizations, and expects this trend to continue [26][27] Question: Upcoming large bidding opportunities and retention strategies - Management confirmed ongoing large bidding opportunities but did not disclose specifics due to competitive reasons; retention remains a key focus [29][30] Question: Revenue growth in sports and leisure segments - Revenue growth is broad-based across business lines, with strong performance in sports and entertainment, particularly in collegiate athletics [35][37] Question: Pricing and volume contributions to organic growth - Pricing contributed about 3% to organic growth in Q1, with expectations for similar trends throughout the year [56] Question: Impact of inflation on costs - Inflation is running in line with expectations, with food prices around 3% and labor costs consistent across geographies [70][71] Question: Client retention and spending trends - Management emphasized a strong focus on client retention, with no significant changes in customer spending patterns observed [75][77] Question: Updates on large contracts and their impact - The RWJBarnabas contract is expected to have a significant impact in 2026, with a staged opening beginning in June [90][91] Question: Strategic shifts in client operations - Management noted a strategic shift among clients towards systemizing operations for cost efficiencies, which has led to larger contract wins [99][100]

Financial Data and Key Metrics Changes - In Q4 2025, Axalta reported net sales of approximately $1.3 billion, with adjusted EBITDA of $272 million and a margin of 21.5%, an improvement of 50 basis points year-over-year [5][12] - For the full year 2025, adjusted EBITDA reached $1.13 billion, a growth of $317 million from 2024, with margins expanding over 500 basis points to 22% [7][18] - Adjusted diluted EPS for Q4 was $0.59, roughly flat year-over-year, while for the full year, it increased approximately 55% to $2.49 [7][18] Business Line Data and Key Metrics Changes - Mobility Coatings achieved record fourth-quarter net sales of $471 million, a 1% increase year-over-year, with adjusted EBITDA rising 20% to $92 million [15][16] - Performance Coatings saw a 6% decline in Q4 net sales to $791 million, primarily due to lower volumes and unfavorable price mix [15] - Refinish net sales decreased 7% to $509 million in Q4, reflecting low claim activity and adjusted order patterns [15] Market Data and Key Metrics Changes - North America faced significant macro headwinds, impacting all business lines, with a 4% decline in net sales year-over-year [12][17] - In Asia-Pacific, the Industrial segment delivered 5% net sales growth despite a weaker macro environment [9][49] - Class 8 builds in North America were down roughly 30% compared to assumptions, indicating a broader slowdown in fleet refresh activity [10][12] Company Strategy and Development Direction - Axalta is focused on operational excellence, cost management, and strategic investments, including a record $196 million in CapEx to support productivity [9][19] - The company announced a merger of equals with AkzoNobel, expected to create a global leader in performance coatings with significant synergy potential of $600 million [26][27] - The strategy includes enhancing product offerings and expanding market presence, particularly in the economy segment and adjacencies [63] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing macro challenges but expressed confidence in the company's resilience and ability to manage costs effectively [8][11] - For 2026, the company anticipates a slower start but expects recovery in the second half driven by various catalysts, including interest rate reductions and improved consumer affordability [22][23] - Management emphasized the importance of maintaining strong margins and operational performance despite market pressures [11][19] Other Important Information - Axalta achieved record cash generation in Q4, with operating cash flow of $344 million and free cash flow of $290 million [14] - The company reduced interest expense by 11% and SG&A expenses by 8% year-over-year, contributing to improved financial performance [13][19] - The net leverage ratio decreased to 2.3 times at year-end, the lowest in the company's history [19] Q&A Session Summary Question: Status of global refinish markets - Management indicated that destocking trends are expected to end by Q2 2026, with confidence in recovery based on current performance and market conditions [31][32] Question: Conviction in achieving $600 million in synergies - Management noted improving investor sentiment and emphasized the creation of a leading global performance coatings company as a key message [38][39] Question: Performance Coatings and Industrial trends - Management acknowledged lower sales in Industrial but highlighted growth in Asia and expected improvements in the back half of 2026 [48][49] Question: Margin assumptions for the year - Management expects EBITDA margins to remain above 22% for 2026, driven by cost actions and productivity improvements [56] Question: Refinish strategy evolution post-merger - Management highlighted complementary strengths in refinish and mobility segments, indicating a focus on enhancing distribution and product offerings [62][63]