Financial Data and Key Metrics Changes - Consolidated revenue for Q3 2025 was $667.9 million, a 6.9% increase compared to Q3 2024. Excluding the newly acquired Kurt Geiger, consolidated revenue decreased by 14.8% [9] - Net income attributable to Steve Madden Ltd. for the quarter was $30.4 million, or $0.43 per diluted share, compared to $64.8 million, or $0.91 per diluted share in Q3 2024 [12] - Operating income for the quarter was $46.3 million, or 6.9% of revenue, compared to $85.4 million, or 13.7% of revenue in the comparable period in the prior year [11] Business Line Data and Key Metrics Changes - Wholesale revenue was $442.7 million, down 10.7% compared to Q3 2024. Excluding Kurt Geiger, wholesale revenue decreased by 19% [9] - Direct-to-consumer (DTC) revenue increased by 76.6% to $221.5 million. Excluding Kurt Geiger, DTC revenue increased by 1.5% [9] - Wholesale footwear revenue was $266.5 million, a 10.9% decrease from the comparable period in 2024, or down 16.7% excluding Kurt Geiger [9] Market Data and Key Metrics Changes - Comp sales for the new brand, Kurt Geiger London, were up mid-teens in Q3 2025, indicating strong consumer response [6] - The company ended the quarter with 397 company-operated retail stores, including 99 outlets, and 7 e-commerce websites [10] Company Strategy and Development Direction - The company is focused on deepening consumer connections through compelling products and effective marketing, particularly for the Steve Madden brand [5] - The acquisition integration of Kurt Geiger is on track, with progress on revenue synergies and cost savings opportunities [7] - The company plans to open a handful of stores in the U.S. for Kurt Geiger next year and is working on expanding its international presence [28] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced in Q3 due to new tariffs on imports but expressed confidence that the worst is behind them [4] - The company expects revenue to increase by 27%-30% in Q4 2025 compared to Q4 2024, with earnings per share projected to be in the range of $0.41-$0.46 [13][14] - Management believes that the underlying consumer demand for their brands remains strong despite tariff-related challenges [5] Other Important Information - The company declared a quarterly cash dividend of $0.21 per share, payable on December 26, 2025 [13] - Inventory at the end of the quarter was $476 million, compared to $268.7 million in Q3 2024 [12] Q&A Session Summary Question: How is the fashion developing this fall and what are the inventory levels in the wholesale channel? - Management noted strong performance in the core Steve Madden women's shoe business, particularly in boots, and expressed confidence in spring prospects [16][18] Question: What is the expected revenue contribution from Kurt Geiger in Q4? - Management expects Kurt Geiger's revenue contribution to be between $182 million and $187 million, with over 70% coming from DTC [19][20] Question: How is the handbag business performing and what are the expectations for apparel? - The handbag business is expected to stabilize as demand improves, while apparel has been a growth story with good sell-throughs in key accounts [46][47] Question: What is the outlook for wholesale performance by channel? - Strongest performance is seen in regular price channels, while value price channels like off-price and mass have faced more pressure [82] Question: How is the company addressing margin recovery? - Management believes that all margin erosion is recoverable over time, with expectations to return to pre-tariff margins in the core business [64]

Core Insights - Archer-Daniels-Midland Company (ADM) reported third-quarter adjusted earnings per share of 92 cents, surpassing the analyst consensus estimate of 85 cents [1] - Quarterly sales reached $20.372 billion, falling short of the expected $20.650 billion [1] - The company lowered its 2025 adjusted EPS outlook from $4.00 to a range of $3.25 to $3.50, which is below the $3.84 analyst consensus [4] Financial Performance - Total segment operating profit was $845 million, a decrease of 19% year over year, excluding specified items totaling $220 million [2] - AS&O segment operating profit was $379 million, down 21% compared to the prior year [3] - Carbohydrate Solutions segment's operating profit was $336 million, down 26% [3] - Nutrition segment operating profit was $130 million, reflecting a 24% increase from the prior year [3] - Adjusted EBITDA for the quarter was $954 million [3] - The company ended the quarter with cash and equivalents of $1.235 billion [3] Management Commentary - CEO Juan Luciano highlighted advancements in portfolio optimization, cost savings through targeted streamlining, efficient plant operations, and robust cash flow generation [2] - Looking ahead, the company anticipates that biofuel policy clarity and trade policy evolution will provide demand signals for the industry [4] Stock Performance - ADM shares traded 1% higher at $60.69 following the earnings report [4]

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share of $0.92 and total segment operating profit of $845 million for the third quarter [4] - The trailing four-quarter adjusted return on invested capital (ROIC) was 6.7% and cash flow from operations before working capital changes was $2.1 billion year to date [4] - Adjusted earnings per share expectations for the full year 2025 have been revised down to a range of $3.25-$3.50, down from approximately $4 per share [12][21] Business Line Data and Key Metrics Changes - The Services & Oilseeds (AS&O) segment operating profit was $379 million, down 21% compared to the prior year quarter, primarily due to the deferral of U.S. biofuel policy [14] - Ag Services subsegment operating profit increased by 78% to $190 million, driven by higher export activity in North America [14] - Carbohydrate Solutions segment operating profit was $336 million, down 26% year-over-year, primarily due to a decline in global demand for sweeteners and starches [16] - Nutrition segment revenues were $1.9 billion, up 5% year-over-year, with operating profit increasing by 24% to $130 million [18] Market Data and Key Metrics Changes - The company achieved the best total export volume for September since 2016, which helped offset some weakness in the cash business [7] - Global soybean and canola crush execution margins were significantly lower than the prior year quarter, particularly in North America [15] - Ethanol EBITDA margins per gallon for the quarter were approximately double compared to the prior year quarter, with volumes roughly flat [17] Company Strategy and Development Direction - The company is focusing on operational excellence, portfolio optimization, and cost savings through a self-help agenda, targeting $200 million-$300 million in cost savings for 2025 [9][21] - A joint venture with Alltech in Animal Nutrition aims to transition the business into higher-margin specialty ingredients, expected to commence operations in 2026 [9][40] - The company is investing in innovation, particularly in flavor systems for energy drinks and natural colors, as well as postbiotics [10] Management's Comments on Operating Environment and Future Outlook - Management noted a challenging industry-wide operating environment but remains flexible and focused on long-term growth [4] - The deferral in U.S. biofuel policy has led to lowered expectations for full-year 2025, but management remains optimistic about 2026 due to potential improvements in market conditions [11][13] - The company is prepared for gradual improvements in margins as clarity on biofuel policies is expected [76] Other Important Information - The company has maintained a strong balance sheet and disciplined capital allocation, allowing for continued investments and shareholder returns [6] - The company has reduced inventory by $3.2 billion year to date, improving working capital efficiency [20] Q&A Session Summary Question: Can you help reconcile the sequential decline in the third quarter for crush? - Management explained that soybean crush rallied sharply post-RVO announcements but then moved lower due to various factors, including a decrease in U.S. acres and uncertainty about biofuels policy [30] Question: Can you clarify the insurance gains? - Management confirmed that insurance proceeds in the fourth quarter are expected to be funded half by captive insurance and half by third parties, with total proceeds lower than the previous year [35] Question: What are the benefits of the JV with Alltech? - The JV aims to pivot towards more specialty products in Animal Nutrition, combining the strengths of both companies to enhance operational improvements and synergies [40] Question: How does the company view the clarity on biofuel policy? - Management expressed optimism about the eventual clarity on biofuel policies, which is expected to positively impact margins and demand for domestic feedstocks [76] Question: What is the outlook for Ag Services? - Management noted that while Q3 was strong, the outlook for Q4 may be softer due to ongoing uncertainties regarding trade deals and farmer selling behavior [68]

Financial Data and Key Metrics Changes - Revenues for Q3 2025 totaled $771 million, an increase of 3% year-over-year, with revenues net of fuel increasing by 4% [16] - Adjusted EPS was negative $0.03, impacted by discrete tax items which negatively affected adjusted EPS by $0.08 [11][28] - Adjusted operating margin was 1.4%, with TTS adjusted operating margin at 1.9% net of fuel surcharge, a decrease of 340 basis points year-over-year [16][11] Business Line Data and Key Metrics Changes - In Dedicated Truckload Services, revenue net of fuel was $292 million, up 2.5%, representing 65% of TTS trucking revenues [18] - One-Way Truckload Services saw trucking revenue net of fuel decrease by 3% to $160 million, with revenue per truck per week decreasing by 4.3% due to lower miles per truck [20][12] - Logistics revenue increased by 12% year-over-year to $233 million, with truckload logistics revenues up 13% and shipments increasing by 12% [22] Market Data and Key Metrics Changes - Demand in Q3 was below normal seasonality for most of the quarter, but improvement in one-way trucking demand was noted through September and into October [13] - Retail inventories have mostly normalized, with non-discretionary goods experiencing consistent replenishment cycles [14] - Spot rates trended higher starting in September and are expected to follow normal seasonal patterns for the remainder of the year [14] Company Strategy and Development Direction - The company focuses on three priorities: driving growth in core business, operational excellence, and capital efficiency [6] - The company is investing in technology transformation, creating a modern, scalable, secure cloud-based platform to enhance operational efficiency and customer experience [8][9] - The company aims to maintain a balanced capital allocation strategy, investing in growth while returning capital to shareholders [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in business fundamentals despite challenges in the one-way business, highlighting steady momentum in dedicated services [4][5] - Concerns about consumer health persist, but rising retail sales and moderate inflation relief are seen as supportive signs for retail [13] - The company expects continued improvement in one-way production and a more favorable position as the market stabilizes [12][15] Other Important Information - The company achieved $36 million in savings towards its $45 million cost savings goal for 2025, with expectations to reach the full goal by year-end [23] - Operating cash flow was $44 million for the quarter, representing 5.7% of total revenue, with total liquidity at quarter-end amounting to $695 million [24] Q&A Session Summary Question: Expectations for TTS operating ratio improvement from Q3 to Q4 - Management expects some operating income upside due to startup expenses dropping off and one-way production rebounding, but logistics gross margin pressure may offset this [31] Question: Impact of regulatory enforcement on capacity reduction - Management noted that the pace of capacity reduction related to regulatory enforcement is increasing, with projections suggesting about 30,000 drivers could be placed out of service annually [32][33] Question: Thoughts on mid-season rates for 2026 - Management believes enforcement issues could lead to better bid season outcomes compared to the previous year, with expectations for improved rates due to increased enforcement [35][37] Question: Peak season expectations - Management anticipates peak season to look similar to the previous year, with discount retail holding up well and projections for same-store sales remaining stable [44][45] Question: Regional tightness and its impact - Management confirmed that while some regions are tightening, there is evidence of avoidance behavior among drivers, but overall, the impact on the market is significant [47]

Financial Performance - Westlake Corporation's net sales for 3Q 2025 were $2838 million, a decrease of 9% year-over-year from $3117 million in 3Q 2024[6, 25] - The company's EBITDA for 3Q 2025 was $313 million, a 46% decrease compared to $580 million in 3Q 2024[5, 6] - Westlake reported a net loss attributable to the company of $782 million for 3Q 2025, compared to a net income of $108 million in 3Q 2024[25, 27] - The company achieved approximately $115 million in company-wide cost savings year-to-date, including $40 million in 3Q 2025, toward its fiscal year 2025 target of $150 - $175 million[6] Segment Performance - Housing and Infrastructure Products (HIP) - HIP segment sales for 3Q 2025 were $1091 million, a 1% decrease compared to $1098 million in 3Q 2024[10, 25] - HIP segment EBITDA for 3Q 2025 was $215 million, an 18% decrease compared to $262 million in 3Q 2024[6, 10] - The company expects 2025 revenue and EBITDA margin for the HIP segment to be at the low ends of the previously communicated ranges of $4200 - $4400 million of sales with a 20% - 22% EBITDA margin[11] Segment Performance - Performance and Essential Materials (PEM) - PEM segment sales for 3Q 2025 were $1747 million, a 13% decrease compared to $2019 million in 3Q 2024[15, 25] - PEM segment EBITDA for 3Q 2025 was $90 million, a 70% decrease compared to $297 million in 3Q 2024[6, 15] - PEM EBITDA includes an estimated $32 million unfavorable FIFO impact[18] Strategic Initiatives - Westlake is progressing towards $200 million of identified cost savings in 2026, in addition to a footprint optimization benefit of approximately $100 million in 2026 from the Pernis shutdown[5] - The company is taking action to achieve $200 million of company-wide identified cost savings in 2026 with the majority of that occurring in the PEM segment[22]

Financial Performance - Sales for Q3 2025 were $1.917 billion, an increase of $20 million year-over-year, driven by currency benefits despite lower demand [11][12] - Adjusted EBITDA improved to $162 million, up $51 million from the previous year, with a margin expansion of 260 basis points to 8.5% due to cost-saving actions [11][12] - Net income attributable to Dana was $13 million, a positive swing of $34 million compared to a loss of $21 million in Q3 of last year [12] Business Line Performance - Volume and mix negatively impacted sales by $66 million, primarily due to lower demand in commercial vehicle markets, partially offset by higher sales in light vehicles [13] - Cost savings contributed $73 million to profit, with a total of $183 million achieved to date, and an increased target of $235 million for the full year [14][19] Market Performance - Commercial vehicle demand in North America continues to deteriorate, with no signs of recovery expected until mid-2026 [29][30] - Light vehicle demand remains stable, with production disruptions having minimal impact on sales [9][10] Company Strategy and Industry Competition - The company is on track to close the off-highway divestiture in Q4 2025, with most regulatory approvals received [6][10] - The company plans to return $600 million to shareholders this year, having repurchased nearly 30 million shares, or over 20% of shares outstanding [7][22] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in achieving a full-year sales target of approximately $7.4 billion and an adjusted EBITDA of about $590 million [17][18] - The company anticipates a margin improvement in continuing operations, with a target of 10% to 10.5% margins for 2026 [22][23] Other Important Information - Adjusted free cash flow for Q3 was $101 million, a $109 million improvement year-over-year, driven by higher profitability and lower working capital requirements [15][16] - The company expects to recover $10 million in costs related to EV program cancellations in Q4 [64][68] Q&A Session Summary Question: Impact of tariff policy changes on U.S. OEMs - Management noted that U.S. OEMs are likely benefiting more from recent tariff policy changes compared to European counterparts due to their higher production in the U.S. [26][27] Question: Deterioration in commercial vehicle market - Management indicated no signs of recovery in the commercial vehicle market, expecting a soft market through mid-2026 [29][30] Question: Drivers of fourth-quarter performance - Management highlighted continued cost-saving initiatives and improved product mix as key drivers for expected performance in Q4 [32][33] Question: Performance of pricing improvements - Pricing improvements are driven by new platforms and effective negotiations with customers, contributing significantly to profit [40][42] Question: Backlog and EV cancellations - Management confirmed that the backlog has been impacted by EV program cancellations, but there are still increases in ICE programs expected [100][102]

Core Insights - UBS Group AG reported strong third-quarter results with an EPS of $0.76, exceeding estimates of $0.48, and revenue of approximately $12.2 billion, surpassing the forecast of $9.7 billion [2][6] - The company achieved a net profit of $2.5 billion, reflecting a 74% increase from the previous year, driven by effective cost management and strategic acquisitions [2][6] Financial Performance - UBS's investment banking division experienced a 23% revenue increase, reaching $3.2 billion, while wealth management income grew by 5.5% to $6.5 billion [3] - A significant contributor to UBS's performance was a $668 million release from legal provisions, alongside strong client momentum [3] Strategic Moves - The strategic acquisition of Credit Suisse in 2023 resulted in $10 billion in cost savings, achieving over three-quarters of its $13 billion target ahead of schedule [4] - This acquisition has enhanced UBS's financial performance and strengthened client relationships, supported by fees from wealthy clients and increased corporate dealmaking activity [4] Market Metrics - UBS's financial metrics include a price-to-earnings (P/E) ratio of approximately 19.78, a price-to-sales ratio of about 2.44, and an enterprise value to sales ratio of around 2.84 [5] - The company has an enterprise value to operating cash flow ratio of approximately 0.78, an earnings yield of about 5.05%, and a debt-to-equity ratio of approximately 2.87, indicating financial leverage and investment attractiveness [5]

Core Insights - The world's second-largest brewer is aiming for additional annual gross savings between €400 million and €500 million [1] Group 1 - The company is focused on enhancing operational efficiency to achieve significant cost reductions [1]

Core Insights - Nestle is reducing its workforce by 16,000 over the next two years to achieve significant cost savings under new CEO Philipp Navratil [1] - The company aims for cost savings of 3 billion Swiss francs by the end of 2027, exceeding previous targets [1] - Navratil emphasizes a rigorous approach to resource allocation, focusing on high-potential opportunities and businesses [2] Leadership Changes - Navratil, who took over after the ousting of former CEO Laurent Freixe due to an inappropriate relationship, is focused on accelerating growth [3][6] - The company is fostering a performance-driven culture that rewards winning and aims to secure its leadership position in the industry [5] Financial Performance - Nestle experienced a sluggish first half of fiscal 2025 with only 2.9% organic growth, primarily driven by price increases rather than volume [11] - By the third quarter, the company improved its performance, achieving 4.3% organic sales growth [12]

Nestlé said it plans to reduce its workforce by 16,000 as its new CEO seeks to drive cost savings at the world’s largest packaged-food company https://t.co/Nh6D1VtN7h ...