Core Insights - Infrastructure spending is currently a key driver of growth trends in global equities, with a focus on digital infrastructure providers like Equinix Inc. [1] - Infrastructure stocks are modestly priced compared to historical levels, despite typically trading at a premium to global equities [2] - Current valuations present an attractive entry point for investors seeking long-duration, cash-generative assets [3] Infrastructure Market Overview - There are 16 Canadian-listed infrastructure funds with combined assets of approximately $2.7 billion, with the largest being the $1.1 billion iShares Global Infrastructure Index ETF [3] - Infrastructure assets have historically provided attractive risk-adjusted returns, making them appealing during various economic conditions [4] Economic Impact on Infrastructure - Infrastructure spending is essential during economic growth and is a preferred vehicle for stimulating economies during downturns [5] - Major trends impacting infrastructure include the shift towards renewable energy and technological innovations like AI [6] Performance Metrics - Utilities are experiencing earnings-per-share growth rates exceeding 10% annually, indicating strong sector performance [7] - U.S. companies dominate infrastructure fund allocations, with 69% of the BMO Global Infrastructure Index ETF's assets in U.S. stocks [8] Investment Strategies - Active managers seek a balance between traditional dividend payers and newer growth opportunities in infrastructure [10] - The Brompton Global Infrastructure ETF has a diversified allocation, with 43% in industrials, 20% in energy, and 12% in utilities [11] Dividend Opportunities - Infrastructure funds offer above-average dividend payouts, with the Brompton ETF yielding 5.4% as of January [13] - The CI Global Infrastructure Fund provides a monthly distribution of 6.9 cents per share, translating to an annual yield of 2.6% [14] Stability and Growth - Infrastructure companies benefit from high barriers to entry and generate predictable cash flows supported by regulated pricing or long-term contracts [15] - Rising power demand and firm pricing are contributing to the growth of pipelines and utilities, particularly in relation to AI adoption [16]

Financial Data and Key Metrics Changes - The company reported a 5% increase in Net Service Revenue (NSR) when adjusted for fewer billable days [7] - Adjusted EBITDA reached $287 million, exceeding expectations, with Adjusted EPS at $1.29 [8] - The segment-adjusted operating margin increased by 100 basis points to 16.4%, marking a new first-quarter record [7][8] - Backlog increased by 9% to an all-time high, supported by a 1.5 book-to-burn ratio [6] Business Line Data and Key Metrics Changes - In the Americas, NSR increased by 9%, with an adjusted operating margin of 19.9%, up 120 basis points from the prior year [21] - The International segment's NSR was essentially flat after adjusting for fewer billable days, consistent with expectations [22] - The company noted a 25% backlog increase in the International segment, indicating a strong pipeline for future growth [22] Market Data and Key Metrics Changes - In the U.S., market conditions are strong, bolstered by the recent passage of key federal funding bills [10] - The company is seeing growth in the private sector, particularly in the booming data center market [10] - Internationally, trends remain varied, but long-term demand for infrastructure investment is strong, with significant wins in the U.K. and Middle East [11][12] Company Strategy and Development Direction - The company plans to focus on extending competitive advantages through investments in program management, advisory services, AI, and technology [6][7] - An increased share repurchase authorization of $1 billion was announced, with over $300 million repurchased in the first quarter [7] - The company aims for annual revenue growth of 5%-8% and a 20% margin exit rate by fiscal 2028 [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in long-term value creation opportunities, particularly with the expected increase in award activity in the U.S. [6] - The company anticipates revenue trends to improve as the year progresses, supported by a strong backlog and favorable market conditions [12] - Management highlighted the importance of AI and technology in enhancing service delivery and client value [41] Other Important Information - The company completed a review of strategic alternatives for the construction management business and decided to continue operating it, citing strong backlog and cash flow [15][27] - The integration of acquired AI technology is progressing well, with expectations for significant improvements in workflows and profitability [56] Q&A Session Summary Question: Thoughts on keeping the construction management business and demand environment in the U.S. - Management highlighted the construction management business as a high-quality industry leader with substantial opportunities for collaboration with other business lines [26][27] - The demand environment in the U.S. remains strong, with a robust pipeline and growth in various sectors [28][29] Question: AI's impact on AECOM and productivity improvements - Management believes AI will enhance value for clients, leading to increased revenue opportunities rather than shrinking revenue [39][40] - The company is focused on leveraging AI to improve productivity and profitability across its operations [56] Question: Performance of the private-facing business in the U.S. - The company has a strong position in the data center market, with significant growth expected in this sector [45][46] Question: Integration of acquired AI technology and targeted workflows - Integration of AI technology is progressing well, with a focus on facilities and other business lines to enhance operational efficiencies [56] Question: Trends in international bookings and margin expectations - The company expects continued strong book-to-bill ratios in international markets, with a focus on margin expansion [101][102]

Core Insights - Duke Energy reported full-year 2025 adjusted earnings per share (EPS) of $6.31, an increase from $5.90 in 2024, and introduced 2026 adjusted EPS guidance of $6.55 to $6.80, supported by a $103 billion five-year capital plan [1][3][4] Financial Performance - For Q4 2025, adjusted EPS was $1.50, down from $1.66 a year earlier due to higher operating and maintenance costs, interest expense, and depreciation [2] - Full-year earnings growth was driven by regulated infrastructure investment, customer growth, and favorable rate case outcomes, with Electric Utilities and Infrastructure segment income at $5.34 billion and Gas Utilities and Infrastructure contributing $559 million [3] Capital Investment and Growth Strategy - Duke Energy plans to invest approximately $103 billion over the next five years to modernize its electric grid, expand generation capacity, and support load growth, particularly from data centers and advanced manufacturing [4][5] - The company broke ground on about 5 gigawatts of new dispatchable generation resources in 2025 to enhance reliability amid rising electricity demand [5] Industry Trends - Duke Energy's results reflect a trend in the regulated utility sector where earnings visibility is increasingly linked to infrastructure-driven rate base growth rather than commodity exposure [6] - Utilities with strong regulatory relationships and exposure to high-growth regions are positioned to benefit from electrification and data center expansion [6][7] - The company's growth outlook through 2030 indicates confidence in sustaining mid-single-digit earnings growth despite rising interest rates and cost inflation, contrasting with peers more exposed to volatile markets [7]

Financial Data and Key Metrics Changes - Revenue for the second quarter of fiscal 2026 was $210.5 million, reflecting a 12% increase compared to the same period last year, driven by growth across all segments [19] - Consolidated gross profit increased by 21% to $13.1 million, with a gross margin of 6.2%, up from 5.8% in the prior year [19][20] - The company reported a net loss of $0.9 million, an improvement from a net loss of $5.5 million in the second quarter last year, with EPS at a loss of $0.03 compared to a loss of $0.20 [23] Business Line Data and Key Metrics Changes - The storage and thermal solutions segment generated revenue of $99.9 million, up from $95.5 million last year, but gross profit decreased to $4.8 million due to a $3.6 million charge [24][25] - The utility and power infrastructure segment saw revenue increase by 23% to $75.4 million, with gross profit rising by 112% to $7.2 million, reflecting improved project execution [26] - The process and industrial facility segment revenue was $35.3 million, an increase from $30.6 million last year, with gross profit improving to $1.2 million [27] Market Data and Key Metrics Changes - The overall opportunity pipeline expanded to $7.3 billion, a 10% increase from the previous quarter, driven by activity in the LNG and NGL markets, as well as mining and minerals [10][34] - Project awards during the second quarter were approximately $177 million, resulting in a book-to-bill ratio of 0.8, with expectations for awards to improve in the second half of the fiscal year [9][10] Company Strategy and Development Direction - The company is focused on capitalizing on a generational investment cycle in critical energy, power, and industrial infrastructure, positioning itself as a leading EPC contractor [11][14] - Matrix has strategically exited non-core businesses and invested in its core expertise in energy and industrial projects to drive sustainable growth [15] - The company aims to leverage its strong balance sheet and liquidity to support growth and potentially pursue share buybacks or acquisitions in the future [64] Management's Comments on Operating Environment and Future Outlook - Management highlighted a surge in demand for energy and industrial infrastructure, driven by the need for reliable power generation and the growth of AI data centers [12][13] - The company anticipates achieving its full-year revenue guidance of $875 million to $925 million, with profitability expected in the second half of the fiscal year [19][28] - Management acknowledged challenges in the market related to permitting and trade policy, but remains optimistic about the long-term demand for their services [10][35] Other Important Information - The company has a current backlog of $1.1 billion and expects to convert this backlog into revenue efficiently [9][22] - Cash increased by $7 million in the quarter, ending at $224 million, with no outstanding debt, indicating a strong liquidity position [28] Q&A Session Summary Question: Is the $3.6 million issue bleeding into the current quarter? - Management confirmed that they do not expect any similar issues to affect the third quarter and have a plan to resolve the current issue [31][33] Question: What is driving the growth in the opportunity pipeline? - The growth is primarily attributed to increased activity in the LNG and NGL markets, as well as mining and minerals [34] Question: What is the status of the backlog and market conditions? - Management noted that the award cycle has been muted due to uncertainty in energy markets and permitting processes, but they are tracking opportunities closely [35][39] Question: Are new jobs being written at target margins? - Management indicated that bookings are falling within targeted margin ranges, with no significant pressure on margins compared to previous years [69] Question: What are the prospects in the midstream gas market? - Management expressed optimism about opportunities in the natural gas sector, despite challenges related to permitting [56] Question: What is the company's positioning in the mining and minerals market? - Management highlighted a resurgence in the mining sector, with several projects being bid, supported by government investment in rare earth minerals [60][62]

Core Viewpoint - Jacobs has been selected to manage the construction of the San Dieguito Lagoon Double Track and Special Events Platform project, which aims to enhance rail capacity and reduce congestion along the LOSSAN Corridor, a vital rail link in Southern California [1][2]. Group 1: Project Details - The project involves 2.1 miles of track improvements, including a new double track to eliminate a bottleneck between Solana Beach and Del Mar fairgrounds, aimed at easing traffic congestion and improving access during large-scale events [2]. - Additional upgrades include the replacement of the century-old San Dieguito Lagoon bridge to improve climate resiliency, along with enhancements to turnouts, signals, communications, and drainage systems to boost operational efficiency [3]. Group 2: Company Overview - Jacobs is ranked No. 2 in Transportation by Engineering News-Record and is involved in moving people, goods, and freight through various modes of transport [4]. - The company generates approximately $12 billion in annual revenue and employs nearly 43,000 people, providing end-to-end services across multiple sectors including transportation, energy, and environmental services [5].

Core Insights - American Electric Power Company, Inc. (AEP) is focused on infrastructure enhancements to improve operational reliability and meet increasing customer demand while expanding its renewable energy generation portfolio [1][8] Group 1: Growth Factors - AEP's geographically diversified operations allow it to generate revenues across multiple states, providing a competitive advantage over utilities limited to a single region [2] - The company operates the largest electricity transmission network in the U.S., covering nearly 40,000 circuit miles, including about 2,100 circuit miles of 765 kV lines critical for the eastern U.S. electric grid [2] - In Q3 2025, AEP invested $1.7 billion to acquire four power plants and secured regulatory approvals for nearly 1,826 megawatts (MW) of renewable generation capacity through $4.5 billion of investments [3] - AEP plans to invest $8 billion in regulated renewable expansion from 2026 to 2030 [3] - The company is advancing a $72 billion capital investment plan for 2026-2030, focusing on generation, transmission, and distribution infrastructure, which supports a 10% rate base CAGR through 2030 [4] Group 2: Potential Risks - AEP Texas relies heavily on a limited number of Retail Electric Providers (REPs), with its two largest REPs contributing 40% of operating revenues in 2024, exposing the company to cash flow risks [5][8] - Regulatory constraints limit AEP Texas's ability to demand credit protections from REPs, increasing exposure to nonpayment risk [5] - As of September 30, 2025, AEP had a total generating capacity of 24,500 MW, with nearly 10,700 MW coal-based, and is evaluating the impact of new Environmental Protection Agency regulations on its generation fleet [6] Group 3: Stock Performance - AEP shares have increased by 3.7% over the past month, compared to the industry's growth of 4.1% [7]

ONE OF THE LARGEST RETAIL NONBANKING FINANCIAL COMPANIES IN INDIA. GREAT TO HAVE YOU. INDIA IS REALLY BEING LOOKED AT AS THE NEXT BIG CONSUMPTION ENGINE.I WONDER WHAT YOU ARE EXPECTING IN THE BUDGET. DO YOU THINK IT WILL DO ENOUGH TO BOOST CONSUMPTION. I DO AGREE.I DO EXPECT THAT THIS BUDGET WILL FOCUS ON CAPEX. THE INVESTMENT INTO THE INFRASTRUCTURE. WE NEED TO TRANSFORM THESE ACTIVITIES INTO INTERNATIONAL ACTIVITIES.THAT'S WHERE MAJOR FUTURE ACTIVITY BECOMES FIRM. LOGISTICS LINKAGES ARE VERY IMPORTANT. IT ...

证券代码：002061 证券简称：浙江交科 公告编号：2026-002 浙江交通科技股份有限公司 2025年第四季度建筑业经营情况简报 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管 指引第 3 号——行业信息披露》等相关规定，浙江交通科技股份有限公司现将子 公司浙江交工集团股份有限公司（以下简称"浙江交工"）2025 年第四季度建筑 业经营情况简报如下： 一、订单情况 1.项目概况 的关联交易公告》。截至本公告日，本项目投资协议、股东协议已签署，施工协 议尚未签署。 | 序号 | 项目名称 | 合同金额 | 业务模式 | 工期 | 履约情况 | | --- | --- | --- | --- | --- | --- | | | | （万元） | | | | | | 瑞苍高速公路（龙 | | | | 正在履行，合同已签，已完成 项目施工的 100.00%，不存在 | | 1 | 丽温至甬台温复 | 226,814.50 | 施工总承包 | 个月 30 | 未按合同约定及时结算与回 | | | ...

Core Insights - The U.S. infrastructure and public-sector spending environment is driving steady demand for engineering and technical consulting services, particularly benefiting companies like Willdan Group, Inc. and Jacobs Solutions Inc. due to policy-backed investment trends [2][3] Willdan Group, Inc. Insights - Willdan is focused on energy, utility, and municipal consulting, with a strong performance in energy transition and infrastructure modernization, supported by rising electricity load from data centers and grid upgrades [5][6] - The Energy segment, which is the majority of Willdan's revenues, saw contract revenues increase by 20% year over year to $508 million, and net revenues rose by 27% to $275 million during the first nine months of 2025 [6][10] - The company anticipates continued support from electricity load growth and infrastructure investment, positioning itself well for sustained growth as demand trends extend into 2026 [8] Jacobs Solutions Inc. Insights - Jacobs operates on a broader scale with diversified exposure across transportation, water, energy, and advanced facilities, benefiting from a record backlog of $23.1 billion, reflecting a 5.6% year-over-year increase [11][12] - The company has a trailing 12-month book-to-bill ratio of 1.1x, indicating strong booking activity, while gross profit in backlog increased by 13% year over year [12] - Jacobs faces challenges in parts of its environmental business due to softer U.S. demand and regulatory uncertainties, which may lead to variability in quarterly performance [13] Stock Performance & Valuation - Willdan's share price performance has outpaced Jacobs over the past six months, although Willdan is currently trading at a premium on a forward 12-month price-to-earnings (P/E) ratio basis [17][18] - Willdan's earnings estimates for 2026 remain unchanged at $4.53 per share, indicating expected earnings growth of 9.6% year over year, while Jacobs' estimates are at $7.01 per share, reflecting a 14.5% growth [20][22] Final Comparison - Both companies benefit from U.S. infrastructure spending, but Willdan is more focused on energy-related activities, while Jacobs has broader diversification but faces more variability in project timing and funding [22][23] - Willdan's steadier demand drivers and favorable near-term outlook make it a more compelling investment compared to Jacobs, which has a Zacks Rank of 4 (Sell) [23]

Core Insights - Ongoing public and private investment is driving demand in the U.S. infrastructure construction sector, with significant activity in transportation, utilities, energy, and data centers [1] - Sterling Infrastructure (STRL) and MasTec, Inc. (MTZ) are well-positioned contractors benefiting from strong project activity and customer demand [1][2] Company Overview: Sterling Infrastructure (STRL) - STRL focuses on higher-margin site development and mission-critical projects, particularly in E-Infrastructure, which is driven by data center and industrial work [2][4] - The E-Infrastructure segment is the primary growth driver, with revenues from data centers increasing over 125% year-over-year in Q3 2025 [5] - STRL reported a backlog of $2.6 billion in Q3 2025, a 64% increase year-over-year, providing visibility through 2026 [7] Company Overview: MasTec, Inc. (MTZ) - MTZ benefits from diversified demand across communications, clean energy, power delivery, and pipeline infrastructure [8][10] - The company reported a record backlog of $16.78 billion as of Q3 2025, reflecting a 21.1% year-over-year increase [12] - MTZ's Power Delivery segment revenues increased by 16.8% year-over-year, driven by investments in transmission and distribution upgrades [10] Financial Performance and Valuation - STRL's earnings estimates for 2026 remain unchanged at $11.95 per share, indicating a 14.6% expected growth year-over-year [17] - MTZ's earnings estimates for 2026 also remain unchanged at $8.20 per share, indicating a higher expected growth of 28.3% year-over-year [19] - STRL is currently trading at a discount compared to MTZ on a forward 12-month price-to-earnings (P/E) ratio basis [15] Investment Outlook - Both companies are positioned to benefit from sustained U.S. infrastructure spending, but STRL shows stronger momentum in mission-critical projects and higher-margin work [20] - STRL's recent share price performance and discounted valuation suggest it may be the more compelling investment at this time compared to MTZ [20]