Financial Data and Key Metrics Changes - The company achieved basic adjusted earnings of $4.45 per share for fiscal year 2025, marking a successful year for shareholder value [2] - The board approved a dividend increase of 5.1%, bringing the annualized rate to $3.30 per share, which is the 23rd consecutive year of dividend increases [18] Business Line Data and Key Metrics Changes - Fiscal year 2025 saw the company invest $922 million, with nearly 90% allocated to utilities, enhancing system reliability and safety [17] - The company reported growth across all segments, driven by infrastructure investments [16] Market Data and Key Metrics Changes - Natural gas remains the most affordable energy source for heating, water heating, and cooking, with electricity being 2-3 times more expensive [18] - The regulatory environment improved with new legislation in Missouri establishing a future test year for rate-setting, allowing for better planning and investment [18] Company Strategy and Development Direction - The company is focused on operational excellence, regulatory engagement, financial discipline, and strategic growth, with a commitment to delivering safe and reliable natural gas service [19] - The pending acquisition of Piedmont Natural Gas Tennessee business is expected to enhance the company's scale and diversify its utility portfolio [3][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term fundamentals of the business and the ability to deliver strong operational and financial performance [19] - The company is committed to maintaining a strong balance sheet to support growth strategies and long-term shareholder value [19] Other Important Information - The Missouri Public Service Commission approved a $210 million revenue increase as a result of a rate case settlement [4] - The company successfully concluded an annual budget process in Alabama, reinforcing its regulatory engagement [4] Q&A Session All Questions and Answers Question: What is the current status of the acquisition of the Piedmont Natural Gas Tennessee business from Duke? - The acquisition is progressing well, with the Hart-Scott-Rodino review complete and awaiting approval from the Tennessee Public Utility Commission [21] Question: What are the company's business priorities for shareholders in fiscal year 2026? - The priorities include delivering safe and reliable natural gas service, executing the capital plan efficiently, maintaining customer affordability, achieving constructive regulatory outcomes, and successfully financing and closing the Tennessee acquisition [22]

Core Insights - Enova International, Inc. has demonstrated strong financial performance with a significant earnings per share (EPS) of $3.46, exceeding estimates and showing a year-over-year improvement [2][6] - The company reported quarterly revenues of $839.39 million, reflecting a notable increase from the previous year, despite a slight miss against the Zacks Consensus Estimate [3][6] - Enova's strategic acquisition of Grasshopper Bancorp, Inc. aims to enhance its online lending platform by integrating digital banking capabilities, indicating a forward-looking growth strategy [5][6] Financial Performance - Enova's EPS of $3.46 surpassed the estimated $3.17, marking an earnings surprise of +8.24% and a significant increase from the $2.61 EPS reported in the same quarter last year [2] - Quarterly revenues of $839.39 million represent a 15% rise compared to the fourth quarter of 2024 and a 15% increase from $729.55 million reported a year ago [3] - The company achieved a 32% increase in originations, showcasing its expanding market presence [3] Credit Performance and Liquidity - Enova's net charge-off ratio stands at 8.3%, with a net revenue margin of 60%, indicating robust credit performance [4] - The consolidated 30+ day delinquency ratio improved to 6.7%, reflecting a stable credit outlook [4] - As of December 31, 2025, Enova holds $1.1 billion in cash, marketable securities, and available capacity on facilities, demonstrating a strong liquidity position [4] Strategic Direction - The acquisition of Grasshopper Bancorp, Inc. is expected to close in the second half of 2026, enhancing Enova's service offerings by merging its online lending platform with Grasshopper's digital banking capabilities [5] - Enova's market valuation includes a price-to-earnings (P/E) ratio of approximately 13.43 and a price-to-sales ratio of about 1.28, reflecting investor confidence in its earnings and sales potential [5]

Q4 2025 Earnings Release January 28, 2026 DISCLAIMERS Important Information About Littelfuse, Inc. This presentation does not constitute or form part of, and should not be construed as, an offer or solicitation to purchase or sell securities of Littelfuse, Inc. and no investment decision should be made based upon the information provided herein. Littelfuse strongly urges you to review its filings with the Securities and Exchange Commission, which can be found at investor.littelfuse.com. This website also pr ...

Core Insights - Michelin has successfully completed the acquisition of Cooley Group, establishing a global leader in industrial coated fabrics [1][5] - The acquisition aligns with Michelin's strategic goals, emphasizing innovation and high-quality products while enhancing geographic reach [5] Company Overview - Cooley Group, celebrating its 100th anniversary in 2026, is headquartered in Rhode Island, USA, and is recognized for its expertise in high-performance polymer coated fabrics [2] - The company is vertically integrated, with capabilities in weaving, knitting, and polymer extrusion [2] - Cooley Group employs 300 people and operates primarily in North America, with four factories (three in the USA and one in Canada) [3] - In 2025, Cooley Group reported revenue of $168 million [3] Strategic Fit - The acquisition is considered a good strategic fit as both Michelin and Cooley Group share a commitment to innovation and high-quality products [5] - The transaction was financed through available cash, which helps preserve Michelin's strong financial position [5]

Core Insights - Houlihan Lokey has announced two strategic transactions to enhance its European platform and expand its global Corporate Finance capabilities [1] Group 1: Acquisition of Audere Partners - The firm has secured a controlling interest in Audere Partners, a leading French corporate finance firm, significantly enhancing its presence in France and positioning it as a top mid-cap advisory platform [2] - The transaction will add over 50 finance professionals to Houlihan Lokey, bringing the total number of its French team to around 80 [5] - Audere Partners is known for its expertise in French mid-cap advisory, primarily serving financial sponsors, entrepreneurs, and family-owned businesses [4] Group 2: Acquisition of Mellum Capital - Houlihan Lokey has acquired the real estate capital advisory business of Mellum Capital, which operates in Munich and London, further expanding its client support across the capital structure [3] - The Mellum Capital team, including founding partners Heinrich Hauss and Markus Reule, will join Houlihan Lokey as Managing Directors in the Capital Solutions Group [6] - The Mellum Capital business has been fully integrated into Houlihan Lokey, with a total of 11 professionals joining the firm [7] Group 3: Strategic Growth and Leadership Statements - The CEO of Houlihan Lokey emphasized the firm's growth in Europe, driven by a focus on delivering exceptional outcomes for clients through a differentiated offering [4] - The President of Houlihan Lokey, Europe, highlighted the importance of these transactions as milestones in the development of the European business, which now comprises approximately 550 financial professionals [4]

Core Viewpoint - AMCON Distributing Company reported a fully diluted earnings per share of $1.28 and a net income of $0.8 million for the first fiscal quarter ended December 31, 2025, indicating a focus on customer service and strategic growth through acquisitions in the convenience and foodservice distribution sector [1][2]. Financial Performance - For the fiscal quarter ended December 31, 2025, the wholesale distribution segment generated revenues of $719.3 million with an operating income of $6.9 million, while the retail health food segment reported revenues of $10.8 million and an operating loss of $0.2 million [3]. - The total sales for the quarter, including excise taxes, amounted to $730.1 million, compared to $711.3 million in the same quarter of the previous year, reflecting a growth in sales [7]. - The gross profit for the quarter was $48.0 million, up from $46.9 million year-over-year, while operating income increased to $3.9 million from $3.7 million [7]. Balance Sheet Highlights - As of December 31, 2025, AMCON's total assets were $378.7 million, down from $391.1 million at the end of September 2025 [6]. - Shareholders' equity increased to $114.1 million from $113.1 million in the previous quarter, indicating a stable equity position [4][6]. Strategic Initiatives - The company is committed to enhancing its customer service through proprietary foodservice programs and custom merchandising, aiming to provide retail partners with competitive advantages against the Quick Service Restaurant industry [2]. - AMCON is actively pursuing strategic acquisition opportunities to align with its customer-focused philosophy and to further the legacy of existing enterprises in the convenience and foodservice distribution space [2]. Operational Insights - The company emphasized the importance of managing its balance sheet and maximizing liquidity, particularly in light of inflationary pressures affecting operating expenses across various sectors [4]. - AMCON operates 14 distribution centers across 34 states and runs 15 health and natural product retail stores, showcasing its extensive reach in the convenience and foodservice distribution market [4].

Core Viewpoint - Haemonetics Corporation is enhancing its market position through strategic acquisitions, specifically the acquisition of Vivasure Medical Limited, which will strengthen its capabilities in blood management solutions and structural heart procedures [1][3][6] Group 1: Company Overview - Haemonetics Corporation specializes in blood management solutions and is recognized for its innovative medical technology products [1] - The company faces competition in the medical technology sector but is actively working to strengthen its position through acquisitions and product development [1] Group 2: Acquisition Details - Haemonetics announced the acquisition of Vivasure Medical Limited for €100 million upfront, with potential milestone payments of up to €85 million [3] - The acquisition will be funded with cash on hand, indicating Haemonetics' financial strength [3][6] - Vivasure's PerQseal Elite system, which is designed for closing large-bore arterial and venous access sites, is a significant addition to Haemonetics' product offerings [4] Group 3: Product Impact - The PerQseal Elite system has received CE Mark approval in Europe and has a Premarket Approval application submitted to the U.S. FDA [5] - The system demonstrated a 0% major complication rate at thirty days in the ELITE arterial study, showcasing its effectiveness and ease of use [5] - This acquisition is expected to enhance Haemonetics' position in the cardiology sector, aligning with the growing demand for large-bore vascular access [4][5] Group 4: Market Performance - Barrington set a price target of $93 for Haemonetics, indicating a potential upside of 13.37% from its current trading price of $82.03 [2][6] - The stock has shown a recent decrease of 2.39%, with a trading range between $81.94 and $84.92 [2] - Over the past year, the stock has fluctuated between $47.32 and $87.32, indicating significant volatility [2]

Core Insights - iHerb Holdings, LLC has completed the acquisition of Vitacost.com, Inc. from The Kroger Co., which is expected to enhance iHerb's market presence in the U.S. and establish it as a leading online destination for health and wellness products [1] Company Overview - iHerb is a major online retailer specializing in health and wellness products, offering a wide selection of vitamins, minerals, supplements, and other related items from nearly 2,000 reputable brands [7] - Vitacost is a respected e-commerce brand with over 40,000 health-conscious products, including vitamins, minerals, and eco-friendly consumer goods, and has been a trusted source for health-focused consumers for over 30 years [2][8] Strategic Rationale - The acquisition of Vitacost is expected to accelerate iHerb's scale in the U.S. market by integrating Vitacost's brand, intellectual property, and inventory, which includes a diverse range of National and Owned Brands [3] - The combination of iHerb and Vitacost is anticipated to create significant benefits, including an expanded customer base and strengthened relationships with key brands, aligning with iHerb's mission to make health and wellness accessible [3] Transaction Details - The financial terms of the acquisition were not disclosed, with Ducera Partners, LLC acting as the exclusive financial advisor to iHerb and RBC Capital Markets, LLC advising Kroger [4] Expanded Reach and Offerings - iHerb gains immediate access to Vitacost's loyal U.S. customer base, enhancing its market reach [6] - Vitacost customers will benefit from iHerb's global supply chain efficiency and extensive international brand portfolio, improving their shopping experience [6] Category Leadership - The acquisition strengthens iHerb's brand relationships and leadership in high-growth categories such as vitamins, minerals, and natural products, including beauty and personal care [6]

Core Insights - McCormick & Company has completed the acquisition of an additional 25% ownership interest in McCormick de Mexico, increasing its total ownership to 75% [1][2] - The acquisition is expected to enhance McCormick's position in the global flavor market and provide growth opportunities in the Mexican and Latin American markets [2][3] Acquisition Details - The purchase price for the additional stake was $750 million, funded through cash on hand and commercial paper [2] - McCormick de Mexico is a joint venture established in 1947 with Grupo Herdez, and the expanded ownership is anticipated to drive shareholder value through strategic acquisitions [2][3] Financial Expectations - The transaction is expected to be accretive to net sales, adjusted operating margin, and adjusted earnings per share in 2026, excluding transaction and integration costs [3] - The acquisition is projected to have minimal impact on McCormick's Net Debt to Adjusted EBITDA ratio [3] Strategic Goals - The company plans to leverage its expertise in category management, innovation, and marketing to enhance McCormick de Mexico's performance and expand into adjacent categories [3] - McCormick aims to continue its successful partnership with Grupo Herdez while focusing on growth in the condiment and sauces portfolio [3] Company Overview - McCormick & Company is a global leader in flavor with over $6.7 billion in annual sales across 150 countries, manufacturing and distributing a wide range of herbs, spices, and seasonings [7] - The company operates in two segments: Consumer and Flavor Solutions, which complement each other and support sustainable growth [7]

Core Insights - The acquisition of Dana's Off-Highway Drive & Motion Systems business for approximately $2.7 billion positions Allison Transmission to form a global enterprise with projected revenues of $5.5 billion, enhancing its capabilities in high-performance mobility and work solutions across various sectors [1][2] Company Overview - Allison Transmission Holdings, Inc. is a global leader in high-performance mobility and work solutions, operating through two business units: Allison Transmission and Allison Off-Highway Drive & Motion Systems [4] - The company has a strong presence in critical sectors such as infrastructure, energy, agriculture, construction, and national security, with operations in over 150 countries [4] Leadership and Structure - The combined company will be headquartered in Indianapolis, Indiana, and will be led by David Graziosi as Chair, President, and CEO [2] - The business units will be managed by Fred Bohley and Craig Price, ensuring a global operational structure that leverages local insights [2] Strategic Goals - The merger aims to create a broader portfolio of high-quality products and expand market reach, enabling the company to capitalize on global megatrends in the industrial sector [2] - The integration of Dana's business is expected to enhance Allison's financial performance through both organic and inorganic growth strategies [2]