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Core Insights - Tapestry reported a revenue of $1.7 billion for Q1 FY26, marking a 13% year-on-year increase on a reported basis and 12% at constant exchange rates [1] - The company achieved a net income of $275 million for the quarter, up from $187 million a year earlier [1] - Tapestry raised its full-year FY26 revenue guidance to $7.3 billion, projecting a growth of 4% to 5% year-on-year on a reported basis [3] Financial Performance - Earnings per diluted share were $1.28, compared to $0.79 in the same period of the previous year [2] - Gross profit for the quarter was $1.3 billion, with a gross margin of 76.3%, an increase from $1.13 billion and 75.3% a year prior [2] - Operating income was $328 million, with a margin of 19.3%, up from $252 million and a 16.7% margin in the comparable period of 2024 [2] Customer Growth - The company added over 2.2 million new customers globally during the quarter, with Gen Z representing approximately 35% of these additions [2] Future Outlook - Tapestry anticipates operating margin expansion of around 50 basis points versus 2024 and forecasts diluted earnings per share of $5.45 to $5.60, indicating a growth of 7% to 10% [3] - The company plans to declare a quarterly cash dividend of $0.40 per share and expects a total FY26 dividend of $1.60 per share [4] Share Repurchase Program - Share repurchases are now expected to total about $1 billion in FY26, an increase from the earlier plan of $800 million [4] - In Q1, Tapestry repurchased more than 4.7 million shares for $500 million at an average price of $106 per share [4] Management Commentary - CEO Joanne Crevoiserat highlighted the strong start to FY26, emphasizing the company's strategic execution and the structural advantages that support sustainable growth [5]

Air Canada - Operating revenues for the quarter were $5.77 billion, a decrease of approximately 5% from $6.1 billion in the same quarter last year [1] - The results included a three-day work stoppage by over 10,000 flight attendants in August, leading to more than 3,000 flight cancellations [1] - CEO Michael Rousseau stated that the results met the company's revised estimates, which were adjusted due to the labor disruption during peak summer season, with the estimated cost of the strike at $375 million [2] Fortis Inc. - Fortis reported a third-quarter profit of $409 million, down from $420 million a year ago, with earnings of 81 cents per share compared to 85 cents per share in the same quarter last year [4][7] - Revenue for the quarter was $2.94 billion, an increase from $2.77 billion in the same quarter last year [4][7] - Fortis announced a new five-year capital plan for 2026-2030 totaling $28.8 billion, an increase of $2.8 billion compared to the previous plan [5] Thomson Reuters Corp. - Thomson Reuters reported a profit of US$423 million for the quarter, up from US$301 million a year earlier, with profit per diluted share increasing to 94 cents from 67 cents [9][12] - Revenue rose to US$1.78 billion, up from US$1.72 billion in the same period last year [10][12] - The company acquired Additive AI Inc., a specialist in AI-powered tax document processing, and sold its remaining minority interest in the Elite business [11] Suncor Energy Inc. - Suncor reported a decline in third-quarter profits to $1.62 billion, down from $2.02 billion a year earlier, with profit per share decreasing to $1.34 from $1.59 [14][18] - Operating revenues net of royalties were $6.17 billion, down from $6.32 billion in the same quarter last year [15][18] - Total upstream production reached 870,000 barrels of oil equivalent per day, an increase from 828,600 boe/d, while refinery throughput also hit a record of 491,700 barrels per day [15][16] Cameco - Cameco raised its annual dividend to 24 cents per share from 16 cents, despite reporting a small net loss of $158,000 for the quarter, compared to a profit of $7.4 million a year earlier [21] - Revenue for the quarter was $614.6 million, down from $720.6 million [21]

Financial Data and Key Metrics Changes - Net investment income (NII) per share was $0.38 for Q3 2025, corresponding to an annualized return on equity (ROE) of 10.3% [6] - GAAP net income per share was $0.29 for the quarter, corresponding to an annualized ROE of 8% [7] - Net asset value (NAV) per share was $14.66 at the end of September, down 0.6% compared to the prior quarter [7] - Total investment income for the September quarter was approximately $82.6 million, up $1.3 million, or 1.6% compared to the prior quarter [25] Business Line Data and Key Metrics Changes - MFIC made $138 million of new commitments across 21 transactions during the September quarter [7] - The weighted average spread on the directly originated corporate lending portfolio was 559 basis points, down 9 basis points compared to the end of June [21] - The weighted average yield at cost of the directly originated lending portfolio was 10.3% for the September quarter, down from 10.5% for the June quarter [25][21] Market Data and Key Metrics Changes - The U.S. economy has remained resilient, easing recession concerns, although inflation remains elevated [16] - The Federal Reserve cut interest rates by 25 basis points in both September and October [16] - There is an increase in sponsor M&A activity due to reduced volatility from tariffs and a more stable financing environment [16][17] Company Strategy and Development Direction - MFIC's strong position is a competitive advantage, with over half of new commitments made to existing portfolio companies [8] - The company aims to maintain a disciplined underwriting approach despite competitive pressures [17] - MFIC is focused on building a portfolio of predominantly first lien loans to sponsor-backed companies [10] Management's Comments on Operating Environment and Future Outlook - Management noted that the increase in M&A activity is expected to continue into 2026, driven by private equity firms needing to deploy capital [42] - The company is actively working on initiatives to offset the impact of declining base rates on net investment income [14] - Management expressed confidence in the ability to navigate the current market environment and maintain portfolio quality [10][22] Other Important Information - The board declared a quarterly dividend of $0.38 per share, payable on December 23, 2025 [13] - The company has no exposure to certain troubled companies, indicating a focus on portfolio health [19] Q&A Session Summary Question: What is driving the increase in non-accruals? - Management indicated that there is no common theme among the companies that went on non-accrual, with issues being idiosyncratic [35] Question: Is the increase in M&A activity sustainable through 2026? - Management believes ongoing demand for M&A will continue due to private equity firms needing to deploy capital and a more stable financing environment [42] Question: How is the company addressing the impact of lower base rates on dividends? - Management is evaluating the timing of initiatives to offset lower base rates and is committed to maintaining the current dividend level while monitoring the situation [62]

Core Insights - Enbridge Inc. is a leading energy infrastructure company in North America, with a significant role in connecting consumers to essential energy resources and expanding its European offshore wind portfolio [1] Financial Performance - Enbridge is set to release its third-quarter 2025 earnings on November 7, with expected earnings per share (EPS) of $0.39 and revenue of $10.86 billion, reflecting slight declines from the previous year due to increased financing and maintenance costs [2] - In the previous quarter, Enbridge reported adjusted earnings of $0.47 per share, exceeding the Zacks Consensus Estimate of $0.41, driven by strong contributions from its Gas Transmission and Gas Distribution and Storage segments [3] - The company has consistently exceeded earnings expectations over the last four quarters, with an average surprise of 5.61% [3][6] Dividend Information - Enbridge's Board of Directors declared a quarterly dividend of $0.9425 per common share, payable on December 1, 2025, consistent with the previous dividend declared on September 1, 2025 [4] Financial Metrics - Enbridge has a price-to-earnings (P/E) ratio of approximately 21.77, a price-to-sales ratio of about 2.24, and an enterprise value to sales ratio of around 3.79 [5] - The enterprise value to operating cash flow ratio is approximately 18.89, with an earnings yield of about 4.59% [5] - The debt-to-equity ratio stands at approximately 1.54, indicating financial leverage, while the current ratio is about 0.75, suggesting the company's ability to cover short-term liabilities with short-term assets [5][6]

Core Points - Acadia Realty Trust has announced a cash dividend of $0.20 per common share for the quarter ended December 31, 2025 [1] - The dividend is payable on January 15, 2026, to shareholders on record as of December 31, 2025 [1] - Acadia Realty Trust is an equity real estate investment trust focused on delivering long-term, profitable growth [1]

Core Insights - NRG Energy, Inc. reported third-quarter 2025 results, showing a decline in share price despite beating revenue and earnings expectations [1][8]. Financial Performance - Revenue for the quarter was $7.635 billion, exceeding the consensus estimate of $7.482 billion [2]. - Adjusted EPS was $2.78, surpassing the consensus of $2.10 [2]. - Quarterly operating income reached $414 million, a significant improvement from a loss of $812 million in the same quarter last year [2]. - Adjusted EBITDA increased to $1.205 billion from $1.055 billion year-over-year [3]. - Adjusted net income rose to $537 million, up $434 million year-over-year, driven by higher adjusted EBITDA [3]. - Operating cash flow for the quarter was $484 million, compared to $31 million a year ago [3]. - Free Cash Flow Before Growth Investments was reported at $828 million [3]. Liquidity Position - As of September 30, 2025, NRG had approximately $0.7 billion in unrestricted cash and $5.7 billion available through credit facilities, totaling $6.5 billion in liquidity [4]. Shareholder Returns - On October 16, 2025, NRG's Board approved a $3 billion share repurchase program through 2028 [5]. - A quarterly dividend of 44 cents per share ($1.76 annualized) was announced, payable on November 17, 2025 [5]. - The company targets $1 billion in repurchases for 2026 and plans to increase the annual dividend by 8% to $1.90 per share [5]. Future Outlook - NRG reaffirmed its 2025 capital allocation plan, aiming to return $1.3 billion via share repurchases and approximately $345 million in dividends [7]. - The outlook for adjusted EPS is set at $7.55-$8.15, with adjusted EBITDA projected between $3.875 billion and $4.025 billion [7]. - For 2026, NRG projects adjusted EBITDA of $3.925 billion to $4.175 billion and Free Cash Flow Before Growth Investments of $1.975 billion to $2.225 billion [8].

Core Viewpoint - Pfizer's dividend remains attractive to income investors despite a decline in stock price, supported by a strong forward dividend yield of 7% and positive developments in its financial outlook [2]. Group 1: Earnings Outlook - Pfizer's adjusted earnings per share (EPS) decreased by 18% year over year in Q3, primarily due to a one-time charge related to a licensing deal, but adjusted EPS would have slightly increased without this charge [3][5]. - The company raised its full-year adjusted diluted EPS guidance to a range of $3.00 to $3.15, reflecting management's confidence in Q4 performance [6]. Group 2: Cost Reductions - Pfizer is on track to achieve at least $4.5 billion in cumulative net cost savings by the end of 2025, with expectations of around $7.7 billion in savings by the end of 2027 [7]. - Approximately $500 million of the identified cost savings will be reinvested in R&D, while the majority will be available for capital allocation priorities, including funding the dividend [8]. Group 3: Patent Cliff Strategy - Pfizer's strategy to address the patent cliff appears effective, with strong sales momentum from recently acquired products and internal R&D efforts [9]. - Revenue from recent launches and acquired products increased by 9% year over year in Q3, which is expected to offset the negative impact of upcoming patent expirations [11]. Group 4: Management Support for Dividend - Pfizer's management reiterated its commitment to the dividend during the Q3 earnings call, emphasizing a capital allocation strategy that includes maintaining and growing the dividend over time [12][13]. - The company has reduced leverage from around 4 times to 2.7 times, providing increased flexibility to support both business development and dividend growth [14].

Core Insights - Turning Point Brands, Inc. (TPB) has garnered attention from investors, with a price target of $110 set by Aaron Grey, indicating a potential upside of approximately 8.74% from its current trading price of $101.16 as of November 5, 2025 [1] Financial Performance - TPB reported impressive earnings per share (EPS) of $1.05 for Q3 2025, significantly exceeding the Zacks Consensus Estimate of $0.81, marking a year-over-year increase from $0.68 and an earnings surprise of +29.63% [2][6] - The company's revenue for the same quarter was $118.98 million, surpassing the Zacks Consensus Estimate by 5.90% and showing a substantial increase from $105.62 million in the previous year [3][6] Stock Performance - TPB's stock experienced a price change of $5.98, reflecting a percentage increase of 6.28%, with trading prices fluctuating between a low of $94.50 and a high of $110.33 on the reporting day [4] - Over the past year, TPB's stock reached a high of $110.35 and a low of $47.53, with a current market capitalization of approximately $1.82 billion and a trading volume of 1,379,296 shares [4] Dividend Announcement - The Board of Directors declared a regular quarterly dividend of $0.075 per common share, payable on January 9, 2026, to shareholders recorded as of December 19, 2025, reflecting the company's commitment to returning value to shareholders [5]

Core Viewpoint - Torex Gold Resources Inc. has announced an initial return of capital program, which includes a quarterly dividend and share repurchases, reflecting strong cash flow generation following the successful completion of the Media Luna project [1][2]. Return of Capital Program - The return of capital program will feature a quarterly dividend of C$0.15 per common share and discretionary share repurchases through the normal course issuer bid (NCIB) [1]. - The inaugural quarterly dividend is set to be paid on December 4, 2025, to shareholders of record as of November 20, 2025, with a total expected payout of approximately C$14.4 million ($10.2 million) based on 96.1 million shares outstanding [5][7]. Financial Performance and Strategy - The company reported a return to positive free cash flow in June 2025, with a modest level of debt, making it an opportune time to return capital to shareholders [2]. - Year-to-date, the company has returned C$10.0 million ($7.2 million) through share repurchases in Q3 2025, repurchasing 239,204 shares at an average price of C$41.79 per share [10]. Future Plans - The return of capital plan is expected to evolve through 2026 as the company's balance sheet strengthens, with plans to pay down debt and maintain a minimum cash balance of $200 million [3]. - The company anticipates robust free cash flow generation, allowing for capital returns without compromising funding for future projects, including extending the mine life at Morelos and advancing the Los Reyes project [4]. Share Repurchase Program - The current NCIB commenced on November 21, 2024, and will expire on November 20, 2025, with intentions to seek approval for renewal on similar terms [8]. - Future share repurchases will depend on the underlying share price, long-term metal prices, and market conditions [9].