Core Insights - Exponent, Inc. reported flat revenues for Q2 2025 but exceeded expectations, driven by growth in dispute-related activities in construction, automotive, and medical device sectors [2][4] - The company is optimistic about early-stage work in digital health, AI usability, and distributed energy systems, indicating significant growth potential [2][3] Financial Results - Total revenues for Q2 2025 increased by 1% to $142.0 million compared to $140.5 million in Q2 2024, while revenues before reimbursements were approximately flat at $132.9 million [4] - Net income decreased to $26.6 million, or $0.52 per diluted share, down from $29.2 million, or $0.57 per diluted share in Q2 2024 [5] - EBITDA for Q2 2025 decreased to $37.0 million, representing 27.8% of revenues before reimbursements, compared to $39.9 million, or 30.2% in Q2 2024 [6] Year-to-Date Financial Performance - For the first half of 2025, total revenues increased by 1% to $287.5 million, while revenues before reimbursements were approximately flat at $270.3 million [7] - Net income for the first half of 2025 was $53.2 million, or $1.03 per diluted share, down from $59.4 million, or $1.15 per diluted share in the same period of 2024 [8] - EBITDA for the first half of 2025 decreased to $74.5 million, or 27.6% of revenues before reimbursements, compared to $80.1 million, or 29.7% in the first half of 2024 [9] Business Segments - The engineering and other scientific segment accounted for 85% of revenues before reimbursements in Q2 2025, with a 1% increase in revenues driven by demand in construction, automotive, and medical device sectors [11] - The environmental and health segment represented 15% of revenues before reimbursements in Q2 2025, with a 4% decrease in revenues due to lower activity in life sciences and chemical regulatory services [12] Business Outlook - The company is optimistic about market opportunities and expects growth in the second half of 2025, maintaining its full-year guidance [13] - Exponent anticipates mid-single-digit growth in revenues before reimbursements and EBITDA to be between 26.75% and 27.75% of revenues before reimbursements for the full fiscal year 2025 [16]

Financial Data and Key Metrics Changes - In the second quarter, the company generated $284 million of EBITDA, an 11% year-over-year increase driven by higher gathering and processing volumes, which set new company records [6] - Free cash flow after dividends reached $82 million, representing a nearly 90% increase compared to the previous year [7] - The company reduced its leverage to 2.8 times as of June 30 [7] Business Line Data and Key Metrics Changes - The company invested $45 million in gathering, compression, water, and joint venture projects during the second quarter, bringing year-to-date capital investment to $82 million, which is 45% of the updated 2025 capital budget [4] - The compression reuse program has realized over $50 million in savings, with future savings estimates increased from $60 million to over $85 million [5] Market Data and Key Metrics Changes - The company is uniquely positioned to connect low-cost production to LNG facilities along the Gulf Coast, while also maintaining optionality to connect to local markets [10] - The company expects project announcements in Appalachia to accelerate due to regulatory support, particularly in West Virginia [10] Company Strategy and Development Direction - The company continues to execute its organic growth plan, focusing on predictable earnings and capital efficiency, which allows for attractive dividends, debt reduction, and share repurchases [11] - The company is exploring opportunities to build infrastructure to meet growing demand in the Northeast, particularly in West Virginia [25] Management's Comments on Operating Environment and Future Outlook - Management does not expect to be a material cash taxpayer through at least 2028, benefiting from recent tax legislation [9][32] - The company is actively looking for opportunities in the asset market, particularly bolt-on acquisitions around its current asset base [37] Other Important Information - The company has made significant progress on its capital projects and is focusing on low-pressure gathering and water connections to set up the 2026 development plan [4] Q&A Session Summary Question: Opportunities for AM in basin demand - Management indicated that AM could build infrastructure to meet growing demand, leveraging its large footprint in West Virginia and Ohio [14] Question: Capital allocation strategy - Management stated that the 50% allocation to buybacks is a long-term target, with flexibility based on market conditions [16][18] Question: In-basin demand opportunities related to recent announcements - Management noted that West Virginia's microgrid bill could create significant opportunities for AM, particularly in data center supply [24] Question: Clearwater facility lawsuit update - Management stated there is no new information regarding the lawsuit, which is pending a decision from the Colorado Supreme Court [27] Question: Processing capacity and potential new plant - Management indicated that there is still room to run processing plants above nameplate capacity, with no immediate need for additional processing capacity [30] Question: Long-term cash tax expectations - Management reiterated that they do not expect to be a full cash taxpayer for at least five years, benefiting from recent tax legislation [32] Question: Inorganic opportunities in the asset market - Management confirmed they are continuously looking for bolt-on acquisition opportunities but have no immediate plans to announce [37]

Financial Data and Key Metrics Changes - Adjusted EBITDA improved by 9% year-over-year to $660 million despite lower aggregate shipments [8][14] - Adjusted EBITDA margin expanded by 260 basis points, and cash gross profit per ton increased by 13% [7][19] - Year-to-date cash gross profit per ton reached $11.25, over 50% higher than three years ago [19] Business Line Data and Key Metrics Changes - Aggregate shipments were impacted by an estimated 2 to 3 million tons due to extreme weather conditions [9][22] - Freight-adjusted average selling prices improved by 5%, with mix-adjusted prices up by 8% [10][19] - Residential construction activity remains weak, accounting for about 20% of shipments, but multifamily starts are showing signs of improvement [11][12] Market Data and Key Metrics Changes - Public infrastructure contract awards in Vulcan markets increased by over 20% year-over-year [13][37] - Data center activity is a bright spot, with discussions on projects totaling over $35 billion [13][72] - Private non-residential construction is beginning to recover, with positive trends in data centers and warehouses [12][56] Company Strategy and Development Direction - The company is focused on a two-pronged growth strategy: improving organic profitability and adding strategic assets [8][19] - Continued investment in maintenance and growth capital expenditures is expected to reach approximately $700 million for the full year [18][45] - The company aims to deliver between $2.35 billion and $2.55 billion of adjusted EBITDA for the year [18][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the second half of the year due to improving weather conditions and strong backlogs [24][72] - The company is optimistic about the recovery in private non-residential demand and the acceleration of public infrastructure spending [12][37] - Management noted that the underlying demand is improving, which supports the reaffirmation of full-year guidance [24][14] Other Important Information - Free cash flow on a trailing twelve-month basis surpassed $1 billion, enabling disciplined capital allocation [15][109] - The company reclassified $550 million of commercial paper borrowings from long-term to short-term debt [16][17] - The company is actively discussing potential M&A opportunities to enhance growth [110][111] Q&A Session Summary Question: What gives confidence in reaffirming EBITDA guidance despite a tough first half? - Management highlighted strong pricing and unit margins despite volume declines, indicating quality earnings [22][23] Question: Are project timelines stretching or improving? - Management noted that project timelines are improving, with increased bookings and backlogs across all end markets except single-family housing [30][31] Question: How is the infrastructure spending trend? - Management confirmed that infrastructure spending is strong, with significant increases in contract awards and bookings [36][37] Question: What is the outlook for capital expenditures? - Management expects full-year capital expenditures to be around $700 million, lower than the initial guidance due to weather impacts [45][18] Question: How will pricing be affected in 2026? - Management anticipates strong visibility in highway work and potential pricing growth, especially if private demand improves [106][107] Question: What is the expected free cash flow baseline moving forward? - Management indicated that the new baseline for free cash flow is around $1 billion, which may influence capital allocation strategies [109][110]

Financial Performance - Same Property NOI increased by 33% for the three months ended June 30, 2025, reaching $144104 million, compared to $139512 million in 2024[88] - Same Property NOI increased by 32% for the six months ended June 30, 2025, reaching $287903 million, compared to $279038 million in 2024[88] - Net income attributable to common shareholders was $110318 million for the three months ended June 30, 2025, compared to a loss of $48638 million in 2024[88] - Net income attributable to common shareholders was $134048 million for the six months ended June 30, 2025, compared to a loss of $34482 million in 2024[88] - NAREIT FFO attributable to common shareholders was $111499 million for the three months ended June 30, 2025, compared to $115541 million in 2024[90] - NAREIT FFO attributable to common shareholders was $231816 million for the six months ended June 30, 2025, compared to $226559 million in 2024[90] - Adjusted EBITDA annualized reached $590690 million[93] Portfolio and Transactions - YTD 2025 transaction activity shows acquisitions of $4766 million at a 65% effective yield and dispositions of $2584 million at a 65% yield, resulting in net transaction activity of +$2182 million[35] - The signed-not-open (SNO) pipeline increased to $316 million, with 37% from anchor tenants and 63% from shop tenants[21] - 88% of the SNO pipeline is from the same property NOI pool, and 12% is from the non-same property NOI pool[21]

Financial Data and Key Metrics Changes - EBITDA was roughly flat in the first half of the year, with a projected growth of 8.5% for the full year, implying high teens growth in the second half [6][19] - EPS guidance was revised from 10-15% growth to 7-10% growth, with a midpoint impact of about 3 cents due to increased interest expense and accelerated depreciation [19][20] Business Line Data and Key Metrics Changes - Significant growth was observed in potato chips, while tortilla chips and pretzels were below trend, with specific brands performing variably [23][26] - Boulder Canyon brand is expected to continue strong growth, with distribution gains across both core and expansion markets [71][72] Market Data and Key Metrics Changes - Distribution gains were noted across all 30 expansion geographies, with strong retailer support from national chains [33][34] - The convenience store channel is showing improvement, with expectations to reach flattish performance by year-end [65] Company Strategy and Development Direction - The company is focused on westward expansion and infrastructure investments to support distribution gains [11][35] - Marketing strategies include increased spending in retail media and social media to support geographic expansion and brand introduction [91][92] Management's Comments on Operating Environment and Future Outlook - Management remains confident in achieving productivity savings and margin expansion, with a positive outlook for the second half of the year [9][56] - The company believes the category will continue to grow, driven by household penetration and repeat purchases [107][109] Other Important Information - The company is nearing the end of its manufacturing optimization efforts, with significant productivity improvements already realized [85][87] - CapEx spending is expected to peak in 2025, with a focus on automation and efficiency improvements [21][88] Q&A Session Summary Question: What gives confidence in the EBITDA growth outlook despite flat performance in the first half? - Management cited investments in infrastructure and productivity savings as key drivers for expected growth in the second half [7][9] Question: Can you clarify the changes in EPS guidance? - EPS growth was revised down due to increased interest expenses and accelerated depreciation from higher CapEx spending [19][20] Question: What is driving the strong top-line results? - The company attributed growth to distribution gains, improved volume and value share in core markets, and investments in westward expansion [10][11] Question: How is the company addressing the performance of tortilla chips and pretzels? - Management noted that tortilla chips faced promotional overlaps, while pretzel performance varied by brand, with some brands performing well [26][27] Question: What is the outlook for the convenience store channel? - The company expects the convenience store channel to improve and reach flattish performance by year-end, supported by better product assortment [65] Question: How is the company managing supply chain and manufacturing efficiency? - The company has made significant strides in optimizing manufacturing and is now focusing on automation and efficiency improvements [85][87] Question: What is the long-term outlook for category growth? - Management remains bullish on long-term category growth, citing strong household penetration and repeat purchases as positive indicators [107][109] Question: How is the company addressing consumer interest in protein products? - The company is exploring opportunities in the protein segment while ensuring that products meet consumer taste preferences [111][112]

Core Viewpoint - Anheuser-Busch InBev reported mixed second-quarter results with a revenue growth of 3.0% to $15.004 billion and normalized EBITDA gains of 6.5%, but missed expectations on beer volumes, leading to a 9.1% decline in stock price in pre-market trading, the worst session since the COVID-19 pandemic [1][4]. Financial Performance - Revenue increased by 3.0% to $15.004 billion and normalized EBITDA rose by 6.5% with margin expansion of 116 basis points to 35.3% [1][6]. - Despite the volume challenges, the company demonstrated pricing power by growing revenues while selling less beer [6]. Volume Performance - Beer volumes declined by 1.9% year-over-year, significantly worse than the 0.3% decline forecasted by analysts [5]. - The decline in volumes was primarily driven by significant drops in China (7.4%) and Brazil (6.5%), with the company acknowledging underperformance in China and attributing Brazil's decline to tough comparisons and adverse weather conditions [6]. Market Outlook - The average target price for BUD stock is $82.67 for the next 12 months, with optimistic predictions reaching as high as $91.00 and bearish outlooks at $72.00 [7]. - All six analysts covering the stock maintain Strong Buy ratings, with no Hold or Sell recommendations [9].

（原标题：里昂：料美高梅中国(02282)次季EBITDA高于预期） 智通财经APP获悉，里昂发布研报称，美高梅中国(02282)2025年第二季度物业EBITDA按季增长6%至 25.11亿港元，较市场共识及该行的预测高出5%至6%。此增长主要得益于期内市场整体扩张下，公司收 入市场份额按季提升0.9个百分点至16.6%，5月1日开业的"Alpha Villa"项目贡献显著。该行估计，美高 梅中国路氹贵宾厅异常高的赢率带来EBITDA约8600万港元。整体物业EBITDA利润率微降至29%，但 仍符合公司订立的接近20%的目标区间。 ...

（原标题：花旗：美高梅中国(02282)业务持续强劲 升目标价至18港元 维持"买入"评级） 智通财经APP获悉，花旗发布研报称，将美高梅中国(02282)目标价从17.1港元上调至18港元，并维 持"买入"评级。即使近期股价上涨，花旗认为该股的估值仍具吸引力，现价相当于2026财年EBITDA倍 数为8.3倍(低于平均值一个标准差以上)。以50%的股息支付率计算，该股提供约4%的股息收益率。 美高梅中国在2025年第二季录得历史新高的税息折旧及摊销前利润(EBITDA)，达25.11亿元，市场份额 为16.6%，EBITDA利润率为29%(均符合管理层指引)。花旗认为，这反映了其竞争力及审慎的支出(特 别是在玩家再投资方面)，尽管金沙中国(01928)的伦敦人名汇及银河娱乐(00027)的嘉佩乐酒店(Capella) 推出了新产品。根据美高梅中国管理层表示，业务势头在2025年7月持续强劲，各业务分部均录得强劲 的交易量。鉴于近期稳健的趋势，花旗预计美高梅中国自2025年7月至2026年中开放的新套房和别墅， 将有助于其至少守住其市场份额。 ...

Core Points - CVR Energy reported a net loss of $114 million for Q2 2025, a significant decline from a net income of $21 million in Q2 2024, resulting in a loss per diluted share of $1.14 compared to earnings of $0.21 per share in the previous year [1][8] - The company's adjusted loss for Q2 2025 was 23 cents per diluted share, contrasting with adjusted earnings of 9 cents per diluted share in Q2 2024 [1][8] - EBITDA loss for Q2 2025 was $24 million, down from an EBITDA of $103 million in Q2 2024, while adjusted EBITDA increased to $99 million from $87 million year-over-year [1][8] Financial Performance - The Petroleum Segment experienced a net loss of $137 million and an EBITDA loss of $84 million in Q2 2025, compared to a net income of $18 million and EBITDA of $56 million in Q2 2024 [6][8] - Total throughput for Q2 2025 was approximately 172,000 barrels per day, down from 186,000 barrels per day in Q2 2024, primarily due to processing intermediate inventories [7][8] - Refining margin for Q2 2025 was $35 million, or $2.21 per total throughput barrel, a sharp decline from $185 million, or $10.94 per barrel, in the same period of 2024 [9][50] Segment Performance - The Renewables Segment reported a net loss of $11 million and an EBITDA loss of $5 million for Q2 2025, consistent with the previous year's performance [11][13] - The Nitrogen Fertilizer Segment achieved net income of $39 million and EBITDA of $67 million on net sales of $169 million for Q2 2025, compared to net income of $26 million and EBITDA of $54 million on net sales of $133 million in Q2 2024 [14][15] Leadership Changes - Mark A. Pytosh is set to assume the role of President and CEO of CVR Energy on January 1, 2026, following Dave Lamp's retirement [3][5] - Brett Icahn was appointed as a director effective August 1, 2025, increasing the Board size to nine members [5][8] Cash and Debt Management - Consolidated cash and cash equivalents decreased to $596 million as of June 30, 2025, down from $987 million at the end of 2024 [18][43] - Total debt and finance lease obligations were reported at $1.9 billion as of June 30, 2025, including $570 million held by the Nitrogen Fertilizer Segment [18][43] - The company prepaid $70 million and $20 million in principal of the Term Loan in June and July 2025, respectively, recognizing a $1 million loss on extinguishment of debt [19][20]

Core Viewpoint - Tenaris S.A. reported its financial results for the second quarter of 2025, showing a sequential increase in net sales and operating income compared to the first quarter of 2025, but a decline compared to the same quarter in 2024 [2][3][4]. Financial Performance - Net sales for Q2 2025 were $3,086 million, a 6% increase from Q1 2025 but a 7% decrease from Q2 2024 [3][4]. - Operating income rose to $583 million in Q2 2025, up 6% sequentially and 14% year-on-year [3][4]. - Net income for Q2 2025 was $542 million, reflecting a 5% increase from Q1 2025 and a 56% increase from Q2 2024 [3][4]. - EBITDA for Q2 2025 was $733 million, a 5% increase from Q1 2025 and a 13% increase from Q2 2024 [3][4]. Segment Analysis - Tubes segment net sales increased 6% sequentially to $2,920 million but decreased 7% year-on-year [9][10]. - Seamless pipe sales volume was 803 thousand metric tons in Q2 2025, a 4% increase from Q1 2025, while welded pipe sales volume decreased by 16% [9][10]. - North America saw a 13% increase in net sales for the Tubes segment compared to Q1 2025, driven by higher OCTG prices [9][10]. Cash Flow and Liquidity - Free cash flow for Q2 2025 was $538 million, with a net cash position of $3.7 billion as of June 30, 2025 [5][18]. - Cash generated from operating activities was $673 million in Q2 2025, down from $821 million in Q1 2025 [17][18]. Market Outlook - Oil prices have softened due to OPEC+ production cuts and subdued demand growth amid economic uncertainty [6][7]. - U.S. OCTG imports are expected to decline due to increased tariffs, which may lead to higher prices over time [7]. Operational Efficiency - Selling, general and administrative expenses (SG&A) were $484 million, representing 15.7% of net sales in Q2 2025, slightly up from 15.6% in Q1 2025 [12]. - Operating working capital days were 128 days as of June 30, 2025, compared to 129 days in the previous year [53].