Financial Performance - Sales and Revenues reached a record $17.6 billion, a 10% increase compared to Q3 2024[5, 9] - Operating Profit was $3.1 billion, a 3% decrease compared to Q3 2024[9] - Adjusted Profit per share was $4.95, a 4% increase compared to Q3 2024[9] - ME&T Free Cash Flow generated $3.2 billion[5] Segment Performance - Construction Industries total sales increased by $415 million, or 7%, with a segment profit decrease of $109 million, or 7%[27] - Resource Industries total sales increased by $62 million, or 2%, with a segment profit decrease of $120 million, or 19%[32] - Energy & Transportation total sales increased by $1.210 billion, or 17%, with a segment profit increase of $245 million, or 17%[36] - Financial Products total revenues increased by $42 million, or 4%, with a segment profit decrease of $5 million, or 2%[41] Future Expectations - The company anticipates modestly higher full-year 2025 sales, including strong Q4 2025[53] - Net incremental tariffs for 2025 are expected to be around $1.6 billion to $1.75 billion[49] - Full-year 2025 ME&T free cash flow is expected to be above the midpoint of the annual target range[49]

Core Insights - Kirby Corporation reported net earnings of $92.5 million or $1.65 per share for Q3 2025, a 6% increase from $90.0 million or $1.55 per share in Q3 2024 [1][5] - Consolidated revenues for Q3 2025 were $871.2 million, up from $831.1 million in Q3 2024 [1] Segment Performance - **Marine Transportation**: Revenues were $484.9 million, slightly down from $486.1 million in Q3 2024. Operating income decreased to $88.6 million from $99.5 million, with an operating margin of 18.3% compared to 20.5% [3][4][6] - **Inland Marine**: Average barge utilization was in the mid-80% range, impacted by seasonal weather and softer market conditions. Spot market rates declined in the low-to-mid single digits, while term contracts remained flat [2][4][5] - **Coastal Marine**: Strong market fundamentals with barge utilization in the mid to high-90% range. Revenues increased by 13% year-over-year, and operating margins reached around 20% [6][12] - **Distribution and Services**: Revenues rose to $386.2 million from $345.1 million, with operating income increasing to $42.7 million from $30.4 million. Operating margin improved to 11.0% from 8.8% [7][9] Financial Metrics - **EBITDA**: For Q3 2025, EBITDA was $201.4 million, up from $190.5 million in Q3 2024 [11][24] - **Cash Flow**: Net cash provided by operating activities was $227.5 million, with capital expenditures of $67.2 million. Free cash flow for the quarter was $160.3 million [11][32] - **Debt and Liquidity**: Total debt stood at $1,048.9 million, with a debt-to-capitalization ratio of 23.8%. The company had $47.0 million in cash and cash equivalents [11][24] Market Outlook - **Inland Marine**: Expected to see stable market conditions with signs of improvement. Higher barge utilization is anticipated due to seasonal factors [12][15] - **Coastal Marine**: Favorable market fundamentals are expected to continue, with steady customer demand and pricing benefiting from limited vessel availability [12][13] - **Distribution and Services**: Continued strength in power generation and marine repair markets, with full-year revenues expected to rise in the mid-single digits [15][16]

Core Insights - Constellium SE reported strong financial results for Q3 2025, with significant increases in revenue, net income, and Adjusted EBITDA compared to Q3 2024 [5][6][21] - The company appointed Ingrid Joerg as the new CEO, effective January 1, 2026, succeeding Jean-Marc Germain, who will retire at the end of 2025 [3][5] - The company raised its guidance for 2025, expecting Adjusted EBITDA to be in the range of $670 million to $690 million and Free Cash Flow to exceed $120 million [3][27] Financial Performance - Q3 2025 shipments reached 373 thousand metric tons, a 6% increase from Q3 2024, with revenue of $2.2 billion, up 20% year-over-year [5][6] - Net income for Q3 2025 was $88 million, compared to $8 million in Q3 2024, while Adjusted EBITDA increased to $235 million, an 85% rise from the previous year [5][6][21] - For the first nine months of 2025, shipments totaled 1.1 million metric tons, up 2% from the same period in 2024, with revenue of $6.2 billion, an 11% increase [7][6] Segment Performance - Aerospace & Transportation (A&T) segment Adjusted EBITDA for Q3 2025 was $90 million, a 67% increase from Q3 2024, driven by higher shipments and favorable pricing [10][11] - Packaging & Automotive Rolled Products (P&ARP) segment Adjusted EBITDA rose to $82 million in Q3 2025, a 14% increase, supported by improved performance at Muscle Shoals [12][14] - Automotive Structures & Industry (AS&I) segment Adjusted EBITDA increased significantly to $33 million in Q3 2025, up 371% from the previous year, despite lower shipments [15][16] Cash Flow and Liquidity - Free Cash Flow for the first nine months of 2025 was $68 million, a significant improvement from $(15) million in the same period of 2024 [23] - Cash flows from operating activities were $271 million for the first nine months of 2025, compared to $240 million in the prior year [24] - As of September 30, 2025, the company had liquidity of $831 million, consisting of $122 million in cash and cash equivalents [26] Outlook and Strategic Developments - The company expects demand trends to remain stable through the end of 2025, benefiting from improved market dynamics [3][27] - Constellium completed the divestment of its Nanjing Automotive Structures plant in August 2025, indicating a strategic shift in operations [29]

Financial Data and Key Metrics Changes - The company reported consolidated net revenues of $2.9 billion and adjusted EBITDA of $884 million for Q3 2025, with hold-normalized EBITDA at $927 million [4][5] - Regional EBITDA grew 4% on a hold-normalized basis during the quarter [7] - The Las Vegas segment reported same-store adjusted EBITDA of $379 million and hold-normalized EBITDA of $398 million, with occupancy at 92% compared to 97% last year [5][6] Business Line Data and Key Metrics Changes - The digital segment generated net revenue of $311 million and adjusted EBITDA of $28 million, with hold-normalized adjusted EBITDA at $40 million [9] - iCasino saw a 29% net revenue growth driven by increased volume and average monthly active users [10] - The Las Vegas segment faced challenges with a 5% decrease in average daily rate (ADR) due to city-wide visitation weakness [5][13] Market Data and Key Metrics Changes - Regional revenues increased year over year, particularly in Danville and New Orleans, contributing to same-store net revenue growth [5][8] - The Las Vegas market experienced a decline in visitation, impacting occupancy and ADR, but showed sequential improvement as the quarter progressed [5][13] Company Strategy and Development Direction - The company is focused on reinvesting in its assets, with recent CapEx projects exceeding return expectations and plans for new developments in Las Vegas [6][8] - The digital segment aims for a 20% top-line growth with a 50% flow-through to EBITDA, maintaining long-term growth targets [11][12] - The company is refining its marketing approach to enhance customer engagement and improve returns on investments [8][19] Management's Comments on Operating Environment and Future Outlook - Management noted a soft summer in Las Vegas but expects recovery in the fourth quarter, driven by group business and improved leisure trends [13][16] - The company anticipates a record EBITDA year in 2025, supported by strong booking pace for Q4 [5][6] - Management expressed confidence in the Las Vegas market's fundamentals, despite recent challenges [31][32] Other Important Information - The company redeemed $546 million of senior notes and repurchased $100 million of stock during the quarter, reducing the share base by 6% [12] - The weighted average cost of debt is just over 6%, with plans to use free cash flow for debt reduction and stock repurchases [12] Q&A Session Summary Question: Insights on Las Vegas leisure demand recovery - Management indicated that leisure demand is improving, with group activity helping to compress rates and occupancy [21][22] Question: Regional performance and marketing strategies - Management expects improved flow-through as marketing strategies are refined, focusing on effective promotions without entering a promotional war [24][25] Question: Future outlook for Las Vegas and capital investments - Management highlighted the importance of consumer demand recovery and upcoming conferences that could drive significant EBITDA [39][40] Question: Digital segment performance and customer acquisition - Management noted that Q4 is expected to be strong due to football season, with marketing spend returning to normal levels [58][60] Question: Regulatory environment and prediction markets - Management is monitoring the regulatory landscape for prediction markets and is prepared to act if opportunities arise [64][66]

Financial Performance & Outlook - Clearwater reported Net Sales from continuing operations of $399 million in Q3 2025, a 3% increase compared to Q3 2024 and a 6% increase compared to Q2 2025[10] - The company experienced a Net Loss from continuing operations of $54 million in Q3 2025, which includes a non-cash goodwill impairment of $45 million[10, 11] - Adjusted EBITDA from continuing operations was $178 million with a margin of 4%, towards the higher end of the guidance range[10, 11] - Q4 2025 Adjusted EBITDA is projected to be between $13 million and $23 million, influenced by seasonality and a major maintenance outage at the Augusta, GA mill costing approximately $16 million[15] - For FY 2026, revenue is projected to be $145 billion to $155 billion, with a capacity utilization rate in the mid-80% range[15] Strategic Initiatives & Industry Trends - The company is targeting Adjusted EBITDA margins of 13% to 14% across the paperboard industry cycle, aiming for a 40-50% Adjusted EBITDA to free cash flow conversion rate, or over $100 million per year[5] - Clearwater is focused on reducing its fixed cost structure by $30 million to $40 million in 2025, with current tracking suggesting savings of approximately $50 million[5] - The company is exploring options to expand its product offering, including post-consumer recycled content, compostable plates, lightweight folding carton, poly-free coatings/barriers, unbleached paperboard grade (CUK), and recycled paperboard grade (CRB)[7] - Industry trends indicate a modest shipment growth expected in 2025 and a demand growth of approximately 3% projected for 2026[8] - Bleached paperboard net exports are expected to improve in 2025, with imports forecasted to decrease by approximately 4% and exports forecasted to decrease by approximately 2% compared to 2024[8]

NVIDIA now produces more free cash flow than Microsoft. https://t.co/f1BzrTALze ...

Core Insights - Artificial intelligence (AI) is a significant driver for large-cap ETFs focused on growth, with companies like Broadcom, Palantir, and Nvidia being essential for AI infrastructure [1][2] - The global AI infrastructure market is projected to reach $356 billion by 2032, with big tech expected to invest $155 billion in AI development by 2025, indicating substantial growth potential [2] Company Summaries - **Broadcom**: Holds a 3.52% allocation in the VictoryShares Free Cash Flow Growth ETF (GFLW). It designs semiconductors and networking solutions crucial for AI data flow and connectivity, widely used in data centers and communications networks [3][10] - **Nvidia**: Allocated 4.04% in GFLW. It develops GPUs and platforms that are foundational for AI workloads, utilized globally by enterprises and governments for training and deploying AI models [4][10] - **Palantir**: With a 2.56% allocation in GFLW, it focuses on software platforms that assist organizations in managing data and applying AI for operational decision-making, serving both public and private sectors [5][6][10] Financial Performance - All three companies—Broadcom, Nvidia, and Palantir—exhibit consistent cash generation and disciplined capital management, emphasizing financial flexibility through effective free cash flow utilization [7][10] - GFLW tracks the Victory Free Cash Flow Growth Index, which targets large-cap companies with the potential for future free cash flow generation, rather than solely relying on past performance [9][10]

Core Insights - Tenet Healthcare Corporation reported strong financial results for the third quarter of 2025, with a focus on high acuity service lines and operational discipline leading to revenue growth and free cash flow [3][4][11] - The company raised its financial outlook for the full year 2025, reflecting confidence in continued growth across its markets [4][15] Financial Performance - Net operating revenues for Q3 2025 were $5,289 million, a 3.2% increase from $5,126 million in Q3 2024 [4][39] - Net income available to common shareholders decreased to $342 million, or $3.86 per diluted share, compared to $472 million, or $4.89 per diluted share in Q3 2024 [5][39] - Adjusted EBITDA for Q3 2025 was $1,099 million, up 12.4% from $978 million in Q3 2024, with an adjusted EBITDA margin of 20.8% [4][39] Segment Performance - The Ambulatory Care segment generated net operating revenues of $1,275 million in Q3 2025, up from $1,139 million in Q3 2024, with an adjusted EBITDA of $492 million [9][39] - The Hospital Operations and Services segment reported net operating revenues of $4,014 million in Q3 2025, slightly up from $3,987 million in Q3 2024, with an adjusted EBITDA of $607 million [13][39] Cash Flow and Capital Management - Cash flows from operating activities for the nine months ended September 30, 2025, were $2,809 million, compared to $2,378 million for the same period in 2024 [10][37] - Free cash flow for the nine months ended September 30, 2025, was $2,163 million, an increase from $1,777 million in the prior year [10][37] - The company repurchased 0.6 million shares for $93 million in Q3 2025 and 7.8 million shares for $1,188 million in the nine months ended September 30, 2025 [10][37] 2025 Financial Outlook - The full-year 2025 outlook for net operating revenues is projected to be between $21,150 million and $21,350 million, with adjusted EBITDA expected in the range of $4,470 million to $4,570 million [15][17] - The company anticipates adjusted diluted earnings per share to be between $15.93 and $16.26 for the full year 2025 [15][17]

Core Insights - Applied Industrial Technologies reported a net sales increase of 9.2% year-over-year for the first quarter of fiscal 2026, reaching $1.2 billion, with organic sales growth of 3.0% [2][7] - The company achieved a net income of $100.8 million, or $2.63 per diluted share, reflecting an 11.4% increase compared to the previous year [2][7] - EBITDA for the quarter was reported at $146.3 million, marking a 13.4% year-over-year growth [2][7] Financial Performance - Net sales for the quarter were $1.2 billion, up 9.2% from $1.1 billion in the prior year [2][9] - Organic sales growth was 3.0%, driven by a 4.4% increase in the Service Center segment, while the Engineered Solutions segment saw a slight decline of 0.4% [2][3] - The company reported an EBITDA margin of 12.2%, an increase of nearly 50 basis points from the prior year [3] Guidance and Outlook - The company has modestly increased its fiscal 2026 EPS guidance to a range of $10.10 to $10.85, up from the previous range of $10.00 to $10.75 [3][7] - Sales guidance remains at an increase of 4% to 7%, with organic growth expected to be between 1% to 4% [3] - The company anticipates gradual improvement in end-market demand, despite ongoing macroeconomic uncertainties and inflationary pressures [3] Dividend Announcement - The Board of Directors declared a quarterly cash dividend of $0.46 per common share, payable on November 28, 2025 [4]

Core Insights - The Inspire 500 ETF (NYSEARCA: PTL) is a passively managed fund focusing on the 500 most generously valued U.S. companies [1] - The fund's strategy is informed by the research of individual investor Vasily Zyryanov, who emphasizes the importance of Free Cash Flow and Return on Capital in investment analysis [1] - Zyryanov's research spans various sectors, particularly the energy sector, while also covering industries such as mining, chemicals, and luxury goods [1] Investment Strategy - The ETF targets both underpriced equities with strong upside potential and overappreciated companies with inflated valuations [1] - A meticulous approach is advocated, where investors should assess deeper financial metrics beyond simple profit and sales analysis [1] - The analysis acknowledges that some growth stocks may justify their premium valuations, highlighting the need for thorough investigation into market perceptions [1]