Investment Rating - The industry investment rating is "Positive" and maintained [9] Core Insights - In FY2025Q1 (January 1, 2025 - March 31, 2025), Adidas achieved revenue of €6.15 billion, slightly above expectations (Bloomberg consensus expected €6.10 billion), with a year-on-year growth of 13% at constant exchange rates. Excluding the impact of Yeezy, Adidas brand revenue grew by 17% year-on-year [2][4] - The net profit attributable to shareholders was €430 million, representing a year-on-year increase of 151%. The gross margin improved by 0.9 percentage points to 52.1%, primarily due to lower product costs and shipping expenses, as well as improved discounts [2][4] Revenue Breakdown - **By Region**: Excluding the Yeezy business, all regions showed strong growth. Latin America and emerging markets continued robust growth, with revenues increasing by 26% and 23% year-on-year to €700 million and €870 million, respectively. Europe, Greater China, and Japan/Korea regions grew by 14%, 13%, and 13% year-on-year, respectively. North America was impacted by the cessation of Yeezy business, with a revenue growth of only 3% year-on-year, but grew by 13% when excluding this factor [5] - **By Channel**: Both DTC (Direct-to-Consumer) and wholesale channels achieved quality growth. Wholesale channel revenue increased by 18% year-on-year to €4.0 billion, benefiting from high sell-through rates and product mix adjustments. E-commerce channel revenue decreased by 3% due to the impact of Yeezy business separation, but grew by 18% when excluding this factor. DTC channel revenue grew by 6% year-on-year to €2.16 billion, driven by double-digit same-store sales growth in owned stores [5] - **By Product**: Footwear products continued to lead growth, with revenue increasing by 17% year-on-year to €3.76 billion. Apparel and equipment also showed growth, with revenues increasing by 8% and 10% year-on-year to €1.97 billion and €424 million, respectively. In FY2025Q1, footwear, apparel, and equipment accounted for 61%, 32%, and 7% of total revenue, respectively, indicating a healthy product mix [6] Inventory and Tariff Impact - Inventory remained healthy, supporting continued growth, with FY2025Q1 inventory at €5.07 billion, a year-on-year increase of 15% [12] - The impact of tariffs was relatively small due to low procurement from China, with approximately 20% of revenue from the US market, which can be compensated by strong performance in other mature markets. The procurement ratio for footwear from China is around 3%, moving towards zero, and for apparel, it is less than 2% [12] Performance Guidance - The company maintains its full-year guidance, expecting FY2025 revenue to grow at a high single-digit rate at constant exchange rates (Bloomberg expects revenue of €26.01 billion, a year-on-year increase of 9.8%). The expected operating profit for FY2025 is between €1.7 billion and €1.8 billion, representing a year-on-year increase of 27.2% to 34.6% [12]

Financial Data and Key Metrics Changes - The company reported record high adjusted earnings per share, increasing by 11.9% from $1.09 to $1.22 [11][17] - Organic sales growth was 1.6%, with acquisitions contributing 10.5% to sales growth, resulting in total sales growth of 11.4% [12][18] - Adjusted operating income in the Americas and Asia region grew by 20.2% [5][26] Business Line Data and Key Metrics Changes - The Americas region achieved organic sales growth of 5.4%, while Europe and Australia experienced a decline of 5.4% in organic sales [5][11] - Adjusted operating income in Europe increased by 3.8% despite the sales decline, attributed to restructuring actions [6][29] - Research and development (R&D) investment increased by over 8% this quarter, totaling $19.2 million [6][15] Market Data and Key Metrics Changes - Revenue by geography showed 52% from the US, 30% from Europe, 8% from Asia, and 10% from Australia and the rest of the Americas [10] - The Asia business reported organic sales growth of nearly 23%, with a return to growth in China [26][52] Company Strategy and Development Direction - The company is focused on integrating R&D functions and building new product roadmaps, including direct part marking technologies [6][25] - The acquisition of Funai's microfluidic solution business is expected to enhance the company's capabilities in custom part marking [7][40] - The company aims to mitigate tariff impacts through strategic sourcing and price adjustments while maintaining a focus on operational efficiency [21][60] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by the global tariff environment but expressed confidence in the company's ability to mitigate impacts through geographic diversification [10][60] - The company tightened its adjusted diluted EPS guidance range for the fourth quarter due to anticipated tariff expenses and economic uncertainties [21][22] Other Important Information - The company returned $44.5 million to shareholders through dividends and share buybacks during the quarter [19][20] - Incremental tariff expenses were approximately $3 million in the third quarter, impacting diluted earnings per share by about $0.05 [20][21] Q&A Session Summary Question: Impact of tariffs on top line - Management indicated no significant demand destruction from tariffs yet, as inventory levels have buffered the immediate effects [33][34] Question: Sustainability of SG&A actions - Management noted ongoing efforts to drive down SG&A costs, with expectations for continued operational efficiency [36][37] Question: Details on the Funai acquisition - The acquisition is expected to enhance the company's product offerings in industrial inkjet solutions, with a purchase price of $11.6 million and estimated first-year sales of $15 to $20 million [38][54] Question: Fourth quarter guidance discrepancies - Management explained anticipated headwinds in the Americas due to tariffs, while expecting a flat performance in Europe [44][46] Question: Current situation in China - The company has reduced its footprint in China, focusing on multinational customers while maintaining a small presence [51][52]

STERIS (STE) Q4 2025 Earnings Call May 15, 2025 09:00 AM ET Company Participants Julie Winter - Vice President of Investor Relations & Corporate CommunicationsMichael Tokich - Senior VP & CFODaniel Carestio - President, CEO & DirectorPatrick Wood - Managing DirectorMac Etoch - Senior Research Associate Conference Call Participants David Turkaly - Research AnalystMike Matson - Senior Equity Research AnalystMichael Polark - Senior Equity Research AnalystJason Bednar - Senior Research AnalystBrett Fishbin - Vi ...

Financial Data and Key Metrics Changes - Net sales for the quarter were $166 million, a decrease of $104 million or 39% compared to the prior year period, driven by a deliberate reduction of inventory and lower store count [17][18] - Gross profit for the quarter was $44 million, an increase of $6 million compared to the prior year period [18] - SG&A expenses improved to $39 million for the quarter compared to $49 million in the prior year period, primarily due to reduced overhead personnel and marketing expenses [18][19] - The company achieved a gross margin of 24% excluding LIFO adjustments, representing a 10% increase compared to the prior year [18] - Adjusted EBITDA loss was $4 million, an improvement compared to the loss of $18 million in the prior year period [19] Business Line Data and Key Metrics Changes - New unit sales were down 36% or 912 units in the quarter, while average selling price for new units was 15% better for the quarter [16] - Pre-owned retail unit sales were down 48% or 655 units during the quarter, reflective of divestitures [16] - Gross margins for new vehicles were 11% for the quarter, a 7% increase compared to the prior year period, while used vehicle gross margins were 21%, a 10% increase [17] Market Data and Key Metrics Changes - New inventory comprised of 82% model year 2025 and 2026 units, up significantly from last quarter [13] - The company noted a shift towards single axle towables and first-time buyers, with motorized inventory sales improving 11% in the first quarter versus the fourth quarter [13] Company Strategy and Development Direction - The company outlined a two-part strategy focused on optimizing dealership footprint and maximizing operational performance [5] - The sale of five dealerships to Camping World allowed the company to significantly deleverage its balance sheet by repaying approximately $145 million in debt [6] - The company entered into a letter of intent to divest three additional stores, aiming to refine its footprint and reinforce its financial position [7] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the RV lifestyle's affordability and consumer attraction despite potential tariff impacts [9] - The company is closely monitoring customer demand and macroeconomic trends, including tariffs and supply chain shortages [13] - Management remains committed to strengthening the balance sheet to support long-term growth and stability [20] Other Important Information - The company reported a loss from operations of $2.3 million for the quarter, which included non-cash impairment charges of $2.9 million [19] - The company reduced debt by $145 million during the quarter, contributing to meaningful deleveraging [19] Q&A Session Summary - No questions were fielded following the conclusion of prepared remarks, and the call concluded without a Q&A session [4]

尽管有关税，但对一些产品保持价格不变。 供应商因关税而转移（到其他地方）采购材料。 沃尔玛ceo：哥斯达黎加、秘鲁、哥伦比亚的关税影响食品。 ...

Core Viewpoint - Zhejiang Natural reported strong financial results for 2024 and Q1 2025, with significant year-on-year growth in revenue and net profit, indicating robust operational performance and effective cost management [1][2]. Financial Performance - In 2024, the company achieved revenue of 1 billion yuan, a year-on-year increase of 21.7%, and a net profit attributable to shareholders of 190 million yuan, up 41.7% year-on-year [1]. - For Q4 2024, revenue reached 210 million yuan, reflecting a 39.4% year-on-year growth, with a net profit of 20 million yuan, reversing a loss of 30 million yuan from the previous year [1]. - In Q1 2025, revenue was 360 million yuan, a 30.4% increase year-on-year, with a net profit of 100 million yuan, up 148.3% year-on-year [1][2]. Business Segments - The revenue growth in Q1 2025 was primarily driven by strong orders in the mattress, thermal box, and water sports products segments [2]. - The company is experiencing stable growth in new business areas, although short-term mattress orders are pressured by tariffs [2]. Future Outlook - Short-term domestic mattress orders are expected to remain under pressure, but with the gradual implementation of tariffs and capacity migration to Southeast Asia, the mattress segment is anticipated to recover steadily [2]. - The company forecasts net profits of 270 million yuan, 340 million yuan, and 410 million yuan for 2025, 2026, and 2027, respectively, with corresponding valuations of 13X, 11X, and 9X [2].

Summary of Teleflex Conference Call Company Overview - **Company**: Teleflex - **Industry**: Medical Technology Q1 Results - **Growth Performance**: Q1 growth was reported at -3.8%, adjusted for two less selling days, the growth was approximately -1.7% [3][4] - **Product Performance**: Strong performance noted in balloon pumps in The Americas and progress with Pallet and Baragel products [3][4] - **OEM Challenges**: OEM segment experienced negative growth due to a lost customer costing approximately $7 million and inventory management issues among key customers [5][6] Guidance and Growth Expectations - **Full Year Guidance**: Reiterated guidance of 1% to 2% growth for the year, with expectations of acceleration in the second half [7][10] - **Quarterly Projections**: Anticipated growth of 1% in Q2, 3.5% in Q3, and 6% in Q4, with a significant pickup expected due to the anniversary of the lost customer and additional selling days in Q4 [7][8][10] Tariff Impact - **Tariff Guidance**: Total tariff impact estimated at $55 million, with 50% attributed to China. The company is hopeful for exemptions for medical devices [11][13][15] - **Mitigation Strategies**: Strategies include improving USMCA compliance, pricing adjustments, and supply chain changes to mitigate tariff impacts [20][21] Business Separation Strategy - **Separation Rationale**: Decision to separate into two entities based on different capital allocation and growth strategies, aiming to unlock shareholder value [25][26] - **Growth Profiles**: One entity expected to grow at low single digits with mid-fifties gross margins, while Teleflex RemainCo projected to grow at over 6% with mid-sixties gross margins [27][28] Market Dynamics - **OEM Business Outlook**: Anticipated negative growth of 10-12% for the OEM segment in 2025, but expected to return to growth in 2026 [35][36] - **UroLift Challenges**: UroLift has faced pressure due to reimbursement changes, but improvements are expected as the reimbursement environment stabilizes [37][38] Acquisition Interest - **Interest in NewCo**: Significant inbound interest in NewCo assets from both financial and strategic parties, indicating strong market validation [41][42] - **Sale vs. Spin**: The decision on whether to sell or spin off NewCo will be based on what maximizes shareholder value [43][46] Product Performance Highlights - **Pallet Growth**: Pallet product grew approximately 30% in the previous year and continues to trend above initial growth expectations [59][60] - **Baragel Market Expansion**: Anticipated market expansion for Baragel with a new indication for post-radical prostatectomy spacing expected by the end of 2026, potentially adding $100 million to the addressable market [61][63][64] Conclusion - Teleflex is navigating a challenging environment with strategic adjustments in response to market dynamics, tariff impacts, and a focus on unlocking shareholder value through business separation and product innovation.

Financial Data and Key Metrics Changes - The company generated adjusted net investment income (NII) of $0.97 per share, covering the annual dividend of $0.96 per share [7][13] - The total fair value of the portfolio increased to $979 million from approximately $921 million at the prior year end, although it was slightly lower than the $1.1 billion reported at the end of the last quarter [8] - Total investment income for the fiscal year was $93.7 million, up from $87.3 million in the prior year [13] Business Line Data and Key Metrics Changes - The company invested a total of $221 million during the year, an increase from $184 million in the prior year, which included investments in four new portfolio companies and add-on investments [9] - The company maintained a monthly distribution to shareholders of $0.08 per share, aggregating to $1.66 per share for the year, with a supplemental distribution of $0.54 per share declared for April [9][19] Market Data and Key Metrics Changes - The company noted good liquidity in the M&A market, although it is a competitive environment with new variables regarding tariffs impacting evaluations of new opportunities [10][11] - The company is cautiously optimistic about new acquisitions, expecting to close two new acquisitions shortly [11] Company Strategy and Development Direction - The company aims to reward shareholders with meaningful supplemental distributions from realized capital gains while maintaining and growing monthly distributions from operating income [9] - The management is focused on evaluating supply chain alternatives and production strategies to navigate the current economic environment [11] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the economic landscape, noting that while there are challenges due to tariffs, the current portfolio is in good shape with a strong balance sheet [12][18] - The recent pause on tariffs was seen as a relief, although the company is awaiting a permanent solution [11] Other Important Information - The company ended the fiscal year with $55.3 million in spillover, sufficient to cover current monthly distributions and the supplemental distribution [19][54] - The net asset value (NAV) increased to $13.55 per share compared to $13.30 per share at the end of the prior quarter [17] Q&A Session Summary Question: How much of the portfolio has exposure to tariff risk? - Most portfolio companies have some exposure to tariff risk, particularly those manufacturing in China, but management is not overly concerned as they have been proactive in addressing these issues [24][25] Question: How much exposure does the portfolio have to lower-income customers? - The portfolio does not have significant exposure to lower-income customers, focusing instead on consumer products that are not categorized as essential goods [27][28] Question: Update on non-accrual companies? - There are four companies on non-accrual status, with three being profitable, including Hobbs, which management is optimistic about bringing back on accrual [30][31] Question: What gives cautious optimism for buyout activity? - The company is close to closing a couple of acquisitions and has a strong pipeline of companies under review, although economic uncertainty remains a concern [41][42] Question: Rationale for the dividend recap of Educators Resource? - The dividend recap was seen as a reinvestment decision, allowing management to take some liquidity while the company continues to perform well [48][49]

Core Viewpoint - Bekaert is navigating challenging market conditions due to tariffs and trade tensions, successfully passing on costs to customers while maintaining a strong balance sheet and stable sales expectations for 2025 [1][5]. Financial Highlights - Q1 2025 consolidated sales were €991 million, a decrease of 3% compared to Q1 2024, driven by a 1% decline in like-for-like volumes (€12 million), a 1% reduction from price-mix (€11 million), and a 2% pricing impact from lower input costs (€23 million) [4]. - Sales from joint ventures (non-consolidated) amounted to €214 million, down 2% from Q1 2024 [4]. - A proposed dividend of €1.90 per share at the AGM and an ongoing two-year €200 million share buyback program, with approximately €50 million purchased to date [4]. Operational and Strategic Highlights - The company has been able to mitigate tariff impacts through local sourcing and production, with minimal financial impact from tariffs to date [1][5]. - The Rubber Reinforcement segment showed strong performance in China, offsetting volume decreases in Europe and North America, while the Steel Wire Solutions segment reported solid sales performance [4]. - Specialty Businesses faced project delays in flooring in North America, but adoption is accelerating in growth markets [4]. Tariff Impacts - The introduction of tariffs has created significant uncertainty, leading to delayed orders and investment decisions from customers, particularly in the construction segment [2]. - The long-term effects of tariffs on end market demand and trade flows remain uncertain and could be material [2]. Outlook - The difficult market conditions from the second half of 2024 are expected to persist into Q1 2025, with ongoing uncertainty around tariffs and the global macroeconomic outlook [3]. - The company anticipates stable sales and EBIT margins for the full year 2025 compared to 2024, with a more balanced performance expected between the first and second halves of the year [5].

韩国政府准备为预计将受到关税影响的中小企业提供支持措施。 ...