Casella Waste Systems (CWST) Q1 2025 Earnings Call May 02, 2025 10:00 AM ET Company Participants Bradford Helgeson - Executive VP & CFOJohn Casella - Chairman, CEO & SecretaryNed Coletta - PresidentAdam Bubes - Vice President, Equity ResearchJason Mead - Senior VP of Finance & TreasurerStephanie Moore - SVP - Equity ResearchTony Bancroft - Portfolio ManagerTimna Tanners - Managing Director - Equity Research Conference Call Participants Trevor Romeo - Research AnalystJames Schumm - Senior Analyst Bradford He ...

Financial Data and Key Metrics Changes - The company reported first quarter sales of $493 million with net income of $2.5 million, a decrease from $8.7 million in the same period last year [6][18] - EBITDA for the first quarter was $16.1 million compared to $23.3 million in the prior year [18] - Consolidated operating expenses increased to $110.6 million from $103.2 million year-over-year, influenced by the acquisition of Metalworks [19][21] - The effective tax rate for the first quarter was 30.1%, up from 27% in the same period last year [21] Business Segment Data and Key Metrics Changes - The Carbon segment reported EBITDA of $10.9 million, driven by increased shipping volumes and growth in coated carbon steel products [13] - The Pipe and Tube segment delivered EBITDA of $6.4 million, although it experienced slower OEM orders [14] - The Specialty Metals segment reported EBITDA of $3.6 million, with ongoing investments in growth and expansion [14] Market Data and Key Metrics Changes - Hot roll pricing increased by more than 30% during the quarter due to the announced 25% tariffs on steel and aluminum [12] - The company noted that over 90% of its metal supply and nearly all sales are domestically based, positioning it well in the current tariff environment [10] Company Strategy and Development Direction - The company is focused on building a stronger, more resilient Olympic Steel, emphasizing profitable growth through diversification into metal-intensive end markets and expanding fabrication capabilities [6][7] - The commitment to mergers and acquisitions (M&A) remains a key growth strategy, with the recent acquisition of Metalworks proving immediately accretive [7][8] - Ongoing capital investments are planned to enhance throughput and safety, with several new facilities and equipment upgrades expected to come online in the near future [15][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to drive profitable growth regardless of market conditions, citing strong operational discipline and effective working capital management [10][11] - The management team highlighted the importance of onshoring opportunities and the potential for growth in the pipe and tube market, particularly in data centers [40] Other Important Information - The company announced a five-year extension of its $625 million asset-based revolving credit facility, providing flexible capital for growth initiatives [10][20] - A quarterly dividend of $0.16 per share was declared, continuing a history of regular dividends since February 2006 [21] Q&A Session Summary Question: How much of the first quarter volume boost is due to pull forward demand? - Management indicated that a significant portion of the volume increase was due to stronger spot sales, with traditional sales being 65% contract and 35% spot [26][28] Question: Expectations for the Pipe and Tube segment's performance? - The Pipe and Tube segment did not see the same sales increase as the Carbon segment, primarily due to its more contractual nature [29][30] Question: Current appetite for M&A and marketplace conditions? - Management confirmed that M&A remains a key growth strategy, with a return of potential sellers observed in April [31][32] Question: Outlook for the Pipe and Tube segment beyond Q2? - Management expects a more traditional year for the Pipe and Tube segment, with growth opportunities in onshoring [40] Question: Thoughts on working capital and inventory management? - The company successfully reduced debt by $37 million in Q1 and expects modest decreases in the following quarters [43][45] Question: Impact of tariffs on M&A strategy? - Management stated that tariffs have not directly impacted M&A strategy, as all acquisitions have been domestic [53][56]

NV5 Global (NVEE) Q1 2025 Earnings Call May 01, 2025 04:30 PM ET Company Participants Richard Tong - Director, EVP & General CounselDickerson Wright - Executive ChairmanBen Heraud - CEOEdward Codispoti - CFOAlexander Hockman - President & CEO - InfrastructureAndrew Chang - COO - Buildings & TechnologyKurt Allen - President of GeospatialSam Kusswurm - Equity Research Associate Conference Call Participants Chris Moore - Senior AnalystRob Brown - Founding Partner & Senior Research AnalystAndrew Wittmann - Seni ...

NV5 Global (NVEE) Q1 2025 Earnings Call May 01, 2025 04:30 PM ET Company Participants Richard Tong - Director, EVP & General CounselDickerson Wright - Executive ChairmanBen Heraud - CEOEdward Codispoti - CFOAlexander Hockman - President & CEO - InfrastructureAndrew Chang - COO - Buildings & TechnologyKurt Allen - President of GeospatialSam Kusswurm - Equity Research Associate Conference Call Participants Chris Moore - Senior AnalystRob Brown - Founding Partner & Senior Research AnalystAndrew Wittmann - Seni ...

Financial Data and Key Metrics Changes - Total revenue grew by 25% to $690 million, driven by organic revenue growth of 12.9% and contributions from M&A adding 13 percentage points [3][23] - Adjusted EBITDAC increased by 27.5% to $200 million, with an adjusted EBITDAC margin expanding by 60 basis points to 29.1% [4][23] - Adjusted earnings per share rose by 11.4% to $0.39, while there was a GAAP net loss of $4 million due to a nonrecurring deferred tax expense [23][24] Business Line Data and Key Metrics Changes - The casualty specialty experienced strong growth with high renewal retention and new business, particularly in habitational risks, transportation, construction, and healthcare [14] - The property specialty showed modest growth despite a challenging environment, with continued pricing declines but high renewal retention [12][13] - The delegated authority specialties, including binding authority and underwriting management, had strong organic growth, particularly in casualty and transactional liability [15][16] Market Data and Key Metrics Changes - The E&S market is expected to grow in importance, with risks moving into this market due to its ability to handle complex and uncertain loss environments [9][10] - The company noted a robust flow of business into the specialty channels, particularly in casualty, indicating strong market demand [31] Company Strategy and Development Direction - The company aims to continue delivering innovative solutions, executing its M&A strategy, and increasing profitability while investing in its platform [6][20] - The focus on M&A has significantly expanded the total addressable market and enhanced capabilities to serve clients [5][19] - The company is committed to balancing investments in talent and technology with margin expansion to ensure sustainable growth [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current uncertain economic environment, citing a diversified business model and specialized expertise [6][24] - The company anticipates continued organic growth and profitability, despite challenges in the property market [27][73] Other Important Information - The acquisition of USQ Risk is expected to add approximately $11 million in annualized revenue and enhance the company's capabilities in alternative risk offerings [19] - The company maintains a robust M&A pipeline, focusing on strategic and accretive opportunities [20][76] Q&A Session Summary Question: Can you discuss the sustainability of upper single-digit inorganic revenue growth? - Management indicated a strong double-digit flow of business into the channel, with a robust M&A pipeline, suggesting optimism for future growth [31] Question: What is the potential for scaling the USQ Risk acquisition? - Management emphasized the strategic nature of the acquisition and the potential for significant organic growth through new talent and capabilities [34][37] Question: Can you provide insights on technology investments and their impact on growth? - The company is streamlining workflows and experimenting with AI solutions to enhance operational efficiency and client service [44] Question: How do you expect property growth to trend in the upcoming quarters? - Management acknowledged the challenges in property but expressed confidence in maintaining modest growth through strong new business and retention [72][73] Question: What is the current state of the M&A pipeline? - The company has a robust pipeline of small, medium, and large deals, with a willingness to temporarily exceed leverage comfort for the right opportunities [76][78]

NV5 Global (NVEE) Q1 2025 Earnings Call May 01, 2025 04:30 PM ET Speaker0 Good afternoon, everyone, and thank you for participating in today's conference call to discuss NV5's financial results for the first quarter twenty twenty five ended 03/29/2025. Joining us today are Dickerson Wright, Executive Chairman of NV5 Ben Hurad, CEO of NV5 Edward Codispoti, CFO of NV5 and Richard Tong, Executive Vice President and General Counsel at NV5. I would now like to turn the call over to Richard Tong. Speaker1 Thank y ...

HOLLYWOOD, Fla., May 01, 2025 (GLOBE NEWSWIRE) -- NV5 Global, Inc. (Nasdaq GS: NVEE) ("NV5" or the "Company"), a leading provider of tech-enabled engineering, testing, inspection, and consulting solutions for the built environment, today reported financial results for the first quarter ended March 29, 2025. "NV5 delivered strong first quarter results for revenue and profitability, positioning us for an excellent 2025. Gross revenues increased 10% over the first quarter of 20241, representing 5% organic grow ...

Cullen/Frost Bankers (CFR) Q1 2025 Earnings Call May 01, 2025 02:00 PM ET Company Participants AB Mendez - Director - IRPhillip Green - Chairman & CEODan Geddes - CFOJared Shaw - Managing DirectorCatherine Mealor - Managing DirectorMichael Rose - Managing DirectorJon Arfstrom - Managing Director - Associate Director of US Research Conference Call Participants Casey Haire - Senior Research Analyst, Mid-Cap BanksManan Gosalia - AnalystPeter Winter - Managing Director - Senior Research Analyst Operator Greetin ...

Financial Data and Key Metrics Changes - In Q1 2025, Cullen/Frost earned $149.3 million or $2.3 per share, compared to $134 million or $2.06 per share in the same quarter last year, representing a year-over-year increase in earnings [4] - Return on average assets and average common equity were 1.19% and 15.54% respectively, compared to 1.09% and 15.22% in the same quarter last year [5] - Average deposits increased by 2.3% to $41.7 billion from $40.7 billion year-over-year, while average loans grew by 8.8% to $20.8 billion from $19.1 billion [5] Business Line Data and Key Metrics Changes - Average consumer deposits, making up 47% of the deposit base, grew by 3.8% year-over-year, while average consumer loan balances increased by 20.5% [7][8] - In the commercial banking sector, average loan balances grew by $1.1 billion or 6.6% year-over-year, with commercial real estate (CRE) balances increasing by 8.9% and energy balances by 19.8% [10] - New loan commitments totaled $1.28 billion in Q1 2025, up 1.5% from $1.26 billion in Q1 2024 [10] Market Data and Key Metrics Changes - The overall expansion efforts generated $2.64 billion in deposits and $1.9 billion in loans, exceeding goals by 27% and 402% respectively [6] - Non-performing assets declined to $85 million at the end of Q1 2025 from $93 million at year-end, representing 41 basis points of period-end loans [12] Company Strategy and Development Direction - The company continues to focus on organic growth and expansion, with plans to open its 200th financial center in the Austin region [5][6] - The strategy has resulted in a 50% increase in financial centers since late 2018, with ongoing identification of new Texas locations for expansion [6] - The company aims for its expansion efforts to be accretive to earnings beginning in 2026 [6] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the consumer banking business, citing strong customer satisfaction and a leading position in Texas for consumer banking satisfaction [8] - The company anticipates net interest income growth for the full year 2025 to be in the range of 5% to 7%, up from prior guidance of 4% to 6% [23] - Management noted that while some commercial customers are cautious, there is a high degree of confidence in their ability to pass on costs to consumers [37] Other Important Information - The net interest margin increased by 7 basis points to 3.6% due to higher yielding taxable securities and loans [18] - The investment portfolio averaged $19.4 billion during Q1 2025, with a net unrealized loss of $1.4 billion, a decrease from the previous quarter [19] - The company recorded a 15% year-over-year increase in insurance commissions, driven by better alignment with the commercial banking group [81] Q&A Session Summary Question: How should we think about the deposit beta on interest-bearing deposits? - The cumulative beta is about 47%, with spot beta around 50%, expected to hold as rate cuts occur [30] Question: What is the trajectory for expenses throughout the year? - Expenses are expected to be in the high single digits, with technology costs continuing to rise [32][34] Question: What is the sentiment among commercial customers regarding investments? - Some customers are waiting for clarity on tariffs and costs, but there is a high level of confidence in passing costs along [37] Question: Why is the loan growth guidance unchanged despite a strong pipeline? - Headwinds from commercial real estate payoffs are affecting loan growth, despite a strong pipeline [43] Question: What is the outlook for non-interest income growth? - Non-interest income growth is expected to be driven by increased volume from new relationships and insurance commissions [108]

Crescent Energy Company (CRGY) is set to report first-quarter 2025 results on May 5, after the closing bell.The Zacks Consensus Estimate for first-quarter earnings is pegged at 47 cents per share, implying an increase of 2.2% from the year-ago reported number. It witnessed two downward estimate movements in the past 30 days. The Zacks Consensus Estimate for first-quarter revenues is currently pegged at $937.1 million, suggesting a 42.5% uptick from the year-ago actuals. Image Source: Zacks Investment Resear ...