Core Viewpoint - Carrier Global Corporation is focused on accelerating growth through a transformed portfolio and strategic initiatives aimed at enhancing shareholder value [2][6]. Company Strategy - The leadership team emphasizes a simplified, focused, and balanced portfolio that supports organic growth and margin expansion [2][6]. - The company aims for a medium-term financial framework that targets 6-8% organic sales growth, over 50 basis points of adjusted operating margin expansion, and mid-teens adjusted EPS growth [6][7]. Financial Performance - Carrier has a proven track record of expanding adjusted operating margins, generating strong free cash flow, and increasing adjusted EPS growth [2]. - The company has approximately $15 billion available for capital deployment over the medium-term to enhance shareholder value [6]. Investor Engagement - Carrier is hosting its 2025 Investor Day to share its growth strategies and financial framework with investors [1][3]. - The event is being webcast live, indicating a commitment to transparency and investor communication [1]. Portfolio Transformation - As part of its transformation, Carrier revised its reportable segments to better align with its business strategy and improve management reporting [10]. - The adjusted operating profit measure now excludes restructuring costs and amortization of acquired intangible assets, enhancing clarity for investors [10]. Non-GAAP Financial Measures - Carrier utilizes non-GAAP financial measures such as organic sales, adjusted operating profit, and free cash flow to provide additional insights into its financial performance [12][14]. - These measures are intended to supplement GAAP results and offer a clearer picture of the company's operational efficiency and liquidity [11][14].

Financial Data and Key Metrics Changes - The company achieved sales of approximately $168 million for the first quarter, with organic sales up 2.8% compared to the previous year [8][9] - Adjusted diluted earnings per share were $0.26, and adjusted EBITDA was approximately $22 million, with adjusted gross margins at 56.7% [9] - The balance sheet remains strong with $97 million in cash and $107 million in debt as of March 31 [9] Business Line Data and Key Metrics Changes - The Specialty Nutrition Systems segment grew almost 9% organically compared to the prior year, reaffirming its leading position in long-term, short-term, and neonatal internal feeding [13] - The Pain Management and Recovery segment saw normalized organic sales up 2.4%, with the radiofrequency ablation business posting near double-digit growth [15][16] - The hyaluronic acid injections and intravenous infusion product lines reported a decline of over 30% due to pricing pressures [18] Market Data and Key Metrics Changes - The company anticipates a softer Q2 for the Specialty Nutrition Systems segment due to distributor order timing but remains confident in its strength for the rest of the year [19] - The impact of tariffs is expected to be significant, with an estimated $15 million in incremental tariff-related manufacturing costs for the year [20][22] Company Strategy and Development Direction - The company is focused on transformation efforts around portfolio, organization structure, and cost management to enhance growth [6][10] - Strategic M&A opportunities are being pursued to align with return criteria, with two smaller transactions already closed this year [10] - The organizational focus has been refined to improve operating processes and capitalize on growth opportunities [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong start to the year, particularly in strategic segments, despite a dynamic economic environment [23] - The revised adjusted EPS estimate reflects a reasonable view of the tariff impact on full-year results [23] - The company is actively monitoring the tariff situation and executing initiatives to reduce risks [23] Other Important Information - The company has transitioned to reporting under two operating segments: Specialty Nutrition Systems and Pain Management and Recovery [11] - A disciplined cost management culture has been embedded to help offset tariff pressures [19] Q&A Session Summary Question: Thoughts on second quarter performance relative to the first - Management indicated that while Q2 may see a slight decline due to distributor order dynamics, they maintain confidence in full-year guidance [28][30] Question: Insights on leadership experience and strategic focus - The new CEO emphasized a focus on optimizing commercial strategies and partnerships to enhance market position [35][36] Question: Clarification on tariff assumptions and impacts - Management provided details on expected tariff-related costs and mitigation strategies, including leveraging international agreements [41][44]

Core Viewpoint - Hillenbrand, Inc. has completed the sale of its majority interest in the Milacron injection molding and extrusion business to Bain Capital for $287 million, aligning with its strategy to enhance margins by focusing on higher growth opportunities [1][4]. Group 1: Sale Details - The Milacron business was acquired by Hillenbrand in 2019 and contributed $526 million in revenues and $64 million in adjusted EBITDA in fiscal 2024 [2][3]. - Following the sale, Bain Capital owns approximately 51% of Milacron and has full operational control, while Hillenbrand retains a 49% stake [4]. Group 2: Financial Implications - Hillenbrand plans to use the net proceeds of approximately $250 million from the sale to repay its debt [4]. - The fiscal 2025 revenue outlook for Hillenbrand's remaining businesses has been updated to a range of $2.625 - $2.790 billion, down from the previous estimate of $2.925 - $3.090 billion [5]. - Total adjusted EBITDA is expected to be between $411 million and $447 million, with adjusted earnings per share anticipated in the range of $2.45 - $2.80 [6]. Group 3: Stock Performance - Hillenbrand's stock has experienced a significant decline, losing 50.5% over the past year, compared to an 11.4% decline in the industry [7].

Financial Data and Key Metrics Changes - Sales from continuing operations in Q4 2024 were approximately $180 million, with organic sales up 5% year-over-year after adjusting for foreign exchange and discontinued revenue streams [10][12] - Adjusted diluted earnings per share for Q4 were $0.43, with adjusted EBITDA from continuing operations at nearly $29 million [11] - For the full year, sales from continuing operations were approximately $688 million, with adjusted diluted earnings per share of $1.35, a 31% increase compared to the prior year [12][11] - The company generated $83 million of free cash flow in 2024, an increase of almost $70 million compared to the previous year [14] Business Line Data and Key Metrics Changes - The enteral feeding portfolio grew almost 12% organically in Q4, reaffirming the company's leading position in short-term, long-term, and neonatal feeding [15] - The pain management and recovery portfolio saw normalized organic sales down approximately 3% in Q4, but a sequential growth of 13% compared to Q3 [17][18] - The interventional pain business posted high single-digit growth in Q4, supported by increased procedural volumes [19] Market Data and Key Metrics Changes - The company served over two million patients in 2024 through its enteral feeding and pain management solutions [9] - The NeoMed product line benefited from strong demand for ENFit conversions in North America, while the Ambit product grew more than 30% in each quarter of 2024 [16][21] Company Strategy and Development Direction - The company is focused on a three-year transformation process, having completed the divestiture of its respiratory health business [8][26] - Key transformation priorities include optimizing the organization, transforming the product portfolio, enhancing operating profitability, and efficient capital allocation [25] - Starting in Q1 2025, the company will report under three operating segments to improve transparency and guide internal capital allocation decisions [29][32] Management's Comments on Operating Environment and Future Outlook - Management anticipates a challenging market environment for some product categories in 2025, with expected net sales in the range of $665 million to $685 million [33][34] - The guidance reflects currency headwinds and pricing pressures, with expectations for flat to low single-digit organic growth in the Pain Management and Recovery segment [34][35] - Management expressed confidence in reigniting margin expansion in 2026 as macroeconomic uncertainties are resolved [44] Other Important Information - The company exited its deferred prosecution agreement with the DOJ in January 2025, marking a significant milestone in its transformation journey [27] - The company has a strong balance sheet with $108 million in cash and $135 million in debt as of December 31, 2024 [14] Q&A Session Summary Question: Insights on 2025 margin improvement pause - Management indicated that the 2025 guidance is conservative due to macroeconomic uncertainties, with expectations to finish 2025 at similar revenue levels as previously stated [42][44] Question: Progress on business evaluation and urgency - Management acknowledged the connection between the impairment charge and the evaluation process, noting that volume growth was achieved but offset by pricing dynamics [48] Question: Guidance details and potential upside/downside - Upside potential includes tariff certainty and demand growth from competitor back orders, while downside risks are primarily macroeconomic [54][57] Question: Cash flow expectations for 2025 - Management expects free cash flow in 2025 to be similar to 2024, with ongoing opportunities for improvement in working capital [62] Question: Product innovations for 2025 - Management anticipates launching one to three product innovations in the Specialty Nutrition Systems segment within the next 12 months [66][68]

Financial Data and Key Metrics Changes - Brixmor Property Group reported a 5% growth in both NOI and bottom-line FFO for the year [7] - NAREIT FFO was $0.53 per share in Q4, with same property NOI growth of 4.7% [21] - For the year, same property NOI grew 5%, resulting in NAREIT FFO per share of $2.13, reflecting an almost 5% increase when adjusted for prior year gains [22] Business Line Data and Key Metrics Changes - The company signed over $118 million of new and renewal lease ABR during the year, including $32 million in Q4 [8] - Overall occupancy increased by 50 basis points year over year to 95.2%, despite a 70 basis point impact from bankruptcy activity [15] - A record 81% of ABR is derived from grocery-anchored centers, with average productivity exceeding $700 per foot [10] Market Data and Key Metrics Changes - Brixmor was ranked at the top end of its peer group in terms of year-over-year traffic growth [9] - The company experienced strong demand from operators in grocery, value apparel, home furnishings, general merchandise, and health and wellness categories [15] Company Strategy and Development Direction - The company is focused on capital recycling and is encouraged by the breadth of product available in the market [32] - Brixmor aims to leverage its successful portfolio transformation initiative to capitalize on the strong leasing environment [22] - The company plans to continue its value-added business plan funded on a leverage-neutral basis by free cash flow [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory of the business, despite near-term impacts from box recaptures [19] - The company expects same property NOI growth of 3.5% to 4.5% for 2025, with a drag from tenant disruption [24] - Management highlighted the resilience of the consumer and strong traffic trends, indicating a positive outlook despite potential tariff impacts [131] Other Important Information - The company completed $212 million of dispositions across 14 transactions and made over $290 million in value-add acquisitions [12] - Brixmor's liquidity stood at $1.6 billion, with a debt to EBITDA ratio of 5.7 times [27] Q&A Session Summary Question: What are the current acquisition opportunities in the market? - Management indicated a focus on capital recycling and is encouraged by the breadth of product available, particularly targeted assets that align with their value-add framework [32] Question: How much of the billed occupancy loss in Q4 was due to bankruptcy disruption? - Approximately 70 basis points of the year’s impact was from bankruptcies, with significant progress made in recapturing boxes [35] Question: Can you provide details on same-store NOI growth components? - The same-store NOI growth was significantly driven by base rent growth, with a known impact from tenant disruptions factored into the guidance [40] Question: What were the cap rates on fourth-quarter acquisitions? - The acquisitions had initial yields in the 6% to 7% range, with a focus on growth potential [46] Question: How do you view the impact of tariffs on your tenants? - Management believes retailers are better prepared to handle tariffs now than in the past, and many value retailers are thriving in the current environment [130]