21 May 2025 | 10:11PM IST Goldman Sachs Asia in Focus India: Towards a better growth-inflation balance Santanu Sengupta +91(22)6616-9042 | santanu.sengupta@gs.com Goldman Sachs India SPL Arjun Varma +91(22)6616-9043 | arjun.varma@gs.com Goldman Sachs India SPL Andrew Tilton +852-2978-1802 | andrew.tilton@gs.com Goldman Sachs (Asia) L.L.C. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclo ...

Capital Southwest (CSWC) Q4 2025 Earnings Call May 15, 2025 11:00 AM ET Company Participants Amy Baker - EVP - AccountingMichael Sarner - President & CEOJosh Weinstein - Senior MD & Chief Investment OfficerChris Rehberger - CFO, Treasure & SecretaryMickey Schleien - MD - Equity ResearchErik Zwick - Managing Director, Equity ResearchRobert Dodd - Director - Finance Conference Call Participants Cory Johnson - Associate Analyst Operator Thank you for joining today's Capital Southwest Fourth Quarter Fiscal Year ...

Capital Southwest (CSWC) Q4 2025 Earnings Call May 15, 2025 11:00 AM ET Company Participants Amy Baker - EVP - AccountingMichael Sarner - President & CEOJosh Weinstein - Senior MD & Chief Investment OfficerChris Rehberger - CFO, Treasure & SecretaryMickey Schleien - MD - Equity ResearchErik Zwick - Managing Director, Equity ResearchRobert Dodd - Director - Finance Conference Call Participants Cory Johnson - Associate Analyst Operator Thank you for joining today's Capital Southwest Fourth Quarter Fiscal Year ...

期货热点追踪 贸易政策下的黄金博弈：许多贵金属从纽约流向伦敦、瑞士等其他市场，贵金属存供应过剩预期，为何 投资需求却在持续增加？ 相关链接 ...

Landstar System (LSTR) Q1 2025 Earnings Call May 13, 2025 08:30 AM ET Speaker0 Good morning, and welcome to Lonestar Systems Incorporated First Quarter Earnings Release Conference Call. All lines will be on a listen only mode until the formal question and answer session. Today's call is being recorded. If you have any objections, you may disconnect at this time. Joining us today from Lone Star are Frank Lonegro, president and CEO Jim Applegate, vice president and chief scope corporate sales strategy and spe ...

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q1 2025 was $5.7 million, down from $53 million in Q4 2024 [11] - Tons shipped in Q1 2025 were 3.8 million, a decrease from 4.1 million tons in Q4 2024 [11] - Average realization for metallurgical coal sales in Q1 was $122.08 per ton, down from $132.63 per ton in Q4 [12] - Cost of coal sales for the metallurgical segment increased to $110.34 per ton in Q1, up from $108.82 per ton in Q4 [12] - Total liquidity as of March 31, 2025, was $485.8 million, down from $519.4 million at the end of Q4 2024 [13] Business Line Data and Key Metrics Changes - Metallurgical coal segment realizations decreased quarter over quarter, with export met tons priced against Atlantic indices realizing $119.39 per ton in Q1, down from $122.24 in Q4 [11][12] - Incidental thermal portion of the metallurgical segment saw an increase in realization to $79.39 per ton in Q1 from $75.39 in Q4 [12] - CapEx for Q1 was $38.5 million, down from $42.7 million in Q4 [13] Market Data and Key Metrics Changes - Metallurgical coal markets remained under pressure with pricing levels deteriorating due to weak steel demand [22] - All four indices monitored by the company fell 8% or more during Q1, with the Australian Premium Low Vol Index dropping 15.5% [22] - As of May 8, 2025, the Australian premium low vol index increased to $190.5 per metric ton from its quarter-end level [24] Company Strategy and Development Direction - The company is focused on liquidity and safeguarding its financial position amid challenging market conditions [6][9] - Adjustments to sales volume guidance were announced, with expected shipments for the year now at 15.3 million tons, down from 16.7 million tons [8] - The Kingston Wildcat project is expected to continue on schedule despite the downward revision to planned development CapEx [9][20] Management's Comments on Operating Environment and Future Outlook - Management expressed a cautious outlook for the rest of the year due to weak steel demand and increased uncertainty from tariffs and trade policies [6][8] - The company has taken difficult actions, including cutting production at higher-cost operations and reducing wages across the enterprise [7][19] - Management remains optimistic about the Kingston Wildcat project, which is expected to ramp up to a full run rate of approximately 1 million tons per year by 2026 [20] Other Important Information - The company has secured an amendment to its asset-based lending facility, increasing its size from $155 million to $225 million [10] - The company did not repurchase any shares in Q1 under its share buyback program due to market conditions [15] Q&A Session Summary Question: Recent cost-cutting measures and cost guidance - Management confirmed that recent cost-cutting measures have helped offset the loss of fixed cost absorption, maintaining guidance relatively firm despite production cuts [34][35] Question: CapEx reductions and growth projects - Most capital reductions are related to closures and reallocating assets, with no significant impact on future business [38][39] Question: Realization side and market conditions - In a weak market, discounting against indices is common, but not universal; some recent business concluded at a premium to the index [48] Question: Shipment guidance and domestic vs export - The reduction in shipment guidance primarily affects export tons, with confidence in maintaining overall guidance despite operational changes [46][47] Question: Opportunities in the marketplace - Management is cautious about pursuing M&A opportunities, focusing on internal projects like Kingston Wildcat for strengthening the portfolio [50][51] Question: Domestic market considerations - The domestic market is currently among the higher pricing, but management will evaluate customer needs over the summer [56][57] Question: Potential for small competitors exiting the market - There is still potential for small competitors to exit the market, with liquidity concerns affecting less well-capitalized companies [60][61]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q1 2025 was $5.7 million, down from $53 million in Q4 2024 [10] - Tons shipped in Q1 2025 were 3.8 million, a decrease from 4.1 million tons in Q4 2024 [10] - Average realization for metallurgical coal sales in Q1 was $122.08 per ton, down from $132.63 per ton in Q4 [11] - Cost of coal sales for the metallurgical segment increased to $110.34 per ton in Q1, up from $108.82 per ton in Q4 [11] - Total liquidity as of March 31, 2025, was $485.8 million, down from $519.4 million at the end of 2024 [12] Business Line Data and Key Metrics Changes - Metallurgical coal segment realizations decreased to an average of $118.61 per ton in Q1, down from $127.84 in Q4 [10] - Incidental thermal portion of the metallurgical segment saw an increase in realization to $79.39 per ton in Q1, compared to $75.39 in Q4 [11] - CapEx for Q1 was $38.5 million, down from $42.7 million in Q4 [12] Market Data and Key Metrics Changes - Metallurgical coal markets remained under pressure with pricing levels deteriorating due to weak steel demand [20] - All four indices monitored by the company fell by 8% or more during Q1, with the Australian Premium Low Vol Index dropping 15.5% [20] - As of May 8, 2025, the Australian premium low vol index increased to $190.5 per metric ton, indicating slight recovery [22] Company Strategy and Development Direction - The company is focused on liquidity and safeguarding its financial position amid challenging market conditions [5] - Adjustments to sales volume guidance were made, with expected shipments now at 15.3 million tons, down from 16.7 million tons [7] - The Kingston Wildcat project is expected to continue on schedule despite the downward revision in CapEx [8] Management's Comments on Operating Environment and Future Outlook - Management expressed a cautious outlook for the remainder of the year due to weak steel demand and economic uncertainty [5] - The company has taken difficult actions, including cutting production at higher-cost operations and reducing wages [6] - Management remains optimistic about the Kingston Wildcat project, which is expected to ramp up to a full run rate of approximately 1 million tons per year by 2026 [19] Other Important Information - The company has secured an amendment to its asset-based lending facility, increasing its size from $155 million to $225 million [9] - The company did not repurchase any shares in Q1 under its buyback program due to continued softness in the metallurgical coal markets [14] Q&A Session Summary Question: Thoughts on cost cadence and recent cost-cutting measures - Management noted that significant production cuts have been made while maintaining cost guidance, indicating a good accomplishment [31] Question: CapEx reductions and growth-related impacts - Most capital reductions are related to closures, with some growth CapEx being managed in-house to reduce costs [35] Question: Realization pressures and market conditions - Management acknowledged that in a weak market, discounting against indices is common, but not universal [45] Question: Shipment guidance and domestic versus export expectations - The reduction in shipment guidance primarily affects export tons, with confidence in maintaining domestic shipments [43] Question: Opportunities for acquisitions in the current market - Management is cautious about pursuing M&A opportunities, focusing instead on internal projects like Kingston Wildcat [48]

Westlake Corporation (WLK) reported a loss of $40 million or 31 cents per share for the first quarter of 2025. This compares to a profit of $174 million or $1.34 in the year-ago quarter. The bottom line missed the Zacks Consensus Estimate of earnings of 70 cents.Sales dipped around 4.3% year over year to $2,846 million in the quarter. It missed the Zacks Consensus Estimate of $2,920 million. The top line was impacted by a 2% decline in sales volumes and a 2% decline in average sales prices.The results in th ...

Financial Data and Key Metrics Changes - In Q1 2025, the company generated consolidated adjusted EBITDA of approximately $1.9 billion, distributable cash flow of approximately $1.3 billion, and net income of approximately $350 million [9][39]. - Compared to Q1 2024, the results reflect higher total margins due to increased international gas prices and optimization of cargo sales [39]. Business Line Data and Key Metrics Changes - The company achieved substantial completion on the first train of the Corpus Christi Stage three project ahead of schedule and within budget, with commissioning completed in March [9][10]. - The company produced and sold approximately 6 TBtu of LNG attributable to the commissioning of Train one of the Stage three project [39]. Market Data and Key Metrics Changes - LNG imports into Europe rose 23% year-on-year in Q1 to 36 million tons, with U.S. deliveries increasing 34% to 20.5 million tons [27]. - In contrast, China's LNG imports declined 25% year-on-year to 15.1 million tons due to stronger domestic production and increased pipeline imports [30]. Company Strategy and Development Direction - The company is focused on expanding its LNG platform and developing new production capacity to meet global energy demands [7]. - The company aims to achieve first LNG from Train two by the end of the month and expects Train four to be commissioned by the end of the year [11][19]. Management's Comments on Operating Environment and Future Outlook - Management noted that the LNG market is characterized by heightened volatility and geopolitical risks, but remains committed to operational excellence [8][14]. - The long-term LNG demand outlook remains strong, with the company well-positioned to navigate trade dynamics and maintain its competitive edge [46][47]. Other Important Information - The company has locked in over $500 million of costs for midscale trains eight and nine, mitigating risks associated with inflation for materials and equipment [17][43]. - The company declared a dividend of $0.50 per common share for Q1 and remains committed to growing its dividend by approximately 10% annually [41]. Q&A Session Summary Question: Current contracting market and trade agreements - Management highlighted the strong position of LNG in balancing trade and the company's selective partnerships to capture market premiums [52][55]. Question: Competitive advantage in the marketplace - Management emphasized the company's focus on differentiated opportunities and strong customer relationships, avoiding commoditized competition [58]. Question: Permitting process and future projects - Management discussed the administration's focus on permitting reform and the positive progress on permits for midscale trains eight and nine [61][63]. Question: Vulnerability to LNG supply shocks in 2025 - Management acknowledged Europe's vulnerability due to low inventories and the cessation of Russian gas flows, indicating potential for increased demand for U.S. LNG [64][66]. Question: 2020 Vision capital allocation update - Management confirmed progress on the 2020 Vision, with significant capital deployed towards shareholder returns and growth initiatives [70][71]. Question: Future contracting strategy in light of global trade realignment - Management reiterated the importance of Chinese counterparties while emphasizing that U.S. volumes to China are not critical for the company's strategy [80][82].

Financial Data and Key Metrics Changes - In Q1 2025, the company generated consolidated adjusted EBITDA of approximately $1.9 billion, distributable cash flow of approximately $1.3 billion, and net income of approximately $350 million, reaffirming the full year 2025 guidance provided in the previous call [7][36][42] - Compared to Q1 2024, the results reflect higher total margins due to increased international gas prices and optimization of cargo sales [36][42] Business Line Data and Key Metrics Changes - The company achieved substantial completion on the first train of the Corpus Christi Stage three project ahead of schedule and within budget, with overall project completion at 82.5% [7][8] - The company produced and sold approximately 6 TBtu of LNG attributable to the commissioning of Train one of the Stage three project, which is not recognized in income or EBITDA but offsets CapEx [36] Market Data and Key Metrics Changes - LNG imports into Europe rose 23% year on year in Q1 to 36 million tons, with U.S. deliveries increasing 34% to 20.5 million tons [25] - China's LNG imports declined 25% year on year to 15.1 million tons, influenced by stronger domestic production and increased pipeline gas imports [27] Company Strategy and Development Direction - The company is focused on expanding its LNG platform and developing new production capacity to meet global energy demands, while navigating geopolitical risks and market volatility [6][12] - The company aims to achieve first LNG from Train two by the end of the month and expects Train four to be commissioned by the end of the year [9][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term LNG demand outlook, emphasizing the importance of U.S. LNG in global energy supply [12][44] - The company remains insulated from short-term market volatility due to its highly contracted business model [12][44] Other Important Information - The company has locked in over $500 million of costs for midscale trains eight and nine, mitigating risks associated with inflation and tariffs [14][41] - The company has repurchased approximately 1.6 million shares for about $350 million, with a remaining buyback authorization of approximately $3.5 billion [37] Q&A Session Summary Question: Current contracting market and trade agreements - Management highlighted the strong position of the company in the LNG market, emphasizing robust commercial engagements and a selective approach to partnerships [52][54] Question: Competitive advantage in the marketplace - Management noted that the company does not compete directly with suppliers like Qatar, focusing instead on differentiated opportunities and strong customer relationships [57][58] Question: Permitting process and future projects - Management discussed the administration's focus on permitting reform and the positive progress made with FERC permits for midscale trains eight and nine [61][63] Question: Vulnerability to LNG supply shocks in 2025 - Management acknowledged Europe's vulnerability due to low inventories and emphasized the company's role in supplying LNG to the region [64][66] Question: 2020 Vision capital allocation update - Management confirmed that the company is on track to exceed the $20 billion deployment target before 2026, with significant progress in debt paydown and share buybacks [70][71] Question: Future contracting strategy in light of global trade realignment - Management reiterated the importance of Chinese counterparties while emphasizing that U.S. volumes to China are not critical to the company's strategy [80][82]