Financial Performance - TXNM Energy's Q1 2025 GAAP EPS was $0.10, compared to $0.52 in Q1 2024[10] - TXNM Energy's Q1 2025 Ongoing EPS was $0.19, compared to $0.41 in Q1 2024[10] - The company reaffirmed its 2025 Ongoing EPS guidance range of $2.74 - $2.84[13] - The company is targeting a long-term EPS growth of 7% - 9%[13] TNMP Highlights - TNMP's volumetric load growth in Q1 2025 was 1.0%[19] - TNMP's demand-based load growth in Q1 2025 was 9.7%[19] - TNMP's data center load growth in Q1 2025 was 14.6%[19] - TNMP's average customer growth was 1.9%[19] - TNMP's system peak reached a new all-time high of 3,158 MW in February 2025, a 22% increase over Q1 2024[20] - TNMP plans capital investments of $615 million in 2025, increasing to $1.008 billion in 2029[24] PNM Highlights - PNM's total retail load growth in Q1 2025 was 4.1%[28] - PNM's average customer growth was 0.8%[28] - PNM plans capital investments of $443 million in 2025, increasing to $596 million in 2029[33] Capital Investments - The company's 5-year capital investment plan is $7.8 billion[42] - TNMP's average rate base is projected to grow from $2.8 billion in 2025 to $5.3 billion in 2029, a CAGR of 17.3%[44] - PNM Retail's average rate base is projected to grow from $3.0 billion in 2025 to $4.2 billion in 2029, a CAGR of 8.8%[44]

Financial Data and Key Metrics Changes - The company is reaffirming its 2025 earnings guidance range of $4 to $4.2, representing a 5% growth rate at the midpoint over 2024 EPS [9][10] - Year-over-year earnings drivers for Q1 2025 included $0.29 per share of new margins, with $0.26 from new rates and rider recovery, and $0.03 from customer growth and usage [13][14] - O&M expenses increased by $0.24 per share, primarily due to higher employee costs, outside services, and insurance costs [15][16] Business Line Data and Key Metrics Changes - The company has successfully implemented new rates through five rate reviews since early 2024, recovering over $1.3 billion of new system investments [6][8] - The data center demand is expected to reach approximately 500 megawatts by the end of 2029, with EPS contribution from data centers projected to double to over 10% of total EPS in 2028 [12][21] Market Data and Key Metrics Changes - The company is experiencing strong customer growth, with new all-time customer peak loads in Wyoming Electric reflecting nearly a 10% increase over the previous peak [7][8] - The company is well-positioned to maximize growth opportunities due to favorable land prices, business climates, and a quality workforce [8][10] Company Strategy and Development Direction - Key objectives for the year include achieving 5% year-over-year earnings growth, executing regulatory initiatives, and a $1 billion capital plan [5][6] - The company is focusing on safety and system integrity projects, modernization programs, and infrastructure expansion to support growing demands [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the 2025 guidance and long-term EPS growth target of 4% to 6%, driven by a robust balance sheet and capital forecasts [10][11] - The company is optimistic about the impact of new legislation in Wyoming that provides liability protections related to wildfire mitigation [8][29] Other Important Information - The company plans to invest $4.7 billion over a five-year period through 2029, prioritizing safety and system integrity [11][12] - The company has a strong liquidity position with nearly $700 million available under its revolving credit facility [17][18] Q&A Session Summary Question: Can you discuss the electric rate case and the request for rehearing? - Management confirmed an increase in new annual revenue of about half a million and is reviewing the decision for potential next steps [33][34][36] Question: What is the outlook for the franchise agreement in Pueblo? - Management noted that the franchise was retained through a vote and emphasized the importance of affordability and economic development in the area [37][39][40] Question: Can you elaborate on the timing of equity needs? - Management indicated that equity issuance is based on capital project timing and maintaining credit metrics, with expectations for lower annual equity needs in the future [42][45] Question: How are wildfire mitigation efforts progressing in Colorado and South Dakota? - Management anticipates similar outcomes in Colorado and South Dakota as seen in Wyoming, with ongoing legislative efforts [48][49] Question: Is there interest in capital light strategies in South Dakota? - Management confirmed ongoing interest from large customers in Colorado and South Dakota, with potential for customized tariffs based on customer needs [56][57]

Financial Data and Key Metrics Changes - The company is reaffirming its 2025 earnings guidance range of $4 to $4.2, representing a 5% growth rate at the midpoint over 2024 EPS [9][10] - Year-over-year earnings drivers for Q1 2025 included $0.29 per share of new margins, with $0.26 from new rates and rider recovery, and $0.03 from customer growth and usage [13][14] - O&M expenses increased by $0.24 per share, primarily due to higher employee costs, outside services, and insurance costs [15][16] Business Line Data and Key Metrics Changes - The company has successfully implemented new rates through five rate reviews since early 2024, recovering over $1.3 billion in new system investments [6][8] - The data center demand is projected to reach approximately 500 megawatts by the end of 2029, with expectations for EPS contribution from data centers to double to over 10% of total EPS by 2028 [12][21] Market Data and Key Metrics Changes - The company reported strong customer growth, with two new all-time customer peak loads at Wyoming Electric, reflecting nearly a 10% increase over the previous peak in January 2024 [7][8] - The company is experiencing favorable business and regulatory climates, which are contributing to ongoing growth opportunities [8][10] Company Strategy and Development Direction - Key objectives for the year include achieving 5% year-over-year earnings growth, executing regulatory initiatives, and a $1 billion capital plan [5][6] - The company is strategically expanding its infrastructure to serve growing customer demands, particularly in data centers and blockchain operations [8][12] - The capital plan prioritizes safety, system integrity projects, and infrastructure expansion to support growing demands [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the 2025 guidance and long-term EPS growth targets of 4% to 6% [10][31] - The company is well-positioned to maximize growth opportunities while mitigating risks, such as through wildfire legislation in Wyoming [8][29] - Management noted that the future of the Inflation Reduction Act is uncertain, but the company's strategic exposure is minimal [10][11] Other Important Information - The company has a strong liquidity position with nearly $700 million available under its revolving credit facility [17][18] - The company has a history of 55 consecutive years of dividend payments, targeting a payout ratio of 55% to 65% [18][19] Q&A Session Summary Question: Can you elaborate on the electric rate case and the request for rehearing? - Management confirmed an increase in new annual revenue of about half a million and is reviewing the decision for potential next steps [33][34][36] Question: What is the outlook for the franchise agreement in Pueblo? - Management expressed satisfaction with the recent vote to keep the franchise agreement and emphasized the importance of affordability and economic development in the area [37][39][40] Question: Can you discuss the timing of equity needs and the lower levels expected in the future? - Management clarified that equity issuance is based on timing of capital projects and maintaining credit metrics, with expectations for lower equity needs in 2026 and beyond [42][45] Question: What is the status of wildfire mitigation efforts in Colorado and South Dakota? - Management anticipates similar outcomes in Colorado and South Dakota as seen in Wyoming, with ongoing legislative efforts [48][49] Question: Is there interest in capital light strategies in South Dakota? - Management noted continued interest from large customers in Colorado and South Dakota, with potential for customized tariffs based on customer needs [56][57] Question: How are insurance costs being handled in Colorado? - Management indicated that insurance cost recovery will be rolled into rate reviews in Colorado, similar to the approach taken in Wyoming [62]

Financial Data and Key Metrics Changes - The company is reaffirming its 2025 earnings guidance range of $4 to $4.2, representing a 5% growth rate at the midpoint over 2024 EPS [7][9] - Year-over-year earnings drivers for Q1 2025 included $0.29 per share of new margins, with $0.26 from new rates and rider recovery, and $0.03 from customer growth and usage [12][13] - O&M expenses increased by $0.24 per share, primarily due to higher employee costs, outside services, and insurance costs [13][14] Business Line Data and Key Metrics Changes - The company has successfully implemented new rates through five rate reviews since early 2024, recovering over $1.3 billion in new system investments [5][6] - The data center demand is expected to contribute more than 10% of total EPS by 2028, with a forecast of approximately 500 megawatts of data center demand by the end of 2029 [11][19] Market Data and Key Metrics Changes - The company is experiencing strong customer growth, with record peaks in demand, including a nearly 10% increase over the previous all-time peak in January 2024 [5][6] - The company’s multistate footprint provides valuable regulatory, weather, and customer diversification, supporting EPS stability and growth [9] Company Strategy and Development Direction - Key objectives for the year include achieving 5% year-over-year earnings growth, executing regulatory initiatives, and a $1 billion capital plan [4] - The company is strategically expanding its infrastructure to serve growing customer demands, particularly in data centers and blockchain operations [6][11] - The capital plan includes investing $4.7 billion over five years, prioritizing safety, system integrity, and infrastructure expansion [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the 2025 guidance and long-term EPS growth target of 4% to 6%, driven by strong customer demand and a robust pipeline of growth opportunities [9][28] - The company is well-positioned to mitigate risks and capitalize on opportunities due to favorable business and regulatory climates [6][9] Other Important Information - The company has a strong liquidity position with nearly $700 million available under its revolving credit facility [15] - The company has a history of 55 consecutive years of dividend payments, targeting a payout ratio of 55% to 65% [16] Q&A Session Summary Question: Can you discuss the electric rate case and the request for rehearing? - Management confirmed an increase in new annual revenue of about half a million and is reviewing the decision for potential next steps [31][32] Question: What is the outlook for the franchise agreement in Pueblo? - The franchise agreement was voted to be kept in place, and management is focused on maintaining affordability and economic development in the area [34][36] Question: Can you elaborate on the equity raised this quarter? - The company raised approximately $46 million in equity, with plans to meet the $215 million to $235 million guidance for the year [38][40] Question: What is the status of wildfire mitigation efforts in Colorado and South Dakota? - Management anticipates similar outcomes in Colorado and South Dakota as seen in Wyoming, with ongoing legislative efforts [44][45] Question: Is there interest in capital light strategies in South Dakota? - There is significant interest from large customers in Colorado and South Dakota, and the tariff structure will be tailored to customer needs [52][53]

Company Overview - AMG partners with leading independent investment firms, leveraging over 30 years of experience [2] - The company has over 35 independent Affiliates [2] - AMG's Assets Under Management (AUM) are approximately $712 billion [2] Asset Allocation and Growth Strategy - AMG is strategically expanding its exposure to alternative asset classes [5] - The AUM is divided into Liquid Alternatives (~$155B), Differentiated Long-Only (~$417B), and Private Markets (~$140B) [6] - Over 50% of EBITDA comes from high-growth areas [8] Financial Performance and Capital Allocation - The company targets mid-teens annualized long-term earnings growth [11] - Approximately $2 billion in 2024 Annual Economic Net Income [49] - Since Q1 2020, share repurchases have reduced the adjusted diluted share count by 36%, representing ~17 million shares [55] - Approximately $2.8 billion in excess capital was returned over the last 5 years [56]

Core Viewpoint - Growth stocks are appealing due to their potential for above-average financial growth, but identifying strong growth stocks can be challenging due to associated risks and volatility [1] Group 1: Growth Stock Identification - The Zacks Growth Style Score system aids in identifying promising growth stocks by analyzing real growth prospects beyond traditional metrics [2] - Interface (TILE) is highlighted as a recommended stock with a favorable Growth Score and a top Zacks Rank [2] Group 2: Earnings Growth - Earnings growth is a critical factor for growth investors, with double-digit growth being particularly desirable [4] - Interface's projected EPS growth is 8.2% for the current year, significantly higher than the industry average of 4.8% [5] Group 3: Asset Utilization - The asset utilization ratio, or sales-to-total-assets (S/TA) ratio, is an important indicator of efficiency in generating sales [6] - Interface has an S/TA ratio of 1.1, outperforming the industry average of 1.02, indicating better asset efficiency [6] Group 4: Sales Growth - Sales growth is another key metric, with Interface expected to achieve a 2.8% sales growth this year, compared to the industry average of 0% [7] Group 5: Earnings Estimate Revisions - Positive trends in earnings estimate revisions correlate strongly with stock price movements [8] - The current-year earnings estimates for Interface have increased by 2.6% over the past month, indicating positive momentum [8] Group 6: Overall Positioning - Interface has achieved a Zacks Rank of 2 (Buy) and a Growth Score of B, positioning it well for potential outperformance in the growth stock category [10]

Financial Data and Key Metrics Changes - Non-GAAP EPS increased nearly 20% year over year, reaching $0.44 per share [5][8] - Revenue growth returned in both segments, with Workplace Furnishings revenue slightly increasing and Residential Building Products revenue growing 7% year over year [8][10] - Consolidated non-GAAP gross and operating margins expanded year over year, with non-GAAP operating margin at the highest first quarter level since 2007 [8][9] Business Line Data and Key Metrics Changes - Workplace Furnishings segment saw a slight revenue increase, but non-GAAP EBIT margin compressed by 20 basis points year over year due to a different mix of business [9][10] - Residential Building Products revenue increased 7% year over year, with remodel retrofit business growing 13% and operating profit growing 16% [11][12] Market Data and Key Metrics Changes - Contract customer revenue increased 4% year over year, while shipments to small and medium-sized businesses (SMB) declined approximately 5% [9][10] - Orders in the Residential Building Products segment increased 8% year over year, with remodel retrofit orders up double digits [15][16] Company Strategy and Development Direction - The company remains focused on investing to drive revenue growth and expanding margins, with a cautious yet confident outlook for 2025 [6][32] - Continued investment in new product development and strengthening relationships with builders is emphasized to enhance market position [22][23] Management's Comments on Operating Environment and Future Outlook - Management acknowledges heightened macroeconomic uncertainty but expresses confidence in strategies and customer commitment to long-term investments [13][38] - The company expects continued earnings improvement driven by margin expansion and revenue growth, despite potential demand volatility [12][23] Other Important Information - The company maintains a strong balance sheet and cash flow generation, with a gross debt leverage ratio of 1.3 times [30][31] - Ongoing initiatives in Mexico and KII synergies are expected to contribute an additional $0.70 to $0.80 of EPS through 2026 [23][24] Q&A Session Summary Question: What was the SMB order number this last quarter? - SMB orders were slightly down 5% for Q1 [36] Question: Are there any changes in order patterns or buying activity due to increased uncertainty? - There is a lot of uncertainty, but the backlog looks encouraging, and customers are committed to long-term investments [38] Question: Was the hospitality business affected by tough comparisons this quarter? - Yes, it was a tough comp, and there is some volatility in demand, particularly in custom business [40] Question: Did you see any improvement in the transactional part of the SMB business in April? - Orders started to pick back up over the last five weeks, indicating resilience [47] Question: What are the end market assumptions for the second half? - Limited market help is expected, but strategic initiatives are anticipated to drive low single-digit growth [55] Question: How do you expect earnings visibility to translate into free cash flow? - Expected free cash flow from transformational efforts is projected to be $45 million to $50 million, enhancing financial flexibility [64]

Financial Performance & Outlook - The company affirmed its 2025 earnings guidance of $5.68 to $6.08 per share[9] - Q1 2025 earnings reached $68.1 million, with a diluted EPS of $1.62[10] compared to $74.3 million and $1.77 diluted EPS in Q1 2024[12] representing an 8% decrease in net income[12] - The company projects a 14.2% Return on Equity (ROE) for 2025[13] - The electric segment is expected to have 7% earnings growth in 2025[13] Electric Segment & Rate Base - A net revenue increase of $13.1 million (6.18% increase) was achieved in the North Dakota rate case, implemented in March 2025[10, 19] - The North Dakota rate case resulted in an increased ROE to 10.1% (from 9.77%) and an equity layer of 53.5% (from 52.5%)[19] - The company anticipates significant rate base growth with a Compound Annual Growth Rate (CAGR) of 9.0%[22] Manufacturing & Plastics Segments - Sales prices in the plastics segment decreased by 11% in Q1 2025, while sales volumes increased by 13%[41] - Material input costs for the plastics segment decreased by 89%[41] - The BTD Georgia facility expansion was completed in Q1 2025, with the potential to generate up to $35 million in incremental annual revenue[10, 47] Capital Investments & Financing - The company plans total capital expenditures of $278 million in 2025[63] - Long-term debt issuances for Otter Tail Power Company are projected at $100 million for 2025[65] - The company anticipates normalized plastics earnings of $45-$50 million in 2028[70]

Core Viewpoint - Viavi Solutions Inc. reported strong third-quarter fiscal 2025 results, with revenues and net income exceeding expectations, driven by growth in the Network Enablement and Service Enablement segments, although macroeconomic challenges pose concerns for future spending [1][2]. Financial Performance - Net income on a GAAP basis was $19.5 million or 9 cents per share, a significant improvement from a net loss of $24.6 million or 11 cents per share in the prior year [2]. - Non-GAAP net income rose to $33.9 million or 15 cents per share, up from $13.2 million or 6 cents per share year-over-year, surpassing the Zacks Consensus Estimate by 3 cents [2]. Revenue Breakdown - Quarterly revenues reached $284.8 million, reflecting a 15.8% year-over-year increase, exceeding the Zacks Consensus Estimate of $282 million [3]. - The Network Enablement segment generated $188 million in net sales, a 23.9% increase from $151.7 million in the previous year, driven by strong demand from service providers and network equipment manufacturers [3]. - Service Enablement segment revenues were $20.2 million, up 11.6% year-over-year, supported by healthy demand trends [4]. - Optical Security and Performance Products revenues slightly increased to $76.6 million from $76.2 million, primarily due to strength in anti-counterfeiting products [4]. - Revenue contributions from different regions included $108.1 million from America, $100.7 million from Asia-Pacific, and $76 million from EMEA, showing respective increases from the previous year [5]. Margins and Operating Performance - Non-GAAP gross margin improved to 60%, up 210 basis points year-over-year, with the NE segment's gross margin at 63.4%, an increase of 190 basis points [6]. - Total non-GAAP operating margin increased by 740 basis points year-over-year to 16.7%, with the NSE business operating margin rising to 10.4% [7]. Cash Flow and Liquidity - The company generated $7.8 million in cash from operating activities during the quarter, a decrease from $19.5 million in the prior year [8]. - As of March 29, 2025, Viavi had $374.2 million in cash and cash equivalents and $396.1 million in long-term debt [8]. Outlook - For the fourth quarter of fiscal 2025, management anticipates revenues between $278 million and $290 million, with non-GAAP earnings per share expected to be between 10 cents and 13 cents [10]. - Projected revenues for the NSE business are between $203 million and $213 million, while the OSP segment is expected to generate revenues between $75 million and $77 million [10].

Core Insights - Cigna Group reported first-quarter 2025 revenue of $65.45 billion, exceeding analyst estimates of $60.39 billion, with a year-over-year sales increase of 14% driven by existing client relationships and strong growth in specialty pharmacy services [1] - Adjusted earnings per share were $6.74, surpassing analysts' expectations of $6.35 [1] Revenue Breakdown - Evernorth Health Services, which includes Pharmacy Benefit and Specialty and Care Services, achieved first-quarter sales of $53.68 billion, reflecting a 16% increase [2] - Cigna Healthcare segment sales rose 9% to $14.48 billion, primarily due to premium rate increases to cover expected medical cost increases [3] Customer Metrics - Total medical customers decreased by 6% from December 31, 2024, to 18.04 million, largely due to the impact of the HCSC transaction; however, excluding this impact, customer numbers remained stable [4] - Total customer relationships reached 182.2 million as of March 31, 2025, with a 1% increase when excluding the HCSC transaction [4] - Total pharmacy customers increased by 3% to 122.3 million, attributed to new sales and expanded relationships [4] Future Outlook - Cigna anticipates fiscal 2025 adjusted income per share of $29.60, slightly up from the previous estimate of $29.50, aligning with consensus expectations [5] - Evernorth's adjusted income from operations is projected to be at least $7.2 billion, with Cigna Healthcare expected to contribute at least $4.125 billion [5] Financial Ratios - The Cigna Healthcare Medical Care Ratio (MCR) is expected to range between 83.2% to 84.2% [6] - The MCR for the first quarter of 2025 was reported at 82.2%, an increase from 79.9% a year ago, primarily due to higher stop-loss medical costs [7]