Financial Data and Key Metrics Changes - The company reported FFO per share of $0.64, which was a penny above the high end of guidance [6][10] - Same store revenue growth decreased by 0.4% year over year, an improvement from a decline of 1.6% in the previous quarter [8][10] - Average occupancy for the same store portfolio was down 50 basis points to 89.5%, narrowing from a decline of 120 basis points in the fourth quarter [9][10] - Same store operating expenses grew by only 0.6% year over year, better than expectations [10][12] Business Line Data and Key Metrics Changes - The company closed on the acquisition of the remaining 80% interest in a joint venture, acquiring a portfolio of 28 early-stage lease-up stores [11] - The third-party management platform added 33 stores, ending the quarter with 869 third-party stores under management [12] Market Data and Key Metrics Changes - Strong markets such as New York City boroughs, Chicago, and Washington D.C. continue to show strength, while supply-impacted markets like Northern New Jersey, Phoenix, and Atlanta are stabilizing [7][12] - In Texas markets, Dallas is facing challenges due to supply and pricing decisions, while Austin shows signs of recovery [34][35] Company Strategy and Development Direction - The company remains focused on optimizing its platform while maintaining high customer service standards [6][10] - The management expressed confidence in the long-term health of the self-storage industry due to the quality and geographic diversity of its portfolio [7][12] - The company is cautious about the economic environment, maintaining a conservative outlook for gradual improvement in operational metrics in 2025 [13] Management's Comments on Operating Environment and Future Outlook - Management noted uncertainty in the economy affecting consumer decisions, which could impact storage demand [13] - The company does not foresee improvement in the housing market and expects a gradual recovery without sharp reacceleration [13] - Management highlighted the resilience of the self-storage business, noting that demand drivers include everyday life events and business needs [18][19] Other Important Information - The balance sheet remains strong with a net debt to EBITDA ratio of 4.8 times [12] - The company is monitoring the impact of macroeconomic factors on its operations and is prepared to adjust strategies accordingly [13][54] Q&A Session Summary Question: What are the drivers of demand in the current environment? - Management indicated that demand is driven by everyday life events and business needs, despite a slow housing market [18] Question: What was occupancy in April? - Occupancy ended at 89.9% in April, showing a slight improvement [21] Question: How does the company view the leasing season? - Management expects a muted leasing season compared to pre-pandemic levels, with no significant growth anticipated [30] Question: What is the outlook for Texas markets? - Management noted that while Austin is recovering, Dallas faces challenges due to supply and competitive pricing [34][35] Question: How is the company managing expenses? - The company has been proactive in managing staffing and operational expenses, leading to better-than-expected results [50] Question: What is the strategy for acquisitions? - The company is open to acquisitions but faces challenges due to market volatility and seller expectations [53][54] Question: How does the company view potential recession impacts? - Management believes the self-storage business is resilient during economic downturns, with demand potentially increasing due to life changes [88][90]

Financial Data and Key Metrics Changes - For Q1 2025, the company reported EBITDA of $288 million on net sales of $2.8 billion, with a net loss of $40 million or $0.31 per share, a decrease of $214 million in net income year-over-year [6][13] - The year-over-year decline in net income was primarily due to higher North American feedstock and energy costs of approximately $100 million, planned turnarounds, and unplanned outages impacting EBITDA by approximately $80 million [13][19] - The company’s cash and investments as of March 31, 2025, were $2.5 billion, with total debt at $4.6 billion [19] Business Segment Data and Key Metrics Changes - The Housing and Infrastructure Products (HIP) segment produced EBITDA of $203 million on $1 billion of sales, with a 20% EBITDA margin, reflecting a $61 million decrease year-over-year due to a 2% decline in sales volumes and a 3% decline in average sales prices [17][18] - The Performance and Essential Materials (PEM) segment's EBITDA was $73 million, down from $253 million in Q1 2024, primarily due to a 59% increase in natural gas costs and a 42% increase in ethane costs, with a 2% decrease in sales volumes [19][19] - The company is raising its cost reduction target for 2025 by $25 million to a new range of $150 million to $175 million, building on $40 million of cost reductions achieved in Q1 [9][21] Market Data and Key Metrics Changes - Global demand remains below historical levels, with recent disruptions from tariffs weighing on global growth [8] - The company expects 2025 revenue and EBITDA margin in the HIP segment to be towards the low end of the previously communicated range of $4.4 billion to $4.6 billion, with EBITDA margin between 20% to 22% [20][21] - The construction season is expected to strengthen in Q2 and Q3, with housing starts forecasted to be in the 1.3 million range [67][85] Company Strategy and Development Direction - The company is focused on rightsizing operations for current economic realities, optimizing manufacturing footprint, and improving cost structure and operational reliability [9][10] - The company is taking proactive steps to enhance margins and create value for shareholders, including reducing capital spending forecast for 2025 by 10% to $900 million [10][21] - The company emphasizes its integrated business model, diversity of businesses, and strong investment-grade balance sheet as key strengths to navigate the uncertain macroeconomic environment [26][27] Management's Comments on Operating Environment and Future Outlook - Management noted that the direct impact from recent tariff announcements is largely manageable, with most products being USMCA compliant [24][25] - The company anticipates continued volatility in commodity prices and currency rates, which may impact the PEM segment in the second quarter and full year of 2025 [25] - Management expressed cautious optimism regarding the construction market, expecting positive sales growth for HIP in 2025 despite current challenges [20][21] Other Important Information - The company completed significant operational milestones, including the successful turnaround of the Petra 1 ethylene plant and new VCM tie-ins at the Geismar plant, which are expected to enhance reliability [10][11] - The company returned $68 million to shareholders in the form of dividends during the quarter and repurchased $30 million of common stock [20] Q&A Session Summary Question: Can you remind us the typical timeline for price realization in the HIP segment? - Management indicated that the HIP market is more stable in pricing dynamics compared to the PIM segment, allowing for more price stability despite input cost changes [31] Question: What do you anticipate retaliatory tariffs in China will do to PE operating rates and domestic prices? - Management noted that the mix of polyethylene produced is largely focused on domestic applications, limiting exposure to Asian market dynamics [32] Question: How did the PVC industry perform in the first quarter? - Management reported that the industry saw a build in inventory in anticipation of the construction season, with operating rates in the low to mid 80s [35] Question: Can you provide insights on the mix shift impact within HIP? - Management explained that the pull forward of pipe and fittings business in Q4 2024 led to a negative mix effect in Q1 2025, but they expect to regain share in higher value-added products [48][106] Question: What is the outlook for HIP EBITDA in Q2? - Management expects HIP EBITDA to improve in Q2 due to seasonal strength in construction and positive pricing trends in PVC [67][70] Question: How much of the $80 million outage costs were planned versus unplanned? - Management indicated that about two-thirds of the $80 million outage costs were related to planned turnarounds [75] Question: What is the company's stance on M&A opportunities? - Management stated that acquisition opportunities remain important, and they are continuously assessing the market for potential growth opportunities [80][82]

Financial Data and Key Metrics Changes - Comparable RevPAR increased by 2% over 2024, while total RevPAR increased by 1.6% [4] - Hotel adjusted EBITDA margins increased by 54 basis points, with hotel adjusted EBITDA in Q1 at $61.3 million, reflecting a 2.2% growth over 2024 [9] - Adjusted FFO was $0.19 per share, an increase of $0.01 or 5.6% over 2024 [10] - Free cash flow per share increased by 10% to $0.63 per share over the prior four-quarter period [10] Business Line Data and Key Metrics Changes - Urban portfolio RevPAR grew by 5%, driven by group and business transient segments, with room revenues up 3.1% in January, 2.6% in February, and 5.4% in March [4] - Food and beverage revenue at urban hotels declined by 3.3% year over year, but excluding the Chicago Marriott, it increased by 5.5% [5] - Resort portfolio comparable RevPAR declined by 2.1% over 2024, with total revenues slightly up in January and February but down 4.3% in March [6][7] - Group room revenues increased by 10.4% over last year on a 5.2% increase in room nights [8] Market Data and Key Metrics Changes - Florida assets saw mid-single-digit revenue declines, with RevPAR down 5.9% and total RevPAR down 4% [7] - Outside of Florida, RevPAR increased by 1.7% and total RevPAR increased by 2.9% [7] - Preliminary April RevPAR showed better than 2% growth [30] Company Strategy and Development Direction - The company is focused on adding groups to resorts to preserve pricing and improve profitability [8] - Plans to refinance maturing loans through a combination of corporate debt issuance and recasting the corporate credit facility [12] - The company is pursuing opportunities to dispose of non-strategic assets while recycling proceeds into attractive investment alternatives [17] Management's Comments on Operating Environment and Future Outlook - Management noted that the unsettled macroeconomic environment has led to softer closure rates for group bookings [9] - The long-term secular drivers for US resorts remain strong, but near-term performance could be soft [20] - The company expects economic anxiety to settle as 2025 progresses, with a focus on increasing earnings per share [27] - Revised full-year 2025 RevPAR outlook to a range of -1% to +1% growth, reflecting a cautious stance on group bookings [23] Other Important Information - The company intends to continue paying a quarterly dividend of $0.08 per share in 2025 [10] - Share repurchases totaled approximately $16 million or 2.1 million shares at an average price of $7.85 [11] Q&A Session Summary Question: Preliminary portfolio-wide RevPAR for April - Preliminary April is showing a little better than 2% growth [30] Question: Renovation project costs and tariffs - Costs depend on the type of renovations; efforts are being made to secure materials before tariffs are reinstated [31][32] Question: Group conversion profile and average group size - The average hotel is about 200 to 250 rooms, with groups running the gamut from associations to corporate [36][37] Question: Group pacing in specific markets - Denver and Salt Lake are showing significant strength in group bookings [41] Question: Holes in group bookings for the rest of the year - The biggest holes are due to difficult comps in Chicago and Boston [48] Question: Average booking window for groups - Smaller groups tend to book 4 to 6 months out, while larger groups book 8 to 12 months out [53] Question: Competitive supply growth and developer behavior - Approximately 40% to 50% of markets have little to no supply growth due to anti-development stances [82]

Plymouth Industrial REIT (PLYM) Q1 2025 Earnings Call May 02, 2025 09:00 AM ET Company Participants John Wilfong - Senior Vice PresidentJeffrey Witherell - Chairman & CEOJames Connolly - Executive Vice President of Asset ManagementAnthony Saladino - President and CFORich Anderson - Managing DirectorEric Borden - Vice President Conference Call Participants Todd Thomas - Managing Director & Equity Research AnalystNick Thillman - Senior Research AnalystMichael Mueller - Analyst Operator Please note today's eve ...

Financial Data and Key Metrics Changes - The company is pleased with its performance, reporting a 30% increase in oil production and a 20% increase in total production for 2025 [5] - The first quarter oil cut was 53%, with expectations for a modest increase in the second quarter, but no changes to the full-year guidance [7][10] Business Line Data and Key Metrics Changes - The company is focusing 90% of its program on the lower cube in the Uinta Basin, with strong confidence in the forecast from this zone [18][19] - The remaining 10% is focused on the upper cube, with positive results expected from the Douglas Creek area [19] Market Data and Key Metrics Changes - The company typically sells about 15% to 20% of its crude oil to Salt Lake City refineries, which has lower transportation costs [42] - The balance of oil is transported by rail, with efforts to maximize sales to local refineries [42] Company Strategy and Development Direction - The company aims to maintain a disciplined approach to capital allocation, prioritizing debt reduction until leverage returns to a one-time area [12][13] - There are no specific plans for 2026 yet, but multiple scenarios are being modeled based on commodity prices [50][51] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the Uinta Basin assets, noting that they have exceeded original expectations [36] - The company is comfortable with its current plans at a price of $55 per barrel, generating significant free cash flow [52] Other Important Information - The company has filed its first quarter 10-Q and is committed to transparency regarding forward-looking statements and non-GAAP measures [3] - The company is not providing specific guidance on rig plans at this time, focusing instead on production timelines [27] Q&A Session Summary Question: Clarification on oil production shape for 2025 - Management indicated no material changes to the full-year plan, with a modest increase in oil cut expected from Q1 to Q2 [8][10] Question: Cash returns and share repurchases - Management confirmed prioritization of debt reduction over share repurchases until leverage metrics improve [12][13] Question: Uinta Basin productivity expectations - Management stated that 90% of the program is focused on the lower cube, with confidence in achieving underwritten assumptions [18] Question: LOE impacts and cost expectations - Management noted that some cost increases may be one-time in nature, while others could persist [21] Question: Rig count and operational plans - Management is not providing specific timelines for rig drops but will adjust based on program needs [27] Question: Capital allocation between regions - Management indicated that returns between regions have not changed significantly, and no immediate changes to capital allocation are expected [32] Question: Oil sales to local refineries - Management confirmed that 15% to 20% of crude is sold to local refineries, optimizing transportation costs [42] Question: CapEx plans for the year - Management expects a similar run rate in the second half of the year as in the first half, with no material changes to the CapEx guidance [44] Question: Operational plans for 2026 - Management stated that no specific plans for 2026 are in place, but multiple scenarios are being considered based on market conditions [50][51]

SM Energy Company (SM) Q1 2025 Earnings Call May 02, 2025 10:00 AM ET Company Participants Patrick Lytle - Senior VP - FinanceHerbert Vogel - President & CEOBeth McDonald - EVP & COOA. Wade Pursell - EVP & CFOOliver Huang - DirectorMichael Furrow - Vice PresidentMichael Scialla - Managing DirectorZach Parham - Executive DirectorGabe Daoud - Managing Director, Energy Equity Research Conference Call Participants Tim Rezvan - Managing Director & Equity Research AnalystNone - Analyst Operator Greetings, and wel ...

Select Medical (SEM) Q1 2025 Earnings Call May 02, 2025 09:00 AM ET Speaker0 Good morning, and thank you for joining us today for Select Medical Holdings Corporation's earnings conference call to discuss the first quarter twenty twenty five results at the company's and the company's business outlook. Presenting today are the company's Executive Chairman and Co Founder, Robert Ortenzio and the company's Senior Executive Vice President of Strategic finance and operations, Martin Jackson. Also on the conferenc ...

Financial Data and Key Metrics Changes - The company reported adjusted EPS of $1.23 for Q1 2025, which is $0.02 higher than Q1 2024 and $0.03 above estimates [8] - Adjusted EPS estimate for Q2 2025 is $0.85 per share, reflecting a significant downside compared to Q2 2024 [10][21] - Weather-related impacts contributed $0.08 to year-over-year performance due to a milder Q1 2024 and a slightly colder Q1 2025 [9] Business Line Data and Key Metrics Changes - Retail electricity sales were down 0.3% year-over-year, primarily due to usage impacts on residential customers, partially offset by customer additions [10] - Data center sales increased by 11% year-over-year, while office buildings and the transportation sector saw increases of 4% each [11] - The company has a large load pipeline of over 50 gigawatts of potential incremental load by the mid-2030s, with 10 gigawatts already committed [11][12] Market Data and Key Metrics Changes - Economic development activity in the Southeast was robust, with over $11 billion in capital investment and more than 4,000 new jobs announced [11] - Unemployment rates and population growth in the service territories are better than national averages, indicating a strong economic position [11] Company Strategy and Development Direction - The company is focused on disciplined execution and maintaining affordability while navigating potential tariff impacts, estimating a 1% to 3% increase in costs [5][6] - Ongoing investments in existing fleet and modernization of facilities are part of the 2025 integrated resource plan [12] - The company aims to maintain strong investment-grade credit ratings while addressing $4 billion in equity needs over five years [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the financial outlook, emphasizing the resilience of the Southeast economy and customer growth in service territories [4][6] - The company does not expect a material impact from tariffs on its forecast and remains focused on disciplined execution [6] - Management highlighted the importance of regulatory frameworks and customer-centric business models in supporting reliable and affordable energy [7] Other Important Information - The board approved an 8¢ per share increase in the annual common dividend, marking the 24th consecutive annual increase [17] - The company is actively engaging with policymakers regarding tax credits and their benefits to customers [60] Q&A Session Summary Question: Clarification on Q2 EPS guidance - Management explained that the guidance reflects significant weather differentials and timing of transactions within the Georgia transmission system [21][22] Question: Update on Georgia Power load pipeline - The pipeline totals about 52 gigawatts, with 4 gigawatts contracted and 8 gigawatts committed, showing increased near-term interest [27][28] Question: Changes in data center activity following rate structure modifications - Management noted that it is early to assess customer reactions to the new tariff framework, but growth in the pipeline continues [78][81] Question: Feedback on RFPs and technology preferences - Management stated that they cannot disclose specifics about the RFP process but emphasized the all-source nature of the RFPs [84][86] Question: Dividend policy and future increases - Management indicated that dividend growth may remain modest due to significant financing needs, with reevaluation possible if capital opportunities change [111]

The Southern Company (SO) Q1 2025 Earnings Call May 01, 2025 01:00 PM ET Company Participants Gregory MacLeod - Director of Investor RelationsChris Womack - Chairman, President & CEODaniel Tucker - Executive VP & CFOCarly Davenport - Vice President, Equity ResearchNicholas Campanella - DirectorAndrew Weisel - DirectorDavid Arcaro - Executive Director, Equity ResearchDurgesh Chopra - Managing Director Conference Call Participants Julien Dumoulin-Smith - Research AnalystJeremy Tonet - ED - Equity Research Ana ...

Financial Data and Key Metrics Changes - In Q1 2025, net income was $255 million or $3.01 per share, compared to $254 million or $2.67 per share a year ago, indicating a slight increase in profitability [5] - Net operating income for the quarter was $259 million or $3.07 per share, a 10% increase from the previous year, slightly exceeding internal projections [5] - Return on equity as of March 31 was 19%, with book value per share at $64.5, while excluding accumulated other comprehensive income (AOCI), return on equity was 14.1% and book value per share was $87.92, up 11% from a year ago [5] Business Line Data and Key Metrics Changes - Life insurance premium revenue increased by 3% year-over-year to $830 million, with life underwriting margin rising 9% to $337 million due to premium growth and lower policy obligations [5][6] - Health insurance premium revenue grew by 8% to $370 million, but health underwriting margin decreased by 10% to $85 million due to higher claim costs [6] - American Income Life saw life premiums rise 6% to $438 million, with a life underwriting margin up 5% to $196 million [8] - Liberty National's life premiums grew 6% to $96 million, while health sales decreased by 5% to $7 million [10] - Family Heritage's health premiums increased by 9% to $112 million, with health underwriting margin up 10% to $39 million [11] Market Data and Key Metrics Changes - United American General Agency's health premiums increased by 13% to $160 million, but health underwriting margin fell to $2 million due to higher claim costs [13] - The average producing agent count across various divisions showed growth, with American Income up 3% and Liberty National up 8% year-over-year [9][10] Company Strategy and Development Direction - The company anticipates life premium revenue growth of around 4% for the year, with health premium revenue expected to grow between 7.5% and 8.5% [6] - The focus remains on managing rising advertising and distribution costs while maximizing underwriting margin dollars on new sales [12] - The company plans to maintain a consolidated risk-based capital (RBC) ratio within the targeted range of 300% to 320% [29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the midpoint of EPS guidance for 2025, citing favorable mortality trends and expected remeasurement gains [42][44] - The company is well-positioned to manage through economic uncertainties, with a strong capital position and a conservative investment philosophy [24][29] - There is an expectation of elevated health obligations due to recent claim trends, but management believes they can manage these through rate increases [33] Other Important Information - The company repurchased approximately 1.5 million shares for $177 million in Q1 2025, returning a total of $197 million to shareholders [26] - Legal proceedings included an estimate for settlements related to outstanding litigation, but these are not indicative of future performance [78] Q&A Session Summary Question: Outlook for Health margins and timing of rate actions - Management indicated that most rate increases will be effective at the beginning of Q2, expecting margins for UAGA to be in the 5% to 7% range for the year [36] Question: Confidence in EPS guidance amid tough comps - Management reaffirmed confidence in the EPS guidance range, citing favorable mortality trends and expected remeasurement gains [42][44] Question: Increase in health usage and claims - Management noted that utilization is the primary driver of increased claims, with actions being taken to mitigate costs related to specific procedures [96][100] Question: Capital return strategy and commercial paper reduction - The company plans to maintain a normal capital return strategy but may front-load buybacks depending on market conditions [57] Question: Legal proceedings and regulatory matters - The increase in legal expenses is not indicative of future performance and is common in the insurance industry [78]