Open Door having the possibility of going to $82 a share. Eric is here to explain to us exactly what's going on with just the fact that we've seen this movie before, especially with Carvana. When Carvana went from 400 to three, you know, nobody at three was saying it was going back to 400, including me.And let's just let's think of Carvana as an example, as a parallel, because I think there are a lot of similarities. Both were money losing companies. Both were trying to revolutionize and kind of e-commercei ...

H1 2025 revenue First-half activity H1 revenue of €387.8 million, down 5.4% at CER1 and like-for-like2 largely due to the fall in activity in FranceSales at CER and on a like-for-like basis increased in EMEA excluding France (+6.9%), were stable in the Americas (-0.3%) and fell in Asia (-7.3%)Double-digit growth is expected in H2, driven primarily by a more favorable comparison base and the normalization of activity in France Full-year targets confirmed Revenue growth of 3-5% at constant exchange rates and ...

Financial Data and Key Metrics Changes - Net income for Q2 2025 was $21.8 million, or $0.48 per diluted share, reflecting strong profitability despite merger-related expenses and MSR mark-to-market losses [3][4] - Return on assets was 1.53%, and return on average tangible common equity was approximately 15.29% [4] - Common equity Tier one increased to 13.77% from 13.47% in the previous quarter [5] - Tangible equity ratio improved by 49 basis points from the last quarter and by 144 basis points year-over-year [4][5] - Net interest income increased by $1.3 million or 2.1% from the previous quarter, and by $4.5 million or almost 8% year-over-year [11] Business Line Data and Key Metrics Changes - Total loans increased by $58.4 million from the previous quarter, driven by growth in construction and lease portfolios [6] - Noninterest income performed well, with wealth management fees increasing by $324,000 or 11.7% and service charges on deposits rising by $280,000 or 11.2% [8] - Noninterest expense was $1.1 million lower than the prior linked quarter, reflecting strong expense discipline [9] Market Data and Key Metrics Changes - The loan-to-deposit ratio was 83.3% as of June 30, compared to 81.2% in the previous quarter [6] - Total cost of deposits was 84 basis points for Q2 2025, up from 82 basis points in both the prior linked quarter and the same quarter last year [6] Company Strategy and Development Direction - The company is focused on the effective integration of Evergreen Bank and optimizing the balance sheet for its impacts [9] - Management expressed confidence in the profitability and positioning of the company post-acquisition, with expectations of continued strong performance [10][17] - The company aims to maintain a disciplined approach to expenses, targeting core expense growth around 4% excluding acquisitions [14] Management's Comments on Operating Environment and Future Outlook - Management noted that commercial clients are weathering economic challenges well, although appetite for capital expenditures has been muted [28] - The company is optimistic about loan growth, projecting low to mid-single-digit growth for 2025 [29] - Management expressed confidence in maintaining strong margins despite potential interest rate cuts, indicating a stable and durable margin outlook [66][68] Other Important Information - The company repurchased approximately 327,000 shares at a modest discount to market following the Evergreen acquisition [13][60] - The integration of Evergreen Bank is expected to enhance the company's capital position and operational efficiency [12][58] Q&A Session Summary Question: What is the expected timing for the Evergreen conversion and expense run rate? - Management expects the conversion to occur in early to mid-fourth quarter, with a clearer run rate on operating expenses by the time of the fourth quarter report [20] Question: What is the loan-to-deposit balance brought over from Evergreen? - The loan-to-deposit ratio for Evergreen was just north of 90% [21] Question: Can you provide more detail on the classified assets related to owner-occupied CRE? - The classified assets stem from a large healthcare transaction in Oregon, with management confident in the collateral position and expected cash flow improvements [23] Question: How is commercial client sentiment currently? - Commercial clients are managing well, but there is muted appetite for capital expenditures, with some growth observed in leasing and commercial real estate [28] Question: What are the expectations for charge-offs going forward? - Charge-offs are expected to be around 30 basis points, with higher loss rates in powersport lending balanced by strong contribution margins [39] Question: How will the margin respond to potential interest rate cuts? - Management believes the margin will be less sensitive to rate cuts than previously expected, with a potential decrease of around four basis points for a 25 basis point cut [44] Question: What is the long-term outlook for ROA? - Management is confident that ROA will trend above 1.50% [72]

Financial Data and Key Metrics Changes - Sales for Q2 2025 were $2,710,000,000, reflecting a 2.3% increase year-over-year [6][13] - Adjusted EPS increased by 15.8% to $2.27 compared to the previous year [16] - Total cash flow from operations for the quarter was $209,000,000, lower year-over-year due to higher working capital [26] - Twelve-month backlog reached $8,200,000,000, up 11.9% [7][27] Business Line Data and Key Metrics Changes - Services revenue increased by 6%, driven by higher parts sales and modernization deliveries [18] - Equipment sales decreased by 4.2% due to a supply part issue, which shifted approximately $60,000,000 of revenue to the second half [18][14] - Transit segment sales rose by 8.7% to $787,000,000, supported by elevated infrastructure investment and global ridership [24] Market Data and Key Metrics Changes - North American traffic was up 2.5%, but active locomotive fleets were down compared to last year [8] - The forecast for North American railcar builds was reduced from approximately 35,000 cars to 29,000 cars, representing a 31% reduction from last year [9][10] - Internationally, strong activity was noted in markets such as Africa, Asia, Brazil, and the CIS, with significant investments in infrastructure [10] Company Strategy and Development Direction - The company is focused on integrating recent acquisitions, including Inspection Technologies, to enhance its product offerings and drive growth [5][12] - The strategy includes maintaining a disciplined approach to capital allocation while pursuing M&A opportunities to maximize shareholder returns [44] - The company aims to leverage its strong backlog and pipeline to drive profitable growth into 2025 and beyond [29][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position to drive sustained long-term profitable growth despite a volatile economic environment [5][6] - The company anticipates stronger revenue growth in the second half of the year, driven by the resolution of supply issues and increased locomotive deliveries [15][49] - Management highlighted the importance of ongoing cost management and operational efficiency to navigate economic uncertainties [22][31] Other Important Information - The company repurchased $50,000,000 of its shares and paid $44,000,000 in dividends during the quarter [28] - The net debt leverage ratio ended the quarter at 1.4 times, below the stated range in anticipation of funding acquisitions [27] Q&A Session Summary Question: Insights on rail industry dynamics and potential inefficiencies - Management sees significant opportunities for increased rail volumes, which would be beneficial for the industry [36][37] Question: Demand in international markets and impact of geopolitics - The pipeline remains strong, with a twelve-month backlog exceeding $8,000,000,000, indicating solid coverage into 2025 [42] Question: Capital allocation strategy and future plans - The focus remains on M&A to drive shareholder returns, with plans to reduce net debt leverage following acquisitions [44] Question: Shape of the back half of the year regarding revenue and margins - Strong revenue growth is expected in the second half, with adjusted operating margins increasing year-over-year [48][49] Question: Update on tariffs and customer behavior - Tariffs are expected to have no material impact on 2025 earnings, with ongoing efforts to manage supply chain shifts [71] Question: Customer response to the Inspection Technologies acquisition - Customer feedback has been positive, with strong demand anticipated for the integrated business [74] Question: Regulatory environment and potential for automation - Management is closely monitoring regulatory changes and sees opportunities for increased efficiency and safety in rail operations [60][99]

Analyst's Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. I provide a cost-behavioral estimate that suggests a break-even point of approximately $32 million for ...

Core Insights - Raymond James Financial reported Q3 FY2025 results with GAAP revenue of $3.398 billion, exceeding expectations of $3.376 billion, but Non-GAAP earnings per share fell short at $2.18 compared to the consensus estimate of $2.37, indicating mixed performance with strong revenue growth but profitability pressures due to legal expenses and rising costs [1][2][5] Financial Performance - GAAP revenue for Q3 FY2025 was $3.40 billion, a 5% increase from $3.23 billion in Q3 FY2024 [2] - Non-GAAP EPS decreased by 9% year-over-year, from $2.39 in Q3 FY2024 to $2.18 in Q3 FY2025 [2] - Net income available to common shareholders was $435 million, down 11% from $491 million in the previous year [2] - Pre-tax margin decreased to 16.6%, down 3.4 percentage points from 20.0% in Q3 FY2024 [2] Business Segments Overview - The Private Client Group generated net revenues of $2.49 billion, a 3% increase from the prior year, with total assets under administration for fee-based accounts rising 15% to $943.9 billion [2][5] - The Capital Markets segment reported a $54 million pre-tax loss despite a 15% year-over-year revenue increase to $381 million, primarily due to a $58 million legal reserve impacting profitability [6] - Asset Management revenues grew by 16% and pre-tax income by 22% over the first nine months of fiscal 2025, with assets under management totaling $263.2 billion, up 15% from June 2024 [7] Strategic Focus and Investments - The company has invested in advisor recruitment and compliance infrastructure to adapt to regulatory changes, emphasizing advisor expansion and retention as key success factors [4] - Non-compensation expenses increased by 28% year-over-year, while the company repurchased $451 million in common stock at an average price of $137 per share, reflecting a commitment to returning capital to shareholders [8] Future Outlook - Management expressed optimism regarding the investment banking pipeline and business setup for the fourth quarter, with a continued focus on recruiting financial advisors and maintaining capital strength [10]

Core Viewpoint - Genomma Lab Internacional reported a modest sales growth of 0.5% in Q2 2025, with a notable increase in profitability metrics despite macroeconomic challenges, particularly in Argentina and Mexico [2][5][6]. Financial Performance - Net sales reached 4,676.4 million pesos, reflecting a 0.5% increase compared to Q2 2024, or a 5.5% increase when excluding Argentina [5]. - Like-for-like sales showed a growth of 0.3% [5]. - Gross profit was 2,969.4 million pesos, representing 63.5% of net sales, a slight decrease of 0.3% from the previous year [5]. - Operating income increased by 4.8% to 1,030.6 million pesos, accounting for 22.0% of net sales [5]. - EBITDA grew by 4.4% to 1,112.9 million pesos, with a margin of 23.8%, an increase of 89 basis points [5][6]. - Net income decreased by 43.8% to 355.0 million pesos, primarily due to significant non-cash foreign exchange losses [5][6]. - Proforma net income, excluding non-cash FX effects, increased by 16.6% to 667.8 million pesos [7]. Profitability Metrics - The EBITDA margin expanded to 23.8%, driven by manufacturing cost efficiencies and a favorable sales mix [6]. - Proforma EPS increased by 16.6% to 0.67 pesos per share, reflecting improved operating income and lower net interest expenses [7]. Cash Flow and Operational Efficiency - Free cash flow increased by 64.6% over the trailing twelve months, supported by a 7-day improvement in the cash conversion cycle [2]. Market Context - The company faced challenges from an 18.3% depreciation of the Argentine peso and a weak beverage season in Mexico, but experienced robust growth in the US, Brazil, Central America, and the Andean region [5]. Company Overview - Genomma Lab is a leading pharmaceutical and personal care products company in Mexico, with a growing international presence and a focus on premium branded products [10].

Core Insights - Raymond James Financial, Inc. reported net revenues of $3.40 billion and net income of $435 million for the fiscal third quarter ended June 30, 2025, marking a 5% increase in quarterly net revenues compared to the prior year [1][2] - The firm celebrated its 150th consecutive quarter of profitability, highlighting strong growth in financial advisor recruitment and a robust investment banking pipeline [2] - For the first nine months of fiscal 2025, record net revenues reached $10.34 billion, a 10% increase year-over-year, with record earnings per diluted share of $7.35, up 7% [2][5] Financial Performance - Quarterly adjusted net income available to common shareholders was $449 million, or $2.18 per diluted share, after excluding $19 million in acquisition-related expenses [1][2] - Annualized return on common equity was 17.1% and annualized adjusted return on tangible common equity was 20.5% for the first nine months of fiscal 2025 [2][5] - The effective tax rate for the quarter was 22.6%, benefiting from nontaxable corporate-owned life insurance gains [15] Segment Results Private Client Group - Record net revenues of $10.34 billion and pre-tax income of $1.98 billion for the first nine months of fiscal 2025, up 10% and 5% respectively [5] - Record client assets under administration reached $1.64 trillion, with fee-based accounts totaling $943.9 billion, reflecting increases of 11% and 15% year-over-year [5][11] - Domestic Private Client Group net new assets for the fiscal third quarter were $11.7 billion, with a year-to-date total of $34.5 billion [11] Capital Markets - Quarterly net revenues increased 15% year-over-year, driven by higher investment banking and brokerage revenues [9][12] - The investment banking pipeline remains strong, although the current macroeconomic environment is uncertain [9] Asset Management - Quarterly net revenues rose 3% year-over-year, primarily due to higher asset management fees, which reached $1.46 billion [7][10] - Record financial assets under management were reported at $263.2 billion, up 15% over June 2024 [13] Banking - The bank segment reported a net interest margin of 2.74%, up 10 basis points year-over-year, with net loans increasing by 3% [14] Shareholder Actions - The company repurchased $451 million of common stock during the fiscal third quarter at an average price of $137 per share [15]

Company Overview - Lego is the world's biggest toymaker [1] Business Strategy - Lego aims to stay creative and profitable [1]

Financial Data and Key Metrics Changes - The company reported a revenue growth of 3% in the quarter, but a decline of 0.2% on a constant currency basis [36] - Adjusted EBITDA was a loss of $3,600,000, which is consistent with the previous quarter's level and guidance [36] - Gross margin expanded by 330 basis points year over year to 32.5%, marking the best quarterly results as a public company [36][41] Business Line Data and Key Metrics Changes - The Europe and International segment grew volume by 9.4%, achieving the highest volume quarter ever [41] - North America experienced a 6.8% decline in revenue, primarily due to changes in sourcing strategy and the largest customer [41] - Greater China saw a 6.6% decline in constant currency revenue, reflecting a challenging macro environment [41] Market Data and Key Metrics Changes - The company achieved a 12% revenue growth in the foodservice side of the Greater China segment in the first half [34] - In Europe, the company reported a strong growth acceleration in the foodservice channel, with sustained growth rates for several quarters [20] - The retail channel in Greater China reached an all-time high in volume during the quarter [34] Company Strategy and Development Direction - The company is focused on three priority areas: reducing costs, igniting top line momentum, and driving profitability [7] - A strategic review of the Greater China business has been initiated to accelerate growth and maximize value [6][13] - The company plans to continue executing its growth playbook, which has shown success in Europe and is being adapted for North America [30][31] Management's Comments on Operating Environment and Future Outlook - Management acknowledged slower than expected progress in North America and a soft macro environment in Greater China, leading to a refined full-year outlook [6][12] - The company remains confident in its growth playbook and believes it will drive results despite current challenges [6][12] - Management emphasized the importance of taste as a barrier to consumption and is focused on enhancing product relevance to consumers [56][64] Other Important Information - The company has identified additional SG&A savings, primarily from corporate expenses, to drive efficiencies without sacrificing growth [66][68] - The cash outflow of $5,000,000 in Q2 was the best quarterly performance as a public company, indicating progress in cash management [43] - CapEx is expected to be approximately $20,000,000 for the full year, reflecting a disciplined investment approach [47] Q&A Session Summary Question: Why is now the right time for the strategic review of China? - Management believes the business is now leaner and stronger after recent resets, making it a good time to evaluate growth acceleration and maximize value [51][52] Question: What is the optimal outcome of the strategic review? - The company is considering a range of options, including a potential carve-out, but will not speculate on the ultimate outcome at this time [52] Question: What are the challenges in North America and how can they be turned around? - Management acknowledged the market's softness but noted that the underperformance is plateauing, and they see opportunities for growth through distribution and operational excellence [56] Question: How are the incremental SG&A savings derived? - Most savings will come from corporate expenses, focusing on efficiencies without harming the business, including centralizing contracts and improving negotiation processes [66][68]