Forward-Looking Statements Statements contained in this presentation about future performance, including, without limitation, operating results, capital expenditures, rate base growth, dividend policy, financial outlook, and other statements that are not purely historical, are forward-looking statements. These forward-looking statements reflect our current expectations; however, such statements involve risks and uncertainties. Actual results could differ materially from current expectations. These forward-l ...

Core Insights - Pfizer (PFE) shares increased by 3% following the release of Q1 earnings that significantly exceeded expectations, although the stock has declined 10% year-to-date [1][6] - The company is trading near multi-year lows at approximately $20 per share, which may attract investors looking for a rebound [2][6] Q1 Results - Pfizer reported Q1 earnings of $0.92 per share, surpassing EPS expectations of $0.64 by 43% and up from $0.82 in the same quarter last year [3][4] - Q1 sales totaled $13.71 billion, falling short of estimates of $13.83 billion and down from $14.87 billion year-over-year [4] Full-Year Guidance - Pfizer reaffirmed its fiscal 2025 guidance, projecting revenues between $61 billion and $64 billion, with Zacks projections at $63.48 billion [7] - The company expects adjusted FY25 EPS to be in the range of $2.80 to $3.00, with the Zacks Consensus at $2.99 [7] Valuation Metrics - Pfizer's stock is trading at a price-to-forward earnings ratio of 7.7X, significantly lower than its decade-high of 20.1X and below the S&P 500's 21.3X [8] - The stock is also trading at a discount compared to the Zacks industry average of 16.4X [8] Dividend Information - Pfizer offers an annual dividend yield of 7.46%, which is substantially higher than the industry average of 2.51% and the benchmark's 1.33% [10] - The company has increased its dividend for 16 consecutive years, despite losing its dividend aristocrat status during the 2008 financial crisis [10] Market Sentiment - Following the Q1 report, Pfizer holds a Zacks Rank 2 (Buy), with earnings estimate revisions for FY25 and FY26 trending upward [12] - The company's strong performance in exceeding EPS expectations and its cost-saving initiatives may enhance its valuation and attract long-term investors [13]

First Quarter 2025 Earnings Presentation Credit Private Equity Real Estate Strategic Initiative s 0 42 65 155 112 42 4 94 109 127 127 127 0 42 65 2 87 133 71 126 163 120 163 198 BUSINESS SECTOR PALETTE GENERAL PALETTE Important Notice This presentation has been prepared for Ares Capital Corporation ("Ares Capitalˮ) for the benefit of its public stockholders. This presentation is solely for information purposes in connection with evaluating the business, operations and financial results of Ares Capital. This ...

Astec Industries (ASTE) Q1 2025 Earnings Call April 29, 2025 08:30 AM ET Company Participants Stephen C. Anderson - Senior VP of Administration & Investor RelationsJaco van der Merwe - CEO, President & DirectorBrian Harris - Chief Financial Officer Conference Call Participants Steve Ferazani - Senior Equity Analyst - Diversified Industrials & EnergyMircea Dobre - Associate Director of Research & Senior Research Analyst Stephen C. Anderson Thank you. Good morning, everyone. Joining me on today's call are Jak ...

Core Viewpoint - Lazard Inc. reported first-quarter 2025 adjusted earnings per share of 56 cents, exceeding the Zacks Consensus Estimate of 27 cents, but down from 66 cents per share in the same quarter last year [1][2] Financial Performance - Net income (GAAP) for Lazard was $60.4 million, a significant increase of 68.9% from the prior-year quarter [2] - Quarterly operating revenues were $643.2 million, reflecting a decline of 13.8% year over year, yet surpassing the Zacks Consensus Estimate of $616 million [3] - Operating expenses decreased to $593.4 million, down 16.4% year over year [4] Segment Performance - Financial Advisory segment adjusted operating revenues were $369.5 million, down 17.3% from the previous year [5] - Asset Management segment adjusted operating revenues decreased to $264.5 million, a decline of 4.1% year over year [5] - Corporate segment adjusted operating revenues were $9.1 million, down 61.9% from the year-ago quarter [5] Assets Under Management (AUM) - As of March 31, 2025, total AUM was $227.4 billion, a decrease of 9.2% from the prior-year quarter [6] - The average AUM in the reported quarter was $230.8 billion, down 6.5% year over year [6] Balance Sheet Position - Cash and cash equivalents totaled $908.6 million, down 30.5% from the prior quarter [7] - Stockholders' equity was $648.6 million, a decrease of 5.3% sequentially [7] Share Repurchase Activity - In the reported quarter, Lazard repurchased 0.8 million shares at an average price of $46.73 per share, with approximately $164 million remaining for future repurchases [9] Strategic Outlook - Increased dependence on advisory revenues and continued net outflows are expected to impact top-line growth [10] - Innovative investment strategies and cost mitigation initiatives are anticipated to support profitability [10]

Core Insights - SEI Investments (SEIC) reported revenue of $551.34 million for the quarter ended March 2025, marking a year-over-year increase of 7.8% and an EPS of $1.17 compared to $0.99 a year ago, with a revenue surprise of +0.86% over the Zacks Consensus Estimate [1] - The consensus EPS estimate was $1.12, resulting in an EPS surprise of +4.46% [1] Financial Performance Metrics - SEI's assets under management (AUM) for Private Banks reached $29.26 billion, exceeding the average estimate of $28.26 billion [4] - AUM for Investment Advisors was $78.84 billion, slightly above the estimated $78.75 billion [4] - AUM for Institutional Investors stood at $78.07 billion, surpassing the average estimate of $75.06 billion [4] - AUM for Investments in New Business was $2.95 billion, close to the $2.99 billion estimate [4] - AUM for LSV - Equity and Fixed Income programs was $87.11 billion, exceeding the estimate of $85.52 billion [4] Revenue Breakdown - Revenue from Investment Advisors was $136.58 million, above the average estimate of $133.40 million, reflecting a year-over-year change of +11.3% [4] - Revenue from Investment Managers was $192.05 million, exceeding the estimate of $188.36 million, with a year-over-year change of +11.2% [4] - Revenue from Private Banks was $137.71 million, slightly below the average estimate of $140.19 million, showing a year-over-year change of +5.8% [4] - Revenue from Investments in New Business was $16.50 million, surpassing the estimate of $15.70 million, with a year-over-year increase of +15.4% [4] - Revenue from Institutional Investors was $68.51 million, slightly above the estimate of $67.54 million, reflecting a year-over-year change of -4.6% [4] - Revenue from Information processing and software servicing fees was $119.20 million, exceeding the estimate of $116.64 million, with a year-over-year change of +11.2% [4] - Revenue from asset management, administration, and distribution fees was $432.14 million, slightly above the average estimate of $429.49 million, reflecting a year-over-year change of +6.9% [4]

Core Insights - Thermo Fisher Scientific Inc. reported first-quarter 2025 adjusted earnings per share (EPS) of $5.15, exceeding the Zacks Consensus Estimate by 1% and reflecting a year-over-year increase of 0.8% [1] - The company's GAAP EPS was $3.98, marking a 15% increase year over year [1] - Following the earnings announcement, shares of Thermo Fisher rose 1.7% in pre-market trading [2] Revenue Performance - Total revenues for the quarter reached $10.36 billion, a 0.2% increase year over year, surpassing the Zacks Consensus Estimate by 1.1% [3] - Organic revenues increased by 1% year over year [3] Segment Analysis - Life Sciences Solutions segment (22.6% of total revenues) saw revenues increase by 2.4% year over year to $2.34 billion, exceeding estimates [4] - Analytical Instruments segment (16.6%) reported a 1.8% year-over-year increase in revenues to $1.72 billion, which fell short of estimates [5] - Specialty Diagnostics segment (11.1%) experienced a 3.5% year-over-year revenue increase to $1.15 billion, surpassing predictions [6] - Laboratory Products and Biopharma Services segment (54.4%) saw a decline of 1.4% year over year, with revenues at $5.64 billion, slightly below estimates [7] Margin Performance - Gross margin for the first quarter was 41.6%, contracting by 5 basis points year over year due to a 0.3% rise in the cost of revenues [8] - Selling, general and administrative expenses decreased by 0.6% to $1.72 billion, while research and development expenses increased by 3.3% to $342 million [8] - Adjusted operating margin was 21.7%, reflecting a contraction of 2 basis points [8] Financial Position - At the end of Q1 2025, cash and cash equivalents and short-term investments totaled $5.95 billion, up from $5.57 billion at the end of Q4 2024 [9] - Net cash from operating activities was $723 million, down from $1.25 billion a year ago [10] - The company has a consistent dividend-paying history, with a five-year annualized dividend growth of 15.10% [10] Strategic Developments - During the first quarter, Thermo Fisher launched several innovative products, including the Thermo Scientific Vulcan Automated Lab and Olink Reveal proteomics kits, contributing to commercial success [12] - The company announced an agreement to acquire Solventum's Purification & Filtration Business for $4.1 billion in cash [12] Overall Assessment - Thermo Fisher's first-quarter results exceeded expectations in terms of earnings and revenues, with growth in most segments except for Laboratory Products and Biopharma Services [11] - The contraction in margins was noted as a concern, and the company is expected to provide guidance for 2025 in an upcoming earnings call [11]

Financial Data and Key Metrics Changes - The company reported same restaurant sales growth of 2.6% for the third quarter, showing sequential improvement from prior quarters [22] - Adjusted diluted net earnings per share from continuing operations increased by 6.9% year-over-year to $2.80 [23] - Adjusted EBITDA for the quarter was $559 million, with total sales for the quarter reaching $3.23 billion [23][28] Business Line Data and Key Metrics Changes - Olive Garden's total sales increased by 1.5%, driven by same restaurant sales growth of 0.6% [25] - Longhorn Steakhouse saw total sales increase by 5.1%, with same restaurant sales growth of 2.6% [26] - The Fine Dining segment experienced a 3.3% increase in total sales, although same restaurant sales were negative at 0.8% [27] - The Other Business segment, primarily driven by the acquisition of Chuy's, saw sales increase by 20.2% [27] Market Data and Key Metrics Changes - The average same restaurant sales for the industry grew by 0.9%, while guest counts decreased by 1.2% [6] - The median same restaurant sales for the industry decreased by 2.3%, indicating a significant disparity between average and median results [6] Company Strategy and Development Direction - The company is focusing on integrating Chuy's and leveraging its existing brands to drive sales growth [18][42] - New smaller restaurant prototypes are being tested to lower construction costs and accelerate new restaurant openings [16][17] - The company plans to open between 60 and 65 new restaurants in fiscal 2026, with a capital expenditure of $375 million to $400 million for new restaurants [28][29] Management's Comments on Operating Environment and Future Outlook - Management noted that same restaurant sales trends improved in January and February, exceeding industry benchmarks by over 100 basis points [21] - The company remains confident in its strategy and business model, which continues to drive success despite external challenges [30] - Management acknowledged that while consumer sentiment is less optimistic, it has not significantly impacted dining out trends [94] Other Important Information - The company has awarded 98 scholarships worth $3,000 each to the children of team members through its Next Core scholarship program [19] - The company is experiencing a general rise in value perception at Olive Garden, attributed to improved operational performance [81] Q&A Session Summary Question: Is the improvement seen more related to the company's own brands or the industry? - Management indicated that Olive Garden and Longhorn continue to perform well, with overall positive trends reflected in guidance for above 3% same restaurant sales growth [34] Question: What degree of flu impact was observed in the quarter? - Management could not quantify the flu's impact but noted that weather had a more significant effect on sales [40] Question: Can you provide insights on the Uber partnership and advertising spend? - Management stated that while Uber is contributing to advertising costs, the company is funding a larger portion and expects modest impacts on overall advertising spend [47][49] Question: Can you elaborate on the EPS guidance for the fourth quarter? - Management explained that inflation is expected to rise to about 3% in Q4, impacting operating margins, which are not expected to grow materially year-over-year [55] Question: What is driving Olive Garden's recent sales momentum? - Management attributed the sales momentum more to menu news rather than delivery, as the delivery rollout occurred late in the quarter [73] Question: How is the company managing inflation and labor costs? - Management noted that commodity prices are being managed effectively, with labor inflation stabilizing in the mid-3% range [77][78] Question: What is the company's exposure to potential tariffs? - Management indicated that about 80% of the cost basket is domestically sourced, with strategies in place to mitigate risks associated with tariffs [87][89]