Chief Financial Officer Jennifer Wolfenbarger reported full-year 2025 fully diluted EPS of $3.22, down from $3.86 in 2024. She said the result was negatively impacted by a $41.5 million pension settlement charge net of tax benefit, or $0.91 per share, and $0.01 of restructuring charges. On an adjusted basis, diluted EPS was $4.14 in 2025 versus $3.92 in 2024, an increase of 6%.Beyond the reported figures, management emphasized initiatives aimed at accelerating growth and improving margins. Ruzynski said the ...

Summary of Ryder's Conference Call Company Overview - **Company**: Ryder System, Inc. - **Industry**: Transportation and Logistics - **Founded**: 1933, went public in 1955 - **Revenue**: Approximately $13 billion - **Stock Symbol**: R - **Segments**: Fleet Management Solutions (FMS), Dedicated Transportation Solutions (DTS), Supply Chain Solutions (SCS) [1][2][3] Core Business Segments 1. **Fleet Management Solutions (FMS)** - Represents about 43% of total revenue - Offers truck leasing and maintenance services - Operates a fleet of nearly 240,000 vehicles - Revenue growth is dependent on the freight market [3][5][26] 2. **Dedicated Transportation Solutions (DTS)** - Accounts for 19% of revenue - Provides trucks and drivers for customers - Growth is influenced by the driver market and outsourcing trends [5][61] 3. **Supply Chain Solutions (SCS)** - Focuses on warehousing and logistics - Operates over 300 warehouses with over 100 million square feet of space - Long-term growth target is low double digits [6][40][54] Transformation and Strategy - **Balanced Growth Strategy**: Initiated in 2019 to de-risk the business model, improve returns, and accelerate growth in asset-light businesses [7][10] - **Revenue Mix Shift**: In 2018, asset-intensive business was 56% of revenue; by 2023, it decreased to 38% [11] - **Earnings Improvement**: Targeting low twenties return on equity (ROE) over the cycle, with a peak ROE of 17% expected in 2025 [12] - **Cost Savings**: Achieved over $100 million in savings from maintenance optimization initiatives [10][13] Financial Outlook - **2026 EPS Guidance**: Midpoint reflects an 8% year-over-year growth, with a range of 4%-12% [71] - **Potential Earnings Lift**: Identified $250 million in earnings lift as the freight market recovers [13][72] - **Free Cash Flow**: Expected to be $700-$800 million, with plans for organic growth, acquisitions, dividends, and share buybacks [83][85] Market Dynamics - **Freight Market**: Current softness in the freight market is impacting lease sales and rental fleet performance [27][69] - **Driver Market**: A tightening driver market is expected to drive growth in dedicated services as companies outsource more [61][66] - **Customer Sentiment**: Large companies are moving forward with projects, while small to mid-sized companies are more hesitant due to market conditions [70] Innovation and Technology - **AI Integration**: Ryder is leveraging AI in customer-facing systems and operational efficiencies [88][89] - **Automation**: Increased use of automation in warehouses and maintenance operations to enhance productivity [100][102] Management Transition - **Leadership Change**: Robert Sanchez will transition to Executive Chair, with John Diez taking over as CEO [15][78] - **Management Team**: Strong leadership team in place, with a focus on innovation and operational excellence [17][80] Conclusion - Ryder is positioned for future growth with a focus on innovation, operational efficiency, and a strong management team. The company anticipates that the best years are ahead as market conditions improve and demand for logistics services increases [105]

Core Viewpoint - Nvidia is expected to release strong earnings guidance for the upcoming fiscal quarter, with optimistic projections from Citigroup analysts [1] Group 1: Earnings Forecast - Nvidia's revenue for the fiscal quarter ending in January is projected to be approximately $67 billion, exceeding Wall Street's consensus estimate of $65.6 billion [1] - The revenue guidance for the fiscal quarter ending in April is anticipated to reach $73 billion, significantly higher than the market expectation of $71.6 billion [1] Group 2: Long-term Growth Potential - Nvidia is expected to achieve a year-over-year sales acceleration growth of 34% in the second half of 2026, driven by the continued rollout of B300 products and the introduction of the Rubin architecture [1] - The stock is considered attractive from a long-term perspective, with the potential to outperform the market in the second half of 2026 as visibility on 2026 earnings improves [2] Group 3: Market Trends and Competitive Position - The inference market is evolving towards greater diversification, providing more options for model scaling and application customization, which will enrich the forms of AI accelerators [2] - Nvidia is expected to maintain its leadership in training and inference workloads, with MLPerf being a key reference for comparing different AI accelerators [2]

转自：京报网_北京日报官方网站 【#央视春晚直播总收视创13年新高#】#央视春晚同时在看人数峰值破4亿#中央广播电视总台《2026年 春节联欢晚会》在"欢乐吉祥，喜气洋洋"的主基调中圆满播出，为全球华人和海外朋友奉上了一道年味 浓郁、文化醇厚、科技闪耀的"文化年夜饭"，传递出和合共鸣、四海同春的浓浓暖意。截至2月17日8 时，春晚境内全媒体总触达230.63亿次，同比提升37.3%。在全国电视市场的直播总收视份额达 79.29%，创13年来新高。春晚播出期间，平均每分钟同时在线收看（收听）人数达3.25亿人，同时在线 收看人数峰值破4亿人。总台春晚在境内新媒体端数据刷新历史纪录。春晚在境内新媒体直点播触达总 数162.07亿次，同比增长49%。其中，总台自有客户端直点播累计播放量达7.7亿次，同比增长2.7%；直 播播放量累计达6.05亿次，较去年增加6005万人次。"春晚无障碍版"在央视新闻、央视频及云听客户端 累计直点播播放量达2833.66万次，同比增长144%。网络热度持续走高，近2000个话题登上热搜热榜。 截至2月17日13时，2026年总台春晚全网话题阅读量达271.2亿。全网各大平台热搜涌现， ...

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Financial Data and Key Metrics Changes - GAAP EPS for the fourth quarter was $9.05, including a tax benefit of $78.5 million, or $3.98 per share, primarily due to a U.S. tax deduction related to the Prospera investment [20] - Adjusted diluted EPS was $4.92, up 28.1% year-over-year [21] - For the full year, adjusted diluted EPS was $19.09, an increase of 11.1% over 2024 [30] Business Line Data and Key Metrics Changes - Infrastructure sales grew 7.2% year-over-year to $819 million, with utility sales increasing by 21% due to strong market conditions and higher volumes [24] - Agriculture sales decreased 19.9% year-over-year to $222.7 million, with an operating loss of $3.3 million in the fourth quarter [27] - Coatings sales increased by 6.3%, supported by healthy infrastructure demand [26] Market Data and Key Metrics Changes - The utility market is experiencing strong demand driven by electrification, AI, and aging infrastructure replacement, with a backlog of $1.5 billion, up 22% from the previous year [10][44] - North American agriculture markets remain challenged, while international sales declined due to economic conditions in Brazil [27][15] - The telecommunications market has normalized, with ongoing investments in wireless and RAN [72] Company Strategy and Development Direction - The company is focused on disciplined resource allocation, safety, and continuous improvement to enhance performance [9] - Investments in technology and aftermarket services are aimed at improving efficiency and customer experience in agriculture [8][16] - The company plans to host an investor day to share deeper insights into its strategy and long-term financial targets [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the utility market's strength, citing multiple demand drivers and a robust backlog [44] - The agriculture segment is expected to see a meaningful recovery in Q1 2026, with a focus on improving margins [45][49] - The company anticipates net sales for 2026 to be between $4.2 billion and $4.4 billion, with diluted EPS projected in the range of $20.50 to $23.50 [35][36] Other Important Information - The company acquired the remaining 40% of ConcealFab, enhancing its technology and product pipeline [12] - A total of $250 million was returned to shareholders, including $198 million through share repurchases [32] Q&A Session Summary Question: Confidence in utility demand and changes in customer investment - Management is confident in the utility market due to strong drivers like electrification and aging infrastructure, supported by a backlog of $1.5 billion [44] Question: Actions to restore agriculture margins and expected recovery timeline - Management expects a meaningful recovery in agriculture margins in Q1 2026, having taken steps to address previous challenges [45][46] Question: Capital spending increase for utility capacity expansions - The company plans to spend $170 million to $200 million in 2026 on utility capacity expansions, driven by durable demand [53][54] Question: Expected agriculture margins for Q1 and full year - Management anticipates low teens margins in Q1, potentially reaching mid-teens by year-end [51] Question: Growth expectations in non-utility infrastructure segments - Management expects growth across all infrastructure segments, including telecom, coatings, and lighting [72]

Core Insights - IREN Limited is transitioning from a pure-play crypto-mining company to an AI Cloud Service Provider, targeting $3.4 billion in annualized run-rate revenues by the end of 2026, primarily from its AI cloud business [3][19] - Strategy, the world's largest bitcoin treasury company, holds 713,502 bitcoins and achieved a bitcoin yield of 22.8% in 2025, translating to a gain of $8.9 billion [8][20] IREN Limited Overview - IREN reported $2.3 billion of annualized run-rate revenues under contract in Q2 2026, including a significant agreement with Microsoft [3] - The company secured $3.6 billion in GPU financing and received $1.9 billion in customer prepayments from Microsoft, covering approximately 95% of GPU-related capital spending [4] - IREN has over 4.5 gigawatts of secured power, with only 10% needed to reach its $3.4 billion ARR target, leaving substantial capacity for future growth [5] - Total revenues fell 23% in Q2 2026, primarily due to declining Bitcoin mining revenues as the company shifts focus [6][7] Strategy Overview - Strategy's bitcoin yield increased to 22.8% in 2025, supported by over $25 billion raised through equity offerings, which were primarily used to purchase Bitcoin [8][9] - The company continued to buy Bitcoin during price declines, acquiring 32,470 bitcoins for about $3.1 billion in Q4 2025 [10][11] - Strategy maintains controlled leverage with net leverage around 10-13% and a cash reserve of $2.25 billion, covering over 2.5 years of interest and dividend payments [11][12] Comparative Analysis - Earnings estimates for IREN have been revised downward, with a projected EPS of 38 cents for fiscal 2026, while Strategy's EPS estimate has been revised upward to $98.83 [13][15] - Over the past three months, IREN shares have decreased by 13.6%, while Strategy shares have lost 35.3% [16] - Strategy trades at a trailing P/B multiple of 0.87X, significantly lower than IREN's 5.59X, making it more attractive for value-seeking investors [18] Conclusion - IREN's long-term potential lies in its AI cloud services and strong power availability, but it faces short-term revenue pressures due to its shift away from Bitcoin mining [19] - Strategy's growth is driven by increasing Bitcoin holdings and strong capital access, making it a more stable investment option [20]

Market Overview - The Nasdaq has opened 1.2% lower at 22,293.85, marking its lowest point since November 21, and is on track for a potential sixth consecutive weekly decline [1] - The S&P 500 has dropped 0.7%, while the Dow Jones has opened 0.2% higher, supported by companies like Apple and Goldman Sachs [1][2] Recent Performance - US stock futures were down on Tuesday, with the Nasdaq futures declining by 0.8%, S&P 500 down 0.4%, and Dow Jones down 0.2% [3] - The S&P 500 has experienced a decline of 1.4% last week, the Nasdaq dropped over 2%, and the Dow retreated 0.9% from early month highs [4] Sector Analysis - Concerns regarding AI-related disruptions have negatively impacted sentiment across multiple sectors, contributing to the Nasdaq's fifth consecutive weekly decline, the longest losing streak since 2022 [4] - The US software and services sector is currently trading at a discount to the broader market for only the second time in 30 years, presenting potential investment opportunities for those willing to accept short-term volatility [6] Investment Behavior - Many cash-rich corporations have paused share buybacks and are raising funds through stock issuance and debt markets to invest in AI [5] - Investors appear hesitant to increase their exposure at current levels, waiting for a catalyst that could prompt selling or buying decisions [5]

Core Insights - The fourth quarter of 2025 saw a strong divergence in market performance, with AI beneficiaries and cyclical sectors leading, while quality growth strategies faced challenges [1] - The SGA Emerging Markets Growth Strategy portfolio returned 0.8% (Gross) and 0.6% (Net) in Q4 2025, underperforming against the MSCI EM Net TR Index return of 4.7% and the MSCI EM Growth Net TR Index return of 3.3% [1] - For the full year 2025, the portfolio achieved returns of 23.8% (Gross) and 22.8% (Net), lagging behind the indexes which returned 33.6% and 34.3% respectively [1] - The portfolio anticipates annual revenue growth of 13% and earnings growth of 16% over the next three years [1] Company Insights - Alcon Inc. (NYSE:ALC) is highlighted as a key stock in the SGA Emerging Markets Growth Strategy, focusing on eye care products [2] - Alcon Inc. experienced a one-month return of 0.25% and a 12.05% decline in share value over the past 52 weeks, with a closing stock price of $79.20 and a market capitalization of $39.052 billion as of February 13, 2026 [2] - The SGA Emerging Markets Growth Strategy engaged with Alcon's leadership team in December 2025 to discuss ESG matters, specifically compensation and sustainability [3]

Core Viewpoint - IREN Limited (NASDAQ:IREN) is recognized as a significant player in the Bitcoin and blockchain sector, with recent analyst ratings reflecting mixed outlooks on its stock price and performance [1][2]. Financial Performance - B. Riley increased its price target for IREN from $74 to $83 while maintaining a Buy rating, despite reporting an adjusted EBITDA of $75.3 million for Q2, which was below expectations [3]. - Cantor Fitzgerald retained an Overweight rating but reduced its price target from $136 to $82, citing a shift from Bitcoin mining to AI computation amid declining hash rates and Bitcoin prices, which has negatively impacted revenue and EBITDA [5]. - Macquarie analyst Paul Golding lowered his price target from $95 to $70 while keeping an Outperform rating [4]. Company Operations - IREN Limited operates as a vertically integrated data center company, utilizing renewable energy to support Bitcoin, AI, and other applications, strategically located in areas rich in renewable resources and fiber connectivity across the U.S. and Canada [6]. - The company has expanded its capacity by adding 1.6 gigawatts through the Sweetwater 1 and 2 projects in Texas and a new campus in Oklahoma, with a goal of achieving $3.4 billion in annualized run-rate revenue by the end of 2026 [3]. Market Position - IREN is listed among the best Bitcoin stocks, indicating its relevance in the cryptocurrency market [2]. - Despite its potential, some analysts suggest that other AI stocks may offer better upside potential with less risk [7].