Engineering delivers strong year-over-year gains and internal growth First quarter operating highlights: "We're pleased with our operating results for the quarter, which met expectations and keep us on track to achieve our full-year targets," said Jay S. Hennick, Chairman & CEO of Colliers. "When we set our outlook for the year, we took a conservative stance given the macroeconomic and political uncertainty - and we're glad we did. At Colliers, market volatility has never derailed our focus on creating valu ...

Core Insights - Cabot Corporation reported diluted earnings per share (EPS) of $1.69 and adjusted EPS of $1.90 for the second quarter of fiscal year 2025, reflecting a 7% increase in adjusted EPS compared to the same quarter in the prior year [4][6][10] Financial Performance - Net income attributable to Cabot Corporation was $94 million for the second quarter, compared to $84 million in the same period last year [4][6] - The company returned $70 million to shareholders through dividends and share repurchases during the second quarter [6][10] - The quarterly dividend was increased by 5% from $0.43 to $0.45 per share [6] Segment Results - Reinforcement Materials segment reported EBIT of $131 million, down 12% year-over-year due to lower tire demand and contract outcomes in South America [5][6] - Performance Chemicals segment saw EBIT increase by 61% year-over-year to $50 million, driven by higher volumes in fumed metal oxides related to construction and semiconductor applications [6][7] Cash Flow and Capital Expenditures - The company ended the second quarter with a cash balance of $213 million, with cash flows from operating activities amounting to $73 million [8] - Capital expenditures for the quarter were $72 million [8] Tax and Effective Tax Rate - The company recorded a tax expense of $49 million with an effective tax rate of 32% for the second quarter [9] Outlook - Adjusted EPS guidance for fiscal 2025 has been revised to a range of $7.15 to $7.50 due to uncertain impacts from recent tariff policies on customer demand [10] - The company expects to maintain strong operating cash flow, allowing for continued investment in strategic growth projects and shareholder returns [10]

Core Insights - The Clorox Company reported lower-than-expected sales for the third quarter of fiscal year 2025, with net sales decreasing by 8% to $1.67 billion, primarily due to divestitures and a challenging consumer environment [1][5][3] - Despite the sales decline, the company maintained overall market shares and achieved its tenth consecutive quarter of gross margin expansion, increasing gross margin by 240 basis points to 44.6% [1][5][6] - The company expects continued organic sales growth and strong earnings growth for the fiscal year, despite macroeconomic uncertainties impacting shopping behaviors [3][8] Financial Performance - Net sales decreased 8% to $1.67 billion, with organic sales down 2% due to unfavorable price mix and flat organic volume [5][6] - Diluted EPS increased 466% to $1.50 from a loss of $0.41 in the prior year, influenced by the lapping of losses from divestitures and cyberattack insurance recoveries [5][6] - Adjusted EPS decreased 15% to $1.45 from $1.71, primarily due to lower net sales, partially offset by higher gross margin [5][6] Strategic and Operational Highlights - The company maintained market shares despite complex geopolitical and macroeconomic conditions and continued to invest in product innovations [6][3] - Clorox achieved zero-waste-to-landfill status across all global manufacturing plants where infrastructure allows [6] - The company introduced several new products, including Burt's Bees Boosted Tinted Balm and Clorox Scentiva ToiletWand Refills, to meet consumer needs [6] Fiscal Year 2025 Outlook - The company updated its fiscal year 2025 outlook, expecting net sales to be down 1% to flat, with organic sales growth projected at 4% to 5% [9][13] - Diluted EPS is expected to range between $5.73 and $6.13, reflecting a year-over-year increase of 155% to 172% [10][13] - The outlook includes anticipated benefits from incremental shipments related to the company's ERP transition, expected to contribute 2% to 3% to organic sales growth [9][13]

Core Insights - The AES Corporation reported a net loss of $73 million for Q1 2025, a significant decline from a net income of $278 million in Q1 2024, primarily due to higher prior year revenues from the monetization of the Warrior Run coal plant PPA and one-time restructuring costs [3][6][10] - The company reaffirmed its 2025 guidance for Adjusted EBITDA between $2,650 million and $2,850 million, with expected growth driven by new renewable projects and rate base growth at U.S. utilities [8][9][10] Strategic Accomplishments - The company completed the construction of 643 MW of energy storage and solar projects and is on track to add a total of 3.2 GW of new projects by the end of 2025 [10][11] - AES signed or awarded new long-term Power Purchase Agreements (PPAs) for 443 MW of solar and energy storage [10][11] - The sale of a minority interest in AES Global Insurance Company (AGIC) for $450 million helped achieve the full-year asset sale proceeds target of $400 to $500 million [10][11] Financial Highlights - Q1 2025 Adjusted EBITDA was $591 million, down from $640 million in Q1 2024, mainly due to lower contributions from the Energy Infrastructure SBU [4][7] - Adjusted EPS for Q1 2025 was $0.27, a decrease from $0.50 in Q1 2024, driven by lower realized tax attributes and contributions from the Energy Infrastructure SBU [7][10] - The company reported total revenue of $2,926 million for Q1 2025, compared to $3,085 million in Q1 2024, reflecting a decline in both regulated and non-regulated revenue streams [24][25] Financial Position and Outlook - The company reaffirmed its expectation for annualized growth in Adjusted EBITDA of 5% to 7% through 2027, based on a 2023 guidance base of $2,600 million to $2,900 million [9][10] - The total assets of the company increased to $48,615 million as of March 31, 2025, compared to $47,406 million at the end of 2024 [26][27] - The company expects to maintain its quarterly dividend payment of $0.17595 going forward [13]

Core Insights - RE/MAX Holdings reported a net loss of $2.0 million for Q1 2025, an improvement from a net loss of $3.4 million in Q1 2024, with basic and diluted GAAP loss per share at $(0.10) compared to $(0.18) in the prior year [8][10][12] Group 1: Operating Results - Total revenue for Q1 2025 was $74.5 million, down 4.9% from $78.3 million in Q1 2024, with revenue excluding Marketing Funds at $55.6 million, a decrease of 4.3% [4][10] - The agent count as of March 31, 2025, was 146,126, reflecting a 2.0% increase from 143,287 in the previous year, while the U.S. and Canada combined agent count decreased by 5.0% to 75,010 [3][10] Group 2: Revenue and Expenses - Recurring revenue streams, including franchise fees and annual dues, decreased by $2.2 million, or 5.5%, accounting for 66.8% of revenue excluding Marketing Funds in Q1 2025 [5] - Total operating expenses were $69.1 million, down 6.3% from $73.8 million in Q1 2024, primarily due to lower selling, operating, and administrative expenses [6][10] Group 3: Adjusted Metrics - Adjusted EBITDA for Q1 2025 was $19.3 million, an increase of 1.5% from $18.993 million in Q1 2024, with an adjusted EBITDA margin of 25.9% compared to 24.3% in the prior year [11][30] - Adjusted basic and diluted EPS were both $0.24 for Q1 2025, up from $0.20 in Q1 2024 [12][33] Group 4: Balance Sheet and Cash Flow - As of March 31, 2025, the company had cash and cash equivalents of $89.1 million, a decrease of $7.5 million from December 31, 2024, with outstanding debt at $439.9 million [13][26] - Cash flow from operations for Q1 2025 was $5.661 million, down from $9.381 million in Q1 2024, with adjusted free cash flow at $(1.161) million compared to $4.543 million in the prior year [28][38] Group 5: Outlook - For Q2 2025, the company expects agent count to increase by 1.5% to 2.5% and revenue in the range of $70.0 million to $75.0 million, with adjusted EBITDA projected between $22.5 million and $25.5 million [20]

May 1, 2025 Definitions: Non-GAAP Financial Measures Non-GAAP Financial Measures This information should not be considered in isolation or as a substitute for related GAAP measures. Additionally, these measures as calculated by the Company may not be comparable to similarly titled measures used by other companies. ADJUSTED EPS OR DILUTED EARNINGS PER SHARE EXCLUDING SPECIAL ITEMS We use diluted earnings per share excluding special items (adjusted EPS) as an underlying operational performance measure of the ...

Core Viewpoint - Norwegian Cruise Line Holdings Ltd. reported solid first quarter results for 2025, maintaining its profitability guidance for the full year despite macroeconomic challenges [2][4][10]. Financial Performance - Total revenue for the first quarter of 2025 was $2.1 billion, a decrease of approximately 3% compared to the first quarter of 2024 [6][7]. - The company reported a GAAP net loss of $40.3 million, with an EPS of ($0.09), reflecting a decline of $57.6 million compared to the same period in 2024 [6][7]. - Adjusted EBITDA was $453 million, slightly down by 2% from $464 million in 2024, but above the guidance of $435 million [6][7]. - Adjusted EPS was $0.07, slightly below guidance due to foreign exchange losses [6][7]. Operational Highlights - The company welcomed the delivery of Norwegian Aqua, its first Prima Plus Class vessel, and completed refurbishments on Norwegian Bliss and Norwegian Breakaway [4][6]. - Gross margin per Capacity Day increased by 5% on an as-reported basis and 7% on a Constant Currency basis compared to 2024 [7]. - Net Yield growth was approximately 0.6% on an as-reported basis, exceeding the guidance of 0.5% [7]. Debt and Liquidity - Total debt stood at $14.0 billion, with a net leverage ratio of 5.7x as of March 31, 2025, an increase of 0.4x from December 31, 2024 [8][12]. - The company had liquidity of $1.4 billion, including $184.4 million in cash and cash equivalents [13][12]. Future Guidance - The company maintained its full year 2025 Adjusted EBITDA guidance at approximately $2.72 billion, representing an 11% increase year-over-year [15]. - Full year 2025 Adjusted EPS guidance remains unchanged at $2.05, reflecting a 13% increase compared to 2024 [15]. - The company expects Net Yield to increase between 2.0% and 3.0% on a Constant Currency basis for 2025, slightly revised from previous guidance of ~3.0% [15]. Booking Environment - The company noted a softening in its 12-month forward booked position but remains within an optimal range, with occupancy at 101.5% for the first quarter of 2025 [11][10]. - Advance ticket sales balance at the end of the first quarter was $3.9 billion, up 2.6% year-over-year [11]. Capital Expenditures - The company reported newbuild-and-growth capital expenditures of $1.361 billion for the first quarter of 2025, with expectations of approximately $2.6 billion for the full year [28].

Financial Data and Key Metrics Changes - Adjusted EPS for the first quarter of 2025 was $1.39, reflecting a 7.5% core sales growth driven by Aerospace and Electronics and Process Flow Technologies [6][27] - Core orders increased by 16% in the quarter, primarily due to strength in Aerospace and Electronics [6][27] - Adjusted operating profit rose by 18%, supported by volumes, solid net pricing, and productivity [27] Business Line Data and Key Metrics Changes - Aerospace and Electronics segment sales reached $249 million, a 10% increase, with a record backlog of $960 million, up 21% year-over-year [28][29] - Total aftermarket sales in Aerospace and Electronics increased by 20%, with commercial aftermarket sales up 19% and military aftermarket up 24% [28] - Process Flow Technologies delivered sales of $309 million, up 9%, with core sales growth of 5% and a 5% contribution from recent acquisitions [29] Market Data and Key Metrics Changes - The Aerospace market remains strong, with Boeing ramping up production and solid procurement spending in defense [16][27] - Core sales growth for Aerospace and Electronics is anticipated to be mid to high single digits for the year, leveraging a 35% to 40% margin [17] - In the Process Flow Technologies segment, notable wins included a $5.7 million project for a Saudi Arabian mining company [21] Company Strategy and Development Direction - The company aims to continue growing through adversity, focusing on strategic execution and innovation [6][10] - There is a strong emphasis on maintaining a robust balance sheet with over $1.5 billion in M&A capacity, indicating ongoing acquisition activity [22][23] - The company is committed to long-term core sales growth of 4% to 6% through cycles, supported by solid aftermarket and operating leverage [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in emerging stronger from current economic dislocations, despite uncertainties in the macroeconomic environment [7][8] - The company reaffirmed its full-year 2025 adjusted EPS outlook in the range of $5.3 to $5.6, reflecting current economic conditions [7][8] - Management highlighted the importance of adapting to changes in demand and maintaining focus on long-term goals [20][26] Other Important Information - The company has a robust pipeline of potential acquisitions and has not seen any slowdown in M&A activity [22][92] - Management noted that supply chain disruptions have stabilized since last year, with no significant changes expected [80] - The company is actively engaged in new product development and technology roadmaps to support growth initiatives [25][26] Q&A Session Summary Question: Can you provide clarity on updated guidance and the contribution of price to sales? - Management expects about 3% overall price contribution, more heavily weighted to Process Flow Technologies [37] Question: What is the growth split between volume and price in Aerospace and Electronics? - The growth was roughly 50% from volume and 50% from price [50] Question: Are there any major commercial OE long-term agreements that repriced this quarter? - No major repricing occurred this quarter [53] Question: How is the company managing supply chain risks? - Supply chain disruptions have returned to normal rates, with no significant changes expected [80] Question: What is the outlook for the chemical market within Process Flow Technologies? - The company anticipates some project activity in the Americas to shift to the right, with softening demand in Europe [102]

Core Insights - AT&T's CFO will discuss the company's multi-year strategic growth plan at the Deutsche Bank Media, Internet & Telecom Conference [3] - The company is on track to meet its 2025 consolidated financial guidance and multi-year outlook [4][12] Financial Performance - AT&T expects full-year adjusted EPS of $1.97 to $2.07 and first-quarter adjusted EPS of approximately $0.48 or higher, consistent with or better than the first quarter of 2024 [6] - The company anticipates full-year free cash flow of over $16 billion and first-quarter free cash flow of approximately $2.8 billion or higher, also consistent with or better than the first quarter of 2024 [7] - AT&T expects to receive approximately $1.4 to $1.5 billion in cash payments from DIRECTV related to the sale of its 70% stake, with total after-tax cash payments expected to be $5.4 billion in 2025 [8] Strategic Initiatives - The company is focused on becoming the best connectivity provider in America, emphasizing customer-first strategies and continued network investment [12] - AT&T aims to achieve a net leverage target of net-debt-to-adjusted EBITDA in the 2.5x range in the first half of 2025 and maintain this leverage through 2027 [9]