Financial Data and Key Metrics Changes - Net sales increased by 4% to $1.183 billion compared to $1.14 billion in the prior year [14] - Gross profit rose by 6% to $120 million from $113 million in the prior year, with gross margin expanding to 10.2% from 9.9% [6][15] - Net income attributable to Fresh Del Monte was $57 million, up from $54 million in the prior year, with adjusted diluted earnings per share increasing to $1.23 from $1.16 [18] Business Segment Data and Key Metrics Changes - Fresh and value-added products segment net sales increased by 4% to $723 million, driven by higher selling prices in the pineapple product line [19] - Banana segment net sales also rose by 4% to $410 million, primarily due to higher selling prices across regions [21] - Other products and services segment saw a slight decrease in net sales to $50 million from $51 million, attributed to lower selling prices in poultry and meats [22] Market Data and Key Metrics Changes - Consumer spending on tropical fruit has risen by 58% since February 2017, indicating a growing market relevance [8] - The company launched PingGlow in the UAE, marking its first sustained market entry for a variety in the Middle East [8] Company Strategy and Development Direction - The company is transitioning from legacy break box shipping vessels to container vessels in the Asia Pacific region to enhance operational efficiency [27] - There is a focus on expanding production capacity in Costa Rica and other regions, including Brazil and Africa, to meet growing demand [36][38] Management Comments on Operating Environment and Future Outlook - Management anticipates a continued shortage of pineapple supply into 2026, with strong market dynamics expected to persist [35][36] - The company remains confident in its ability to deliver on full-year objectives, expecting net sales growth of 2% year-over-year [28] Other Important Information - The company declared a quarterly cash dividend of $0.30 per share, equating to an annualized yield of 3.3% based on current share price [26] - The effective tax rate for the second quarter was 20%, reflecting increased earnings in higher tax jurisdictions [23] Q&A Session Summary Question: Update on pineapple supply and growth expectations - Management expects a continued shortage of supply through the end of the year and into next year, with strong market conditions for premium varieties [35][36] Question: Distribution growth for Pink Glow - Supply is currently constrained due to regulatory issues, but management anticipates increased acreage and supply in about 18 months [40][41] Question: Demand sources for fresh cut fruit - Demand is primarily coming from retail and convenience stores, with growth observed globally, not just in North America [45][46] Question: Impact of black sigatoka on banana supply - Costa Rica's export volume is down over 20% due to black sigatoka disease, which is expected to worsen [52] Question: Foreign exchange impact on revenue - The strengthening of the euro, British pound, and Japanese yen positively impacted net sales, while the Costa Rican colon presented headwinds [62][65]

Core Insights - Aptiv PLC (APTV) is expected to report second-quarter 2025 results on July 31, with earnings estimated at $1.79 per share, reflecting a 13.3% year-over-year growth, while revenues are projected at $5.03 billion, indicating a 0.4% decrease from the previous year [1][8] Financial Performance Expectations - For Q2 2025, Aptiv anticipates revenues between $4.92 billion and $5.12 billion, with adjusted EPS expected in the range of $1.7 to $1.9. The adjusted operating income margin is forecasted between 11.1% and 11.8%, and the adjusted EBITDA margin is projected to be between 14.9% and 15.5% [3][8] - For the full year 2025, Aptiv expects revenues between $19.6 billion and $20.4 billion, with adjusted EPS in the $7 to $7.6 range. The adjusted operating income margin is anticipated between 11.9% and 12.3%, with capital expenditure expected to be $880 million [4] Strategic Initiatives - Aptiv's partnership with ServiceNow aims to enhance intelligent automation and operational efficiency across various sectors by integrating Aptiv's edge intelligence with ServiceNow's AI-powered workflows. This collaboration is expected to streamline operations, support real-time decision-making, and improve productivity, ultimately driving top-line growth and earnings [5][8] Earnings Surprise History - Aptiv has a positive earnings surprise history, having surpassed the Zacks Consensus Estimate in each of the last four quarters, with an average beat of 9.5% [2][6]

Financial Data and Key Metrics Changes - In Q2, sales decreased by 6%, reflecting the ongoing downturn in the power sports industry and increased promotions [7][20] - Adjusted EPS was $0.40, down year over year but above consensus expectations [9][21] - Free cash flow generated was approximately $290 million, marking a strong performance in cash generation [19][26] Business Line Data and Key Metrics Changes - Off-road sales declined by 8%, driven by lower whole goods volume and increased promotions [20][21] - Marine sales increased by 16%, supported by positive shipments of new boats, particularly the entry-level Bennington pontoon [25][100] - On-road sales were down 1%, with Indian motorcycles showing mid-single-digit growth [24][108] Market Data and Key Metrics Changes - Retail was flat year over year in Q2, with growth in Ranger crossover and Indian motorcycle segments [10][11] - Dealer inventory levels improved, with Polaris maintaining a DSO of around 110 days, well below historical norms [23][24] - The broader marine industry continues to face pressure from elevated interest rates and macroeconomic uncertainty [26][100] Company Strategy and Development Direction - The company is focused on innovation and operational efficiency, targeting $40 million in operational efficiencies for 2025 [9][38] - A new product, the Polaris Ranger 500, is being launched to capture a segment of customers looking for quality at a lower price point [33][34] - The company is actively working on a four-pronged tariff mitigation strategy to reduce exposure and maintain competitiveness [15][18] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the uncertainty surrounding tariffs and consumer spending, which has led to the decision not to reinstate full-year guidance [9][10] - The company remains committed to navigating challenges and positioning itself for long-term success despite the macroeconomic environment [30][39] - There is optimism about emerging stronger from the current downturn, with a focus on cash preservation and operational efficiency [19][28] Other Important Information - The company has seen a significant reduction in expected tariff impacts, with gross tariff costs now estimated between $180 million to $200 million for the full year [15][29] - The company is targeting a 35% reduction in parts sourced from China by year-end, with nearly half of that already achieved [16][18] Q&A Session Summary Question: How is the company preparing for potential changes in USMCA? - Management is aware of the potential renegotiation of USMCA and is working to reduce sourcing from China while optimizing supply chains in the U.S. and Mexico [41][43] Question: Can the company win at lower price points given current trade policies? - The Ranger 500 is expected to have a better margin profile than its predecessor, and the company is confident in its ability to compete at lower price points [51][52] Question: What is the expected annualized tariff impact next year? - The company estimates an annualized tariff impact of around $230 million, with ongoing efforts to reduce this figure [61][62] Question: How is retail performing month to month? - Retail performance was stable throughout the quarter, with the utility segment holding up well, and management is optimistic about future sales as economic conditions stabilize [76][78] Question: What are the dynamics affecting promotional spending? - Promotional spending is expected to ease as inventory levels improve, but consumers are still looking for deals due to high interest rates [82][90]

Financial Data and Key Metrics Changes - In Q2 2025, sales decreased by 6% due to the ongoing downturn in the power sports industry and increased promotions [7][20] - Adjusted EPS was $0.40, down year over year but above consensus expectations [9][20] - Free cash flow generated was approximately $290 million, marking a strong performance [19][25] Business Line Data and Key Metrics Changes - Off-road sales declined by 8%, driven by lower whole goods volume and increased promotions [21] - Marine sales increased by 16%, supported by new boat shipments, particularly the entry-level Bennington pontoon [25] - On-road sales were down 1%, with Indian motorcycles showing mid-single-digit growth [24][25] Market Data and Key Metrics Changes - Retail was flat year over year, with growth in Ranger crossover and Indian motorcycles [11][12] - Dealer inventory levels improved, with Polaris maintaining DSOs around 110 days, below historical norms [23][24] - The company gained market share across all segments, including ORV, despite aggressive promotions from competitors [12][13] Company Strategy and Development Direction - The company is focused on innovation and operational efficiencies, targeting $40 million in operational efficiencies for 2025 [9][35] - A new product, the Polaris Ranger 500, is being launched to capture a significant portion of the utility vehicle market [31][32] - The company is actively working on a four-pronged tariff mitigation strategy to reduce exposure and maintain competitiveness [15][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating current challenges and positioning for long-term success despite macroeconomic uncertainties [10][29] - The company is monitoring tariff developments closely and will reevaluate guidance once there is greater clarity [10][11] - Management noted that while the macroeconomic environment remains uncertain, disciplined execution and strong cash flow generation position the company well [29][30] Other Important Information - The company recognized a non-cash goodwill impairment charge related to the On Road segment due to ongoing industry conditions [22] - The company has approximately $1 billion of liquidity available through its revolving credit facility [27] Q&A Session All Questions and Answers Question: How is the company preparing for potential changes in USMCA? - The company is aware of potential renegotiations and is working to reduce sourcing from China while increasing manufacturing in the U.S. and Mexico to align with USMCA [38][40] Question: Can the company win at lower price points given current trade policies? - The company believes it can maintain margins on the new Ranger 500, which is priced competitively and expected to attract new customers [47][49] Question: What is the expected annualized tariff impact next year? - The company estimates an annualized tariff impact of around $230 million, which could be reduced further through ongoing mitigation efforts [56][58] Question: How is retail performing month to month? - Retail performance was stable throughout the quarter, with the utility segment holding up well, and management is optimistic about future sales as economic conditions stabilize [70][72] Question: What factors are driving share gains in ORV? - Share gains are attributed to strong product offerings and improved inventory levels among competitors, allowing the company to capitalize on its innovative products [109]

Financial Data and Key Metrics Changes - Deutsche Bank reported a pre-provision profit of EUR 6.2 billion for the first half of 2025, nearly double the same period in 2024 [5] - Net commission and fee income increased by 4% year on year, aligning with the goal to boost revenues from fee-based and capital-light businesses [5] - Net interest income (NII) across key banking book segments was EUR 3.4 billion, up 5% quarter on quarter, with a full-year NII guidance of EUR 13.6 billion [10][11] Business Line Data and Key Metrics Changes - All four business divisions delivered double-digit returns in the first half of 2025, with the Corporate Bank positioned to capitalize on investment opportunities in Germany and Europe [6][7] - The Investment Bank is focused on consolidating its position in the European FICC franchise, while the Private Bank is seeing improvements in returns due to transformation efforts [7][8] - Asset Management has over EUR 1 trillion in assets under management, positioning it well for both German and European investors [8] Market Data and Key Metrics Changes - Loan growth of EUR 3 billion was observed in the second quarter, with a strong underlying quality of the loan book [12] - Deposits grew by EUR 4 billion during the second quarter, reflecting a stable and high-quality deposit portfolio [13][14] - The liquidity coverage ratio increased to 136%, driven by lower net cash outflows, indicating a strong liquidity position [14][15] Company Strategy and Development Direction - Deutsche Bank is on track to meet its 2025 financial targets, with a compound annual growth rate of 5.9% since 2021 [9] - The bank aims to achieve EUR 2.5 billion in operational efficiencies, with EUR 2.2 billion already delivered or expected [9] - The focus remains on self-help and improving internal operations before considering mergers and acquisitions [36][38] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the bank's trajectory towards delivering a return on tangible equity (RoTE) of above 10% and a cost-income ratio below 65% [24] - Despite uncertainties in the macroeconomic environment, a reduction in provisioning levels is anticipated in the second half of the year [24] - The bank's strong capital position and second-quarter performance have been recognized by rating upgrades from Morningstar DBRS and Fitch [25] Other Important Information - The CET1 ratio improved to 14.2%, up 42 basis points sequentially, reflecting strong earnings and capital efficiency measures [17][18] - The bank plans to issue between EUR 15 billion and EUR 20 billion to meet 2025 funding requirements, with EUR 10.9 billion already issued year to date [21] Q&A Session Summary Question: Capital distribution policy and CET1 ratio - Management confirmed that the distribution policy remains unchanged, intending to repatriate 50% of earnings via dividends and share buybacks, with a CET1 ratio above 14% allowing for additional distributions [29][30] Question: Ratings direction and expectations - Management expressed optimism about further positive rating revisions from other agencies, following upgrades from Morningstar DBRS and Fitch [31][32] Question: Involvement in M&A activities - Management reiterated a focus on internal improvements before considering M&A, acknowledging mixed conditions for cross-border mergers in Europe [36][38] Question: U.S. commercial real estate (CRE) provisions - Management indicated a reduction in the CRE portfolio due to paydowns and charge-offs, with cumulative credit loss allowances currently at EUR 700 million [49][50] Question: Investment banking pipeline and NDFI lending - Management noted a strong investment banking pipeline, particularly in M&A and equity transactions, while also addressing lending to alternative asset managers [57][62]

Financial Data and Key Metrics Changes - The company reported a pre-provision profit of EUR 6.2 billion, nearly double compared to the same period in 2024 [4] - Net commission and fee income increased by 4% year on year, aligning with the goal to boost revenues from fee-based and capital-light businesses [4] - Net interest income (NII) across key banking book segments was EUR 3.4 billion, up 5% quarter on quarter, with a full-year NII guidance of EUR 13.6 billion [10][11] Business Line Data and Key Metrics Changes - All four business divisions delivered double-digit returns in the first half of the year [5] - The Corporate Bank is well-positioned to capitalize on investment opportunities in Germany and Europe [6] - The Investment Bank is focused on consolidating its position in the European FICC franchise, while the Private Bank is seeing improvements in returns due to transformation efforts [6][7] Market Data and Key Metrics Changes - The company achieved a compound annual growth rate of 5.9% since 2021, within the target range of 5.5% to 6.5% [7] - The liquidity coverage ratio increased by around two percentage points to 136%, driven by lower net cash outflows [14] - The net stable funding ratio slightly increased to 120, reflecting a stable funding base with over two-thirds of funding from global deposits [15] Company Strategy and Development Direction - The company is on track to meet its 2025 financial targets, focusing on operational efficiencies and capital efficiencies [9] - The strategy includes further increasing value generation beyond 2025, with a focus on self-help and improving the bank's fundamentals before considering mergers and acquisitions [35][39] - The company aims to maintain a CET1 ratio above 14% to provide flexibility for additional shareholder distributions [29] Management's Comments on Operating Environment and Future Outlook - Management anticipates a reduction in provisioning levels in the second half of the year despite uncertainties in the macroeconomic environment [24] - The company is optimistic about the recovery of debt capital markets and expects a normalization of activity in the second half of the year [58] - Management is focused on risk management actions to minimize exposure in commercial real estate and is actively working on loan modifications and sales [51][63] Other Important Information - The company has completed around 60% of its issuance plan for the year and plans to issue primarily more senior instruments in the second half [25] - The strong capital position and second-quarter performance led to a rating upgrade from Morningstar DBRS and an upgrade of short-term ratings by Fitch [24][32] Q&A Session Summary Question: Thoughts on capital and shareholder distributions - The company intends to repatriate 50% of earnings via dividends and share buybacks, maintaining a CET1 ratio at the low end of the target range [29] Question: Expectations on ratings and future upgrades - Management is confident that continued delivery of targets will result in further positive rating revisions over time [32] Question: Involvement in M&A over the next eighteen months - The company remains focused on self-help and improving its fundamentals before considering any M&A activity [35][39] Question: Current status of U.S. commercial real estate (CRE) provisions - The cumulative credit loss allowance against the stress test outcome is EUR 700 million, with ongoing efforts to manage and stabilize the portfolio [49][51] Question: Need for new AT1 issuance to call upcoming AT1 securities - The company is assessing the need for new AT1 issuance to call the upcoming AT1 securities, with no decision made yet [48] Question: Investment banking pipeline and market conditions - The investment banking pipeline is strong, but there have been delays in transactions due to market stability concerns [56][58]

Financial Data and Key Metrics Changes - Revenues grew 6% year on year to €16.3 billion, aligning with the full year goal of around €32 billion [2] - Non-interest expenses declined 15% year on year to €10.2 billion, resulting in a cost-income ratio of 62% [3] - Return on tangible equity (RoTE) was 11% in the first half, meeting the target of greater than 10% [3] - Pre-provision profit nearly doubled to €6.2 billion compared to the same period in 2024 [3] - CET1 ratio stood at 14.2%, allowing for capital deployment to grow the business and support clients [3][11] Business Line Data and Key Metrics Changes - Corporate Bank revenues were flat, with a 6% growth in net commission and fee income [27] - Investment Bank revenues increased 3% year on year, driven by an 11% rise in FICC revenues [29] - Private Bank saw a 10% operating leverage and a 56% increase in profit before tax, with net interest income growing by 5% [31] - Asset Management revenues increased by 9% year on year, with profit before tax improving by 41% [34] Market Data and Key Metrics Changes - The Corporate Bank is well-positioned to capitalize on investment programs in Germany and Europe [5] - The Investment Bank aims to consolidate its position as the leading European FICC franchise [6] - The Private Bank is focusing on growth in Wealth Management and Private Banking, with strong net inflows [32] - Asset Management is positioned to serve both German and European investors, with over €1 trillion in assets under management [8] Company Strategy and Development Direction - The company is focused on delivering year-end targets while preparing for the next phase of its strategy beyond 2025 [3][11] - The "Made for Germany" initiative aims to prioritize growth and competitiveness in collaboration with government and industry [12] - The company is committed to operational efficiency and cost management, targeting a cost-income ratio below 65% [36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong start to the third quarter and the potential for revenue momentum to pick up [2][6] - The company anticipates a reduction in provisioning levels in the second half of the year despite macroeconomic uncertainties [38] - Management highlighted the importance of maintaining a strong capital position and the commitment to return excess capital to shareholders [39] Other Important Information - The company has achieved around 90% of its €2.5 billion target for operational efficiencies [9] - A second share buyback has been applied for, in addition to a previously announced €2.1 billion distribution for the year [11] Q&A Session All Questions and Answers Question: What is the outlook for revenue growth? - The company has achieved a compound annual growth rate of 5.9% since 2021, within the target range of 5.5% to 6.5% [9] Question: How is the company addressing the impact of CRR3? - The company sees clear pathways to materially reduce or eliminate the hypothetical impact of CRR3, with no significant cost expected [24][25]

Financial Data and Key Metrics Changes - In Q2 2025, Range Resources reported all-in capital expenditures of $154 million, generating production of 2.2 Bcf equivalent per day, with year-to-date capital tracking better than planned [10][11] - The company lowered the high end of its capital guidance to $680 million without altering planned operational activity, expecting annual production to exceed prior guidance [11][12] - Year-to-date, the company repurchased $120 million in shares and paid $43 million in dividends, returning $646 million to equity holders, approximately 7% of Range's market cap [20][21] Business Line Data and Key Metrics Changes - Range operated two horizontal rigs during Q2, drilling approximately 284,000 lateral feet across 20 laterals, averaging over 14,200 feet per well [12] - The drilling team set a new quarterly record by averaging approximately 6,250 lateral feet per day, while the completion team executed eight twelve frac stages, setting a new company record for the most stages pumped by a single crew in a quarter [12][13] Market Data and Key Metrics Changes - Natural gas inventory finished the quarter at approximately 3 TCF, down 6% from the prior year, supported by record high LNG feed gas, which reached over 17 Bcf per day in Q2 [14] - US NGL exports increased by 5% to 475,000 barrels per day for ethane and 1,800,000 barrels per day for propane compared to Q2 last year, with expectations for significant growth in export capacity [16][80] Company Strategy and Development Direction - Range's growth plans aim for approximately 20% growth through 2027, capitalizing on increasing demand for natural gas and NGLs, particularly in Pennsylvania [7][9] - The company emphasizes maintaining a disciplined reinvestment rate while delivering growth and shareholder returns, supported by low capital intensity and operational efficiencies [9][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong future demand for natural gas and NGLs, highlighting the company's financial strength and operational capabilities to meet this demand [17][18] - The management team noted that the natural gas market is expected to add 8.5 Bcf per day of new demand over the next eighteen months, which is supportive of near-term fundamentals [14] Other Important Information - Range achieved net zero for combined scope one and two greenhouse gas emissions this year, with an 83% reduction in methane emissions intensity over the last five years [17] - The company is preparing to launch its annual RFP for services for 2026, expecting to maintain a leading position on well cost and capital efficiency [14] Q&A Session Summary Question: Supply agreements and market oversupply concerns - Management acknowledged the significant interest in supply agreements and expressed confidence in Range's ability to meet future demand while managing production levels to avoid oversupply [32][36] Question: Future capital additions and growth - Management indicated that growth will be driven by clear demand signals and that they are focused on maximizing shareholder value through share buybacks and prudent growth strategies [39][44] Question: Contribution to in-basin demand growth - Management stated that Range has the capability to significantly contribute to in-basin demand growth, potentially doubling its current production base over the next decade [52][53] Question: Pricing dynamics and competitive positioning - Management highlighted the importance of surety of supply and competitive pricing structures in securing long-term contracts with customers, emphasizing Range's experience in structuring favorable deals [56][59] Question: Lateral footage requirements for growth targets - Management noted that they have been building lateral footage inventory over the past 24 months and are well-positioned to meet future growth targets with their current operational setup [99]

Financial Performance - Hydro's adjusted EBITDA for Q2 2025 was NOK 7,790 million, an increase from NOK 5,839 million in the same quarter last year, driven by higher aluminium and energy prices, and realization of previously eliminated internal profits [1] - Free cash flow generated by Hydro was NOK 5 billion, with a twelve-month adjusted RoaCE of 12 percent [1] - Compared to Q1 2025, adjusted EBITDA decreased from NOK 9,516 million to NOK 7,790 million, primarily due to lower realized alumina prices and negative currency effects [17] Strategic Adjustments - Hydro is reducing its 2025 capital expenditure guidance by NOK 1.5 billion to NOK 13.5 billion to ensure financial flexibility amid global market uncertainty [2][3] - An external hiring freeze for white-collar workers has been implemented pending a review of current and future staffing needs [2][6] - The company is focusing on operational efficiency, cost control, and maintaining optionality in response to shifting market conditions [5] Market Conditions - The global market is increasingly uncertain due to geopolitical tensions and regulatory changes, complicating demand forecasting and capacity planning [3] - Hydro's strategy emphasizes the demand for low-carbon aluminium, with a focus on preserving financial strength and improving capital efficiency [4] Operational Challenges - Hydro's second-largest wind power supplier in Sweden faced financial challenges, leading to the termination of a power purchase agreement with compensation of up to EUR 90 million [7] - In Brazil, grid constraints and regulatory uncertainty have limited solar and wind power deliveries, resulting in impairments of approximately NOK 400 million in the energy portfolio [8] Business Area Performance - Adjusted EBITDA for Bauxite & Alumina decreased to NOK 1,521 million from NOK 1,616 million due to higher raw material costs and lower alumina sales prices [12] - Adjusted EBITDA for Hydro Energy increased to NOK 1,069 million from NOK 611 million, attributed to higher production and gains on price area differences [13] - Adjusted EBITDA for Aluminium Metal decreased to NOK 2,423 million from NOK 2,520 million, impacted by higher alumina costs and lower sales volume [14] - Adjusted EBITDA for Extrusions decreased to NOK 1,260 million from NOK 1,377 million, driven by lower sales margins despite higher sales volumes [16] Financial Position - Net income for Q2 2025 was NOK 2,450 million, which included various adjustments such as a NOK 480 million unrealized derivative loss and NOK 392 million impairment in equity accounted investments [18] - Hydro's net debt increased from NOK 15.1 billion to NOK 15.5 billion during Q2 2025, primarily due to EBITDA contributions and shareholder distributions [19] - Adjusted net debt rose from NOK 21.8 billion to NOK 23.0 billion, influenced by increased net pension liability and financial liabilities [20]

Core Insights - Amcon Distributing reported diluted EPS of $2.13 and revenue of $739.6 million for Q3 fiscal 2025, with no analyst estimates available for comparison [1][2] - Operating profit margins tightened due to inflation in operating costs, leading to weaker profitability despite steady sales compared to Q3 fiscal 2024 [1][6] Financial Performance - EPS decreased by 13.4% from $2.46 in Q3 2024 to $2.13 in Q3 2025 [2] - Revenue increased by 3.0% from $717.9 million in Q3 2024 to $739.6 million in Q3 2025 [2] - Operating income fell by 13.5% from $5.6 million in Q3 2024 to $4.9 million in Q3 2025 [2] - Net income decreased by 11.5% from $1.5 million in Q3 2024 to $1.3 million in Q3 2025 [2] - Gross profit rose by 3.4% from $48.0 million in Q3 2024 to $49.6 million in Q3 2025 [2] Business Overview - Amcon Distributing specializes in wholesale distribution for the convenience retail sector, serving approximately 7,900 retail outlets [3] - The company operates two segments: wholesale distribution, which is the primary revenue driver, and retail health food stores [3][4] Segment Performance - The wholesale segment generated $728.3 million in revenue, accounting for over 98% of total sales, with an operating income of $7.3 million [5] - The retail health food segment reported $11.3 million in sales and a minimal operating income of $0.1 million [5] Cost and Expenses - SG&A expenses increased by 6.5% to $42.5 million compared to Q3 fiscal 2024, outpacing revenue growth [6] - Interest expense was $2.7 million, slightly lower than $2.9 million in Q3 fiscal 2024 [6] - Operating margin was approximately 0.7% [6] Strategic Focus - The company is focusing on expanding foodservice programs, integrating new acquisitions, and investing in technology to enhance marketing and customer retention [4][7] - Management highlighted the importance of proprietary marketing programs, although these have not yet translated into improved margins [7] Cash Flow and Financial Position - Year-to-date cash flow from operations was -$12.5 million, driven by increased accounts receivable and inventory buildup [8] - Shareholders' equity increased to $113.2 million, while cash on hand was $0.83 million and total debt rose to $154.6 million [8] Future Outlook - The company did not provide specific financial guidance but intends to pursue further acquisitions and maximize liquidity [9][10] - Key risks include reliance on cigarette sales and thin operating margins, with a focus on cash management due to inventory and accounts receivable buildup [10]