Financial Data and Key Metrics Changes - Core EPS for Q4 2025 was $0.43 per share, exceeding consensus estimates, with a net interest margin (NIM) of 3.98%, core ROA of 1.45%, and core efficiency ratio of 52.8% [4] - Average deposits and total loans grew by 2.8% and 1.2% respectively, while net interest income increased by $47.2 million year-over-year to $427.5 million [4][7] - The provision for credit losses decreased by $4.3 million to $7 million, with non-performing loans (NPLs) rising four basis points to 94 basis points [5][6] Business Line Data and Key Metrics Changes - Fee income remained flat at 18% of total revenue, with gains in SBA offset by declines in wealth and mortgage [5] - Core non-interest income for Q4 was $24.3 million, down $200,000 from the previous quarter, with SBA gain on sale income increasing by $800,000 [14] - Core non-interest expense increased by $1.7 million to $74.3 million, primarily due to increased salaries and benefits [15] Market Data and Key Metrics Changes - Average deposit growth for the year was 6.1%, with significant contributions from money market accounts and CDs [9] - The company reported $98 million in non-performing loans, including $39.2 million in total SBA loans [6] Company Strategy and Development Direction - The company aims to grow fee income through its regional banking model and maintain a focus on low-cost deposit growth [5][10] - A portfolio of approximately $225 million in commercial loans was designated as held for sale to improve liquidity and capital ratios [12][13] - The company plans to limit operating cost increases to approximately 3% year-over-year [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining loan growth despite seasonal headwinds and elevated payoffs, projecting continued growth in business banking and mortgage segments [28] - The guidance for NIM is expected to remain around 4% by the end of 2026, with a near-term dip anticipated due to rate cuts [12][40] - Management highlighted the importance of maintaining a balance between loan growth and capital generation, emphasizing disciplined capital deployment [31][32] Other Important Information - The company repurchased $23.1 million of its stock in Q4 2025, totaling 2.1 million shares for the year [6] - Jane Grebenc, Bank President and Chief Revenue Officer, will retire at the end of March 2026, marking a significant leadership transition [10] Q&A Session Summary Question: What are the expectations for net charge-offs and provisions in 2026? - Management expects charge-off guidance to be 25-30 basis points, with $1.5 million left to resolve on the dealer floor plan loan [19][20] Question: Can we expect additional loans to be moved off the balance sheet in 2026? - Management indicated that the loan sale is more of a one-off situation, focusing resources on other markets [23][24] Question: What are the expectations for loan growth in 2026? - The company anticipates loan growth to continue at a similar pace as 2025, despite elevated payoffs [28][30] Question: How should we think about the stock buyback strategy? - The buyback strategy is sensitive to stock price, with intentions to utilize the authority aggressively while maintaining capital ratios [31][57] Question: What is the outlook for NIM and deposit costs? - Management expects a dip in NIM in Q1 2026, with a gradual recovery to around 4% by year-end [60][61]

Core Insights - Greif reported fiscal first-quarter 2026 results that met expectations despite ongoing softness in industrial demand, highlighting margin improvements driven by structural cost actions and increased shareholder returns through share repurchases [3][6][18] Financial Performance - Adjusted EBITDA increased by 24% year-over-year, with the adjusted EBITDA margin improving by 260 basis points to 12.3%, attributed to better price-cost dynamics and structural cost optimization [2][6] - The company reaffirmed the low end of its fiscal 2026 guidance, projecting $630 million in adjusted EBITDA and $315 million in adjusted free cash flow, with an expected free cash flow conversion of approximately 50% [5][6] Capital Allocation - Greif's capital allocation strategy prioritizes shareholder returns and balance-sheet strength, with leverage at approximately 1.2x. The company completed $130 million of a $150 million buyback and approved an additional $300 million repurchase authorization [4][18] - The company aims to repurchase up to 2% of shares outstanding annually, subject to board approval and balanced against other capital needs [18] Segment Performance - In Customized Polymer Solutions, demand was flat overall, with slight increases in intermediate bulk container volumes and declines in small and large containers. The company expects improvements in small containers in the second quarter due to agricultural seasonality [8] - Durable Metal Solutions faced pressure due to softness across regions, particularly among chemical customers, while Sustainable Fiber Solutions saw declining converting volumes amid North American industrial softness [10][12] Cost Optimization - Greif achieved run-rate cost optimization savings of $65 million, with a fiscal year-end target of $80–$90 million, primarily through SG&A actions [13] - Management emphasized that the cost optimization efforts are structural rather than cyclical, contributing to improved profitability despite volume headwinds [2][6] Market Outlook - The company noted that customer conversations indicate continued muted demand conditions, but it is actively pursuing commercial opportunities and transforming its commercial organization [14] - Greif's SiOx barrier technology is operational on its first machine in France, with additional machines planned for deployment, although the financial impact in fiscal 2026 is not expected to be significant [19][20]

Financial Data and Key Metrics Changes - Total company net sales for the quarter were $354.4 million, with U.S. consumer sales at $328.5 million, exceeding expectations due to early season load-in activities [29][30] - GAAP gross margin rate improved to 25%, up 90 basis points year-over-year, while non-GAAP adjusted gross margin rate was 25.4%, compared to 24.5% a year ago [34] - The GAAP net loss from continuing operations was $47.8 million, or $0.83 per share, an improvement from a loss of $66.1 million, or $1.15 per share in the prior year [36] Business Line Data and Key Metrics Changes - The divestiture of the Hawthorne business has been classified as a discontinued operation, contributing to a 40 basis point improvement in gross margin [12][28] - POS for indoor gardening increased by 7.7% in dollars and 9% in units, while Roundup saw a 24% increase in dollars and 27% in units [33] - E-commerce POS dollars for branded products were up 12% and units were up 17%, representing 14% of overall POS in Q1, a 150 basis point increase over the prior year [33] Market Data and Key Metrics Changes - The company is focusing on expanding household penetration, which is currently as low as 10% in some categories, while shifting demographics show a growing interest from Millennials and Gen Z [17][18] - Retailer shipments in January were at a record pace, indicating strong early season demand [30] - The company is enhancing its digital platform to consolidate brands and improve e-commerce capabilities, which is expected to drive further growth [23] Company Strategy and Development Direction - The company is investing nearly $1 billion annually in marketing and innovation to drive sales of high-margin branded products [5][6] - A new multi-year, $500 million share repurchase program has been approved, aiming to reduce share count to around 40 million shares over time [6][10] - The company plans to achieve $1 billion in top-line sales growth and total EBITDA of $1 billion by 2030, with a focus on modest tuck-in M&A to fill gaps in the lawn and garden portfolio [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in outperforming fiscal 2026 guidance due to strong retailer relationships and innovative product offerings [39][43] - The company is focused on long-term growth rather than quarterly results, emphasizing the importance of achieving milestones [54][56] - Management highlighted the positive consumer engagement in the lawn and garden category, which is expected to drive future sales growth [18][25] Other Important Information - The company is planning to hold an Investor Day in the summer to share more details about its long-term financial priorities [37] - The sale of Hawthorne is expected to close this quarter, which will further strengthen the company's balance sheet and eliminate cannabis sector volatility [12][14] Q&A Session Questions and Answers Question: Can you discuss the confidence in outperforming guidance this year? - Management indicated that improvements in gross margin and strong retailer relationships contribute to their confidence in outperforming guidance [40][43] Question: How has early retailer activity influenced your view on inventory loads? - Management noted that early retailer shipments have shown positive momentum, suggesting a return to more traditional inventory patterns [56][59] Question: What is the potential for e-commerce growth and its margin compared to brick-and-mortar? - Management believes e-commerce can be a significant growth area, with margins closely aligned to brick-and-mortar, showing less than a five percentage point delta [78]

Core Viewpoint - Scotts Miracle-Gro Company is in advanced discussions to sell its Hawthorne subsidiary to Vireo Growth, Inc., with the deal expected to close in the second quarter of fiscal 2026 [1] Group 1: Sale of Hawthorne Subsidiary - The proposed terms involve Vireo Growth acquiring Hawthorne in exchange for an investment in Vireo, integrating cultivation supply into its consumer cannabis operations [1] Group 2: Financial Reporting and Guidance - The company has classified the Hawthorne business as a discontinued operation effective in the first quarter of fiscal 2026 and reaffirmed its fiscal 2026 guidance [2] - In the first quarter, the net loss from continuing operations was $47.8 million, an improvement from a loss of $66.1 million in the prior year, with loss per share from continuing operations at $0.83 compared to $1.15 [3] - Adjusted net loss per common share from continuing operations was $0.77, down from $0.88 a year ago, while net sales were $354.4 million, reflecting a 3% decrease [3] Group 3: Share Repurchase Program - The Board has approved a share repurchase program authorizing the repurchase of up to $500 million of Scotts Miracle-Gro common stock [2] Group 4: Market Reaction - In pre-market trading on NYSE, Scotts Miracle-Gro shares decreased by 0.4 percent to $63.00 [4]

Financial Data and Key Metrics Changes - Revenue for Q4 was $2.06 billion, up 10% year-over-year, with acquisitions contributing 5% and organic growth of 4% [10] - EBITDA reached $818 million, also up 10% year-over-year, with core EBITDA margin expanding 60 basis points to 54% incremental margin [10] - For the full year 2025, revenue was $7.9 billion, up 12% from the previous year, with acquisitions contributing nearly 7% growth [14] - Free cash flow was nearly $2.5 billion, up 8%, representing 31% of revenue [15] Business Line Data and Key Metrics Changes - Application software revenue grew 10% in Q4, with organic growth of 4% and margins expanding 70 basis points to 42.2% [11] - Network software revenue grew 14% with organic growth of 5%, but margins decreased to 52.8% due to recent acquisitions [12] - Tech segment revenue grew 6% or 5% organically, with margins holding flat at 34.8% [13] - For the full year, application software revenue grew 16% in total, with organic revenue growth of 5% [18] Market Data and Key Metrics Changes - The government contracting (GovCon) market remains challenging, impacting Deltek's performance, particularly in perpetual license revenue [12][20] - The freight market experienced a recession throughout 2025, affecting DAT's performance, although they are evolving into a more automated marketplace [24] Company Strategy and Development Direction - The company is focused on long-term sustainable growth, investing $3.3 billion in high-quality vertical software acquisitions during 2025 [9] - The company is excited about AI product opportunities, leveraging deep domain knowledge and proprietary data to enhance customer outcomes [8] - The company maintains a robust M&A pipeline and plans to remain active while being disciplined on pricing and business quality [9][33] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for 2026, expecting organic growth to be in the higher end of the mid-singles range, with a conservative posture on GovCon until improvements are seen [23][30] - The company does not anticipate a meaningful revenue uplift from AI development in 2026 but views it as an incremental upside [30][56] Other Important Information - The company has a net leverage ratio of 2.9 times and approximately $300 million in cash, with nearly $2.7 billion available on its revolver [16] - The company executed opportunistic share repurchases, buying back 1.1 million shares for $500 million in Q4 [9][17] Q&A Session Summary Question: What is the outlook for Deltek in 2026? - Management is not assuming an improvement in the GovCon market for 2026, citing lower organic growth due to perpetual license revenue issues [38] Question: What needs to happen for Procare to meet expectations? - Management indicated that the primary issue is the slow implementation of software, which is being addressed [40] Question: What segments of government appropriations would impact Deltek the most? - Management highlighted that defense-related appropriations would have a significant positive impact on Deltek's customers [45] Question: How much capital deployment is expected in 2026? - Management stated that while there is a $6 billion capacity for capital deployment, the focus will be on high-quality acquisitions at appropriate prices [47][50] Question: When will AI contributions be quantifiable? - Management aims to report AI-related revenue but emphasizes that AI will be monetized in various ways beyond just direct sales [54][56]

Core Insights - Warren Buffett's tenure as CEO of Berkshire Hathaway has significantly influenced both the company and the investment landscape, providing valuable guidance to investors [1] - Buffett has stepped down as CEO, endorsing Greg Abel as his successor, indicating confidence in Abel's ability to lead and implement changes at Berkshire [2] Financial Strategy - Historically, Buffett has avoided paying dividends, believing that reinvesting excess cash into the company would yield better returns for shareholders; however, he has also supported share repurchases when stock valuations are favorable [4] - With Berkshire's cash reserves reaching a record $381.7 billion and a 34% increase in cash from operating activities in the first nine months of 2025, the company is well-positioned to consider initiating a dividend [5][6] Leadership Transition - Buffett's confidence in Greg Abel suggests a smooth transition, with potential for Buffett to retire from the board entirely, reflecting his trust in Abel's capabilities [6] - Abel has exceeded expectations in his role, demonstrating a deep understanding of Berkshire's operations and a quick learning ability, making him a strong choice for managing the company's investments [7]

Core Viewpoint - Aspo Plc has conducted a share repurchase, acquiring 1,000 shares at an average price of €7.1980 per share, totaling €7,198.00, which increases its total holdings to 121,552 shares [1]. Group 1: Share Repurchase Details - The share repurchase occurred on January 19, 2026, on the Helsinki Stock Exchange [1]. - The total cost of the repurchased shares was €7,198.00 [1]. - The repurchase is in compliance with Regulation No. 596/2014 of the European Parliament and Council (MAR) Article 5 and the Commission Delegated Regulation (EU) 2016/1052 [1]. Group 2: Company Information - For further inquiries, the CFO of Aspo Plc, Erkka Repo, can be contacted at +358 40 5827 971 or via email at erkka.repo@aspo.com [2]. - Additional information can be found on the company's website www.aspo.com [2].

Core Insights - PNC Financial Services Group reported fourth-quarter earnings that exceeded expectations, with adjusted earnings of $4.88 per share compared to the analyst consensus of $4.19, leading to a more than 3% increase in shares intra-day [1] - The bank achieved record revenue of $6.1 billion, surpassing estimates of $5.95 billion and reflecting a 9% year-over-year increase driven by growth in both net interest income and noninterest income [1] Financial Performance - Net interest income rose to $3.7 billion, marking a 2% increase from the prior quarter and a 6% increase year over year, aided by lower funding costs, loan growth, and continued repricing of fixed-rate assets [2] - The net interest margin improved by 5 basis points sequentially to 2.84% [2] - Fee income increased by 3% quarter over quarter to $2.1 billion, driven by stronger capital markets and advisory activity [2] Strategic Developments - PNC announced the completion of its acquisition of FirstBank Holding Company on January 5, 2026, which adds $26 billion in assets, $16 billion in loans, and $23 billion in deposits [3] - The bank plans to increase share repurchases to approximately $600 million to $700 million in the first quarter of 2026 [3]

Core Insights - J.B. Hunt Transport Services, Inc. (JBHT) reported fourth-quarter 2025 earnings of $1.90 per share, exceeding the Zacks Consensus Estimate of $1.81 and reflecting a 24.2% year-over-year increase [2] Financial Performance - Total operating revenues for the quarter were $3.09 billion, slightly below the Zacks Consensus Estimate of $3.12 billion, and down 1.6% year over year [3] - Operating income increased by 19% year over year to $246.5 million, attributed to cost-cutting initiatives and improved productivity [4] Segmental Highlights - **Intermodal Division**: Generated revenues of $1.55 billion, down 3% year over year, with a 2% decrease in load volume and a 1% decrease in revenue per load [5] - **Dedicated Contract Services**: Revenues grew 1% year over year to $843 million, driven by improved productivity despite a decline in average trucks [7] - **Integrated Capacity Solutions**: Revenues decreased 1% year over year to $305 million, with a 7% decline in segment volume but a 6% increase in revenue per load [9] - **Truckload Segment**: Revenues grew 10% year over year to $200 million, supported by a 15% increase in load volume [11] - **Final Mile Services**: Revenues fell 10% year over year to $206 million due to decreased demand across various end markets [13] Liquidity and Share Buyback - At the end of the fourth quarter, JBHT had cash and cash equivalents of $17.28 million, down from $52.3 million in the previous quarter, while long-term debt decreased to $766.93 million [15] - The company repurchased nearly 843,000 shares for $140 million during the quarter, with approximately $968 million remaining under its share repurchase authorization [15]

Core Viewpoint - Aspo Plc has executed a share repurchase on January 16, 2026, acquiring 1,000 shares at an average price of €7.24 per share, totaling €7,240. The company now holds a total of 120,552 shares following this transaction [1]. Group 1: Share Repurchase Details - The share repurchase was conducted in compliance with Regulation No. 596/2014 of the European Parliament and Council (MAR) Article 5 and the Commission Delegated Regulation (EU) 2016/1052 [1]. - The average price per share during the buyback was €7.24, resulting in a total expenditure of €7,240 for the 1,000 shares purchased [1]. - Following the buyback, Aspo Plc's total shareholding increased to 120,552 shares [1].