REDMOND, WA / ACCESS Newswire / February 24, 2026 / MicroVision, Inc. (NASDAQ:MVIS), a technology pioneer delivering advanced perception solutions in autonomy and mobility, today announced that it had enhanced its financial position by issuing senior secured convertible notes in the aggregate principal amount of $43.0 million, which defer existing repayment obligations and fortify the Company's balance sheet, thus supporting acceleration of acquisition synergies. "We were pleased to work with our financial ...

Core Insights - ONEOK (OKE) reported Q4 2025 revenue of $9.07 billion, reflecting a year-over-year increase of 29.5% and EPS of $1.55, slightly surpassing the consensus estimate of $1.54 [1] - The company achieved full-year adjusted EBITDA of $8.02 billion, up 18% year-over-year, and net income of $3.39 billion, an increase of 12% [1] - ONEOK successfully extinguished nearly $3.1 billion of long-term debt in 2025, including $1.75 billion in Q4 alone, and captured $475 million in acquisition synergies [1] Financial Performance - Q4 2025 revenue: $9.07 billion, up 29.5% YoY [1] - Full-year adjusted EBITDA: $8.02 billion, up 18% YoY [1] - Net income for the year: $3.39 billion, up 12% YoY [1] - EPS for Q4: $1.55, beating the consensus estimate of $1.54 [1] Debt Management and Synergies - Total long-term debt extinguished in 2025: $3.1 billion [1] - Cumulative acquisition-related synergies achieved: $475 million [1] - Debt extinguished in Q4 alone: $1.75 billion [1] Operational Highlights - NGL raw feed throughput volumes in the Rocky Mountain Region increased by 15% in Q4 2025 [1] - Management tempered long-term expectations due to a cautious macro environment, guiding net income for 2026 between $3.19 billion and $3.71 billion [1] - Capital expenditures for 2026 projected between $2.70 billion and $3.20 billion [1] Dividend Information - Quarterly dividend increased by 4% to $1.07 per share, resulting in an annualized payout of $4.28 per share [1] - Dividend yield approximately 4.8% [1]

Core Insights - WM reported strong second-quarter 2025 results, with adjusted earnings of $1.92 per share, exceeding the consensus estimate by 1.6%, and total revenues of $6.4 billion, surpassing expectations by 1.4% and increasing 19% year-over-year [1] Financial Performance - The company's effective pricing and cost control strategies are crucial for profitability, focusing on aligning price adjustments with service quality and demand while optimizing operational processes [2] - WM has consistently paid dividends since 1998, with payouts increasing from $970 million in 2021 to $1.21 billion in 2024, indicating a commitment to long-term shareholder value [3] Strategic Moves - The acquisition of Stericycle is expected to enhance WM's earnings and cash flows within a year, with anticipated annual run-rate synergies exceeding $125 million, positioning WM favorably in the medical waste industry [4] Financial Challenges - The Stericycle acquisition has increased WM's debt load, raising concerns about financial flexibility and potential impacts on shareholder returns if cash flow does not meet expectations [5] - WM's liquidity appears weak, with a current ratio of 0.86 in Q2 2025, down from 1.07 in the previous year, indicating challenges in covering short-term obligations [6]

Core Viewpoint - Kewaunee Scientific Corporation (KEQU) has received an upgrade to "Outperform" due to strong acquisition execution, sustained margin improvement, a record backlog providing revenue visibility, and partial insulation from macroeconomic challenges through healthcare exposure [1]. Acquisition Execution & Strategic Fit - The acquisition of Nu Aire, Inc. in November 2024 has resulted in a 30.7% year-over-year increase in domestic segment sales, reaching $179.4 million in fiscal 2025 [2]. - This acquisition has expanded KEQU's product portfolio to include higher-margin products like biological safety cabinets, CO2 incubators, and ultralow freezers, while also establishing new distribution partners in previously underpenetrated markets [3]. - Integration progress has exceeded expectations, creating early cross-selling opportunities and reinforcing KEQU's position as a full-spectrum laboratory solutions provider [3]. Gross Margin Expansion & Profitability Gains - KEQU's gross margin has expanded by 310 basis points to 28.6% in fiscal 2025 from 25.5% in fiscal 2024, driven by Nu Aire's favorable product mix, operational efficiencies, and disciplined cost control, despite incurring $6 million in one-time integration and purchase accounting expenses [4]. - Adjusted EBITDA increased by 28.4% to $26.5 million, representing 10.9% of sales, indicating the company's ability to convert top-line gains into higher operating leverage [5]. - The annuitization of the company's pension obligation in fiscal 2024 has reduced earnings volatility, providing a cleaner base for future margin expansion [5]. Record Backlog & Revenue Visibility - KEQU has a record backlog of $214.6 million at the end of fiscal 2025, up 37.9% from the previous year, providing exceptional near-term revenue visibility, with management expecting 93% of orders to convert into revenues in fiscal 2026 [6]. - The backlog includes diverse end markets such as healthcare, pharmaceuticals, and education, which helps mitigate cyclicality often seen in the broader construction and industrial sectors [6]. - The healthcare and life sciences sectors, enhanced by Nu Aire's capabilities, have shown greater resilience against macroeconomic uncertainty, providing KEQU with a degree of macro immunity [7]. Conclusion - Kewaunee's transformation following the Nu Aire acquisition, along with strong domestic performance, expanding margins, record backlog, and attractive valuation, supports an Outperform rating [10]. - The company is positioned to deliver above-market returns over the next 12 months, with key catalysts including backlog conversion and incremental synergies from the Nu Aire integration [10].

Financial Data and Key Metrics Changes - The company reported a record second quarter with adjusted EBITDA of $464 million, excluding approximately $10 million of one-time transaction-related expenses, and distributable cash flows as adjusted of $300 million [3] - The leverage at the end of the quarter was just under 4.2 times [4] - A distribution of $90.88 per common unit was declared, representing an increase of 1.25% compared to the previous quarter, resulting in a trailing twelve-month coverage ratio of 1.9 times [4] Business Line Data and Key Metrics Changes - In the Fuel Distribution segment, adjusted EBITDA was $214 million, with volumes at 2.2 billion gallons, up 5% from the previous quarter but flat compared to the same quarter last year [6][7] - The Pipeline Systems segment reported adjusted EBITDA of $177 million, with throughput at 1.2 million barrels per day, down from 1.3 million barrels per day in the first quarter [8] - The Terminals segment delivered adjusted EBITDA of $73 million, with throughput at 692,000 barrels per day, up from 620,000 barrels per day in the first quarter [9] Market Data and Key Metrics Changes - The company continues to see solid demand across its system despite macro volatility, with gross profit supported by longer haul tariffs and strong agricultural demand in the Midwest [9] - The overall market for fuel distribution remains flat, but the company expects to leverage its investments for increased volume and EBITDA in the second half of the year [8][10] Company Strategy and Development Direction - The company aims to continue generating increasing distributable cash flow per unit, positioning itself for ongoing distribution increases and additional growth [5] - The acquisition of Parkland is expected to enhance the scale and efficiency of the company's pipeline and terminal segments, with anticipated double-digit accretion [13][14] - The company is focused on strong operational execution, expense discipline, and profit optimization while continuing to grow its asset base [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year guidance, with all three business segments performing well [12] - The company anticipates a strong second half of the year, outperforming the first half, driven by organic growth and acquisitions [12][14] - Recent macro developments, such as the expiration of the federal EV tax credit, are expected to support robust refined product demand for decades [16] Other Important Information - The company spent approximately $120 million on growth capital and $40 million on maintenance capital in the second quarter [3] - The company is on track to meet its 2025 projected capital spend, which includes at least $400 million of growth capital [3] Q&A Session Summary Question: Update on Parkland acquisition synergies and tax implications - Management feels confident in achieving $250 million in synergies by year three and maintaining a long-term leverage target of four times within twelve to eighteen months [21][24] - The recent budget bill is expected to minimize cash tax leakage and maintain parity dividends [25][26] Question: Expectations for fuel margins in the second half of the year - Management indicated that the fundamentals for the fuel distribution business remain healthy, with expectations for noticeable volume growth and healthy margins in the second half [31][33] Question: Capital allocation post-Parkland and Tanguid acquisitions - The top priorities post-acquisition are integrating the acquired assets and returning the balance sheet to the target leverage [44] - The company will assess market opportunities for growth after achieving integration and synergies [44][46] Question: Seasonal slowdown in fuel distribution volumes - Management confirmed expectations for a strong second half of the year, driven by organic investments and roll-up acquisitions [51][53]

Core Viewpoint - EOG Resources, Inc. has entered into a definitive agreement to acquire Encino Acquisition Partners for $5.6 billion, which includes Encino's net debt, with funding expected through $3.5 billion in debt and $2.1 billion in cash on hand [1][3]. Acquisition Details - The acquisition will enhance EOG's position in the Utica region, adding 675,000 net core acres to its existing holdings, resulting in a total of 1,100,000 net acres and over 2 billion barrels of oil equivalent in undeveloped net resources [2][8]. - Pro forma production is expected to reach 275,000 barrels of oil equivalent per day, establishing EOG as a leading producer in the Utica shale play [8]. Financial Impact - The transaction is projected to be immediately accretive to EOG's net asset value and all per-share financial metrics, with an annualized increase in 2025 EBITDA by 10% and cash flow from operations and free cash flow by 9% [8]. - EOG anticipates generating over $150 million in synergies in the first year post-acquisition, driven by reduced capital, operating, and debt financing costs [8]. Shareholder Returns - The acquisition supports a 5% increase in dividends, with the Board declaring a dividend of $1.02 per share, payable on October 31, 2025, contributing to EOG's commitment to return cash to shareholders [8].