Core Insights - Subsea 7 S.A. reported strong financial results for Q3 2025, with significant growth in Adjusted EBITDA and a record backlog, indicating robust operational performance and future revenue potential [1][5][6]. Financial Performance - Revenue for Q3 2025 was $1.84 billion, slightly up from $1.83 billion in Q3 2024 [3]. - Adjusted EBITDA reached $407 million, a 27% increase year-on-year, with an Adjusted EBITDA margin of 22%, up from 18% in Q3 2024 [3][5][11]. - Net income for Q3 2025 was $109 million, compared to $98 million in the same period last year [3][11]. - The company’s backlog at the end of September 2025 was $13.9 billion, with a book-to-bill ratio of 2.1 times for the quarter [3][13]. Operational Highlights - The company maintained high vessel utilization rates across various global projects, including significant activities in Norway and Brazil [9][10]. - In the Renewables sector, the company successfully completed the installation of monopiles at Dogger Bank C in the UK, showcasing its operational capabilities despite market challenges [10]. Future Outlook - Full-year 2025 revenue is projected to be between $6.9 billion and $7.1 billion, with Adjusted EBITDA margins expected to range from 20% to 21% [5][14]. - The company anticipates continued positive momentum supported by a strong backlog and active tendering for future projects [8][14].

Core Insights - Bird Construction's combined Backlog and Pending Backlog exceeded $10.0 billion as of September 30, 2025, driven by sustained demand in key strategic sectors and a strong track record in complex projects [1][2] - The company achieved a record Backlog of over $5.0 billion in Q3 2025, with additional contracted work of over $1.3 billion [2][8] - Economic uncertainty impacted revenue growth, which increased modestly by 5.8% year-over-year, attributed to delays in self-perform Industrial work and certain contracted projects [2][6] Financial Performance - Q3 2025 construction revenue was $951.4 million, a 5.8% increase from $898.9 million in Q3 2024 [5][6] - Net income for Q3 2025 was $31.7 million, down from $36.2 million in Q3 2024, with earnings per share at $0.57 compared to $0.66 [6][7] - Year-to-date construction revenue for 2025 reached $2,519.8 million, compared to $2,460.7 million in 2024 [6][8] Backlog and Future Outlook - The company's Backlog grew to $5.0 billion, with Pending Backlog also at $5.0 billion, including over $700 million in recurring revenue from master service agreements [2][8] - Bird's liquidity position remains strong with $113.9 million in cash and $281.7 million available under its credit facility [8] - The acquisition of Fraser River Pile & Dredge for $82.3 million enhances Bird's capabilities in marine construction and positions the company for nation-building infrastructure projects [2][8] Strategic Initiatives - Bird was selected as the Preferred Proponent for the Peel Memorial Hospital Phase 2 Redevelopment project, indicating ongoing engagement in significant infrastructure initiatives [8] - The company continues to focus on expanding its self-perform capabilities and pursuing strategic acquisitions to diversify its service offerings [2][8]

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Core Insights - Matrix Service Company reported improved first-quarter results for fiscal 2026, driven by disciplined execution across its Storage & Terminal Solutions and Utility & Power Infrastructure segments [2][4] - The company has a robust opportunity pipeline of $6.7 billion and secured over $187 million in new awards during the quarter, indicating strong demand in the specialty engineering and construction sector [3][9] - The company reaffirmed its full-year revenue guidance, expecting revenue between $875 million and $925 million, representing a 14% to 20% increase compared to fiscal 2025 [19][20] Financial Summary - First-quarter fiscal 2026 revenue was $211.9 million, a 28% increase from $165.6 million in the same period of fiscal 2025 [5][9] - Gross margin improved to $14.2 million (6.7%) compared to $7.8 million (4.7%) in the prior year, attributed to better project execution and increased revenue volumes [6][9] - The company reported a net loss of $3.7 million ($0.13 per share), an improvement from a net loss of $9.2 million ($0.33 per share) in the first quarter of fiscal 2025 [8][9] Segment Performance - The Storage and Terminal Solutions segment saw revenue increase by 40% to $109.5 million, driven by higher work volumes for LNG storage and specialty vessel projects [10] - The Utility and Power Infrastructure segment's revenue rose by 33% to $74.5 million, benefiting from increased work in power delivery and natural gas projects [11] - The Process and Industrial Facilities segment experienced a revenue decline to $27.9 million, primarily due to lower volumes in thermal vacuum chamber projects [12] Backlog and Awards - The total backlog as of September 30, 2025, was $1.2 billion, with project awards totaling $187.8 million for the quarter, resulting in a book-to-bill ratio of 0.9x [13][9] - The Storage and Terminal Solutions segment had a book-to-bill ratio of 1.2x, indicating strong demand and project activity [13][9] Financial Position - As of September 30, 2025, the company had total liquidity of $248.9 million, with no outstanding debt [15][9] - The company reported a total of $192.3 million in unrestricted cash and cash equivalents [15] Guidance - The company reaffirmed its revenue guidance for fiscal year 2026, expecting revenue between $875 million and $925 million, reflecting a significant increase from the previous fiscal year [19][20]

Financial Data and Key Metrics Changes - Gibraltar Industries reported a 13% adjusted net sales growth for Q3 2025, with adjusted EPS and operating income slightly below the prior year, down less than 1% [4][5] - Adjusted EBITDA was flat compared to the prior year, while cash from operations increased by 39% to $57 million, and free cash flow reached $49 million, representing 16% of sales [5][13] Business Segment Data and Key Metrics Changes - The residential segment saw adjusted net sales increase by $20.5 million or 9.8%, driven by metal roofing acquisitions and growth in building accessories [7] - Agtech net sales grew by $16.1 million or 38.8%, primarily due to the acquisition of Lane Supply, despite delays in a larger Controlled Environment Agriculture (CEA) project [13][15] - Infrastructure net sales decreased by $0.1 million or less than 1% due to a supplier transition, with backlog decreasing by 2% [20] Market Data and Key Metrics Changes - The U.S. roofing market experienced a 10% decline in shingle shipments for Q3, with significant drops in key states like Texas [10][11] - Retail point of sale results were down approximately 4.5%, indicating a challenging market environment [10] Company Strategy and Development Direction - The company is focused on portfolio management, targeting the completion of the renewables business sale by year-end and pursuing additional M&A opportunities in the building products segment [6][22] - Gibraltar aims to enhance its operational systems and expand its presence in residential and structured businesses to drive improved performance [28][60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating a sluggish residential market and highlighted the importance of backlog and bookings in agtech for future growth [26][28] - The company anticipates a gradual recovery in residential markets and expects to see improved margins as market conditions stabilize [75][76] Other Important Information - The company maintains a strong balance sheet with $89 million in cash and $394 million available on its revolver, remaining debt-free [21][22] - Capital allocation priorities for 2025 include investing in organic growth and exploring inorganic growth opportunities [22][23] Q&A Session Summary Question: Guidance for the year and lower EBITDA margin - Management indicated that lower EBITDA margins are primarily related to lower volume in the Agtech segment and business mix impacts in residential [30][33] Question: Details on new customer wins in Agtech - Management noted a variety of new customers and projects, with expectations of moving towards 15% operating income and higher EBITDA margins in the near term [36][37] Question: Outlook for mail and package business - The company expects growth to be driven by new construction starts, which have been slow but are anticipated to improve as interest rates stabilize [53][54] Question: Trends in residential segment margins - Management acknowledged that margins have been impacted by market conditions and integration costs but expects improvements as the market stabilizes [72][75] Question: M&A pipeline for residential - The M&A pipeline is robust, focusing on core building accessories and metal roofing, with management engaged in several interesting opportunities [78][80]

Then there's speaking to Dow names Boeing moving lower in the pre-market after the company posted a wider than expected loss though revenue did exceed consensus. Let's get to Phil Leau who is with Kelly Orberg this morning. Morning Phil. >> Good morning Carl.Kelly, thanks for joining us today. Um I think the most interesting question that people have is going to be the question of this charge of $4.9% billion uh when it comes to the trip 7X. And it's a little more than I think some analysts expected, but it ...

Core Insights - GE Vernova Inc. reported third-quarter revenue of $9.97 billion, exceeding analyst expectations of $9.16 billion, representing a 12% year-over-year increase, but adjusted earnings per share were $1.64, below the expected $1.86 [1][2] Revenue and Earnings - The company reaffirmed its 2025 full-year revenue outlook, expecting to reach the upper end of its $36–$37 billion range, slightly below the $37.15 billion consensus [2] - Orders surged 55% organically to $14.6 billion, driven by strong demand in the Power and Electrification segments [2] Backlog and Orders - The backlog increased by $6.6 billion sequentially, with Gas Power equipment reservations rising from 55 to 62 gigawatts [2] - By segment, Power orders rose 50% organically to $7.8 billion, with revenue up 15% to $4.8 billion [3] - Wind orders increased 4% to $1.8 billion, although revenue fell 8% to $2.6 billion [3] - The Electrification unit saw orders more than double to $5.1 billion, while revenue advanced 35% to $2.6 billion [3]

Core Insights - Velan Inc. reported financial results for the second quarter ended August 31, 2025, showing a positive operating income despite challenges from order rescheduling and tariff impacts [5][6][28]. Financial Performance - Sales for the second quarter were $67.6 million, down 13.0% from $77.7 million in the previous year, primarily due to over $12 million in rescheduled orders and tariff disruptions [6][13]. - Gross profit decreased to $15.7 million, representing a gross margin of 23.2%, compared to $20.0 million and 25.7% in the prior year [6][14]. - Operating income was $0.4 million, a recovery from an operating loss of $0.3 million a year ago [6][17]. - The net loss from continuing operations was $1.7 million, or $0.08 per share, compared to a net loss of $1.2 million, or $0.05 per share, in the previous year [6][17]. - Adjusted EBITDA from continuing operations was $3.4 million, down from $6.7 million a year ago, reflecting lower gross profit [6][16]. Backlog and Bookings - The backlog as of August 31, 2025, stood at $285.8 million, up 4.0% from $274.9 million at the beginning of the fiscal year, with 88.3% expected to be deliverable within the next 12 months [9][10][28]. - Bookings for the second quarter were $65.2 million, down from $88.4 million in the same quarter last year, attributed to lower demand in North America and Germany [11][12]. Financial Position - As of August 31, 2025, the company had a net cash position of $29.5 million, down from $32.4 million at the beginning of the fiscal year, with total liquidity of approximately $96 million available for investments [6][27]. - The company incurred restructuring expenses of $0.7 million in the second quarter, significantly lower than $4.5 million in the previous year [15][23]. Strategic Developments - The company successfully delivered its first order from a new joint venture in Saudi Arabia, enhancing its presence in the Middle East market [5]. - Following the resolution of asbestos-related liabilities and the sale of French assets, the company is exploring capital structure options to support growth and maximize shareholder value [5][30]. Dividend Declaration - On October 9, 2025, the Board of Directors declared a dividend of CA$0.10 per common share, payable on November 27, 2025 [29].

Core Viewpoint - ACM Research, Inc. reported a significant increase in backlog for its subsidiary ACM Research (Shanghai), indicating strong demand for its semiconductor processing solutions [1][2]. Backlog Information - As of September 29, 2025, ACM Shanghai's total backlog reached RMB 9,071.5 million (approximately USD $1,271.6 million), reflecting a 34.1% year-over-year increase compared to the previous year's backlog [2]. - The backlog includes orders for tools that have been shipped but not yet recognized as revenue under Chinese GAAP, as well as orders for tools expected to be shipped in the future [2][3]. Financial Reporting Dates - ACM Shanghai is scheduled to release its full financial results for the nine months ending September 30, 2025, on October 29, 2025, after the market closes in China [5]. - ACM will also report preliminary financial results for the same period before the market opens in the U.S. on the same day [5]. - The company plans to release its full financial results for the third quarter of 2025 and conduct a conference call in early November 2025, with specific details to be announced later [6]. Company Overview - ACM develops, manufactures, and sells semiconductor process equipment, including cleaning, electroplating, and packaging tools, aimed at enhancing productivity and product yield in semiconductor manufacturing [8].

Legal Industry & Case Backlog - Indian court system is facing a significant backlog of 1 million cases [1]