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AAON(AAON) - 2025 Q2 - Earnings Call Presentation
2025-08-11 13:00
Financial Performance - Q2 2025 net sales were $311.6 million, a decrease of 0.6% year-over-year[6, 22] - Gross profit margin was 26.6%, a decrease of 950 bps year-over-year[6] - Non-GAAP adjusted EBITDA was $46.6 million, with a margin of 14.9%, a decrease of 43.1% year-over-year[6, 22] - Non-GAAP adjusted diluted EPS was $0.22, a decrease of 64.5% year-over-year[6, 22] Segment Performance - AAON Oklahoma net sales declined by 18.0% to $185.1 million, with a gross margin of 27.5%[23, 29] - AAON Coil Products net sales increased by 86.4% to $58.5 million, with a gross margin of 22.0%[23, 32, 33] - BASX net sales increased by 20.4% to $68.0 million, with a gross margin of 27.9%[23, 36, 37] Backlog and Orders - Adjusted backlog was $1.12 billion[6] - AAON-branded backlog increased by 93.4% year-over-year and 22.4% quarter-over-quarter[14] - BASX-branded backlog increased by 58.0% year-over-year to $623.4 million[43] Balance Sheet - The company closed on a new $500.0 million credit facility in Q2[42] - The company repurchased $30.0 million of shares[42] - Expect capital expenditures of approximately $220.0 million in 2025[42] Revised Outlook - The company revised its 2025 sales growth outlook to low-teens[45] - The company revised its 2025 gross margin outlook to 28%-29%[45] - The company revised its 2025 adjusted SG&A as a percentage of sales outlook to 16.5%-17.0%[45]
Tutor Perini(TPC) - 2025 Q2 - Earnings Call Transcript
2025-08-06 22:00
Financial Data and Key Metrics Changes - The company reported a record operating cash flow of $262 million for the second quarter, marking the second-best cash flow in the company's history [6][24] - Revenue for the second quarter increased by 22% year-over-year to $1.37 billion, the highest revenue for both the second quarter and first half since February 2009 [6][19] - Operating income surged by 89% to $76 million, driven by strong performance and contributions from higher-margin projects [7][24] - GAAP EPS for the second quarter was $0.38, significantly up from $0.02 in the same quarter last year, while adjusted EPS was $1.41 compared to $0.34 [10][24] - The backlog reached an all-time high of $21.1 billion, up 102% year-over-year and 9% sequentially, driven by $3.1 billion in new awards during the quarter [6][12] Business Line Data and Key Metrics Changes - Civil segment revenue was $734 million, up 34% from $546 million last year, with construction operations income increasing by 85% to $140 million [19][20] - Building segment revenue rose by 11% to $462 million, with construction operations income increasing from $5 million to $22 million [20][24] - Specialty Contractors segment revenue increased by 9% to $177 million, but posted a loss of $18 million, up from a loss of $8 million last year [21][24] Market Data and Key Metrics Changes - The company noted strong bidding opportunities primarily in the West Coast, Midwest, and Indo-Pacific regions, with several major projects expected to advance to construction [13][14] - The book-to-burn ratio for the second quarter was an impressive 2.2x, indicating strong demand for new projects [12] Company Strategy and Development Direction - The company is focused on pursuing projects with favorable contractual terms, limited competition, and higher margins, leveraging its record backlog to be selective in bidding [14][15] - Management emphasized the importance of proper project setup for successful execution of major projects, which are expected to drive substantial growth and profitability [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver strong cash flow and profitability, with expectations for continued growth in GAAP and adjusted EPS for 2026 and 2027 [17][18] - The company does not foresee significant impacts from tariffs or cancellations of major projects in backlog, including the California high-speed rail project [17][18] Other Important Information - The company plans to issue share-settled equity awards to limit future earnings volatility and reduce share-based compensation expenses [9] - Total debt decreased by 21% to $419 million, with cash exceeding total debt for the first time since 2010, standing at $526 million [25][26] Q&A Session Summary Question: Any major project closeouts expected in 2025? - Management indicated that there are no significant projects winding down in the near term, with new projects ramping up to generate more revenue and profit [35][36] Question: How does the company view its win expectation rate on new business? - Management feels confident about winning one or two major projects, which will help offset any revenue reductions from projects winding down [39] Question: What were the drivers behind better-than-expected first-half results? - Key drivers included quicker project execution ramp-ups, reduced costs in excess of billings, and fewer write-downs than anticipated [40][41] Question: What is the outlook for the Specialty Contractors segment? - The expectation is for the Specialty segment to reach breakeven or better as they ramp up production on new projects, with margins projected to improve [58] Question: Is there less competitive bidding for larger projects? - Management confirmed that competition remains minimal, with often only one other bidder for large projects [75][76]
Northwest Pipe Company Announces First Quarter 2025 Financial Results
Prnewswireยท 2025-04-30 20:15
Core Insights - Northwest Pipe Company reported its financial results for Q1 2025, highlighting a mix of challenges and respectable performance across its business segments [1][2]. Financial Performance - Net sales for Q1 2025 were $116.1 million, a 2.6% increase from $113.2 million in Q1 2024 [4][5]. - Net income decreased to $4.0 million, or $0.39 per diluted share, compared to $5.2 million, or $0.52 per diluted share in the same period last year [5][20]. - Gross profit fell by 3.8% to $19.4 million, representing 16.7% of net sales, down from 17.8% in Q1 2024 [5][20]. Segment Performance - The Engineered Steel Pressure Pipe (SPP) segment generated $78.4 million in revenue, a 2.0% decrease from $80.0 million in Q1 2024, with a gross profit margin of 15.5% [5][6]. - The Precast Infrastructure and Engineered Systems segment saw revenues increase by 13.4% to $37.7 million, with a gross profit margin of 19.1%, marking a 140 basis point improvement year-over-year [14][20]. Backlog and Orders - The SPP backlog was $203 million as of March 31, 2025, down from $213 million at the end of 2024 [6]. - The backlog including confirmed orders for SPP was $289 million, a decrease from $310 million at the end of 2024 [6]. - The Precast order book rose to $64 million, up 23% year-over-year, driven by growth in the non-residential segment [14]. Strategic Outlook - The company anticipates a rebound in bidding activity in Q2 2025, with backlog climbing above $300 million [2]. - Expectations for the second half of 2025 include continued growth in both revenue and margins for both business segments [2][14]. - The company plans to rebrand as NWPX Infrastructure, Inc. in June 2025, reflecting its strategic evolution towards infrastructure-focused solutions [2][4].