Key Takeaways Cheniere Energy Q4 EPS missed estimates as margins fell despite 23% higher revenues.LNG's volumes lifted EBITDA by 30% to $2B; full-year 2026 DCF guidance is raised to $4.85B.LNG expanded buybacks to $10B and advanced Stage 3 trains and capacity plans.Cheniere Energy, Inc. (LNG) reported a fourth-quarter 2025 adjusted profit of $2.87 per share, which missed the Zacks Consensus Estimate of $3.83. The bottom line also decreased from the year-ago quarter’s level of $4.33, primarily due to lower t ...

Financial Data and Key Metrics Changes - For the full year 2025, corporate adjusted EBITDA was $297.6 million, and adjusted FFO per share was $1.08, with free cash flow per share at $0.69, reflecting a 6% increase over 2024 and a 22% increase since 2023 [4] - Full year comparable total RevPAR grew by 1.2%, while comparable hotel adjusted EBITDA increased by 1.1% [4] - In the fourth quarter, corporate adjusted EBITDA was $71.9 million, and adjusted FFO per share was $0.27, with comparable RevPAR declining by 30 basis points [4][5] Business Line Data and Key Metrics Changes - Business transient revenue grew by 2.5%, while group revenue declined by 1% and leisure transient revenue decreased by 2.5% [5] - Out-of-room revenue per occupied room at resorts increased nearly 7%, marking the strongest quarterly growth of the year [6] - Food and beverage revenues increased by 1.4%, with margins expanding by 120 basis points due to a modest increase in labor costs [6][9] Market Data and Key Metrics Changes - The urban portfolio, accounting for 62% of annual EBITDA, delivered 0.3% RevPAR growth in the fourth quarter [7] - The strongest RevPAR growth among urban hotels was achieved by specific properties, including Hotel Emblem San Francisco and Denver Courtyard, which posted double-digit gains [7] - Resort RevPAR declined by 1.8%, while total RevPAR increased by 1.1% [7] Company Strategy and Development Direction - The company aims to drive outsized free cash flow per share growth, with a disciplined capital allocation strategy [18][19] - A five-year capital expenditure program is planned, equating to 7%-9% of total revenues, focusing on stability and appropriate investment levels [20][22] - The company is likely to be a net seller of hotels in 2026, with ongoing discussions about potential property dispositions [27] Management's Comments on Operating Environment and Future Outlook - The company expects 2026 RevPAR growth of 1%-3% and total RevPAR growth to be 25 basis points higher [14] - Management is optimistic about the trajectory of resorts and anticipates benefits from upcoming events like the FIFA World Cup and the 250th anniversary of the United States [29][30] - The affluent consumer segment is expected to continue spending, supporting the company's higher-end portfolio [100] Other Important Information - The company redeemed its Series A redeemable preferred shares, which will generate a $0.03 tailwind to FFO per share in 2026 [10][11] - The company paid a common dividend of $0.08 per share in each quarter of 2025, with expectations to increase it to $0.09 per share in 2026 [12] Q&A Session Summary Question: Thoughts on labor and benefits pace in 2026 - Management expects labor costs to increase around 3% in 2026, influenced by contract renewals in New York [38] Question: Insights on first quarter RevPAR - The first quarter is anticipated to be the toughest, with group pace weighted towards growth in the second and fourth quarters [42] Question: Impact of Westin Seaport franchise expiration - Management is pleased with interest from multiple brands regarding the franchise expiration and is working towards finalizing a deal [46] Question: Out-of-room spend performance - Management is cautiously optimistic about continuing to improve out-of-room spend, with a focus on group booking trends [52] Question: Transaction market outlook - The company is more inclined to be sellers at this time, as shares appear to be a better investment than current acquisition options [66]

Financial Data and Key Metrics Changes - The company reported full year 2025 Adjusted EBITDA of $172 million, exceeding previous guidance, with fourth quarter Adjusted EBITDA of $51 million, an 8% increase year-over-year [11][12] - Fourth quarter sales reached $199 million, up $51 million or 34%, with a 15% increase when excluding the $28 million impact of higher sulfur costs [12][13] - The net debt leverage ratio improved to 1.2 times at year-end, following the repayment of $465 million of term loans from the divestiture proceeds [5][16] Business Line Data and Key Metrics Changes - Sales of virgin sulfuric acid increased significantly, driven by the acquisition of Waggaman assets and favorable pricing, while regeneration services faced challenges due to unplanned customer downtime [5][12][24] - The company expects higher sales volume for both virgin and regenerated sulfuric acid in 2026, with stable pricing for virgin sulfuric acid and favorable contractual pricing for regenerated sulfuric acid [7][17] Market Data and Key Metrics Changes - The demand outlook for 2026 remains positive, particularly in the mining sector, which accounts for 20%-25% of sulfuric acid sales [8][9] - The company anticipates higher sales of virgin sulfuric acid in 2026, supported by increased mining demand and the integration of the Waggaman assets [9][10] Company Strategy and Development Direction - The divestiture of the Advanced Materials & Catalysts segment marks a transformative shift, allowing the company to focus on sulfur solutions for clean fuels and critical materials [6][25] - The company plans to invest approximately $20 million in growth capital for projects aimed at increasing storage capacity and improving logistics in the Gulf Coast region [10][19] - Future growth will be supported by organic initiatives and potential accretive acquisitions, with a disciplined approach to capital allocation [25][60] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the near-term outlook for nylon applications and some industrial sectors, while remaining optimistic about overall demand growth [8][40] - The company expects to face higher sulfur costs in 2026, with an estimated pass-through impact of approximately $125 million compared to 2025 [18][20] Other Important Information - The company repurchased approximately $50 million in common stock in 2025 and plans to continue this strategy in 2026 with additional repurchases [25][26] - The integration of the Waggaman sulfuric acid production assets has enhanced the supply network, allowing the company to meet anticipated growth in demand [9][30] Q&A Session Summary Question: Can you help us think about the capacity freed up by Waggaman and the growth potential? - The Waggaman assets added roughly 10% volume to the overall network and enhanced the supply chain's flexibility, allowing for better service to customers [30] Question: What should we expect regarding regeneration contract pricing in 2026? - The company anticipates a similar lift in regeneration contract pricing as seen in 2025, with annual agreements typically rolling off between 15% and 20% [33] Question: What factors are contributing to caution in industrial applications, particularly nylon? - Management noted a general sense of caution due to diverse industrial applications and potential macroeconomic impacts, but does not foresee significant degradation in nylon demand [40] Question: How does the company view its M&A opportunities in the sulfuric acid market? - The company is interested in a broad range of sulfuric acid assets and is open to acquisitions that enhance service capabilities and market reach [69]

Ecovyst (NYSE:ECVT) Q4 2025 Earnings call February 26, 2026 11:00 AM ET Company ParticipantsGene Shiels - Director of Investor RelationsHamed Khorsand - Principal and Director of ResearchKurt Bitting - CEOMike Feehan - CFOConference Call ParticipantsAleksey Yefremov - Managing Director and Equity Research AnalystDavid Begleiter - Managing Director and Senior Equity Research AnalystJohn McNulty - Managing Director, Chemicals AnalystLaurence Alexander - Research AnalystPatrick Cunningham - Vice President, Sen ...

EMCOR Group (NYSE:EME) Q4 2025 Earnings call February 26, 2026 10:30 AM ET Company ParticipantsAdam Bubes - VP of Equity ResearchAdam Thalhimer - Director of ResearchAvi Jaroslawicz - Director of Equity ResearchBrian Brophy - Director of Equity ResearchJason Nalbandian - SVP and CFOLucas Sullivan - Director of Financial Planning and AnalysisTony Guzzi - Chairman, President, and CEOConference Call ParticipantsBrent Thielman - Managing Director and Senior Research AnalystJustin Hauke - Senior Research Analyst ...

Key Takeaways VMI lifted its quarterly dividend 13% to 77 cents per share, payable April 15, 2026.Valmont will allocate 50% of its operating cash flow to growth and 50% to dividends and buybacks.VMI says disciplined capital deployment and strong cash flow support long-term shareholder value.Valmont Industries, Inc. (VMI) recently announced a 13% increase in its quarterly cash dividend, underscoring the successful execution of the capital allocation priorities laid down by the company last year. Its board of ...

PresentationMike BeckmanVP & Head of Investor Relations Good morning, and welcome to the Texas Instruments 2026 Capital Management Call. I'm Mike Beckman, Head of Investor Relations, and I'm joined by our Chairman, President and Chief Executive Officer, Haviv Ilan; and our Chief Financial Officer, Rafael Lizardi. This call is being broadcast live over the web and can be accessed through our website at ti.com/ir. In addition, today's call is being recorded and will be available via replay on our website, al ...

Operational efficiency remains a core focus, with the company achieving industry-leading EBITDA margins of 34.3% for the full year despite top-line headwinds.Historically low supply growth remains a key differentiator, with 59% of the portfolio facing no new competitive construction within a five-mile radius, reducing downside risk.Strategic dispositions of seven hotels at a blended 6.5% cap rate provided capital to buy back shares at a meaningful multiple spread while reducing future portfolio CapEx obliga ...

On growth, executives said the best near-term value is expected to come from organic opportunities, particularly from the company’s significant resource base in South Africa’s PGM operations. The company said it has also developed a framework to evaluate external growth opportunities going forward.The company also reiterated a disciplined capital allocation approach it described as roughly split into thirds:Management said the strategic refresh presented to the market in late January can be summarized in on ...

Key Takeaways CRH's fourth-quarter EPS met estimates as it delivered margin expansion despite a slight revenue miss.CRH's Americas operations strength helped it offset softer residential demand trends during the quarter.The company guides higher 2026 adjusted EBITDA as it boosts dividends and shareholder returns.CRH plc (CRH) delivered mixed fourth-quarter 2025 results, with adjusted earnings meeting the Zacks Consensus Estimate and increasing on a year-over-year basis. Total revenues missed the consensus m ...