Core Insights - Hanesbrands Inc. reported third-quarter 2025 results, with both revenue and earnings falling short of the Zacks Consensus Estimate, although the bottom line showed year-over-year improvement [1][3]. Financial Performance - Adjusted earnings from continuing operations were 15 cents per share, missing the Zacks Consensus Estimate of 16 cents, but up from 12 cents per share in the prior year [3][9]. - Net sales from continuing operations decreased by 1% year over year to $891.7 million, missing the Zacks Consensus Estimate of $901 million; on a constant-currency basis, organic net sales fell by 4.9% [3][9]. - Adjusted gross profit was $364 million, down 3% year over year, with an adjusted gross margin of 40.8%, a decline of nearly 80 basis points [4]. Cost Management - Selling, general and administrative (SG&A) costs were $255.9 million, down 8.4% year over year, and as a percentage of net sales, SG&A costs decreased to 28.7% from 31% in the prior year [5]. - Adjusted operating profit was $116 million, up 3% year over year, with an adjusted operating margin of 13%, an increase of 45 basis points, driven by lower SG&A expenses [5]. Segment Performance - U.S. segment net sales decreased by 4.5% year over year to $647.5 million, impacted by unexpected shifts in ordering patterns; however, unit point-of-sale trends improved sequentially [6]. - The U.S. segment's operating margin was 22.2%, up almost 20 basis points, supported by reduced input costs and cost-saving initiatives [7]. - International segment net sales decreased by 8% to $204.4 million, with a $4 million headwind from unfavorable foreign exchange rates; constant-currency net sales increased in Japan but declined in the Americas and Australia [8]. Financial Position - The company ended the quarter with cash and cash equivalents of $217.6 million, long-term debt of $2.21 billion, and total stockholders' equity of $446.4 million [11]. - Net cash from operating activities was $27.6 million, with free cash flow of $22.3 million in the third quarter [11]. Strategic Outlook - Hanesbrands has entered into a definitive merger agreement to be acquired by Gildan and is no longer providing guidance; however, management indicated that performance remains consistent with previously communicated 2025 EPS outlook [12].

Financial Data and Key Metrics Changes - Sales for Q3 2025 were $1.917 billion, an increase of $20 million compared to Q3 2024, reflecting currency recoveries offsetting lower demand [12] - Adjusted EBITDA improved by $51 million year-over-year to $162 million, with a margin expansion of 260 basis points to 8.5% due to cost-saving actions and operational efficiencies [12][13] - EBIT improved significantly to $53 million from a loss of $8 million in the prior period, while net income attributable to Dana was $13 million compared to a loss of $21 million in Q3 2024 [12][13] Business Line Data and Key Metrics Changes - Volume and mix in Q3 2025 were $66 million lower, driven by lower demand in commercial vehicle markets, partially offset by higher sales in light vehicles [14] - Cost savings contributed $73 million in profit, bringing the total to $183 million year-to-date, with an increased target of $235 million for the full year 2025 [16][18] Market Data and Key Metrics Changes - Commercial vehicle demand in North America is deteriorating, with a current annualized run rate of around 200,000 units, and no signs of improvement expected until mid-2026 [30][90] - Light vehicle demand remains stable, with production disruptions having minimal impact on light vehicle system sales [10][12] Company Strategy and Development Direction - The company is focused on restructuring initiatives that are expected to turn current headwinds into tailwinds, with an emphasis on cost savings and operational improvements [5][10] - The off-highway divestiture is on track to close in Q4 2025, with most regulatory approvals received [8][10] - The company plans to maintain a capital return commitment of $600 million for the year [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the full-year guidance, with an expectation of improved performance in Q4 driven by cost-saving initiatives and better product mix [10][18] - The outlook for commercial vehicles remains cautious, with no immediate signs of recovery, while light vehicle demand is expected to remain stable [10][30] Other Important Information - The company has been actively buying back shares, having repurchased nearly 30 million shares or over 20% of its outstanding shares [9] - Adjusted free cash flow for Q3 2025 was $101 million, representing a $109 million improvement compared to the prior year [17] Q&A Session Summary Question: Impact of tariff policy changes on U.S. OEMs - Management noted that U.S. OEMs are likely benefiting more from recent tariff policy changes compared to European OEMs, as the rebate is based on vehicles assembled in the U.S. [27] Question: Deterioration in commercial vehicle market - Management confirmed that there are no signs of improvement in the commercial vehicle market, with expectations of a soft market continuing into mid-2026 [30] Question: Fourth quarter margin outlook - Management indicated that sequential margin improvement is expected due to continued cost-saving initiatives and improved product mix [36] Question: Drivers of pricing improvements - Pricing improvements are driven by new platforms and programs, with commercial teams successfully negotiating recoveries [45] Question: Backlog and EV cancellations - Management acknowledged that the backlog has been impacted by EV program cancellations, but there are still increases in internal combustion engine (ICE) programs expected [107][110]

Financial Data and Key Metrics Changes - Grupo Televisa's consolidated operating segment income margin expanded by 100 basis points to 38.2% in the first nine months of the year, driven by a year-on-year OPEX reduction of around 7% [3][4] - The company generated approximately MXN 4.2 billion in free cash flow, leading to a reduction in leverage ratio from 2.5 times EBITDA at the end of last year to 2.1 times [4] - TelevisaUnivision's third quarter revenue was $1.3 billion, a decline of 3% year-on-year, while adjusted EBITDA increased by 9% [12] Business Line Data and Key Metrics Changes - Cable operations saw a net addition of 22,000 broadband subscribers in Q3, compared to 6,000 in Q2 and disconnections of about 6,000 in Q1 [7] - Revenue from residential operations decreased by only 0.7% year-on-year to MXN 10.6 billion, marking the best quarter in two years for revenue growth [9] - Sky's revenue declined by 18.2% year-on-year to MXN 3.1 billion, primarily due to a lower subscriber base [10] Market Data and Key Metrics Changes - In the U.S., advertising revenue decreased by 11%, although growth in ViX partially offset linear declines [12] - In Mexico, advertising revenue increased by 3% year-on-year, driven by private and public sector ad sales [13] - Subscription and licensing revenue in the U.S. grew by 11%, while in Mexico, it fell by 17% [14] Company Strategy and Development Direction - The company is focusing on attracting and retaining value customers in cable and executing OPEX efficiencies through integration with Easy and Sky [2][3] - Deleveraging remains a core strategic priority for TelevisaUnivision, with management committed to strengthening the capital structure [6] - The strategy is to focus on high-end clients to increase ARPU, rather than competing for volume in a saturated market [34] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing integration and operational optimization at TelevisaUnivision, which is expected to create greater shareholder value [14] - The company views the current market as rational, with price increases being implemented by competitors, except for Telmex [35] - Management believes that the Mexican government has effectively handled trade negotiations, fostering a strong economic relationship with the U.S. [29] Other Important Information - The company has successfully refinanced $2.3 billion of debt, enhancing liquidity and extending maturity profiles [6] - CAPEX for 2025 is budgeted at $600 million, with a CAPEX to sales ratio of less than 20% expected for the full year [3] Q&A Session Summary Question: CAPEX outlook for 2026 and insurance claim related to Hurricane Otis - Management expects to remain within the guidance of around $600 million for CAPEX and confirmed that the insurance claim related to Hurricane Otis is the last portion [16][18] Question: Local content transition to ViX and advertising investments - Management is exploring the inclusion of local news content in the streaming platform while continuing to engage in media for equity deals with startups [26][28] Question: Short-term and medium-term dynamics in cable competition - Management acknowledged that the market is nearing full penetration and emphasized a focus on high-end customers to maintain ARPU [32][34] Question: Sustainability of margins for Cable, Sky, and TelevisaUnivision - Management indicated ongoing efforts to improve margins through technology and operational efficiencies, with TelevisaUnivision expected to maintain high margins due to cost management initiatives [50][49]

Financial Data and Key Metrics Changes - Grupo Televisa's consolidated operating segment income margin expanded by 100 basis points year-on-year to 38.2%, driven by a year-on-year OPEX reduction of around 7% [3] - The company generated approximately MXN 4.2 billion in free cash flow, leading to a reduction in leverage ratio from 2.5 times EBITDA at the end of last year to 2.1 times [4] - TelevisaUnivision's third quarter revenue was $1.3 billion, a decline of 3% year-on-year, while adjusted EBITDA increased by 9% to $460 million [13] Business Line Data and Key Metrics Changes - The broadband gross ads improved, resulting in 22,000 net ads during the third quarter, compared to 6,000 in the second quarter [8] - Revenue from residential operations decreased by only 0.7% year-on-year to MXN 10.6 billion, marking the best quarter in two years for revenue growth [10] - TelevisaUnivision's consolidated subscription and licensing revenue increased by 3% year-on-year, driven by ViX's premium tier [14] Market Data and Key Metrics Changes - In the U.S., advertising revenue decreased by 11%, while in Mexico, it increased by 3% year-on-year, primarily due to private and public sector ad sales [14] - The company ended the quarter with TelevisaUnivision's leverage at 5.5 times EBITDA, an improvement from 5.9 times in the previous quarter [6] Company Strategy and Development Direction - The company is focusing on attracting and retaining value customers in cable, which has led to growth in the internet subscriber base [2] - A disciplined CAPEX deployment approach is being maintained, with a budget of $600 million for 2025, implying a CAPEX to sales ratio of less than 20% [3] - Deleveraging remains a core strategic priority for TelevisaUnivision, with management committed to strengthening the capital structure [6] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing integration between Easy and Sky, which is expected to create greater value for shareholders [15] - The company views the current market dynamics as rational, with price increases being implemented by competitors, except for Telmex [32] - Management believes that the margins achieved in TelevisaUnivision are sustainable due to efficient content production and ownership of a large content library [50] Other Important Information - The company has successfully refinanced $2.3 billion of debt, enhancing liquidity and extending maturity profiles [6] - The partnership with Formula One is expected to provide a competitive advantage and drive subscriber growth [9] Q&A Session Summary Question: CAPEX outlook for 2026 and insurance claim related to Hurricane Otis - Management indicated that the CAPEX guidance for 2025 is around $600 million and confirmed that the insurance claim related to Hurricane Otis is the last portion expected [17][18] Question: Transition of local news content to ViX and advertising investments - Management acknowledged the importance of local news and is exploring its inclusion in the streaming platform while also discussing media for equity deals with startups [21][23] Question: Short-term and medium-term competition dynamics in cable - Management noted that the market is close to full penetration, focusing on high-end clients to increase ARPU, while Sky is viewed as a cash flow generator despite declining subscriber numbers [27][30] Question: Expectations for cable growth rates and sustainability of margins - Management expects diminishing net ads as market penetration increases but believes in ongoing margin improvements through technology and operational efficiencies [41][43]