Key Takeaways PEP's shares climbed 18% in a month, driven by strong execution across beverages and convenient foods.PEP's strong brand power and disciplined operations continue to drive consistent revenue growth.PEP's growth is being fueled by robust performance in North America beverages and international markets.PepsiCo Inc. (PEP) has staged a notable comeback, with its stock climbing 18.2% in the past month, reflecting renewed investor optimism. The rally was largely sparked by the company’s strong fourt ...

Lincoln Electric (NasdaqGS:LECO) Q4 2025 Earnings call February 12, 2026 10:00 AM ET Company ParticipantsAmanda Butler - VP of Investor Relations and CommunicationsAngel Castillo - Head Executive Director of US Machinery and Construction Equity ResearchGabriel Bruno - CFOSteven Hedlund - Chairman and CEOConference Call ParticipantsChris Dankert - SVP and Senior Equity AnalystMig Dobre - Managing Director, Senior Research Analyst, and Associate Director of ResearchNathan Jones - Managing Director and Senior ...

Core Insights - Natural Grocers by Vitamin Cottage, Inc. (NGVC) shares have decreased by 9.8% since the earnings report for the quarter ended December 31, 2025, while the S&P 500 index grew by 0.9% during the same period [1] - For the fiscal first quarter of 2026, the company reported earnings per share of 49 cents, an increase from 43 cents in the same period last year [1] Financial Performance - Net sales reached $335.6 million, reflecting a 1.6% increase compared to the previous year, driven by a 1.7% rise in daily average comparable store sales, which was supported by a 1% increase in transaction count and a 0.7% rise in transaction size [2] - Net income rose by 14% year over year to $11.3 million [2] Profitability Metrics - Gross profit remained relatively flat at $98.9 million, with a gross margin contraction of 40 basis points to 29.5% from 29.9%, primarily due to lower product margins from increased inventory shrink [3] - Store expenses decreased by 0.7% to $73 million, and as a percentage of net sales, fell to 21.8% from 22.3% [4] - Administrative expenses decreased by 5.9% to $10.8 million, contributing to a 9.7% increase in operating income to $14.6 million, with the operating margin expanding to 4.4% from 4% [4] EBITDA and Operational Efficiency - Adjusted EBITDA grew by 3.1% to $23.5 million, while EBITDA rose by 6.2% year over year to $22.6 million, improving as a percentage of net sales to 6.7% from 6.4% [5] - Adjusted EBITDA represented 7% of net sales, a slight increase from 6.9%, indicating continued operational efficiency despite margin pressures [5] Management Commentary - Management expressed that the quarterly performance met expectations and reaffirmed full-year guidance, highlighting the effectiveness of the "Always AffordableSM" pricing strategy and the appeal of high-quality natural and organic products [6] - The management emphasized confidence in the company's competitive position amid economic uncertainty [6] Sales Dynamics - Sales performance was influenced by comparable store sales contributing $5.7 million and new store sales adding $2.4 million, partially offset by a $2.8 million decline from closed store locations [7] - The contraction in gross margin was identified as the main challenge, primarily due to inventory shrink affecting product margins [7] Guidance and Future Outlook - Natural Grocers reaffirmed its fiscal 2026 outlook, projecting daily average comparable store sales growth between 1.5% and 4%, with earnings per share expected to range from $2.00 to $2.15 [10] - Capital expenditures are anticipated to be between $50 million and $55 million, with plans to open six to eight new stores and two to three store relocations or remodels [10] Recent Developments - In the first quarter, the company relocated one store and invested $9.6 million in net capital expenditures, primarily for new, relocated, and remodeled store projects [11]

Crown Crafts (NasdaqCM:CRWS) Q3 2026 Earnings call February 11, 2026 09:00 AM ET Speaker5Please note this event is being recorded. I would now like to turn the conference over to John McNamara with Three Part Advisors. Please go ahead.Speaker7Thank you. Good morning, everyone, and thank you again for joining the Crown Crafts Fiscal Year 2026 Third Quarter Conference Call. With us on the call this morning are Crown Crafts President and Chief Executive Officer Olivia Elliott and Vice President and Chief Finan ...

Core Insights - Jerash Holdings (NASDAQ: JRSH) reported strong fiscal 2026 third-quarter results, with earnings per share (EPS) of $0.09, exceeding consensus estimates of $0.05 to $0.07, and a significant increase from approximately $0.00 in the prior-year quarter [1] - Revenue for the third quarter reached $41.8 million, an 18% increase from $35.4 million in the same quarter the previous year, also surpassing expectations of $39.3 million [1] - The company anticipates fourth-quarter revenue growth of 23% to 26% over the $29.3 million recorded in the prior-year quarter, contributing to a record annual revenue for fiscal 2026 [2] Financial Performance - Gross margin improved by 170 basis points to 16.9% from 15.2% in the prior-year quarter, driven by a favorable product mix and economies of scale [4] - Gross profit rose 31% to $7 million from $5.4 million [4] - Operating income nearly tripled to $1.9 million from $708,000, and net income increased to $1.2 million from $6,000 in the previous year quarter [4] Operational Efficiency - The company demonstrated effective cost management and higher shipment volumes, including to the U.S. and a new customer in Korea, contributing to improved operational efficiency [1] - JRSH maintains a conservative balance sheet with a low debt-to-equity ratio of 0.089 and a current ratio of 2.73, indicating strong liquidity [3] - Recent results show positive cash generation trends aligned with profitability growth, despite historical challenges in the apparel sector [3]

Core Viewpoint - Star Group, L.P. has demonstrated strong financial performance in the first quarter of fiscal 2026, with significant revenue and net income growth, outperforming the S&P 500 index during the same period [1][2]. Earnings & Revenue Performances - Total revenues for the first quarter of fiscal 2026 reached $539.3 million, a 10.5% increase from $488.1 million in the same period last year, driven by higher product volumes and growth in service and installation revenues [2]. - Net income rose by 9% to $35.8 million from $32.9 million year-over-year [2]. Net Income and Profitability Metrics - Net income available to limited partners increased to $35.4 million from $32.6 million, with basic and diluted income per unit rising 12.7% to 89 cents from 79 cents in the prior-year quarter [3]. - Adjusted EBITDA climbed 32% year-over-year to $68.4 million from $51.9 million [3]. Operational Performance - The quarter benefited from a significant increase in heating demand, with home heating oil and propane volumes rising by 11.5 million gallons, or 13.9%, to 93.9 million gallons [4]. - Total product sales increased to $448 million from $399.5 million, while installation and service revenues grew to $91.3 million from $88.6 million [4]. Product Gross Profit and Margin Analysis - Product gross profit improved due to higher volumes and better per-gallon margins, although service operations faced margin pressure from elevated costs related to cold weather and increased propane tank installations [5]. Management Commentary - Management characterized the start of fiscal 2026 as strong, attributing success to acquisitions, operational execution, and colder weather conditions, which were nearly 19% colder than the previous year [6]. - The CEO highlighted improvements in efficiency and supply management, leading to significant bottom-line gains despite operational challenges [7]. Weather Impact on Financials - Weather conditions significantly influenced quarterly results, with colder temperatures boosting heating volumes but also incurring $5 million in expenses related to weather hedge contracts [8]. - Star Group experienced a $10.7 million unfavorable change in the fair value of derivative instruments, partially offsetting gains from higher Adjusted EBITDA [9]. Outlook - Management noted that cold weather conditions persisted into the second quarter, with January being colder than both the previous year and historical norms [10]. - The company expressed confidence in managing through challenging conditions while maintaining service levels and cost discipline, with a focus on customer service and expense control [11].

Financial Data and Key Metrics Changes - In Q4 2025, revenue increased by 9.9% to $1.5 billion, while adjusted EBITDA rose by 15.9% to $335.6 million, driven by a 5.3% growth in discharges and a 4.1% increase in net revenue per discharge [13][5][11] - For the full year 2025, revenue grew by 10.5%, and EBITDA increased by 14.9%, with premium labor costs declining by over $21 million compared to 2024 [5][11] Business Line Data and Key Metrics Changes - The company added 517 beds in 2025, with 390 from new hospitals and 127 from existing hospitals, reflecting ongoing investments in capacity [6][11] - The full-year discharge to community rate was 84.6%, discharge to acute care was 8.6%, and discharge to skilled nursing facilities (SNF) was 6.1%, all favorable compared to industry averages [5][6] Market Data and Key Metrics Changes - The company experienced strong fee-for-service growth in Q4, although challenges were noted with Medicare Advantage, particularly with one national payer that saw a significant drop in conversion rates [28][27] - The Veterans Affairs (VA) program represented 19% of managed care volume, with a 22% growth for the year, indicating strong performance in this segment [30][11] Company Strategy and Development Direction - The company plans to implement small format hospitals starting in 2027 as part of a hub and spoke strategy to address market demand [6][11] - The company is actively engaging with regulatory bodies to ensure compliance and adapt to changes in the IRF industry, including the implementation of the TEAM model [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to adapt to regulatory changes and maintain growth, citing a strong demand for IRF services [10][11] - The company anticipates continued growth in 2026, with guidance for net operating revenue between $6.365 billion and $6.465 billion and adjusted EBITDA between $1.34 billion and $1.38 billion [16][11] Other Important Information - The company maintained a strong balance sheet with a year-end net financial leverage of 1.9 times, allowing for continued investments and shareholder distributions [11][15] - Significant investments were made in operations, including $158 million in share repurchases and over $70 million in cash dividends [11][15] Q&A Session Summary Question: Volume evolution and comp issues for 2026 - Management noted that the back half of 2025 faced challenging comps due to strong performance in the previous year, with new hospitals contributing to volume growth [20][21] Question: Payer mix and Medicare Advantage challenges - Fee-for-service growth was strong, but there were challenges with Medicare Advantage, particularly with a national payer that saw a drop in conversion rates [27][28] Question: TEAM pilot program and its implications - Management explained that the TEAM pilot program is similar to previous models and does not represent new risks, with expectations of continued growth despite regulatory changes [39][40] Question: Labor costs and staffing improvements - Management attributed improvements in labor costs to a softening labor market and effective staffing strategies, resulting in lower premium labor costs [51][52] Question: RCD experience in Alabama - The company reported a 93% affirmation rate in Alabama, with ongoing appeals for non-affirmed claims, indicating a strong position in managing regulatory challenges [66][69]

Financial Data and Key Metrics Changes - In the fourth quarter, consolidated revenue was $321 million, with adjusted EBITDA at -$26.2 million, or -8.1% of sales, and adjusted net income attributable to common stockholders at -$37.8 million, or -$0.93 per diluted share [20][21] - Adjusted gross margin was -1.1% of sales, and adjusted operating margin was -13.6% [20] - Full-year operating cash generation totaled $12 million, with -$31 million of free cash flow in 2025 [22] Business Line Data and Key Metrics Changes - Transportation Solutions generated revenue of $263 million, with non-GAAP operating income of -$31.7 million, or -12.1% of sales [21] - Parts and Services generated revenue of $64.5 million and operating income of $5.1 million, or 7.9% of sales, continuing a trend of sequential and year-over-year growth [21][13] Market Data and Key Metrics Changes - The transportation industry faced prolonged softness in demand, with freight, construction, and industrial activity operating below normalized levels [3][5] - Early signs of stabilization in freight volumes were noted, but these have not yet translated into increased order activity [5][10] Company Strategy and Development Direction - The company is focused on aligning costs with demand, preserving liquidity, and protecting margins while pursuing market share opportunities [6][7] - Actions taken in 2025 are believed to strengthen the company's foundation and improve its ability to perform through the cycle [4] - The company is investing in parts and services as a more durable revenue stream, with a growth of 33% year-over-year in this segment [13][14] Management's Comments on Operating Environment and Future Outlook - The management noted that the demand environment is expected to remain difficult in the first quarter of 2026, with revenue guidance set between $310 million and $330 million [11][24] - There is confidence that 2026 will represent an improvement from 2025, despite the uncertainty in the timing and shape of the demand recovery [11][25] Other Important Information - The idling of manufacturing facilities resulted in approximately $16 million of total charges during the quarter, all of which were non-cash [8] - The company expects to recognize an additional $4 million-$5 million in charges in the first half of 2026, primarily related to severance and exit-related costs [8] Q&A Session Summary Question: Impact of idling capacity on refrigerated truck bodies - Management confirmed that they are not exiting the refrigerated market and are repositioning products for an improving market [32][33] Question: Continuation of parts and services run rate into 2026 - Management expects nice growth in 2026, with quarterly averages continuing from Q4, but margins may face pressure due to market conditions [34][36] Question: Changes in refrigerated truck bodies and cost structure - Management assured that capacity for refrigerated truck bodies remains intact and that strategic actions taken will optimize overhead [45][46] Question: Customer optimism and market recovery - Management noted that initial tailwinds for trailer demand are stabilizing, but it is too early to predict a significant recovery [51][52] Question: Tariff impacts on cost of goods sold - Management clarified that the impact of tariffs on material costs is minimal, with market price competition being the primary driver of margin compression [92]

Core Viewpoint - PPL Corporation and PPL Electric Utilities reaffirm their commitment to transparency, affordability, and collaboration in response to rising energy costs and the recent Budget Address by Governor Shapiro [1][2]. Ratemaking Transparency - PPL Electric supports enhanced transparency in the regulatory process, including full rate reviews and regular audits, to build public confidence in utility regulation [3]. Reforming Retail Markets - The company advocates for measures to protect customers from deceptive retail energy practices, highlighting that retail shopping abuses cost residential customers over $60 million in 2025 [4]. Eliminating Unnecessary Fees - PPL Electric aims to revise or eliminate "junk" fees that do not add value, which could lower customer bills, and is committed to supporting vulnerable customers [5]. Customer Protections - The company continues to uphold customer protections even without current laws and supports the reinstatement of Chapter 14, which expired in December 2024 [6]. Cost Management and Reliability - Over the past decade, PPL Electric has managed operating and maintenance expenses nearly 25% below inflation while investing in grid reliability, avoiding distribution base rate increases since 2015 [7]. Economic Development - PPL Electric's infrastructure investments support economic development projects, such as the Eli Lilly project, contributing to job creation and stability in Pennsylvania [8]. Energy Supply Prices - Rising energy supply costs are a significant concern, with supply prices for PPL Electric customers increasing by over 200% in the last five years, accounting for 47% of a typical residential bill [9][10]. Generation Capacity - The company supports building new generation capacity as a key strategy to lower energy bills and has engaged in a joint venture to support data center load growth [11]. Stakeholder Collaboration - PPL Electric is dedicated to collaborating with policymakers and stakeholders to develop effective solutions for energy cost challenges while ensuring safety and reliability [12]. Company Overview - PPL Corporation is a leading U.S. energy company serving over 3.6 million customers, focusing on building resilient power grids and advancing sustainable energy solutions [13]. PPL Electric Utilities Overview - PPL Electric Utilities provides reliable electricity to about 1.5 million customers in Pennsylvania and is recognized for its reliability and customer satisfaction [14].

Core Insights - Disney reported fiscal first-quarter results that exceeded forecasts, driven by record performance in its parks business, although overall profits declined due to rising costs across various business units [1][2]. Financial Performance - Adjusted earnings per share were $1.63, surpassing expectations of $1.56, with revenue increasing by 5% to $26 billion, above the forecast of $25.7 billion [2]. - Total operating income decreased to $4.6 billion from $5.1 billion a year ago [2]. Parks and Experiences - The parks and experiences unit achieved record quarterly revenue of $10 billion, with a 1% increase in attendance and a 4% rise in spending per customer [3]. - The company indicated that international visitor numbers to its US parks may pose challenges in the upcoming quarter [3]. Sports Unit - The sports unit experienced a 23% decline in operating income year-over-year, attributed to increased sports rights costs and a $110 million impact from a carriage dispute with YouTube TV [4]. - Revenue for the sports unit rose by 1% to $4.91 billion [4]. Entertainment Unit - Revenue in the entertainment unit, which includes the film studio, grew by 7% to $11.6 billion, bolstered by successful box office releases like "Zootopia 2" and "Avatar: Fire and Ash" [5]. - However, profits for this unit fell by 35% to $1.1 billion due to higher costs [5]. - Streaming revenue, part of the entertainment unit, increased by 11% to $5.3 billion [5].