Tilray Brands (NasdaqGS:TLRY) Q2 2026 Earnings Call January 08, 2026 04:30 PM ET Company ParticipantsBerrin Noorata - Chief Corporate Affairs and Communications OfficerAaron Grey - Managing DirectorBill Kirk - Managing DirectorFrederico Gomes - DirectorIrwin Simon - Chairman and CEOPablo Zuanic - Managing PartnerCarl Merton - CFOConference Call ParticipantsVictor Ma - AnalystOperatorThank you for joining today's conference call to discuss Tilray Brands' financial results for the second quarter fiscal year 2 ...

Financial Data and Key Metrics Changes - The company reported stronger-than-expected beer operating margins in Q3 despite volume declines, attributed to cost savings initiatives and favorable pricing actions [8][9] - The depreciation benefit seen in Q3 is expected to turn into a headwind in Q4 as additional assets come online [9][31] Business Line Data and Key Metrics Changes - The beer portfolio experienced mid-single-digit distribution growth in the quarter, with significant gains in brands like Pacifico and Victoria [25][26] - The company continues to see a shift towards aluminum packaging, which is expected to impact margins due to increased costs [9][32] Market Data and Key Metrics Changes - The Hispanic consumer segment remains cautious due to socioeconomic concerns, impacting spending patterns [26][37] - The company noted that 75% of Hispanic consumers are concerned about the economic environment, leading to more careful spending [26] Company Strategy and Development Direction - The company plans to continue expanding capacity with a focus on modular brewery build-outs, managing capital expenditures in line with growth projections [16][17] - There is an emphasis on brand health and distribution capabilities, particularly for growing brands like Pacifico, which is expected to become a strong number three brand in the portfolio [21][25] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the beer business plateauing, with potential recovery driven by upcoming events like the World Cup [37][57] - The macroeconomic environment has worsened since previous guidance, which will be reflected in future planning and guidance updates [12] Other Important Information - The company is adjusting pricing strategies for brands like Modelo Oro and Corona Premier to align with consumer expectations, which has led to improved trends for these products [46][47] - The company remains focused on controlling costs and optimizing distribution to navigate the current economic challenges [26][42] Q&A Session Summary Question: Insights on beer operating margins - Management highlighted that volume declines were a headwind, but cost savings and favorable pricing helped margins in Q3, with expectations of lower margins in Q4 due to seasonality and increased costs [8][9] Question: Long-term beer margin guidance - Management indicated that guidance for FY 2027 and beyond will be provided in April, noting that the macroeconomic environment has worsened since previous guidance [12] Question: Distribution growth and shelf space - Management remains optimistic about distribution growth, citing strong performance in states and opportunities for increased shelf space despite challenges in the beer category [25][26] Question: Impact of World Cup on sales - Management expects the World Cup to drive incremental benefits for the beer business, with plans for promotions and media presence to capitalize on the event [57] Question: Pricing environment and adjustments - Management anticipates continued pricing adjustments in response to market conditions, with positive trends observed in adjusted brands [46][47]

Core Insights - Cracker Barrel's first quarter results for fiscal 2026 were below expectations due to ongoing challenges, prompting adjustments in operations, menu, and marketing strategies [2][6] - The company is implementing cost-saving initiatives to improve financial performance and is optimistic about regaining momentum despite a slow recovery [2] Financial Performance - Total revenue for the first quarter was $797.2 million, a decrease of 5.7% compared to the prior year [6][16] - GAAP net loss was $24.6 million, compared to a net income of $4.8 million in the same quarter last year [6][17] - Adjusted net loss was $16.4 million, down from an adjusted net income of $10.2 million in the prior year [6][22] - Adjusted EBITDA was $7.2 million, significantly lower than $45.8 million in the previous year [4][25] - GAAP earnings per diluted share were ($1.10), compared to $0.22 in the prior year [6][22] Operational Metrics - Comparable store restaurant sales decreased by 4.7%, while comparable store retail sales fell by 8.5% compared to the previous year [6][7] - The company ended the quarter with total debt of $550.3 million and a consolidated total leverage ratio of 2.8x [6][7] - Available liquidity was reported at $485 million [7] Outlook for Fiscal 2026 - The company revised its total revenue outlook to between $3.2 billion and $3.3 billion, down from a previous estimate of $3.35 billion to $3.45 billion [7] - Adjusted EBITDA guidance was also lowered to a range of $70 million to $110 million, down from $150 million to $190 million [7] - The company anticipates annualized savings of $20 million to $25 million in general and administrative expenses due to corporate restructuring [7][14] Dividend Declaration - The Board of Directors declared a quarterly dividend of $0.25 per share, payable on February 11, 2026, to shareholders of record as of January 16, 2026 [7]

The Campbell’s Company (NasdaqGS:CPB) Q1 2026 Earnings Call December 09, 2025 08:00 AM ET Company ParticipantsTodd Cunfer - CFORebecca Gardy - Chief Investor Relations OfficerMick Beekhuizen - CEOConference Call ParticipantsPeter Grom - Equity Research AnalystChris Carey - Senior Equity AnalystDavid Palmer - Food and Restaurant AnalystJim Salera - AnalystAndrew Lazar - Equity AnalystMichael Lavery - Senior Equity Research AnalystRobert Moskow - AnalystTom Palmer - Senior Equity Research AnalystOperatorGood ...

CAMDEN, N.J.--(BUSINESS WIRE)--The Campbell's Company (NASDAQ:CPB) today reported results for its first quarter fiscal 2026 ended November 2, 2025. Unless otherwise stated, all comparisons are to the same period of fiscal 2025. CEO Comments: Mick Beekhuizen, Campbell's Chief Executive Officer said, "Our first quarter performance was in line with our expectations reflecting sharpened in-market execution in a dynamic operating environment. Consumers remain intentional in their shopping behaviors with at-home- ...

Financial Data and Key Metrics Changes - Total reported revenue for Q3 2025 was $700 million, a 4% decrease from $727 million in the prior year, primarily due to lower COVID and donor screening revenue [13][14] - Adjusted EBITDA was $177 million, with an adjusted EBITDA margin of 25%, reflecting a 180 basis point improvement year-over-year [10][17] - Adjusted diluted EPS was $0.80 for Q3, representing a 36% growth year-to-date [17][24] Business Line Data and Key Metrics Changes - Labs business revenue grew by 4%, driven by solid demand for VITROS, ImmunoAssay, and clinical chemistry platforms [6][9] - Immunohematology business grew by 5%, supported by strong demand from blood banks and hospitals [7] - Point-of-care business, particularly the Triage product line, posted 7% growth, with significant contributions from international markets [8][9] Market Data and Key Metrics Changes - North America revenue decreased by 12% overall, but increased by 5% year-over-year when excluding respiratory revenue and the U.S. donor screening exit [9] - Latin America experienced a 21% overall growth, with labs growing by 22% [9] - Japan, Asia-Pacific, and China each grew approximately 5%, while Europe, Middle East, and Africa grew by 3% [9] Company Strategy and Development Direction - The company is focused on margin improvement initiatives, achieving over $140 million in cost savings, aiming for sustainable mid to high 20s EBITDA margins [5][10] - Continued investment in strategic areas to position for long-term growth, including R&D advancements and new product launches [10][11] - The company is preparing for the anticipated FDA clearance of Lex Diagnostics by late 2025 or early 2026, which is expected to impact future growth [12][46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's progress and the path ahead, emphasizing a focus on sustainable, profitable growth [12][24] - The company anticipates a typical respiratory season, with revenue timing consistent with pre-pandemic patterns [21][24] - Management acknowledged challenges from tariff impacts but remains committed to offsetting these in 2025 [11][19] Other Important Information - The company recorded a $701 million goodwill impairment charge in Q3, resulting in no goodwill remaining on the balance sheet [20] - Adjusted recurring cash flow is expected to represent 25-30% of adjusted EBITDA for the full year [19][24] - The company expects full-year 2025 total reported revenue between $2.68 billion and $2.74 billion, with adjusted EBITDA guidance of $585 million to $605 million [21][24] Q&A Session Summary Question: Can you provide more details on competitive wins? - Competitive wins have been evenly distributed across geographies, with significant wins in North America, Latin America, and EMEA, focusing on profitable growth rather than just market share [26][27] Question: What is the growth outlook for China? - The company expects mid-single-digit growth in China, with some impact from BBP and debundling dynamics, but less than competitors due to a high proportion of instruments used in stat labs [30][31] Question: Can you elaborate on the 2025 guidance and margin expectations? - The company narrowed its guidance while maintaining the same midpoint, with expectations for slightly lower margins in Q4 due to higher instrument revenue and incentive compensation [34][35] Question: What is the performance of the Sophia franchise? - The Sophia install base remains stable and expanding, with solid performance expected for the flu combo test in the upcoming respiratory season [43][44] Question: How will Lex Diagnostics impact margins? - Lex is expected to have a diluted impact on margins initially, with a more significant rollout planned for the second half of 2026 [50][51]

Financial Data and Key Metrics Changes - The company's third quarter revenue was approximately $1 billion, down 7% compared to the prior year [19] - Adjusted diluted earnings per share decreased by 19% to $2.92 [24] - Adjusted gross margin for the enterprise was 58.5%, down 110 basis points year-over-year, impacted by tariffs [21] - Adjusted operating margin was 20.8%, down 460 basis points compared to the prior year [24] Business Line Data and Key Metrics Changes - Crocs brand revenue was $836 million, down 3% year-over-year, with wholesale down 8% and direct-to-consumer (D2C) up 1% [19] - HEYDUDE brand revenue was $160 million, down 22% year-over-year, but better than expectations, with D2C down 1% [20] - International revenue for Crocs was up 4%, driven by a 23% increase in D2C performance [20] Market Data and Key Metrics Changes - North American revenues were down 9% year-over-year, with D2C down 8% and wholesale down 11% [20] - China delivered mid-20% revenue growth year-over-year, outperforming the overall market [13] - Strong growth was also observed in Japan and key markets in Western Europe [13] Company Strategy and Development Direction - The company is focusing on product innovation, particularly in clogs and sandals, and diversifying into new categories [9][10] - A strategic pullback on promotional activities is aimed at protecting brand health and driving future growth [5][6] - The company is leveraging digital and social marketing to enhance consumer engagement, including partnerships with the NFL and campaigns on TikTok [10][11] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a bifurcated North American consumer base, with affluent consumers continuing to purchase while others are more cautious [43] - The company expects revenue to decline approximately 8% in Q4, with Crocs brand down about 3% and HEYDUDE down in the mid-20% range [26] - Management is confident in returning HEYDUDE to profitability and growth despite recent challenges [38] Other Important Information - The company repurchased 2.4 million shares for $203 million during the quarter, representing about 4% of its float [25] - The company has identified $100 million in additional gross cost savings for 2026 [27] Q&A Session Summary Question: About incremental cost savings initiatives and structural deficiencies - Management highlighted efficiencies in the supply chain and reorganization efforts to drive cost savings and improve operating leverage [31][32] Question: Actions to drive improved results in North America - Management emphasized innovation in product categories and a focus on brand relevance to return to growth in North America [41][44] Question: Marketplace cleanup for HEYDUDE - Management confirmed ongoing cleanup actions in Q4, primarily through discount support, with expectations for improved sell-through [50][51] Question: Consumer spending behavior in Q4 - Management noted a cautious consumer environment, particularly among lower-income groups, impacting spending habits [60][62] Question: Store growth strategy for both brands - Management reported a pickup in store openings, particularly in Europe, with a focus on outlet stores [118][120]

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% [4] - The leverage ratio improved to 2.1 times EBITDA from 2.5 times at the end of the previous year, primarily due to free cash flow generation [6] - Televisa Univision's third quarter revenue declined by 3% year on year to $1,300,000,000, while adjusted EBITDA increased by 9% to $460,000,000 [16][18] Business Line Data and Key Metrics Changes - The Internet subscriber base in Cable grew in the first nine months of the year compared to 2024, with a monthly churn rate below 2% for two consecutive quarters [4][10] - Cable's net revenue from residential operations was MXN 10,600,000,000, a decrease of only 0.7% year on year, marking the best quarter in two years [12] - Televisa Univision's consolidated advertising revenue decreased by 6% year on year, with a notable 11% decline in the U.S. [19] Market Data and Key Metrics Changes - Engagement and growth for VIX remained solid, with a high single-digit increase in MAUs driven by events like the Gold Cup semifinals [6] - In Mexico, advertising revenue increased by 3% year on year, primarily due to private and public sector ad sales [19] - The leverage and debt profile of Televisa Univision improved to 5.5 times EBITDA from 5.9 times in 2024, driven by growth [7] Company Strategy and Development Direction - The company focuses on attracting and retaining value customers in Cable, aiming for higher-end clients rather than volume [43] - Deleveraging remains a core strategic priority for Televisa Univision, with management committed to strengthening the capital structure [8] - The integration between EASI and Sky is expected to yield further synergies and operational efficiencies [4][6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing integration and operational optimization at Televisa Univision, which is expected to create greater shareholder value [20] - The company acknowledges the rational nature of the competitive landscape in Mexico, with price increases being implemented across the industry [47][48] - Management highlighted the importance of local news and programming, exploring the inclusion of such content in their streaming platform [31] Other Important Information - The company generated around ARS 4,200,000,000 in free cash flow, allowing for the prepayment of a bank loan due in 2026 [5] - CapEx deployment for 2025 is budgeted at $600,000,000, with a reasonable CapEx to sales ratio of less than 20% [4][5] Q&A Session Summary Question: CapEx outlook for 2026 and insurance claim related to Hurricane Otis - Management provided guidance of around $600,000,000 for CapEx in 2025 and confirmed that the insurance claim related to Hurricane Otis is the last portion of that claim [22][24] Question: Local programming and advertising investments - Management acknowledged the importance of local news and is exploring its inclusion in the streaming platform, while also highlighting successful media for equity deals with startups [31][32] Question: Competition dynamics in the cable market - Management noted that the market is close to full penetration and emphasized a strategy focused on higher-end clients to maintain ARPU growth [43][44] Question: Sustainability of margins for Cable and Sky - Management indicated ongoing efforts to improve margins through technology and operational efficiencies, with confidence in sustaining high margins in the industry [62][63]

Financial Performance - Q4 Fiscal Year 2025 - Net sales increased by 1% to $2321 million compared to Q4 FY24[19, 68] - Organic net sales decreased by 3% compared to Q4 FY24[19, 68] - Adjusted EBIT decreased by 2% compared to Q4 FY24, reaching $321 million[19, 68] - Adjusted EPS decreased by 2% compared to Q4 FY24, amounting to $062[19, 68] Financial Performance - Full Fiscal Year 2025 - Net sales increased by 6% to $10253 million compared to FY24[19, 71] - Organic net sales decreased by 1% compared to FY24[19, 71] - Adjusted EBIT increased by 2% compared to FY24, reaching $1487 million[19, 71] - Adjusted EPS decreased by 4% compared to FY24, amounting to $297[19, 71] Segment Performance - Meals & Beverages organic net sales decreased by 3% in Q4 FY25[35] - Snacks organic net sales decreased by 2% in Q4 FY25[51] Fiscal Year 2026 Guidance - The company expects net sales to decline by 2% to 0%[109] - Organic net sales are projected to range from -1% to +1%[109] - Adjusted EBIT is expected to decline by 13% to 9%[109] - Adjusted EPS is projected to be in the range of $240 to $255[109]

Financial Data and Key Metrics Changes - Total revenue for Q2 2025 was $614 million, a decrease from $637 million in the prior year, primarily due to lower COVID and donor screening revenue [20][27] - Adjusted EBITDA increased by 19% year-over-year to $107 million, with an adjusted EBITDA margin improvement of 330 basis points to 17% [27] - Adjusted diluted EPS was $0.12, compared to a loss of $0.07 in the prior year, representing a growth of 271% [27] Business Line Data and Key Metrics Changes - The labs business grew by 5%, driven by strong performance in clinical chemistry and immunoassay testing [21] - Immunohematology revenue grew by 3%, with notable strength in Latin America and EMEA [22] - Respiratory business revenue decreased by $2 million, primarily due to a 52% decline in COVID sales [23] Market Data and Key Metrics Changes - North America revenue declined by 12% during the quarter, while international markets showed growth, particularly in Latin America (14% growth) and Japan/Asia Pacific (6% growth) [9][10] - China experienced 2% growth in Q2 despite tariff-related shipment holds, with expectations for mid-single-digit growth for the full year [11][12] Company Strategy and Development Direction - The company is focused on expanding its low OUS penetration as a significant growth opportunity [10] - Plans to acquire Lex Diagnostics to enhance its molecular diagnostics capabilities, with expected FDA clearance and market placements in 2026 [16][17] - Continued emphasis on cost structure optimization and operational improvements to drive profitability [12][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in mitigating tariff impacts, estimating potential headwinds of $20 million to $25 million for 2025, lower than previous estimates [15] - The company remains committed to delivering on its strategy to drive growth and expand profitability, with a focus on customer service and innovation [18][27] Other Important Information - The company completed its ERP conversion related to the business combination, which is expected to lower integration costs in the second half of the year [26] - The company anticipates annual operating cost savings of approximately $20 million from the consolidation of its New Jersey manufacturing site [26] Q&A Session Summary Question: Can you walk through your respiratory expectations for the remainder of the year? - The company is not changing flu assumptions, but COVID revenue guidance has been lowered due to lower emergency room visits and hospitalizations [35][36] Question: Can you provide insights on the visibility for China growth? - The company has good visibility for mid-single-digit growth in China, with minimal impact from recent pricing and volume actions [39][45] Question: What are the moving pieces affecting EBITDA? - The decrease in COVID revenue is offset by lower tariff impacts and the discontinuation of the Savannah platform, leading to no change in adjusted EBITDA guidance [48][51] Question: How is the company planning for the commercialization of the Lex platform? - No commercial efforts have started yet; the focus is on FDA approval before any marketing activities [92] Question: What is the outlook for free cash flow in the second half? - The company expects to generate more cash in the second half, targeting $140 million to $160 million of free cash flow [77][78]