Management emphasized continued strength across A&D markets. Dr. Hartnett said total A&D sales increased 41.5% year-over-year, with commercial aerospace up 21.5% and defense up 86.2% . Sullivan added that A&D growth was 21.7% excluding sales from VACCO, pointing to expansion in both legacy commercial and defense markets.Revenue mix for the quarter was 56% industrial and 44% aerospace and defense (A&D), management said.Adjusted EBITDA rose to $149.6 million from $122.6 million last year, a 22% increase, acco ...

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According to management, remaining pension liabilities are now well below $10 million , down from more than $300 million a few years ago (including $125 million unfunded at that time). CFO Dan Stopar said net debt at December 31, 2025 was $506 million , down $173 million in the quarter, driven by divestiture proceeds.Bartolacci said Matthews closed the sale of its warehouse automation business for $225 million , which he characterized as a 15x adjusted EBITDA multiple and an 11x after-tax multiple. He also ...

Core Insights - Kirby Corporation reported record earnings for 2025, with strong operational and financial momentum despite seasonal challenges in the fourth quarter [4][3] - The company generated $406 million in free cash flow and returned capital to shareholders through share repurchases and debt reduction [7][3] - Kirby expects steady financial performance in 2026, with projected operating cash flow between $575 million and $675 million [19] Marine Transportation - Marine Transportation revenue for the fourth quarter was $482 million, with operating income of $100 million and operating margins in the low-20% range [1] - Inland marine market conditions improved towards the end of the quarter, with utilization nearing 90% and mixed pricing trends [7][6] - Coastal marine revenue increased by 22% year over year, supported by high utilization rates in the mid- to high-90% range [9][6] Distribution & Services - Distribution & Services revenue was $370 million in the fourth quarter, with operating income of $30 million and an operating margin of 8.1% [11] - Power generation revenue rose 47% year over year, contributing significantly to segment growth, while oil and gas revenues declined by 45% [12][13] - The segment is expected to see flat to slightly higher revenues in 2026, driven by strength in power generation [17] Financial Position - At the end of 2025, Kirby had $79 million in cash and approximately $920 million in total debt, with a debt-to-capital ratio of 21.4% [2] - The company reduced debt by roughly $130 million during the fourth quarter and had total available liquidity of about $542 million [2][7] - Capital expenditures for the fourth quarter were $47 million, with expectations of $220 million to $260 million in 2026 [19] 2026 Outlook - Kirby anticipates inland revenue growth in the low- to mid-single digits for 2026, with utilization expected to average in the low 90% range [15] - Coastal revenue growth is projected to be mid-single-digit, supported by gradual pricing improvements [16] - The company highlighted potential macro factors, such as Venezuelan oil flows and tariff developments, as sources of near-term uncertainty [14]

Q4 2025 Update January 29, 2026 Q4 2025 Highlights "The fourth quarter represented our 24th consecutive quarter of free cash flow generation, highlighting our Sustainable Business Model and consistent execution that are the cornerstones of growing our long-term per share value," commented Alan Shepard, President & CEO. "We continue to believe that our share repurchase program represents a compelling capital allocation opportunity, and as such, we are announcing an additional $2 billion share repurchase auth ...

Key Takeaways AT&T posted Q4 revenue of $33.47B, up 3.6% and above estimates, led by wireless and fiber strength.T added 641K postpaid subscribers, including 421K wireless phone additions and 283K net fiber gains.T expects 2026 free cash flow over $18B and plans $8B in buybacks amid cost cuts and fiber expansion.AT&T Inc. (T) reported solid fourth-quarter 2025 results with healthy mobility and broadband demand trends. Both adjusted earnings and revenues surpassed the respective Zacks Consensus Estimate.The ...

Core Viewpoint - IAMGOLD Corporation (IAG) has significantly outperformed its peers and the broader market over the past six months, driven by successful production ramp-up at its Côté Gold mine, higher gold prices, and improved cash flow expectations [2]. Group 1: Performance Metrics - IAG's stock has increased by 144.2% in the last six months, compared to a 69.4% rise in the Zacks Mining-Gold industry and a 13.8% increase in the S&P 500 [2]. - The company's attributable gold production rose to 190,000 ounces in Q3 2025, marking a 9.8% year-over-year increase, with Côté Gold contributing significantly by producing 75,000 attributable ounces, an 83% increase from the previous year [9][10]. - Revenue for Q3 2025 surged 61% year-over-year to $706.7 million, driven by higher realized gold prices of approximately $3,492 per ounce and increased sales volumes [11]. Group 2: Financial Position - IAMGOLD reduced its net debt by about $201.7 million in Q3 2025, supported by strong operating cash flow and improved liquidity [6][12]. - As of September 30, 2025, IAMGOLD had $314.3 million in cash and cash equivalents, with total liquidity of approximately $707.2 million available for operations and debt obligations [13]. - The company maintained disciplined capital spending with total capital expenditures of $51.5 million, including $39.7 million for sustaining capital and $11.8 million for expansion [14]. Group 3: Strategic Initiatives - IAMGOLD advanced key projects, achieving operational milestones at Côté Gold and expanding its exploration pipeline in Quebec through acquisitions [16][17]. - Ongoing drilling at Nelligan and Monster Lake is enhancing resource potential, while the company has also received approval for a share buyback program, indicating improved financial flexibility [18]. Group 4: Earnings Estimates - The Zacks Consensus Estimate for IAG's fiscal 2025 earnings is currently at 88 cents per share, reflecting a 60% year-over-year growth, with 2026 estimates at $1.62 per share, implying 84% growth [20]. Group 5: Valuation Metrics - IAMGOLD is trading at a forward 12-month price-to-sales multiple of 3.83X, slightly above the industry average of 3.76X [21].

Core Viewpoint - Matthews International Corporation successfully closed the sale of its Warehouse Automation business to Duravant, receiving total consideration of $232.1 million, which will be used to reduce outstanding debt and enhance shareholder value [2][3]. Financial Summary - The total consideration for the Warehouse Automation business includes cash of $225.4 million and the assumption of certain liabilities [2]. - The Warehouse Automation business generated sales of $72 million in fiscal 2025 [2]. Strategic Insights - The transaction is part of Matthews' ongoing strategic review aimed at unlocking shareholder value and achieving a long-term net leverage ratio goal of 2.5x [3]. - The purchase price reflects a compelling valuation multiple that is significantly accretive to Matthews' current trading range [3]. Company Overview - Matthews International operates through two core global businesses: Industrial Technologies and Memorialization, focusing on operational efficiency and long-term growth through innovation and strategic expansion [4]. - The Industrial Technologies segment is a leading global innovator in precision technologies, while the Memorialization segment provides memorial products primarily to cemetery and funeral home customers [4]. - The company has over 5,400 employees across 19 countries, committed to delivering high-quality products and services [4].

Core Insights - Harley-Davidson (HOG) is focusing on high-potential markets in North America, Europe, and select Asia-Pacific regions while facing challenges from rising tariffs, cost inflation, and poor operating leverage [1] Financial Strategies - Long-term strategic partnerships with KKR and PIMCO are expected to enhance Harley-Davidson Financial Services (HDFS) and improve capital structure, with projected discretionary cash of $1.2-$1.25 billion to be unlocked by Q1 2026 [2] - The significant cash inflow could be utilized for debt reduction (targeting $450 million), accelerating buybacks ($200 million ASR under a $1 billion repurchase program through 2026), or funding targeted product and dealer initiatives [3] Operational Efficiency - The revamped operating model and streamlined organizational structure have improved efficiency across all functions, with a focus on high-potential regions after exiting unprofitable markets [4] - The company aims to strengthen market position while driving productivity and reducing supply-chain costs, emphasizing sportier bikes and modern marketing techniques [5] - Cost regulation is a key component of the multi-year productivity cost program, aiming for $400 million in improvements by 2025, with $257 million in unlevered productivity savings realized from 2022 to 2024 [6] Debt Management - As of September 30, 2025, Harley-Davidson's long-term debt was $3.1 billion, down from $4.5 billion at the end of 2024, with a long-term debt-to-capital ratio of approximately 0.46, providing greater financial flexibility [7] Market Challenges - Tariffs are compressing gross margins, with HDMC's gross margin declining to 26.4% in Q3 from 30.1% the previous year, costing $27 million in the quarter and projected to reach $55-$75 million for full-year 2025 [8] - Unfavorable operating leverage and cost inflation pressures are expected to continue affecting profitability, leading to withheld 2025 guidance due to tariff and trade-policy uncertainty [9] Inventory Issues - Global dealer motorcycle inventories are down 13% year-over-year, with concerns primarily in Touring and CVO inventories, prompting targeted promotions to move stock [11]

Core Insights - Millennials are approaching retirement age and may feel that achieving wealth in retirement is unlikely due to financial challenges faced during their upbringing [1] Group 1: Debt Management - Debt is identified as a significant barrier to financial goals, including retirement, and millennials are encouraged to avoid certain types of debt [3] - Credit card debt and buy now, pay later (BNPL) schemes are highlighted as particularly detrimental, with student loans also posing risks due to interest capitalization [4] Group 2: Housing Expenses - Millennials are advised to avoid overspending on housing, viewing their primary residence as a nonperforming asset that incurs ongoing costs such as taxes and maintenance [5] - The 2008 housing crisis serves as a cautionary tale for millennials regarding the liquidity and resale value of properties [6] Group 3: Saving Strategies - Aggressive saving is emphasized as crucial for millennials, with the notion that prioritizing savings can lead to significant wealth accumulation over time [6] - Time is presented as a critical factor in wealth building, suggesting that early and substantial savings can provide a competitive advantage [7]