Volvo Car (OTCPK:VLVC.Y) Update / briefing March 27, 2026 06:00 AM ET Company ParticipantsNone - Company Representative 1None - Company Representative 2Conference Call ParticipantsNone - AnalystNone - AnalystNoneWelcome to Volvo Cars and our pre-close calls for the Q1 of 2026. This is the second call. We hosted one yesterday as well, as I'm sure you know. We will start off as usual with a short presentation from our side and then followed by a Q&A session. There aren't that many in the call today, but if we ...

Volvo Car (OTCPK:VLVC.Y) Update / briefing March 26, 2026 10:00 AM ET Company ParticipantsEmil Jørgensen - CFOErik Lundkvist - Head of Investor RelationsConference Call ParticipantsHarry Martin - AnalystNikita Papaccio - AnalystStuart Pearson - AnalystNone - AnalystNone - AnalystNone - AnalystErik LundkvistGood afternoon, everybody, and welcome to Volvo Cars and our pre-close calls for Q1 2026. It's 3:00 P.M., but people are still joining, so let's give them some 30 seconds or so until we start off. Now it' ...

Financial Data and Key Metrics Changes - Total as-reported revenue grew 9% in the third quarter, with constant currency organic revenue growth of 8% driven by volume and a 200 basis points price increase [4] - Gross margin declined 70 basis points to 43.9%, primarily due to increased tariffs and inflation [4] - EBIT margin decreased 40 basis points to 22.9% of revenue, mainly driven by the decline in gross margin [4] - Adjusted net income from continuing operations was $249.4 million, with earnings per diluted share increasing by 9% to $2.53 [5] - Free cash flow for the first nine months was $736.6 million, showing year-over-year improvement [6] Business Line Data and Key Metrics Changes - Healthcare segment saw constant currency organic revenue growth of 8%, with service growth at 11% and consumables at 8% [7] - Healthcare capital equipment revenue increased by 7%, with backlog remaining over $400 million [7] - AST segment experienced constant currency organic revenue growth of 8%, with services growing by 9% and capital equipment revenue increasing by 103% [8] - Life sciences segment had a 5% increase in constant currency organic revenue, driven by 11% growth in consumables [9] Market Data and Key Metrics Changes - Orders in the Healthcare segment were down 1% year-to-date against tough comparisons from the previous year [7] - EBIT margins for Healthcare decreased by 100 basis points to 24.3% due to increased tariffs and inflation [7] - AST EBIT margins improved by 30 basis points to 45.1%, benefiting from pricing and volume increases [9] Company Strategy and Development Direction - The company is maintaining its fiscal 2026 outlook, expecting 8%-9% as-reported revenue growth and constant currency organic revenue growth of 7%-8% [10] - The company is focused on mitigating tariff impacts through various strategies, including supplier negotiations and cost reductions [24] - There is a commitment to a more integrated model and aggressive competition in the EMEA region [34] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding potential slowdowns in the fourth quarter, particularly in the AST segment due to tough comparisons [13] - The macroeconomic environment appears positive, with no significant downside anticipated for fiscal 2027 [50] - Management noted that the company is well-positioned to handle tariff-related challenges and is optimistic about future performance [24] Other Important Information - The adjusted effective tax rate for the quarter was 24.2%, a slight decline from the previous year [5] - Capital expenditures for the first nine months totaled $278.8 million, with depreciation and amortization at $363.1 million [5] Q&A Session Summary Question: Thoughts on fourth quarter constant currency growth - Management cautioned about a potential slowdown in the second half and maintained the 7%-8% growth outlook due to tough comparisons from the previous year [13][14] Question: Capital equipment backlog activity - Management noted stability in Healthcare backlog and strong growth in Life Sciences backlog, attributing it to recovery from previous spending cuts [17] Question: Update on tariff mitigation efforts - Management discussed various mitigation strategies and expressed optimism about absorbing tariff costs moving forward [24] Question: Impact of regulatory proposals on supply chain - Management indicated that the ASC shift is generally positive, creating new capacity demands, but has not seen material commitments for manufacturing shifts to the U.S. yet [31] Question: Incremental tariff exposure in 2027 - Management suggested that any incremental tariff impact in 2027 would likely be less than a quarter's worth based on current tariffs [38] Question: Acquisition strategy and pipeline - Management confirmed ongoing interest in smaller acquisitions but emphasized a disciplined approach to larger transformative deals [43] Question: Cash flow guidance and fluctuations - Management expressed confidence in cash flow guidance but noted that timing and seasonal factors could affect predictions [48] Question: AST Services growth and quarter performance - Management acknowledged a weak start to the quarter but noted improvement in subsequent months, attributing some fluctuations to customer inventory adjustments [57]

Core Insights - Pandora is expected to achieve organic growth of 6% for 2025, slightly below the previous guidance of 7-8% [1] - The group EBIT margin for 2025 is anticipated to align with guidance at approximately 24% [1] - The audited full-year results for 2025 will be announced on February 5, 2026 [1] Financial Performance - Q4 2025 revenue was DKK 11.9 billion, a slight decrease from DKK 12.0 billion in Q4 2024 [5] - FY 2025 revenue is projected at DKK 32.5 billion, up from DKK 31.7 billion in 2024 [5] - Q4 2025 organic growth was 4%, compared to 11% in Q4 2024 [5] - Like-for-like growth was flat at 0% in Q4 2025, down from 6% in Q4 2024 [5] - Q4 2025 EBIT margin is expected to be around 33.5%, down from 34.7% in Q4 2024 [5] Market Conditions - The overall performance reflects weak consumer sentiment, particularly in North America during Q4 2025 [2] - North America reported 2% like-for-like growth in Q4 2025, with trading in November and December falling below expectations [8] - EMEA region experienced a -1% like-for-like growth, with strong performance in Spain, Poland, and Portugal offset by weakness in Italy [8] - Asia-Pacific and Latin America reported like-for-like growth of 2% and -7%, respectively [8] Leadership and Strategy - Berta de Pablos-Barbier was appointed as President & CEO of Pandora on January 1, 2026 [3] - The new CEO will outline strategic priorities for 2026, focusing on reducing commodity exposure and enhancing brand desirability [3][5] - The company aims to leverage untapped growth opportunities as a full jewellery brand [5] Gross Margin and Cost Control - Q4 2025 gross margin is expected to be around 78%, reflecting strong cost discipline [8] - The company anticipates FY 2025 EBIT to be approximately DKK 7.8 billion [8]

Core Viewpoint - Guggenheim maintains a Buy rating and a $125 price target on Dollar General, indicating confidence in the stock's future performance despite its recent outperformance [1]. Group 1: Stock Performance and Valuation - Dollar General shares have significantly outperformed this year, driven by EBIT recovery linked to lower shrink expenses, yet the stock is still trading at a reasonable 8.2x Guggenheim's 2026E EBITDA estimate [2]. - The firm believes that upcoming developments, such as potentially strong third-quarter results and a raised full-year outlook, will support further upside [2]. Group 2: Earnings Expectations and Challenges - Guggenheim views Street expectations for 2026 earnings as conservative, especially with the potential for easing LIFO and interest expenses, as well as a reduced share count, even with a mostly flat EBIT margin [3]. - The firm recognizes challenges in achieving Dollar General's long-term EBIT margin target of 6%–7%, particularly after shrink normalizes in the first half of 2026 [3]. - Despite these challenges, Guggenheim retains its Buy rating until near-term catalysts are fully realized [3].

Core Viewpoint - Evercore ISI has lowered its price target for BJ's Wholesale Club Holdings to $85 from $100, maintaining an In Line rating due to near-term margin pressures and slowing comparable-store sales [1] Financial Estimates - FY2025 EPS estimate has been cut to $4.25 and FY2026 EPS to $4.65, with expectations of modest price and wage investments to support market share and inventory turnover [2] - Q3 comparable sales growth is forecasted to be below 2%, compared to Street estimates of 2.5%, with EPS expected at $1.07, slightly below the consensus of $1.10 [3] Margin and Profitability - A 60-basis-point decline in gross margin is modeled as BJ's invests in pricing to strengthen member loyalty, while fuel mix and penny profit pressures weigh on profitability [3] - EBIT margin is forecasted at 4%, down 60 bps year over year, with EBIT expected to be $210 million, representing a 9% decline compared to the prior year [3] Future Guidance - Management is likely to guide for a 1–2% comparable sales growth in the fourth quarter, implying EPS of $0.88–$0.92 versus Street estimates of $0.94 [4] Executive Changes - Recent executive changes, including the departure of Chief Merchant Rachel Vegas to Walgreens, may indicate challenges in BJ's merchandising strategy [5] - Despite improvements in general merchandise offerings, comparable sales in the 2–3% range suggest market share softness relative to expectations for steady 3–4% growth and operating margin expansion [5]

This story was originally published on WardsAuto. To receive daily news and insights, subscribe to our free daily WardsAuto newsletter. Jaguar Land Rover reported a 24% hit to its second quarter results ending Sept. 30, 2025 (Q2 FY26), blaming a cyberattack that shuttered global vehicle production in September and the impact of U.S. tariffs. Its results showed Q2 revenues of £4.9 billion ($6.44 billion), while first half year revenues were £11.5 billion, down 16% YoY due to production stoppages and the p ...

Core Viewpoint - Erste Group downgraded Advanced Micro Devices (AMD) from Buy to Hold, resulting in a 2% decline in shares during Thursday's session [1] Group 1: Company Performance - AMD is expected to see growth in 2025 due to increasing demand for high-performance CPUs and GPUs in data centers [1] - Operating margins for AMD remain below sector averages, with EBIT margin reported as slightly negative in the most recent quarter [1] - AMD's return on equity is weaker than its peers, leading to a perception that the current valuation is elevated [1]

Core Viewpoint - Trian Fund Management commends Solventum Corporation for the sale of its Purification & Filtration business to Thermo Fisher Scientific, viewing it as a significant step in the company's value creation journey [1][2] Group 1: Sale Details - Solventum's Purification & Filtration business was sold to Thermo Fisher Scientific, with Trian noting the high valuation multiple attracted by the division's differentiated technology and material science [1] - Thermo Fisher anticipates that the acquisition will be accretive by $0.28, indicating strong cost synergies from replacing Solventum's allocated segment costs with lower costs within Thermo Fisher [2] Group 2: Financial Performance and Growth Potential - Trian highlighted that Solventum has the opportunity to right-size costs and achieve higher margins while reinvesting in growth [3] - Historically, while part of 3M, Solventum achieved 3-4% organic growth and a 26-27% EBIT margin, and Trian believes that as a standalone company, Solventum can deliver faster organic growth and higher margins [4]