Core Viewpoint - National Fuel Gas Company reported strong third-quarter results for fiscal 2025, highlighting record production and throughput in its upstream operations, alongside improved earnings in its regulated Utility and Pipeline & Storage segments, driven by recent ratemaking activities and organic investments [3][4]. Fiscal 2025 Third Quarter Summary - The company achieved GAAP earnings of $149.8 million, or $1.64 per share, compared to a net loss of $54.2 million, or $(0.59) per share, in the prior year [7][8]. - Adjusted earnings per share increased by 66% to $1.64 from $0.99 in the previous year [8]. - Natural gas production reached 112 Bcf, a 16% increase year-over-year, driven by strong well performance in the Eastern Development Area [8][20]. Management Commentary - The CEO emphasized the company's positive momentum and long-term outlook for natural gas, projecting significant earnings growth for fiscal 2026 [3][4]. - The company anticipates mid-single-digit production growth in the coming years, supported by strong well results and ongoing investments in regulated businesses [4]. Return of Capital Update - The Board approved a 4% increase in the dividend, bringing the annual rate to $2.14 per share, marking the 55th consecutive year of dividend increases [5]. - Since March 2024, the company repurchased approximately 2 million shares at an average price of $59.70, although repurchases were paused during the quarter to evaluate growth opportunities [6]. Fiscal 2025 Guidance Update - The adjusted earnings per share guidance for fiscal 2025 has been revised to a range of $6.80 to $6.95, reflecting third-quarter results and expectations for lower realized natural gas prices [10][39]. - Preliminary earnings guidance for fiscal 2026 is expected to increase by 20% from fiscal 2025, based on various NYMEX price assumptions [12][39]. Segment Performance Exploration and Production - The Exploration and Production segment reported adjusted operating results of $0.95 per share, a 157% increase year-over-year, attributed to lower operating costs and higher natural gas prices [8][20]. - The segment's GAAP earnings increased by $198.7 million compared to the prior year, which included a significant impairment charge [19]. Pipeline and Storage - The Pipeline and Storage segment's GAAP earnings decreased slightly due to higher operations and maintenance expenses, primarily from inflationary pressures [25]. Gathering Segment - The Gathering segment's GAAP earnings increased by $5 million, driven by a 13% rise in operating revenues due to increased throughput from new wells [27]. Utility Segment - The Utility segment's GAAP earnings rose by 95% to $5 million, primarily due to new rates from a recent rate case settlement [29][30]. - Customer margin increased by $8.4 million, supported by higher customer usage and rate adjustments [30]. Capital Expenditures and Future Outlook - The company expects capital expenditures for fiscal 2026 to range between $955 million and $1.065 billion, reflecting ongoing investments in modernization and expansion projects [40]. - The Exploration and Production segment anticipates production to increase to a range of 440 to 455 Bcf in fiscal 2026, a 6% increase at the midpoint [16][40].

Core Insights - Altria Group Inc. reported second-quarter 2025 results with both revenue and earnings exceeding expectations and showing year-over-year growth [1][2][11] Financial Performance - Adjusted earnings per share (EPS) for the second quarter were $1.44, an increase of 8.3% year over year, surpassing the Zacks Consensus Estimate of $1.37 [2][11] - Net revenues totaled $6,102 million, a decline of 1.7% year over year, primarily due to decreased revenues in the smokeable products segment, partially offset by growth in oral tobacco products [3][11] - Revenues net of excise taxes increased by 0.2% to $5,290 million, beating the consensus estimate of $5,190 million [3] Segment Performance - **Smokeable Products**: Net revenues fell 2.5% year over year to $5,357 million, driven by reduced shipment volumes, although higher pricing provided some offset [4][5] - Domestic cigarette shipment volumes decreased by 10.2%, attributed to industry decline and retail share losses, while cigar shipment volumes increased by 3.7% [5] - Adjusted operating companies' income (OCI) in this segment rose 4.2% to $2,947 million, with adjusted OCI margins growing by 2.9 percentage points to 64.5% [6] - **Oral Tobacco Products**: Net revenues increased by 5.9% to $753 million, mainly due to higher pricing, despite a decline in domestic shipment volumes by 1% [7][8] - Adjusted OCI in this segment grew by 10.9%, with adjusted OCI margins increasing by 3.1 percentage points to 68.7% [8] Shareholder Returns and Guidance - The company repurchased 4.7 million shares for $274 million in the second quarter, with $400 million remaining under its $1 billion share repurchase program [10] - Altria paid dividends totaling $1.7 billion in the second quarter [10] - The company narrowed its full-year 2025 adjusted EPS guidance to a range of $5.35 to $5.45, indicating a year-over-year growth of 3% to 5% [11][12]

Financial Data and Key Metrics Changes - Consolidated net income for Q2 2025 was $108 million or $0.53 per diluted share, compared to $102 million or $0.51 per share in Q2 2024 [15] - The electric company achieved net income of $108 million or $0.53 per diluted share, down from $109 million or $0.54 per share in the same period of 2024, primarily due to milder weather and higher interest and depreciation expenses [15][16] - The holding company reported a small loss of less than $1 million, flat on a per diluted share basis, compared to a loss of $7 million or $0.03 per share in Q2 2024 [15] Business Line Data and Key Metrics Changes - Year-over-year customer growth was near 1% in Q2 2025, with weather-normalized load growing 6.5% year-to-date compared to the same period in 2024 [16] - The two largest customer classes, residential and commercial, showed growth rates of 125% respectively, indicating strong performance [16] - Industrial and oilfield load showed some softness, attributed to unplanned customer outages, but future growth is anticipated [18] Market Data and Key Metrics Changes - The local economy remains strong, with Oklahoma City’s unemployment rate below 4% for the 46th consecutive month, and it was noted as the lowest in the nation for April and May [13] - The Oklahoma Department of Commerce announced the 2025 Oklahoma Innovation Expansion Program, which includes 83 companies in the service area, supporting new capital investment and job creation [11] Company Strategy and Development Direction - The company is focused on adding approximately 550 megawatts of capacity, with new natural gas combustion turbines under construction and expected to be operational within the next year [7][8] - The company plans to continue exploring options to meet growing generation needs and expects to add generation at a consistent pace over the next few years [8] - Legislative successes have provided new customer benefits and credit accretive provisions, allowing for CWIP recovery during construction phases of generation capacity projects [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving results in the top half of the earnings guidance range for 2025, emphasizing a strong foundation for future growth [6][14] - The company anticipates continued growth in customer demand and is well-prepared for the upcoming summer season [7][10] - Management highlighted the importance of maintaining a competitive low rate advantage and focusing on cost structure to minimize customer impacts [23][24] Other Important Information - The company received a notice to construct a transmission line from Fort Smith, Arkansas to Muskogee, Oklahoma, which will address reliability and capacity issues in the Fort Smith area [22] - The company is planning to file for an Oklahoma rate review by the end of the year, with Arkansas to follow thereafter [23] Q&A Session Summary Question: What is driving the weaker industrial sales? - Management noted that industrial customers are more power-intensive and experience maintenance cycles, which can lead to noticeable fluctuations in sales [28] Question: Excluding the midstream operations one-time legacy benefit, how can the parent drag for 2025 be expected to grow? - Management indicated that the one-time benefit should be largely ignored, and they remain on track with their guidance for the year excluding that item [30] Question: Can you provide an update on generation capacity additions and ownership versus PPA? - Management expressed a strong preference to own the assets while also securing short-term bridge capacity during construction [31] Question: Any updates on the Google Stillwater data center site? - Negotiations for the data center are progressing, with management getting closer to achieving objectives that protect existing customers [38] Question: Does the top end of guidance include the one-time midstream tax gain? - Management confirmed that the guidance includes the impact of the one-time benefit [39] Question: Is the company expected to be long capacity at the end of the decade? - Management does not anticipate being long on capacity, emphasizing a continuous addition of capacity to meet load growth [44]

American Airlines reissued full-year adjusted earnings guidance, setting a lower target than it had earlier in the year before tariffs and a domestic travel slowdown prompted major airlines to withdraw their outlooks https://t.co/56x3uWPV6Q ...

Group 1 - Kinder Morgan management anticipates exceeding earnings guidance due to contributions from the Outrigger acquisition, with earnings expected to rise approximately 8% from the previous fiscal year [2] - The oil and gas industry is characterized as a boom-bust, cyclical sector, requiring patience and experience for successful investment [2] Group 2 - The analysis of oil and gas companies focuses on identifying undervalued entities, examining balance sheets, competitive positions, and development prospects [1]

Financial Performance & Growth - Black Hills Corp achieved a solid financial position with a long-term EPS growth target of 4% to 6% off the 2023 base of $3.75 per share[9] - The company targets a 55%-65% dividend payout ratio and has increased its annual dividend for 55 consecutive years[9] - The company is delivering on 2025 earnings guidance, which represents ~5% year-over-year growth, achieving 4%-6% CAGR off 2023 base[11] Capital Investment & Infrastructure - Black Hills Corp has a five-year capital forecast of $4.7 billion for 2025-2029, a 10% increase from the prior five-year plan[11] - The company's capital investment plan includes $2.4 billion for electric utilities and $2.1 billion for gas utilities[93] - The company is undertaking the Ready Wyoming Electric Transmission Initiative, a 260-mile expansion project costing $350 million[33] Data Center & Customer Growth - Black Hills Corp announced 1 GW of data center demand from existing customers, with ~500 MW in the current plan requiring minimal capital[11] - The company expects data center EPS contribution to more than double to 10%+ by 2028[17] - The company's customer count growth is more than double the population growth, with a customer count CAGR of 1.1% from 2019-2024[20, 23] Regulatory & Sustainability - The company is actively executing three to four rate reviews per year, including a filed rate review for Kansas Gas requesting recovery of $17.2 million[11, 18] - Black Hills Corp is committed to reducing GHG emissions intensity 40% by 2030 and 70% by 2040 for electric utilities (2005 baseline)[110] - The company targets Net Zero GHG emissions by 2035 for the natural gas distribution system[110]

2015 Fourth Quarter Earnings Conference Call February 25, 2016 1 Greg Panagos Vice President of Investor Relations 2 Susan Story President and Chief Executive Officer Walter Lynch Chief Operating Officer Forward-Looking Statements Certain statements in this presentation including, without limitation, 2015 earnings guidance, the outcome of pending acquisition activity, the amount of future capital investments, and estimated revenues from rate cases and other government agency authorizations, are forward-look ...

Core Insights - ABM Industries largely met Wall Street expectations for the quarter, but rising costs and full-year guidance imply potential risks of weakness compared to estimates [1] - Investors reacted defensively, leading to a 13% decline in ABM shares [1] Financial Performance - ABM reported earnings of $0.86 per share for the fiscal second quarter ending April 30, which was a penny shy of expectations, with revenue in line at $2.1 billion [3] - The quarter marked a return to organic revenue growth, driven by strength in the prime commercial office market, with revenue growth of 3.4% compared to a 3% rise in operating expenses and a 9% rise in selling, general, and administrative expenses [4] Market Outlook - The company secured $1.1 billion in new bookings in the first half of its fiscal year, reflecting an 11% increase [4] - CEO Scott Salmirs expressed a constructive outlook for core markets, particularly high-quality office buildings, manufacturing and distribution facilities, commercial aviation, and microgrids [5] - Projects delayed in the second quarter are expected to be realized in the third quarter [5] Investor Sentiment - Investors were looking for more acceleration than what ABM delivered, and given broader macro uncertainty, there appears to be more downside risk than upside in the coming months [6] - Concerns include potential slowdowns in manufacturing or layoffs affecting office building occupancy, which could negatively impact results [6]

Core Insights - Dollar General Corporation reported better-than-expected first-quarter earnings and raised its full-year outlook [1][2] - Quarterly net sales increased by 5.3% to $10.44 billion, slightly missing the consensus of $10.64 billion [1] - Net income rose by 7.9% to $391.9 million, with earnings per share (EPS) of $1.78, surpassing the consensus of $1.58 [1][2] Financial Performance - The company updated its fiscal year 2025 sales growth expectation to approximately 3.7% to 4.7%, up from the previous expectation of 3.4% to 4.4% [2] - Earnings guidance was revised from $5.10-$5.80 per share to $5.20-$5.80, compared to the consensus of $5.62 [3] Analyst Ratings and Price Targets - Telsey Advisory Group raised the price target from $100 to $120 while maintaining a Market Perform rating [5] - Barclays maintained an Overweight rating and raised the price target from $100 to $119 [5] - B of A Securities raised the price target from $115 to $135 while maintaining a Buy rating [5] - Wells Fargo raised the price target from $80 to $105 with an Equal-Weight rating [5] - UBS raised the price target from $120 to $128 while maintaining a Buy rating [5] - JP Morgan raised the price target from $88 to $95 while maintaining a Neutral rating [5] - Morgan Stanley raised the price target from $85 to $115 with an Equal-Weight rating [5] - Truist Securities raised the price target from $93 to $112 while maintaining a Hold rating [5] - Raymond James raised the price target from $100 to $125 with an Outperform rating [5] - Citigroup raised the price target from $101 to $112 while maintaining a Neutral rating [5]

Core Insights - BorgWarner (BWA) reported adjusted earnings of $1.11 per share for Q1 2025, exceeding the Zacks Consensus Estimate of 98 cents and increasing from $1.03 in the prior-year quarter, driven by better-than-expected performance in the Turbos & Thermal Technologies unit [1] - The company achieved net sales of $3.52 billion, surpassing the Zacks Consensus Estimate of $3.39 billion, although this represented a 2% decline year over year [1] Segment Performance - **Turbos & Thermal Technologies**: Net sales were $1.45 billion, down from $1.57 billion year-over-year and below the Zacks Consensus Estimate of $1.49 billion. Adjusted operating income increased to $235 million from $228 million, beating the estimate of $222.7 million [2] - **Drivetrain & Morse Systems**: Net sales totaled $1.36 billion, down from $1.42 billion year-over-year and missing the Zacks Consensus Estimate of $1.37 billion. Adjusted operating income decreased to $243 million from $253 million, falling short of the estimate of $247.9 million [3] - **PowerDrive Systems**: Sales increased to $561 million from $436 million year-over-year, exceeding the Zacks Consensus Estimate of $396 million. The segment reported an adjusted operating loss of $43 million, which was narrower than the loss of $62 million in the same period of 2024 but wider than the estimate of a loss of $30.8 million [4] - **Battery & Charging Systems**: Sales decreased to $150 million from $177 million year-over-year, missing the Zacks Consensus Estimate of $234.5 million. The segment incurred an adjusted operating loss of $22 million, wider than the loss of $15 million in the prior year and the estimate of a loss of $15.5 million [5] Financial Position - As of March 31, 2025, BorgWarner had $1.70 billion in cash and equivalents, down from $2.09 billion as of December 31, 2024. Long-term debt increased to $3.80 billion from $3.76 billion [6] - Net cash provided by operating activities was $82 million, compared to a net cash used of $118 million in the same quarter of 2024. Capital expenditures were $119 million, resulting in negative free cash flow of $35 million [7] 2025 Guidance - BorgWarner revised its full-year 2025 guidance, now expecting net sales in the range of $13.6-$14.2 billion, up from the previous estimate of $13.4-$14 billion [8] - Adjusted operating margin is projected to be between 9.6-10.2%, an increase from the prior guidance of 9.1-9.2%. Adjusted earnings per share are now estimated to be in the range of $4-$4.45, compared to the previous estimate of $4.05-$4.40 [9]