Core Insights - Rising global trade tensions and increasing fiscal debt are driving investors towards safe-haven assets, particularly gold, leading to upgraded price forecasts by analysts [1][4] Gold Price Forecasts - The median forecast for gold in 2025 has increased to $3,220 per troy ounce from $3,065, while the 2026 projection has risen to $3,400 from $3,000 [2] - Spot gold has gained 27% year to date, reaching a record $3,500 per ounce in April amid escalating U.S.-China trade tensions [2] Demand Drivers - Investor demand for gold is fueled by uncertainty over trade deadlines and growing fiscal fears, exacerbated by the passage of Trump's "One Big Beautiful Bill," which is expected to add $3.3 trillion to the national debt [4] - Central bank buying is a significant factor in gold's strength, with China increasing its gold reserves for eight consecutive months and nearly 40% of central banks acquiring gold due to geopolitical risks [6] Market Dynamics - Despite gold's recent gains, it remains below its April highs, with analysts noting a short-term market consolidation and a lack of immediate catalysts for a rally [5] Investment Opportunities - Investors can consider gold ETFs such as SPDR Gold Trust (GLD), iShares Gold Trust (IAU), and mining ETFs like VanEck Gold Miners ETF (GDX) as attractive entry points [7]

Financial Data and Key Metrics Changes - The company reported second quarter net income of $242 million or $2.67 per share, an increase from $199 million or $2.20 per share in 2024 [4] - Excluding special items, net income was $224 million or $2.48 per share compared to $199 million or $2.20 per share in 2024, reflecting a $0.28 per share increase driven by higher prices and lower fiber costs [4][5] - Second quarter net sales were $2.2 billion in 2025, up from $2.1 billion in 2024 [4] - Total company EBITDA for the second quarter, excluding special items, was $451 million in 2025 compared to $400 million in 2024 [4] Business Line Data and Key Metrics Changes - In the Packaging segment, EBITDA excluding special items was $453 million with sales of $2 billion, resulting in a margin of 22.6%, compared to last year's EBITDA of $400 million and sales of $1.9 billion with a margin of 21% [5][6] - The Paper segment reported EBITDA excluding special items of $30 million with sales of $146 million, yielding a margin of 20.8%, compared to $31 million and $150 million in sales in 2024 [12] Market Data and Key Metrics Changes - Domestic containerboard and corrugated products prices and mix were $0.95 per share above 2024, with export containerboard prices up $0.03 per share versus last year's second quarter [8] - Export containerboard sales were lower, with a production of 85,000 fewer tons than in 2024 [6] Company Strategy and Development Direction - The company announced an agreement to acquire the Greif containerboard business, which is expected to provide a strong growth platform for both containerboard and corrugated products [7][10] - The acquisition is anticipated to be completed by the end of the third quarter, subject to regulatory approval [7] Management's Comments on Operating Environment and Future Outlook - Management noted that while corrugated customers remained cautious, there was steady improvement in bookings and shipments as July progressed [15] - The company expects higher corrugated shipments and containerboard production in the third quarter, despite lower export containerboard sales due to the global trade environment [15][16] - Management expressed optimism about potential upside if global trade issues and tariffs are resolved [70] Other Important Information - Cash provided by operations was $300 million in the quarter, with free cash flow of $130 million [13] - The company has a quarter-end cash balance, including marketable securities, of $956 million, with liquidity of approximately $1.3 billion [14] Q&A Session Summary Question: Can you talk about bookings and billings to start the new quarter? - Bookings are trending at 2% over Q2 2024, with a good start compared to last year's strong performance [23] Question: What was behind the better performance in operations? - The company operated at approximately 99% uptime performance, executing efficiently despite some downtime due to demand [25] Question: Can you clarify the impact of export sales on revenue and EBITDA? - The increase in revenue and EBITDA per ton is primarily due to price increases rather than mix changes [29] Question: What is the outlook for e-commerce growth? - Customers in the e-commerce sector are still growing mid-single digits, with more growth expected in the second half of the year [79] Question: How will the Greif acquisition impact recycled mix and customer sets? - The recycled mix is expected to increase from around 20% to approximately 30% post-acquisition, providing better opportunities in the market [86] Question: What is the expected marginal cost of the new debt from the Greif acquisition? - The company is modeling about a 5.5% interest rate on the new debt, resulting in around $100 million incremental interest [100]

Financial Data and Key Metrics Changes - Westlake Partners reported a net income of $5 million or $0.14 per unit for Q1 2025, which is $10 million lower than Q1 2024 due to lower production and sales volume from the planned turnaround at Petro one [6][7] - Consolidated net income, including OpCo's earnings, was $42 million on consolidated net sales of $238 million [7] - Distributable cash flow for the quarter was $5 million or $0.13 per unit, a decrease of $12 million compared to Q1 2024 [7][8] Business Line Data and Key Metrics Changes - The planned turnaround at the Petro one ethylene unit in Lake Charles, Louisiana, resulted in lower production and sales volume, impacting overall earnings [6][7] - The partnership maintained a strong leverage ratio of approximately one times, with long-term debt at $400 million [8] Market Data and Key Metrics Changes - The company noted that global trade tensions have intensified, creating uncertainty for businesses and investors, which may lead to market volatility [10][11] Company Strategy and Development Direction - The company plans to evaluate growth opportunities through increasing ownership interest in OpCo, acquiring other qualified income streams, and organic growth opportunities such as facility expansions [11] - The ethylene sales agreement provides a predictable fee-based cash flow structure, supporting financial performance and distributions [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the stability of cash flows due to the fixed margin ethylene sales agreement, which mitigates market volatility [6][10] - The company anticipates solid production levels following the successful completion of the Petro one turnaround [10] Other Important Information - The partnership has maintained a cumulative distribution coverage ratio of approximately 1.1 times since its IPO in 2014, with 43 consecutive quarterly distributions [8][9] - The first quarter distribution of $0.04 per unit will be paid on May 29, 2025 [9] Q&A Session Summary Question: The financial impact of the Q1 turnaround at TETRA one seems significant. Can you explain? - Management indicated that the impact was as planned, with the unit down for February and March, and elevated interest rates may also be a factor affecting financial performance [15][16] Question: Is there still enough valuation difference to justify keeping Westlake healthy around? - Management noted that while the parent company has seen some valuation compression, the value proposition remains strong over the business cycle [17][18]

Financial Performance - ASM International reported Q1 2025 results with new orders of €834 million, a 14% increase year-on-year at constant currencies, and a 20% increase as reported, driven by strong GAA 2nm orders and contributions from the Chinese market [1][3] - Revenue for Q1 2025 reached €839 million, reflecting a 26% increase at constant currencies and a 31% increase as reported, surpassing the guidance midpoint of €810-850 million [1][2] - Gross profit margin improved to 53.4%, up from 52.9% in Q1 2024 and 50.3% in Q4 2024, attributed to a favorable product and customer mix [1][4] - Adjusted operating result margin increased to 32.3%, a rise of 2.3 percentage points year-on-year and 4.2 percentage points quarter-on-quarter, due to higher gross profit margins and reduced operating expenses [1][4] Market Conditions - Demand in AI-related segments, particularly in leading-edge logic/foundry and DRAM HBM memory, remained strong, while other market segments were sluggish [3][4] - The cash position improved to over €1.1 billion, supported by robust free cash flow of €264 million [3] Outlook - For 2025, ASM expects sales to grow by a double-digit percentage range of 10-20% year-on-year at constant currencies, outpacing the WFE market, which is forecasted to grow slightly [5] - Q2 2025 sales are anticipated to increase by 1% to 6% compared to Q1, indicating continued double-digit year-on-year growth [6] - The company remains confident in strong GAA sales for 2025, with healthy memory sales expected, although lower than the strong levels seen in 2024 [7][8] Corporate Actions - ASM announced a regular dividend proposal of €3.00 per common share at the upcoming Annual General Meeting scheduled for May 12, 2025 [9] - A new share repurchase program of up to €150 million for the 2025/2026 period was authorized, set to commence on April 30, 2025 [10]