Financial Data and Key Metrics Changes - Normalized operating margin increased by 10 basis points year-over-year to 10.7%, with all three business segments showing positive results for the first time since 2022 [6][22] - Normalized gross margin rose by 80 basis points to 35.6%, marking the highest rate in four years and the eighth consecutive quarter of year-over-year expansion [7][22] - Normalized earnings per share (EPS) reached $0.24, at the top end of the guidance range, despite a higher than expected tax rate [8][22] - Core sales for the second quarter decreased by 4.4%, while net sales contracted by 4.8% due to unfavorable foreign exchange and business exits [21][22] Business Line Data and Key Metrics Changes - The international business, accounting for nearly 40% of total sales, achieved positive core sales growth for the sixth consecutive quarter [22] - The Writing and Home Fragrance segments reported growth in core sales, while the Baby business also showed positive trends [22][49] Market Data and Key Metrics Changes - Market growth was estimated to be down in low single digits for 2025, with Newell Brands largely maintaining market share during the first half of the year [9][10] - The company expects subdued market growth as certain consumer cohorts remain under pressure [10] Company Strategy and Development Direction - The company is focused on improving front-end capabilities and has strengthened distribution, innovation, and marketing plans for the second half of the year [10][11] - Newell Brands is positioned to benefit from global tariff-driven trade realignment, leveraging its North American manufacturing capabilities [11][12] - A significant investment in marketing is planned for 2025, with expectations of higher returns on investment due to improved marketing capabilities [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the mid- to long-term trajectory of the U.S. and global economy, while remaining cautious in the short term due to inflation and high interest rates [17][18] - The company updated its core sales guidance to reflect category growth expectations at the low end of the prior range, offset by better foreign exchange [18][27] Other Important Information - The company redeemed $1.25 billion in outstanding bonds, indicating strong investor support for its corporate strategy [24] - ERP harmonization efforts are on track to be completed by 2026, following successful integrations in the second quarter [25] Q&A Session Summary Question: Comments on back-to-school performance and exit rates across categories - Management noted that it is early to assess back-to-school performance but expressed confidence in sell-in and setup heading into the season, with record high fill rates and secured exclusivity on key products [36][38] Question: Core sales moving in the wrong direction despite innovation - Management highlighted sequential progress in core sales growth, with improvements noted in specific segments like Writing and Baby, while acknowledging challenges in broader category growth dynamics [47][48] Question: Drivers of expected core sales improvement in Q4 - Management indicated that tariff distribution wins and significant innovation launches, particularly for Yankee Candle, are expected to drive improvement in Q4 [56][58] Question: Impact of retailer inventory destocking and competitive pricing response - Management observed some impact from inventory destocking due to direct import issues but noted that overall retail inventories remain in good shape [82][83]

Financial Data and Key Metrics Changes - Enerpac's revenue increased by 6% year-over-year to $159 million in Q3 2025, marking record third-quarter revenue since the company's relaunch in 2019 [4][6] - Organic growth, adjusted for foreign exchange and the acquisition of DTA, was 2% [6] - Adjusted earnings per share rose by 9% to $0.51, driven by higher earnings, a lower effective tax rate, and a reduced share count [14] - Adjusted EBITDA increased by 3.4%, with the margin declining by 50 basis points year-over-year to 25.9% due to service project mix and the inclusion of DTA [13][14] - Gross profit margin declined by 140 basis points year-over-year to 50.4% [11] Business Line Data and Key Metrics Changes - The IT and S business saw a 1.5% organic revenue increase year-over-year, with product sales growing by 1% and services by 3% [6] - Cortland Biomedical reported a 19% growth, driven by strong performance in diagnostics, bioprocessing, and robotic surgery [8] Market Data and Key Metrics Changes - The Americas region experienced high single-digit organic growth, driven by demand in aerospace, infrastructure, and nuclear service sectors [9] - The APAC region achieved mid single-digit growth, particularly in heavy lifting technology, benefiting from major rail projects and solar farm opportunities [10] - The EMEA region faced a high single-digit decline, primarily due to a drop in the heavy lifting technology business, although infrastructure and defense markets showed strength [11] Company Strategy and Development Direction - The company is focused on advancing its innovation strategy and has invested in a new innovation lab to enhance R&D capabilities [20] - Enerpac aims to remain price cost neutral amidst tariff impacts and is actively managing expenses to align with market conditions [18][19] - The acquisition of DTA is seen as a strategic move to enhance Enerpac's heavy lifting technology offerings [21] Management's Comments on Operating Environment and Future Outlook - Management expressed caution entering Q4 due to increasing economic and geopolitical uncertainty but remains confident in outperforming industrial peers [5] - The company anticipates delivering towards the lower half of its fiscal 2025 revenue guidance due to current macroeconomic conditions [14] Other Important Information - The company recorded a restructuring charge of $5.9 million, primarily for severance, to right-size its cost structure [12] - Enerpac's net debt was $50 million, resulting in a net debt to adjusted EBITDA ratio of 0.4, indicating a strong balance sheet [15] Q&A Session Summary Question: Customer reactions to tariffs and macro uncertainty - Management noted that while customers are cautious, there have not been significant project cancellations, and underlying investment needs remain [25][26] Question: Revenue pull-forward in anticipation of tariffs - Management indicated there was some minor buying in anticipation of pricing actions, but nothing significant was observed [27] Question: Details on restructuring actions and anticipated cost savings - The restructuring was a response to global uncertainty, with a focus on automation and process standardization to improve efficiency [29][30] Question: Impact of pricing actions on revenue - Pricing actions taken in March and May began to show effects in Q3, with more significant impacts expected in Q4 [36] Question: North American performance drivers - Management highlighted strong performance in aerospace and other diversified end markets as key drivers of growth [38] Question: Outlook for the wind business amid renewable energy credit concerns - Management remains optimistic about the wind market, noting ongoing projects and favorable demand profiles [40] Question: M&A appetite in the current environment - Management confirmed continued focus on M&A as part of growth strategy, with active engagement in discussions with potential sellers [42] Question: Net impact of tariffs expected in Q4 and fiscal 2026 - Management aims to remain price cost neutral despite tariff impacts, with ongoing adjustments to pricing strategies [49] Question: DTA sales performance and guidance - Management expects DTA to come in slightly below original revenue guidance but noted strong order growth and successful cross-selling efforts [51][52] Question: Scalability of the new innovation lab - Management expressed excitement about the new lab's capabilities, which are expected to significantly reduce time to market for new products [60][61]

Financial Data and Key Metrics Changes - BioMarin reported a revenue growth of 15% in Q1 2025, totaling $745 million compared to the same period last year [14] - Non-GAAP earnings per share reached $1.13, representing a 59% year-over-year increase, indicating significant profitability expansion [6][20] - Non-GAAP operating margin expanded to 35.7%, an increase of 11.9 percentage points year over year, driven by strong revenue performance and a reset in spending [18][20] - Positive operating cash flow was $174 million, a 271% increase over Q1 2024, supporting future growth investments [22] Business Line Data and Key Metrics Changes - VOXZOGO's global revenue reached $214 million, a 40% increase year over year, continuing its strong growth trajectory since approval [15] - Revenue from the Enzyme Therapies business unit grew 8% year over year to $484 million, with Palynziq contributing a 22% increase compared to Q1 2024 [15][27] - The company expects VOXZOGO full-year revenues to be between $900 million and $950 million, representing a 26% growth at the midpoint [16] Market Data and Key Metrics Changes - Approximately two-thirds of BioMarin's total revenues originate from outside the United States, providing insulation from U.S. macroeconomic conditions [9][10] - The company is focused on expanding access to VOXZOGO in more than 60 countries by 2027, with current access in 49 countries [24][26] Company Strategy and Development Direction - BioMarin is implementing a strategic transformation aimed at enhancing growth and profitability, with a focus on innovation and expansion [8][13] - The company is making progress on its innovation strategy, including pivotal studies for new products like Voxogo and Palynziq [12][28] - BioMarin is exploring business development opportunities aligned with its strengths in genetically defined conditions and clinical stage assets [45] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating uncertainties in the pharmaceutical sector, citing the company's strong fundamentals and global revenue base [9][10] - The company anticipates continued strong performance and cash generation, supporting its growth agenda for 2025 and beyond [22][13] Other Important Information - BioMarin's R&D expenses were $147 million in Q1 2025, lower than the same quarter in 2024, reflecting a reprioritization strategy [17] - SG&A expenses decreased to $183 million year over year, attributed to cost transformation initiatives [18] Q&A Session Summary Question: Will Q2 revenue for VOXZOGO decline? - Management indicated that while revenue growth is expected to be stronger in the second half of the year, Q2 may show a slight decline due to global order dynamics [36][37] Question: How could U.S. tariffs impact financials? - Management stated that current guidance includes modest impacts from existing tariffs, but they are evaluating potential future scenarios and mitigation strategies [39][40] Question: What strategies are being implemented to drive further adoption of VOXZOGO? - The company is focusing on increasing awareness and expanding the prescriber base, particularly among pediatric endocrinologists, to drive adoption across all age groups [55][56] Question: What is the timeline for BMN 333 and its potential indications? - Management anticipates data from ongoing studies in 2027, with plans for pivotal studies based on the outcomes of BMN 333 [84] Question: How does the U.S. versus ex-U.S. sales for VOXZOGO compare? - Approximately 75% of VOXZOGO revenues come from outside the U.S., with expectations for this split to fluctuate as the brand matures [88]