CFO Mike Daniel said consolidated revenue increased $4.4 million, or 5.1%, compared with the prior-year quarter. Excluding sales from Noa Home, which closed late in 2024, consolidated revenue increased 6.4%.He also highlighted the company’s approach to tariffs, calling Bassett’s flexible sourcing model “essential” to resilience. Management said it believes the tariff situation has stabilized, but noted the company would react again if conditions change.Spilman emphasized that while Bassett’s 2024 restructur ...

Financial Data and Key Metrics Changes - Fourth quarter Core FFO per share was $0.59, in line with expectations, driven by higher Same Property NOI growth, lower G&A expense, and accretive share buybacks, partially offset by higher Bad Debt [14] - For the full year, after adjusting for co-CEO transition severance charges and other non-recurring costs, Core FFO per share was $2.40, placing the company at the high end of initial expectations [14] - Total portfolio occupancy ended the quarter at 90.2%, down 160 basis points sequentially [15] Business Line Data and Key Metrics Changes - In 2025, the company signed approximately 2 million sq ft of repositioning and development leases, generating nearly $40 million of annualized incremental NOI [15] - The company recognized $89 million of real estate impairments related to development sites that are being sold, allowing for the redirection of $285 million of capital into higher-yielding uses [15] Market Data and Key Metrics Changes - Market rents declined 10 basis points in the quarter and 9% year-over-year, with total market rent down 1% in the fourth quarter [9][16] - Vacancy increased 30 basis points during the quarter, and net absorption was negative, reflecting broader market softness [10] Company Strategy and Development Direction - The company is focused on enhancing cash flow quality, driving per share FFO and NAV growth, and optimizing returns for shareholders [6] - A programmatic disposition plan is a key component of the capital allocation strategy, targeting between $400 million and $500 million of dispositions in 2026 [8] - The company aims to reduce G&A as a percentage of revenue below the peer average, with a target of 6% for 2026 [8] Management's Comments on Operating Environment and Future Outlook - Management remains confident in the long-term fundamentals of infill Southern California despite near-term pressures impacting 2026 growth expectations [6] - The company is prioritizing occupancy to drive cash flow and is maintaining rigorous capital discipline in light of current market dynamics [10] - Management believes Rexford is well-positioned to capture recovering demand to drive occupancy and NOI growth [12] Other Important Information - The company executed a strategic early renewal of its largest tenant, Tireco, allowing for significant de-risking of cash flow [10] - The company is committed to aligning executive compensation with shareholder priorities, having recalibrated compensation metrics [9] Q&A Session Summary Question: Can you provide more understanding on the Tireco lease re-signing? - The decision to prioritize occupancy and de-risk future cash flow led to an early renewal of the Tireco lease, which was above market [23][24] Question: How much further do you expect rents to decline? - Management noted signs of stabilization but indicated challenges remain, making it difficult to call an inflection point [28][30] Question: What is driving the occupancy decline? - The occupancy decline is attributed to longer downtime for leasing and repositioning, with specific properties expected to move out [36][39] Question: What industries are on the watch list for bad debt? - The watch list remains similar year-over-year, with a higher concentration in logistics due to specific business issues [43] Question: What are the expected sources and uses of cash for 2026? - The company expects to have $413 million available for deployment after accounting for development spend, which can include share repurchases [78]

Union Pacific (NYSE:UNP) Q4 2025 Earnings call January 27, 2026 08:45 AM ET Company ParticipantsAndre Kelleners - Managing DirectorsBrian Ossenbeck - Managing DirectorChris Wetherbee - Managing DirectorElliot Alper - VP of Equity ResearchEric Gehringer - EVP of OperationsJennifer Hamann - CFOJim Vena - CEOJonathan Chappell - Senior Managing DirectorKen Hoexter - Managing DirectorKenny Rocker - EVP of MarketingStephanie Moore - SVP of Equity ResearchNone - Video NarratorConference Call ParticipantsAri Rosa - ...

Core Viewpoint - Canadian Natural Resources Limited (CNQ) is recognized as a defensive income play in the Canadian energy sector, noted for its dividend reliability and strong balance sheet as investors look towards 2026, despite sector volatility and lower earnings expectations [1][2]. Dividend Durability - CNQ's dividend durability is a key differentiator, having increased its dividend for 25 consecutive years, with the 2025 dividend raised to an annualized C$2.35 per share, yielding approximately 5.1% [3][5]. - Compared to peers like Suncor Energy and Cenovus Energy, which offer dividends below 4%, CNQ's long history of dividend growth instills confidence among income-focused investors [5][7]. Operating Efficiency and Cash Returns - The company's ability to maintain cash returns is supported by operating efficiency, achieving record production of 1.62 million barrels of oil equivalent per day in Q3, an 18.9% year-over-year increase, leading to adjusted funds flow of around C$3.9 billion [6][7]. - CNQ's low operating costs, averaging about C$21 per barrel for oil sands mining and upgrading, enable it to fund dividends and buybacks without straining its balance sheet during commodity price fluctuations [8]. Shareholder Return Framework - CNQ has returned approximately C$6.2 billion to shareholders through dividends and share repurchases year-to-date, with a focus on debt reduction and buybacks to support long-term financial flexibility [9][10]. - The company enters 2026 with a net debt-to-EBITDA ratio of about 0.9X and liquidity exceeding C$4.3 billion, reinforcing its income reliability [10]. Valuation Context - CNQ trades at a forward price-to-earnings multiple of 14.55X, slightly above the industry average, reflecting its stability but limiting potential for multiple expansion [11]. - The stock is less expensive than Suncor Energy but more highly valued than Cenovus Energy, indicating market preference for CNQ's consistency [11]. Industry Positioning and Earnings Trends - CNQ operates within the Oil and Gas — Exploration and Production — Canadian industry, which ranks in the bottom 9% of the Zacks Industry Rank, affecting sentiment [14]. - Full-year 2025 earnings per share are projected at $2.51, a slight decline of 0.8% year-over-year, with further expected decline to $2.28 in 2026, a 9.2% drop, due to lower pricing assumptions and higher non-cash costs [15][16]. Final Assessment - Canadian Natural Resources is best suited for investors prioritizing dependable income and balance-sheet strength over rapid growth, with its dividend durability and disciplined capital allocation favorably comparing to peers, despite valuation and earnings trends limiting upside into 2026 [17].

Core Insights - Agilent Technologies Inc reported strong fourth-quarter earnings, with earnings per share of $1.59, surpassing the analyst consensus estimate of $1.58, and quarterly sales of $1.861 billion, exceeding the estimate of $1.832 billion [1] - For FY2026, Agilent anticipates adjusted EPS between $5.86 and $6.00, above market estimates of $5.57, and expects sales in the range of $7.300 billion to $7.400 billion, compared to projections of $6.916 billion [2] - Agilent's President and CEO expressed confidence in the company's position in life sciences and diagnostics, highlighting a customer-focused approach and operational efficiencies that drive innovation and long-term value [3] Analyst Ratings and Price Targets - Following the earnings announcement, several analysts adjusted their price targets for Agilent, with B of A Securities raising it from $150 to $165 while maintaining a Neutral rating [6] - Baird maintained an Outperform rating and increased the price target from $142 to $165 [6] - JP Morgan raised its price target from $165 to $180 while maintaining an Overweight rating, and Wells Fargo increased its target from $150 to $175 with the same rating [6] - UBS also maintained a Buy rating and raised the price target from $170 to $180 [6]

Core Insights - Warner Bros. Discovery (WBD) has seen a 67.7% increase year-to-date, outperforming the Zacks Broadcast Radio and Television industry and the Zacks Consumer Discretionary sector, which rose by 30.4% and 4.7% respectively, driven by improved content monetization, debt reduction, and operational efficiency [2] - Despite the positive momentum, investor sentiment remains cautious due to ongoing restructuring and competitive pressures, leading to a preference for holding positions rather than increasing exposure [2] Year-to-Date Performance - WBD's growth strategy is anchored in its two core engines: Studios and Streaming, which are essential for long-term content monetization [5] - The Studios division has focused on quality and efficiency, rebuilding its production slate with established franchises and original IP, aiming for consistent returns across various revenue streams [6] Streaming and Studios Momentum - The streaming business is evolving towards sustainable profitability, with HBO Max shifting from subscriber-led growth to a profit-oriented model through advertising and geographic expansion [7] - The Zacks Consensus Estimate for WBD's third-quarter 2025 streaming revenues is projected at $2.74 billion, reflecting a 4.1% year-over-year increase, while Studios revenue is estimated at $3.16 billion, indicating a 17.8% year-over-year increase [8][9] Separation Strategy - The planned separation of WBD into Warner Bros. (Studios and Streaming) and Discovery Global (Linear Networks) aims to enhance operational focus but introduces near-term uncertainty [10] - In Q2, WBD retired $17.7 billion of bonds, reducing gross debt by $2.7 billion, although the associated bridge-loan facility incurs higher interest costs, impacting free cash flow until the separation is complete [11] Competitive Landscape - WBD operates in a highly competitive media landscape, facing challenges from Netflix, Disney, and Amazon, which have established strong market positions and diversified monetization strategies [13][14] - WBD trades at a forward 12-month price-to-sales multiple of 1.17X, significantly lower than the averages of its peers, reflecting investor caution regarding its ongoing separation and financing costs [14] Conclusion - WBD's improving execution in studios and streaming, along with progress in deleveraging, supports its long-term recovery potential, but competition and limited earnings visibility continue to affect sentiment [18] - The stock trades at a discount to peers, indicating value but lacking near-term catalysts for re-rating, suggesting a hold strategy until uncertainties are resolved [18]

Core Insights - Greenbrier has appointed Steve Bobb and Jeffrey Songer to its Board, both bringing extensive experience from the rail industry, which will enhance the company's strategic initiatives and operational efficiencies [1][7][12] Group 1: Steve Bobb's Background - Bobb has 36 years of experience at BNSF Railway, including roles in strategic commercial and operational leadership [1] - He served as Executive Vice President and Chief Marketing Officer from 2013 to 2024, overseeing sales, marketing, customer service, and economic development [2] - His previous roles include Group VP Coal and General Manager of Division Operations, focusing on safe and efficient freight train movement and customer satisfaction [3][4] - Bobb holds two B.S. degrees in animal and plant science and has pursued graduate studies in agricultural economics [5] Group 2: Jeffrey Songer's Background - Songer has 30 years of expertise in operations, engineering, and finance, with 18 years in leadership roles at Kansas City Southern [7] - He played a key role in the $31 billion merger that created Canadian Pacific Kansas City, serving as EVP of Strategic Merger and Planning [8] - His experience includes managing operations across the U.S. and Mexico, with a focus on international labor management and risk management [9] - Songer holds a bachelor's degree in architectural engineering and a master's degree in business administration [11] Group 3: Strategic Implications for Greenbrier - Bobb's extensive rail industry experience will support Greenbrier's customer experience model and strategic planning [6] - Songer's insights into U.S.-Mexico relations and supply chain integration will be crucial for enhancing profitability and streamlining business structures [12] - Greenbrier is a leading international supplier of equipment and services to global freight transportation markets, with a significant presence in railcar manufacturing and leasing [13]

Core Insights - AppTech Payments Corp. reported a first quarter 2025 operating loss of $2.6 million, an improvement from a $3.0 million loss in the same quarter of 2024 [1] - The cash basis loss for the first quarter of 2025 was $1.8 million, compared to $2.2 million in 2024, indicating a reduction in losses [1] Financial Performance - The company aims to enhance operating efficiency and has introduced new revenue sources to achieve breakeven and eventually profitable results [2] - CFO Felipe Corrado stated that the steps taken to improve the financial position are beginning to yield tangible results, with a focus on revenue expansion and cost efficiency [2] Company Overview - AppTech Payments Corp. provides digital financial services through a scalable cloud-based platform for financial institutions, corporations, SMEs, and consumers [2]

Financial Data and Key Metrics Changes - For Q1 2025, the company reported net sales of $62.99 million, a decrease of 3.5% from $65.25 million in Q1 2024 [2][3] - The operating income for Q1 2025 was $11,000, a significant improvement from an operating loss of $857,000 in Q1 2024 [2][5] - The net loss from continuing operations was $1.58 million or $0.11 per diluted share, compared to a net loss of $2.41 million or $0.16 per diluted share in the same quarter of 2024 [3] Business Line Data and Key Metrics Changes - Sales of soft floor covering products outperformed hard surface products, with continued market share gains in the soft surface category [3] - Premium products consistently performed better than the market across all categories, contributing to improved gross margins [4][11] Market Data and Key Metrics Changes - The industry is facing weak market conditions due to low existing home sales and lower consumer confidence [3][10] - The residential remodeling market continues to experience a multiyear slump, with uncertainty regarding when market dynamics will change [12] Company Strategy and Development Direction - The company is focused on creating differentiated styles for the residential market, emphasizing color, pattern, and texture [11] - Efforts are being made to simplify product lines and enhance consumer-friendly messaging, particularly in the TrueCore brand [12] - The company aims to manage expenses and capital expenditures while improving gross margins in anticipation of a future market upturn [13][14] Management's Comments on Operating Environment and Future Outlook - Management noted that low consumer confidence was exacerbated by uncertainty around tariff increases, impacting product costs [10] - The company is optimistic about its position for future growth when interest rates decline and the housing market rebounds [14] Other Important Information - The company closed a new $75 million senior credit facility, which will support operations and improve financial flexibility [8][9] - Inventory management has been a focus, with a planned reduction leading to a decrease in net inventory from $75 million in Q1 2024 to $66.7 million in Q1 2025 [6] Q&A Session Summary Question: Is the stock buyback program still in effect? - The stock buyback program is no longer in effect, having ceased during the latter part of the previous year [16] Question: Are there signs of consolidation in the industry? - There has not been much consolidation among manufacturers, although some smaller retailers have gone out of business [17] Question: Have buying habits changed between big box stores and boutique retailers? - Premium products are performing better overall, with the Fabrica brand seeing exceptional success in the soft covering market [18]

Financial Data and Key Metrics Changes - For Q1 2025, the company reported net sales of $62.99 million, a decrease of 3.5% from $65.25 million in Q1 2024 [2][3] - The operating income improved to $11,000 in Q1 2025 from an operating loss of $857,000 in Q1 2024 [2][5] - The net loss from continuing operations was $1.58 million or $0.11 per diluted share, compared to a net loss of $2.41 million or $0.16 per diluted share in the same quarter of 2024 [3] Business Line Data and Key Metrics Changes - Sales of soft floor covering products outperformed hard surface products, with continued market share gains in the soft surface category [3] - Gross margins improved to $16.90 million or 26.8% of net sales, compared to $15.80 million or 24.2% of net sales in the prior year [4] Market Data and Key Metrics Changes - The industry is experiencing weak market conditions due to low existing home sales and lower consumer confidence [3] - The residential remodeling market continues to face a multiyear slump, with uncertainty regarding when market dynamics will change [11] Company Strategy and Development Direction - The company is focused on creating differentiated styles for the residential market, emphasizing color, pattern, and texture [10] - Efforts are being made to minimize expenses, reduce overhead costs, and improve gross margins [12] - The company has closed on a new $75 million senior credit facility to support operations and manage costs effectively [7][12] Management's Comments on Operating Environment and Future Outlook - Management noted that low consumer confidence was impacted by uncertainty around tariff increases, with some industry players announcing price increases to mitigate these impacts [9] - The company believes that actions taken during the current difficult environment will position it well for an eventual market upturn [13] Other Important Information - The company has seen improvements in operations, including productivity, quality, and raw material utilization [11] - The first quarter trade show showcased 25 new styles of carpet and eight hard surface collections, which were well received [10] Q&A Session Summary Question: Is the stock buyback program still in effect? - The stock buyback program is no longer in effect as it was ceased during the latter part of the previous year [16] Question: Are there signs of consolidation in the industry? - There has not been much consolidation at the manufacturing level, although some smaller retailers have gone out of business [17] Question: Have buying habits changed between big box stores and boutique retailers? - Premium products are performing better than the market overall, with the Fabrica brand doing exceptionally well [18]