Financial Data and Key Metrics Changes - The company reported a record third-quarter adjusted operating profit of $310 million, an 8.5% increase year over year, with an adjusted operating profit margin of 8.3% [10][23] - Consolidated sales for the third quarter were $3.7 billion, representing a 12.4% increase compared to the prior year [22] - Adjusted net income from continuing operations was a record $230 million, up from $203 million in the third quarter of 2024, with adjusted EPS increasing to $0.58 per share, a 9.4% rise from $0.53 [23][29] Business Line Data and Key Metrics Changes - The packaged meats segment achieved an adjusted operating profit of $226 million, the second-highest third-quarter profit on record, with a margin of 10.8% [23][24] - Fresh pork segment adjusted operating profit was $10 million, down from the previous year, but mitigated the impact of a compressed industry market spread [25] - Hog production segment adjusted operating profit increased to $89 million from $40 million year over year, driven by improved commodity markets [26] Market Data and Key Metrics Changes - Packaged meats sales increased by 9.1% to $2.1 billion, driven by a 9.2% increase in average selling price, while volume remained flat [24] - Fresh pork segment sales rose 12% year over year to $2.2 billion, primarily due to a 12% increase in average selling price [26] - Hog production segment sales increased by 10.1% to $813 million, despite a reduction in the number of hogs produced [26] Company Strategy and Development Direction - The company focuses on five strategic growth priorities, including enhancing product mix and volume growth in packaged meats, maximizing net realizable value in fresh pork, and optimizing operations in hog production [7][16] - The packaged meats segment is positioned to capitalize on consumer demand for quality protein, with a strategy to improve product mix and drive innovation [8][10] - The company is evaluating synergistic M&A opportunities across North America to support growth strategies [20] Management's Comments on Operating Environment and Future Outlook - Management raised the midpoint of the fiscal 2025 adjusted operating profit outlook by $25 million, reflecting strong year-to-date performance [29][31] - The company anticipates total sales to increase in the low to mid-single-digit percentage range compared to fiscal 2024, despite challenges from higher raw material costs [30] - Management expressed confidence in navigating a dynamic macro environment and maintaining profitability through disciplined execution of strategies [20][31] Other Important Information - The company ended the third quarter with a net debt to adjusted EBITDA ratio of 0.8 times, indicating a strong balance sheet [28] - Capital expenditures for the year are expected to be between $350 million to $400 million, primarily for projects that drive growth [28][29] - The company plans to pay $1 per share in annual dividends, reinforcing its commitment to return value to shareholders [29] Q&A Session Summary Question: Insights on packaged meats volume and pricing - Management noted that despite a cautious consumer environment, retail sales were up 6%, with unit share growth, indicating effective execution of their strategy [34][35] Question: Profitability outlook amid input cost pressures - Management expressed confidence in maintaining margins through pricing strategies and operational efficiencies, despite rising raw material costs [36][38] Question: Impact of hog production strategy on competitiveness - Management clarified that the reduction in hog production is aimed at removing high-cost farms, ensuring adequate supply for fresh pork and packaged meats [40][42] Question: Expectations for beef trim markets - Management indicated that a material recovery in beef is not expected until late 2027, positioning pork favorably in comparison to other proteins [58][60] Question: Clarification on capital expenditure guidance - Management explained that the lower CapEx guidance is primarily due to the timing of projects shifting into early 2026, rather than a reduction in investment opportunities [69]

Core Viewpoint - Live Ventures Incorporated has reported a significant turnaround in the performance of its subsidiary, Flooring Liquidators, achieving positive EBITDA for four consecutive months and projecting record growth for Fiscal Year 2026 [1][2]. Group 1: Company Performance - Flooring Liquidators, acquired in fiscal year 2023, had faced 24 consecutive months of losses prior to the new leadership [2]. - The company achieved its first year-over-year revenue increase in July 2025, marking a pivotal recovery [2]. - Flooring Liquidators is projected to experience strong profitability and record growth in Fiscal Year 2026 [2]. Group 2: Leadership and Strategy - The turnaround is attributed to CEO Chris Nichols and his new leadership team, who implemented key initiatives to improve performance [2][3]. - Key initiatives include cost containment through automation, AI, and vendor-direct sourcing, which have enhanced operational efficiency [3]. - The company has improved delivery times to three days, a significant competitive advantage in the industry [4]. Group 3: Operational Improvements - Changes in inventory management have been made to address inefficiencies, such as optimizing delivery logistics [4]. - Individual store accountability has been enhanced, allowing for better oversight and performance comparison among stores [5]. - The product mix has been improved, with private label products increasing from 12% to 25% of total offerings, driving higher margins [5]. Group 4: Workforce and Culture - The success of the turnaround is also credited to the talent and dedication of Flooring Liquidators' workforce and management team [5]. - The company emphasizes the importance of professional services and expertise in driving sales, highlighting the role of its employees in the recovery [5]. Group 5: Future Outlook - Live Ventures plans aggressive expansion for Flooring Liquidators, with the potential for over one hundred new stores in the coming decade [5].

Financial Data and Key Metrics Changes - For Q4 FY 2025, Carpenter Technology generated $151 million in adjusted operating income, a 21% increase from FY 2024 and a 10% increase from the previous quarter [6][15] - The adjusted operating margin for the SAO segment reached 30.5%, up from 25.2% a year ago [6][42] - The company generated $201.3 million in adjusted free cash flow during the quarter, with a total of $287.5 million for the fiscal year [7][27] Business Line Data and Key Metrics Changes - The SAO segment reported operating income of $167 million, a 19% year-over-year increase [7][17] - PEP segment net sales were $97.1 million, down 5% year-over-year but operating income improved to $11.7 million [18][19] - Sales in the aerospace and defense market increased 3% sequentially and 2% year-over-year, with engine sales up 5% sequentially [8][9] Market Data and Key Metrics Changes - Sales in the medical market were up 6% sequentially but down 16% compared to the record prior year [11] - The energy market saw a 27% sequential increase and a 22% year-over-year increase in sales [11] - The aerospace supply chain is experiencing increased activity as build rates ramp up, with strong demand for materials [10][12] Company Strategy and Development Direction - Carpenter Technology is focused on achieving a zero injury workplace and improving safety performance [5] - The company plans to continue investing in its brownfield capacity expansion project, which is expected to enhance growth starting in FY 2028 [22][39] - The strategic focus remains on increasing productivity, optimizing product mix, and maintaining pricing power in a strong demand environment [26][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing ramp in aerospace demand and the positive outlook for the defense sector [10][34] - The company anticipates a strong start to FY 2026, projecting operating income between $660 million and $700 million, representing a 26% to 33% increase over FY 2025 [29][42] - Management highlighted the importance of maintaining operational efficiency through preventive maintenance to support long-term growth [72][74] Other Important Information - The effective tax rate for Q4 FY 2025 was 19.7%, lower than anticipated due to discrete tax benefits [16] - The company ended the fiscal year with $664.4 million in total liquidity, including $315.5 million in cash [23][24] - Carpenter Technology executed $101.9 million in share repurchases during FY 2025, reflecting its commitment to returning cash to shareholders [28][42] Q&A Session Summary Question: Can you discuss lead times and pricing expectations? - Management indicated that lead times remain extended, particularly in jet engines, and pricing actions are expected to continue as a tailwind due to a significant supply-demand gap [48][50][52] Question: Is the initial FY 2026 EBIT guidance conservative? - Management confirmed that the guidance is based on internal assessments and is designed to be achievable without overexposing the company [57][58] Question: Are there orders supporting a reacceleration in aerospace and defense volumes? - Management noted that there is a positive trend in orders, particularly in the defense sector, with increased bookings observed [60][64] Question: How does the company view the urgent requests in defense versus regular orders? - Management explained that defense orders are historically uneven but have seen an increase recently, with expectations for elevated order levels moving forward [70][71] Question: What is the outlook for power generation revenues? - Management highlighted significant year-over-year growth in power generation revenues, indicating a strategic advantage in this market [76][66] Question: Will there be further mix gains in FY 2026? - Management expects to see continued growth in aerospace and medical markets, which will strengthen the overall product mix [82][87]