The planned spin off would create Europe’s largest listed pure-play forestry group https://t.co/GjLfbJCKen ...

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $980 million, exceeding the top end of guidance, with adjusted EBITDA of $196 million and adjusted EPS of $2.37, both surpassing expectations [4][12] - The company recorded a non-cash impairment charge of $709 million during the quarter, reflecting an accounting-driven valuation adjustment [3][13] - Operating cash flow exceeded $176 million, up 12.5% year-over-year, and free cash flow was over $156 million [13] Business Line Data and Key Metrics Changes - Commercial food service segment achieved 1.6% organic revenue growth, with revenues of $606 million and an EBITDA margin of nearly 27% [11][12] - Residential segment revenues were nearly $175 million, with an EBITDA margin slightly below 10%, negatively impacted by tariffs [11][12] - Food processing segment revenues exceeded $201 million, with an organic EBITDA margin of 21% [12] Market Data and Key Metrics Changes - The residential market remains challenging, but the company believes it is well-positioned for recovery [3] - The commercial food service segment saw positive organic growth driven by general market conditions and institutional customers, despite softness among large QSR customers [5][11] - International markets for food processing are improving, offsetting continued softness in the U.S. [7] Company Strategy and Development Direction - The company is undertaking a strategic review of its business portfolio, including a planned spin-off of its food processing business targeted for completion in Q2 2026 [2][18] - Investments in innovative technologies and strengthening local sales support are part of the strategy to drive long-term shareholder value [4][9] - The company is focusing on expanding its ice and beverage platform as a core growth driver [5][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's future, stating that it is stronger than ever and well-positioned to capitalize on market normalization [9][10] - The company anticipates a strong Q4, with total revenue expected between $990 million and $1.02 billion [16] - Management highlighted the importance of strategic investments in new and growing markets, particularly in ice and beverage solutions [9][10] Other Important Information - The company has reduced its share count by 6.4% during 2025 through significant share repurchase activities [15] - Tariff impacts were noted, with an adverse net impact to EBITDA in Q3 of approximately $12 million, expected to be $5-$10 million in Q4 [13] Q&A Session Summary Question: What is the status of the strategic evaluation of the company? - Management confirmed significant progress in separating the food processing business and plans to provide more details in Q4 [24][25] Question: What is driving the expected decline in commercial food service for Q4? - Management noted that QSR traffic remains a challenge, impacting sequential revenue growth, but emphasized strength in other areas [27][30] Question: How are tariffs affecting pricing and customer reception? - Management indicated that they have taken a thoughtful approach to pricing in response to tariffs and expect to cover tariff impacts through pricing and operational initiatives by year-end [45][46] Question: What are the key drivers for improved order growth in food processing? - Management highlighted increased investments in protein markets and automation solutions as key drivers for improved order growth [47][48] Question: How is the company addressing margin pressures in food processing? - Management noted that they are taking actions on pricing and operational efficiency to improve margins, with expectations for better performance in Q4 and 2026 [56][59]

Core Insights - Solstice Advanced Materials Inc. reported a net sales increase of 7% year-over-year for Q3 2025, reaching $969 million, driven by strong demand in Refrigerants and Electronic Materials [2][10][11] - The company experienced a net loss of $35 million in Q3 2025, a significant decline from a net income of $152 million in Q3 2024, largely due to higher tax expenses related to its spin-off from Honeywell [3][10] - Adjusted Standalone EBITDA for Q3 2025 was estimated at $235 million, down 5% from the previous year, with an Adjusted Standalone EBITDA margin of 24.3%, a decrease of 290 basis points [3][10] Financial Performance - Net Sales for Q3 2025 were $969 million, up from $907 million in Q3 2024, with Refrigerants & Applied Solutions segment sales increasing by 9% to $687 million [7][10] - The Refrigerants segment saw a 22% increase in sales, while Healthcare Packaging experienced a 14% decline [7][8] - Adjusted Standalone EBITDA margin decreased to 24.3% from 27.1% in Q3 2024, primarily due to unfavorable product mix and transitory costs [3][10] Segment Highlights - Refrigerants & Applied Solutions segment net sales were $687 million, with Refrigerants contributing $400 million, a 22% increase [7][10] - Electronic & Specialty Materials segment net sales rose 2% to $282 million, driven by a 6% increase in Safety & Defense Solutions and a 4% increase in Electronic Materials [9][11] - Adjusted EBITDA for the Refrigerants & Applied Solutions segment decreased by 3%, while the Electronic & Specialty Materials segment saw a 15% decline in Adjusted EBITDA [8][12] Capital Expenditures and Financial Position - Capital expenditures for the first nine months of 2025 were $248 million, a 23% increase compared to the prior year, aimed at long-term growth [4][5] - As of the spin-off, total long-term debt was $2.0 billion, with cash and cash equivalents around $450 million, resulting in a net leverage ratio of approximately 1.5x [6][10] 2025 Financial Outlook - The company reaffirmed its full-year 2025 guidance, expecting net sales between $3.75 billion and $3.85 billion, with an estimated Adjusted Standalone EBITDA margin of around 25% [10][21]

Core Insights - Comcast reported a 2.7% year-over-year decline in revenue for Q3 2025, totaling $31.2 billion, primarily due to a comparison with the previous year's $1.9 billion revenue boost from the Paris Olympics [3][24] - The company is undergoing a strategic shift to simplify pricing and enhance customer experience in response to intense competition in the broadband market [5][12] - The planned spin-off of Versant Media Group is expected to be completed by the end of 2025, allowing Comcast to focus on its core media and connectivity business [6][7] Financial Performance - Adjusted EBITDA for Q3 2025 was nearly flat, decreasing by 0.7% year-over-year to $9.7 billion, with a margin expansion of approximately 64 basis points to 31.0% [3][25] - The Connectivity & Platforms segment saw a slight revenue decline of 0.6% year-over-year to $20.2 billion, while adjusted EBITDA decreased by 3.5% to $8.0 billion [3][11] - The Content & Experiences segment reported a revenue decline of 6.8% to $11.7 billion, but adjusted EBITDA grew by 8.4% to $2.0 billion, driven by strong performance in Theme Parks [3][17] Segment Highlights - The Mobile division added 414,000 new lines, with domestic wireless revenue growing by 14.0% to $1.2 billion [4][14] - Theme Parks revenue increased by 18.7% to $2.7 billion, largely due to the successful opening of Epic Universe [4][18] - Peacock's adjusted EBITDA losses improved significantly, reducing from a loss of $436 million in Q3 2024 to a loss of $217 million in Q3 2025 [4][19] Strategic Initiatives - Comcast is investing in a new go-to-market strategy that includes simplified pricing and improved customer experience, which is expected to create near-term headwinds [5][12] - The company is facing increased competition from fiber and fixed wireless providers, prompting a focus on mobile growth and a converged product strategy [4][28] - Versant Media Group plans to address structural challenges by monetizing digital assets and expanding into adjacent markets post-spin-off [8][35] Valuation Insights - The fair value estimates for Comcast's stub business is $36.20 per share, while the consolidated entity is valued at $39.80 per share [8][42] - Versant is valued at an EV/EBITDA multiple of 6.0x, reflecting its challenges in the linear TV market [41][40] - Comcast's overall valuation reflects its leading position in the broadband market, despite slower growth compared to peers [42][41]

October 30, 2025 Stuart Bradie, President and CEO Mark Sopp, EVP and CFO Jamie DuBray, VP of Investor Relations Forward-Looking Statements The statements in this presentation that are not historical statements, including statements regarding our expectations for our future financial performance, effective tax rate, operating cash flows, contract revenues, award activity and backlog, program activity, our business strategy, business opportunities, interest expense, our plans for raising and deploying capital ...

Core Points - Honeywell has completed the spin-off of its Advanced Materials business, now known as Solstice Advanced Materials, with shares beginning to trade on Nasdaq under the ticker symbol "SOLS" [1][6] - The spin-off is part of Honeywell's strategy to create three independent companies, each with distinct strategies and growth drivers, aimed at delivering greater long-term value for shareholders [1][6] - Shareholders received one share of Solstice common stock for every four shares of Honeywell common stock held as of October 17, 2025, with cash provided for any fractional shares [1] Company Overview - Honeywell operates as an integrated company across various industries globally, focusing on providing solutions in aerospace, building automation, industrial automation, and process technology [3] - The company emphasizes its Honeywell Accelerator operating system and Honeywell Forge platform as key components of its operational strategy [3] Future Plans - The separation of Honeywell's Automation and Aerospace businesses is on track for completion in the second half of 2026, furthering the company's restructuring efforts [6]

Sony Financial shares will start trading on Tokyo bourse on Monday after being spun off from Sony Group, which is moving to focus on its entertainment and image sensor businesses https://t.co/xdhobNhFTR ...

Tik Tok. The company will be valued around $14 billion. This is going to be American operated all the way.No, Michael Dell's involved and Rupert Murdoch's involved, including Larry Ellison and Oracle, I guess, is going to be a very play a very big role in terms of security, safety, and everything else. It's a blue chip group of investors and uh we'll be announcing more about who exactly is involved in the deal in the in the days to. ...

Spin-off Announcement - KBR plans to spin off its Mission Technology Solutions (MTS) segment to create two independent, pure-play public companies: "New KBR" comprising Sustainable Technology Solutions (STS) and "SpinCo" comprising MTS [1, 7] - The transaction is intended to be tax-free to KBR and its shareholders and is expected to close in mid-to-late 2026 [7, 33] Portfolio Transformation - The spin-off is the culmination of a decade-long portfolio transformation to focus on differentiated and innovative science, technology, and engineering solutions [7, 9, 10] - KBR has acquired 13 businesses and divested 4 non-core businesses, exiting commoditized services and shifting away from lump sum turnkey-type contracts [13] New KBR (STS) - New KBR, comprising STS, has TTM Q2'25 revenues of $2.2 billion and an adjusted EBITDA margin of approximately 22% [15, 20] - STS backlog for Q2'25 is $3.7 billion [15] SpinCo (MTS) - SpinCo, comprising MTS, has TTM Q2'25 revenues of $5.8 billion and an adjusted EBITDA margin of approximately 10% [16, 27] - MTS backlog and options for Q2'25 is $17.8 billion [16] Financial Performance - KBR's adjusted EBITDA has grown by 180% from $334 million in 2015 to $935 million in TTM Q2'25 [11]

For more on where Disney goes from here, we are joined by Le Lightshed Partners co-founder and analyst Rich Greenfield. Rich, great to have you with us. You're smiling.You heard what Laura said. I mean, I think the point here, literally the absurdity that comes out of her mouth, it just makes me laugh. I'm sorry, but like should Disney spin off.I think the point is that you want to escape the the purview of the FCC here. Sure. Look, and we've been arguing literally since Bob Chapik, even before Iger, that D ...