Financial Data and Key Metrics Changes - Third quarter sales reached $3 billion, up 2% year on year but down 3% sequentially, primarily due to lower sales to the North Sea and reduced shipments for offshore line pipe projects in the Middle East [4] - EBITDA for the quarter was $753 million, up 3% sequentially, with an EBITDA margin of 25%. Excluding a one-off gain of $34 million, EBITDA would have been $719 million or 24% of sales [4][5] - Operating cash flow was $318 million, with capital expenditure of $185 million, resulting in free cash flow of $133 million. After share buybacks of $351 million, the net cash position declined to $3.5 billion [5] Business Line Data and Key Metrics Changes - Average selling prices in the tubes operating segment decreased by 1% compared to the same quarter last year and sequentially [4] - Strong sales were noted in the U.S. for OCTG, with a shift from seamless to welded products due to tariff pressures [28] - The delivery of a significant pipeline project contributed to sales, but expectations for the fourth quarter indicate a return to previous delivery levels [28] Market Data and Key Metrics Changes - The U.S. market showed resilience with a strong customer portfolio maintaining activity levels despite softening oil prices [7] - In Argentina, the recent elections are expected to stimulate investment in the energy sector, particularly in the Vaca Muerta shale play [19] - The European market is benefiting from strengthened steel safeguard measures, which should positively impact operations [11] Company Strategy and Development Direction - The company is increasing production in the U.S. and Canada to ensure a reliable supply of high-quality products amid high tariff rates and trade restrictions [8] - A new service yard was opened in British Columbia to extend Rig Direct services, and production is ramping up to support this operation [9] - The company is focusing on sustainability, with new wind farms powering operations and reducing carbon emissions [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the impact of the Argentinian elections on investment levels in the energy sector, anticipating increased rig activity and fracking operations [19] - The company expects a gradual increase in investment in the Vaca Muerta area and a positive outlook for offshore projects [10] - Management acknowledged the challenges posed by tariffs but indicated that the market is expected to stabilize, allowing for potential price recovery [21][37] Other Important Information - The board approved an interim dividend of $0.29 per share, a 7% increase compared to the previous year [6] - The company is committed to a cash return of around 11% to shareholders for the year, demonstrating resilience in a volatile environment [12] Q&A Session Summary Question: Implications of Argentinian elections on Tenaris - Management noted that the elections marked a turning point, with a clear victory for President Milei's party, leading to increased investor confidence and access to financing for oil companies [16][18] Question: Outlook for margins in Q4 - Management expects EBITDA to be lower in Q4 due to tariff impacts, estimating a range of single-digit declines [20][37] Question: Trends in sales mix and pipeline orders - Strong sales were attributed to OCTG and pipeline deliveries, with expectations for a return to previous levels in Q4 [28] Question: Profitability by region - Profitability varies by product rather than region, with offshore products generally being more profitable [92] Question: Working capital movement - The increase in working capital was driven by delayed payments from Pemex, which is expected to improve in Q4 [90][93] Question: Inventory levels and imports - Higher inventory levels were noted in welded pipes compared to seamless, with expectations for both to decrease [102] Question: Update on Mexico's oil field services - Management indicated that Pemex's financial recovery is expected to lead to increased drilling activity, benefiting Tenaris [72][108]

Core Insights - Levi Strauss & Co. reported fiscal third-quarter results that exceeded expectations [1] - The company raised its full-year outlook despite facing a potentially tougher tariff environment [1] - Shares of the denim giant fell in after-hours trading following the earnings report [1] Financial Performance - The fiscal third-quarter results surpassed market expectations [1] - The company has adjusted its full-year outlook positively, indicating confidence in future performance [1] Market Reaction - Despite strong earnings and an optimistic outlook, shares of Levi Strauss & Co. declined after the announcement [1]

Core Viewpoint - Aston Martin has warned of a significant annual loss due to weaker demand in North America and Asia Pacific, compounded by U.S. tariffs, leading to a 6% drop in shares [1][3]. Group 1: Financial Performance - The company now expects its annual loss to exceed 110 million pounds ($147.81 million), a sharp decline from previous forecasts of breaking even [2][5]. - Aston Martin's shares have decreased nearly 30% in value over the past twelve months, with a current price of 76.1 pence [3]. Group 2: Market Conditions - The company is facing a challenging environment, citing the U.S. tariff quota system, changes in ultra-luxury car taxes in China, and supply pressures following a cyber incident at Jaguar Land Rover [3][4]. - Aston Martin anticipates a mid-to-high single-digit percentage decline in 2025 volumes and has reduced its capital spending plans [4]. Group 3: Production and Deliveries - In the third quarter, Aston Martin delivered approximately 1,430 wholesale units, falling short of the previous year's 1,641 units [7]. - Deliveries of the Valhalla hypercar are expected to begin in the fourth quarter with around 150 units, delayed due to vehicle engineering and regulatory approval processes [8].

Core Insights - NIKE Inc. reported first-quarter fiscal 2026 results with revenues of $11.72 billion, a 1% year-over-year increase, surpassing estimates, while EPS declined 30% to 49 cents, beating the consensus estimate of 27 cents [1][2][7] Revenue Performance - Revenues improved 1% year-over-year to $11.72 billion, exceeding the Zacks Consensus Estimate of $11.02 billion; on a currency-neutral basis, revenues decreased by 1% [2] - NIKE Direct revenues fell 4% to $4.5 billion, driven by a 12% drop in NIKE Brand Digital and a 1% decrease in NIKE-owned stores; wholesale revenues rose 7% year-over-year to $6.8 billion [3][7] - NIKE Brand revenues increased 2% year-over-year to $11.4 billion, with a decline in China offset by growth in North America [4] Regional Performance - North America revenues rose 4% to $5.02 billion, with wholesale sales increasing 11% year-over-year; NIKE Direct sales in the region fell 3% [5] - EMEA revenues improved 6% year-over-year to $3.3 billion, while Greater China revenues dropped 9% to $1.5 billion [8][9] - APLA revenues increased 2% year-over-year to $1.5 billion, with wholesale revenues rising 6% [10] Cost and Margin Analysis - Gross profit declined 6% year-over-year to $4.9 billion, with gross margin contracting 320 basis points to 42.2% due to increased wholesale discounts and elevated product costs [11] - Selling and administrative expenses fell 1% to $4.02 billion, with SG&A as a percentage of sales declining 60 basis points to 34.3% [12] Balance Sheet and Shareholder Returns - As of the end of the first quarter, cash and cash equivalents were $7.02 billion, down nearly 17% year-over-year; inventories totaled $8.1 billion, down 2% [14][15] - The company returned $714 million to shareholders, including $123 million in share repurchases and $591 million in dividends [15] Future Outlook - For Q2 fiscal 2026, NIKE expects low-single-digit revenue decline and a gross margin contraction of 300-375 basis points, with a significant impact from new tariffs [19][20] - Management anticipates continued momentum in the wholesale business and expects North America to lead global recovery, while Greater China may take longer to rebound [21][23]

Financial Data and Key Metrics Changes - Sales grew by 3% to $161.8 million compared to $157 million last year, with adjusted operating profit more than doubling to $7 million from $2.6 million despite a $2.2 million impact from U.S. tariff expenses [5][18] - Gross profit as a percentage of sales was 54.1% compared to 54.3% in the same quarter last year, primarily driven by increased tariffs and unfavorable foreign exchange [19][20] - Net income for the second quarter was $5.3 million or $0.23 per diluted share, compared to $3.5 million or $0.15 per diluted share in the prior year [21] Business Line Data and Key Metrics Changes - The company's licensed brands grew by 9.5% on a reported basis, or 6.5% on a constant currency basis, while owned brands experienced a 5.6% sales decline [7][13] - Movado brand saw a return to growth in wholesale distribution, with a 6% growth in its own e-commerce site [10][11] - The outlet stores segment grew by 2.4% for the quarter, indicating positive trends in that channel [9] Market Data and Key Metrics Changes - U.S. net sales declined by 1.6%, while international net sales increased by 6.9%, or 3.9% on a constant currency basis, with strong performances in Europe, Latin America, and India [8][19] - The Middle East market is currently being rebuilt, which has impacted overall performance [8] Company Strategy and Development Direction - The company is focused on returning to growth and profitability, expecting approximately $10 million in annualized savings from actions taken to reduce operating expenses [7][16] - Strategic pricing actions to offset tariff impacts became effective on July 1, indicating a proactive approach to managing costs [8] - The company is optimistic about the resurgence in the fashion watch market and is committed to driving profitability while maintaining a strong balance sheet [16] Management's Comments on Operating Environment and Future Outlook - Management expressed hope for a reduction in tariff rates between the U.S. and Switzerland and is closely monitoring the situation [6][16] - The company is not providing a fiscal 2026 outlook due to ongoing uncertainty regarding tariffs and the broader retail environment [26] Other Important Information - The company has a strong balance sheet with over $180 million in cash and no debt [6] - Inventory at the end of the quarter was up 15.5% year-over-year, with a significant portion related to Swiss-made watches [25] Q&A Session Summary Question: Insights on mini watches and consumer habits - Management noted a trend towards smaller watches, particularly among young women, driven by social media and layering with jewelry, representing a significant opportunity [28][29] Question: Performance during Prime Day - The company observed strong performance in its digital business during Prime Day events, particularly in Europe, indicating a positive trend across its brand portfolio [30] Question: Inventory increase due to tariffs - Management explained that inventory was rebuilt to manage tariff impacts, with expectations to align inventory levels by year-end [31][34] Question: Restructuring charges and future visibility - Management indicated that restructuring charges are predominantly done, with expectations for a significant reduction in future expenses [38]

Financial Data and Key Metrics Changes - Consolidated revenue for Q2 2025 was $559 million, a 6.8% increase compared to 2024. Excluding the newly acquired Kurt Geiger, consolidated revenue decreased by 10% [9] - Wholesale revenue was $360.6 million, down 6.4% compared to Q2 2024, and down 12.8% excluding Kurt Geiger [10] - Direct-to-consumer (DTC) segment revenue increased by 43.3% to $195.5 million, but decreased by 3% excluding Kurt Geiger [10] - Consolidated gross margin was 41.9%, compared to 41.5% in Q2 2024, with tariffs impacting gross margin by approximately 230 basis points [12] - Operating income for the quarter was $22.6 million, or 4% of revenue, compared to $54.5 million, or 10.4% of revenue in the prior year [13] - Net income attributable to Steve Madden Limited was $13.9 million, or $0.20 per diluted share, compared to $41.2 million, or $0.57 per diluted share in 2024 [13] Business Line Data and Key Metrics Changes - Wholesale footwear revenue was $220.1 million, a 7.1% decrease from Q2 2024, or down 11.7% excluding Kurt Geiger [10] - Wholesale accessories and apparel revenue was $140.4 million, down 5.3% compared to the prior year, or down 14.6% excluding Kurt Geiger [10] - The apparel business saw revenue growth, being one of the few segments that performed well during the quarter [38] Market Data and Key Metrics Changes - The company ended the quarter with 392 company-operated retail stores, including 98 outlets, and 130 company-operated concessions in international markets [11] - Licensing royalty income was $2.9 million in the quarter, compared to $1.8 million in 2024 [11] - International business, excluding Kurt Geiger, was up about 8% in revenue or about 10% in constant currency [88] Company Strategy and Development Direction - The company is focused on diversifying sourcing out of China due to tariff impacts, with plans to source approximately 30% of US imports from China for fall 2025, down from 71% in 2024 [5] - The integration of the newly acquired Kirk Geiger is progressing well, with strong momentum and potential for significant growth [8] - Marketing efforts are being amplified to deepen consumer connections, particularly targeting Gen Z and millennials through various channels [7] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that the second quarter was challenging due to new tariffs, leading to order cancellations and lost sales [4] - The company expects continued impacts from tariff-related disruptions in Q3, but anticipates improvements in Q4 [20] - Management remains optimistic about long-term growth, citing strong brand positioning and a robust balance sheet [8] Other Important Information - The company did not repurchase any shares during the quarter and declared a quarterly cash dividend of $0.21 per share [14] - Due to ongoing uncertainties regarding tariffs, the company will not provide financial guidance for 2025 [15] Q&A Session Summary Question: Which wholesale channels saw significant order cancellations? - The mass and off-price channels experienced the most significant order cancellations, with approximately 95% of the wholesale revenue shortfall coming from these areas [18] Question: What is the expected gross margin pressure for Q3 and Q4? - Continued pressure on gross margins is expected in Q3, with hopes for improvement by Q4 [20] Question: How has consumer response been to price increases? - The company is seeing a positive consumer response to average price increases of about 10%, particularly in trending categories like dress shoes and summer boots [26] Question: What is the current margin profile for Kurt Geiger? - Kurt Geiger's EBIT margins were about 9.3% prior to acquisition, expected to decrease slightly this year due to tariff pressures [71] Question: How did the Nordstrom anniversary sale perform? - The Nordstrom anniversary event performed very well, indicating strong sell-through and optimism for future sales [93]

Core Insights - Carter's, Inc. (CRI) reported second-quarter 2025 results with net sales exceeding estimates but adjusted earnings per share (EPS) falling short, indicating mixed performance [1][10] - The company's stock experienced a significant decline of over 15% following the disappointing results and concerns regarding tariffs impacting future profitability [2][6] Financial Performance - Consolidated net sales reached $585.3 million, surpassing the Zacks Consensus Estimate of $580 million, and reflecting a 4% increase from $564.4 million in the prior year [4][10] - Adjusted EPS was reported at 17 cents, missing the consensus estimate of 43 cents, and representing a 77.6% decline from 76 cents in the same quarter last year [3][10] Segment Analysis - U.S. Retail segment sales increased by 3.2% year over year to $299.6 million, with comparable net sales rising 2.2% [11] - The International segment saw a notable 14.1% year-over-year increase in sales to $92.8 million, outperforming expectations [12] - U.S. Wholesale segment sales remained flat at $192.9 million, below the anticipated $206.8 million [11] Margin and Cost Structure - Gross profit decreased by 0.4% year over year to $281.8 million, with gross margin contracting by 200 basis points to 48.1% due to pricing investments [13] - Adjusted operating income fell 70.2% year over year to $11.8 million, with adjusted operating margin decreasing by 500 basis points to 2% [14] Future Outlook - Carter's anticipates a $35 million hit to pre-tax earnings in the second half of fiscal 2025 due to proposed U.S. import tariffs, with total annual impacts estimated between $125 million and $150 million [16][17] - The company has suspended its financial guidance for the remainder of fiscal 2025 due to tariff uncertainties and a recent leadership transition [17]

Financial Data and Key Metrics Changes - The company reported a second quarter sales increase of $253 million, driven by a 4.1% increase in comparable store sales and an $86 million non-comparable contribution from new stores [32] - Earnings per share (EPS) increased by 11% to $0.78 [5] - The effective tax rate for the second quarter was 22.4%, down from 23.2% in the previous year [32] - Free cash flow for the first half of 2025 was $904 million, compared to $1.2 billion in the same period of 2024 [34] Business Line Data and Key Metrics Changes - Comparable store sales growth was 4.1%, with professional business sales increasing over 7% and DIY sales contributing low single-digit growth [5][6] - Average ticket size increased due to the complexity of vehicle repairs, with same SKU inflation contributing just under 1.5% [7][10] - The company experienced a decline in DIY ticket counts towards the end of the quarter, but overall sales growth in DIY was positive due to increased average ticket size [6][10] Market Data and Key Metrics Changes - The company updated its full-year comparable store sales guidance from a range of 2% to 4% to a new range of 3% to 4.5% [11] - The company anticipates continued strong performance in maintenance categories, while discretionary categories remain soft [10][11] Company Strategy and Development Direction - The company aims to leverage strategic advantages to enhance competitive positioning, focusing on improving customer service to gain market share [16] - The company is expanding its distribution network, with the acquisition of a new facility in Haslet, Texas, expected to enhance service capabilities [27][30] - The company remains cautious about the potential adverse impact of rising prices on consumer spending [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of consumers and the automotive aftermarket, despite potential short-term shocks from inflation [15][84] - The company remains focused on maintaining a strong value proposition for customers, even in a challenging pricing environment [24][84] - Management noted that while there are pressures on pricing, the industry has historically been rational in its response to cost changes [40][41] Other Important Information - The company successfully opened 105 net new stores in the first half of 2025 [25] - The company’s gross margin for the second quarter was 51.4%, up 67 basis points from the previous year [19] Q&A Session Summary Question: Can you discuss the pricing pressure related to tariffs? - Management indicated that pricing pressure is difficult to quantify but remains focused on minimizing impacts to consumers while working closely with suppliers [40][41] Question: What could cause SG&A dollar growth to exceed expectations? - Management noted that continued inflation or cost-driven pressures could lead to higher SG&A, but they remain committed to providing excellent service [43][47] Question: Has the cost of doing business increased due to weaker competitors exiting the market? - Management acknowledged that the cost of doing business may be under pressure but emphasized their long-term focus on maintaining operating profit rates [55][56] Question: How does the company view consumer reactions to rising prices? - Management believes that while there may be some deferral in spending, the overall demand for maintenance items remains strong [72][76] Question: What opportunities does the new Virginia distribution center present? - Management sees significant growth opportunities in the Mid Atlantic region, which has been constrained by distribution capacity [78][80]

Financial Data and Key Metrics Changes - Revenues for the quarter were $3.7 billion, an increase of 5.4% or $189 million compared to the same quarter last year [3] - Segment profit for the quarter was $346 million, up $3 million from the second quarter of 2024 [3] - Adjusted income from continuing operations was $1.55 per share, compared to $1.54 per share in the same quarter last year [3] - Manufacturing cash flow before pension contributions totaled $336 million, compared to $320 million in the same quarter last year [3] Business Line Data and Key Metrics Changes - Aviation segment revenues were $1.5 billion, up 2.8% from the second quarter of 2024, driven by higher sales in both aircraft and aftermarket [4][12] - Bell revenues increased by $222 million or 28% compared to last year's second quarter, attributed to growth in the MV75 program and commercial helicopter business [4][12] - Textron Systems revenues were $321 million, down $2 million from last year, but segment profit increased by $5 million to $40 million due to lower selling and administrative expenses [12] - Industrial revenues were $839 million, down $75 million from last year, reflecting the impact of the disposition of the powersports business [12] Market Data and Key Metrics Changes - Aviation backlog ended the quarter at $7.85 billion, with solid demand across all products [5] - Bell's backlog ended the quarter at $6.9 billion, with military revenues increasing significantly [12] - Textron Systems backlog ended at $2.2 billion, indicating ongoing opportunities despite some program terminations [12] Company Strategy and Development Direction - The company is focusing on accelerating the MV75 program, with plans to transition smoothly from development to low-rate initial production (LRIP) [6][22] - The company is committed to maintaining a strong cash flow and has increased its expected full-year manufacturing cash flow before pension contributions to a range of $900 million to $1 billion [16] - The company is exploring opportunities in the battery electric vehicle market and has secured a foothold with a major European automotive OEM [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of aviation margins and expects strong deliveries in the second half of the year [29][104] - The company has not yet seen significant impacts from tariffs, maintaining a strong demand environment [36][88] - Management noted that the corporate world is healthy, with good dialogues and strong flying activity driving aftermarket demand [66] Other Important Information - The company repurchased approximately 2.9 million shares, returning $214 million in cash to shareholders during the quarter [14] - The adjusted effective tax rate for 2025 is expected to be in the range of 20% to 21% due to recent tax legislation [16][114] Q&A Session Summary Question: What could the potential acceleration on MV75 look like? - Management indicated that they have good visibility on the development side and are working closely with the Army to accelerate the program, which may pull forward production timelines by about eighteen months [21][22] Question: What offsets were there to the higher tax rate? - The timing of share repurchases has been ahead of plan, allowing the company to maintain guidance despite the increased tax rate [24] Question: What are the margins at Aviation expected to be moving forward? - Management expects margins to improve in the second half of the year, with strong jet and turboprop deliveries anticipated [28][29] Question: How is the demand environment for commercial helicopters? - Demand is strong across all models, with good order activity and delivery expectations [86] Question: How is the company approaching capital deployment? - The primary focus is on opportunistic share buybacks, with potential for acquisitions if they make economic sense [62] Question: What is the outlook for King Air? - The King Air line has stabilized and is expected to see strong deliveries in Q3 and Q4 [108]

Core Viewpoint - Wayfair is expected to exceed market estimates for both sales and profitability in its upcoming second-quarter earnings report, with a sales forecast of $3.15 billion and an EBITDA estimate of $153 million, both surpassing Street consensus [1][3]. Group 1: Sales and Profitability Expectations - The sales forecast of $3.15 billion for the second quarter exceeds the Street's consensus of $3.12 billion [1]. - The EBITDA estimate of $153 million also surpasses the Street's estimate of $146 million, driven by higher gross profit and operational efficiencies [3]. Group 2: Industry Trends and Market Position - Stronger-than-expected industry trends and increased inventory availability, aided by Wayfair's CastleGate system, contribute to a more optimistic outlook [2]. - Bank of America's credit and debit card data shows a slight improvement in online furniture spending, with a decline of only 0.8% year-over-year in the second quarter compared to a 1.6% decline in the first quarter [4]. Group 3: Future Projections - The sales estimate for the third quarter has been increased by 1% to $2.86 billion, closely aligning with the Street's estimate of $2.87 billion [5]. - Concerns regarding tariffs are easing, particularly following Vietnam's trade deal, which may positively impact future performance [6]. Group 4: Promotional Strategies and Market Dynamics - The extended Black Friday in July event indicates healthy supply levels, providing an opportunity for Wayfair to drive additional sales [7]. - The upcoming earnings call is expected to address the impact of tariffs on second-half trends and how vendors are managing these challenges through various strategies [8].