General Motors Company (NYSE:GM) FY Conference November 19, 2025 08:40 AM ET Company ParticipantsPaul Jacobson - CFOConference Call ParticipantsNone - Analyst 2None - Analyst 1Dan Levy - Senior Equity Research AnalystDan LevyOkay, great, and we're live. Thank you, everyone, for joining. This is the 16th annual Barclays Global Autos and Mobility Tech Conference. I'm Dan Levy. I lead U.S. auto's research coverage at Barclays. Really pleased to see how the conference has evolved over the years, and we're reall ...

Core Viewpoint - Energizer Holdings, Inc. reported a decline in adjusted earnings per share for the fourth quarter, missing analyst expectations, despite a slight increase in quarterly sales [1][5]. Financial Performance - The company reported fourth-quarter adjusted earnings per share of $1.05, below the consensus estimate of $1.12 [1]. - Quarterly sales reached $832.80 million, reflecting a year-over-year increase of 3.4%, surpassing the expected $827.962 million [1]. - Organic net sales decreased by 2.2% compared to the previous year [2]. - Volumes fell by 2.9% due to softened consumer demand in North America, although e-commerce and international markets showed growth in the Batteries & Lights segment [3]. - Adjusted gross margin was 38.5%, down 370 basis points from the prior year, attributed to higher input and logistics costs [3][4]. Cost Management and Initiatives - Project Momentum has generated over $200 million in savings over three years, with the program being extended into a fourth year to target tariff mitigation and operational efficiency [2]. - The company faced production inefficiencies related to network rebalancing and the lower-margin APS business, contributing to the decline in gross margin [4]. Future Outlook - For the first quarter of fiscal 2026, Energizer expects adjusted earnings per share between 20 cents and 30 cents, significantly lower than the analyst estimate of 70 cents [5]. - The company anticipates a GAAP loss of 8 to 9 cents per share for the first quarter, contrasting with the projected profit of 70 cents [5]. - The outlook for 2026 adjusted EPS is estimated to be between $3.30 and $3.60, slightly below the analyst estimate of $3.59 [6]. - Following the earnings report, ENR shares fell by 19.25% to $19.26 in premarket trading [6].

Financial Data and Key Metrics Changes - In Q4, the company generated organic net sales growth of 2.5%, aligning with expectations in international markets and showing progress in North America [7][22] - Adjusted gross margin rate decreased by 330 basis points, primarily due to higher-than-anticipated inventory adjustments and increased trade promotions [27][28] - Adjusted operating income was $40.3 million, or 7.5% of net sales, compared to $56 million, or 10.8% of net sales last year [28] Business Line Data and Key Metrics Changes - International organic net sales grew by 6.9%, driven by volume and price gains across all segments [22] - North America experienced a decline in organic net sales of approximately 1%, with Wet Shave declining by about 1% while Sun Care and Grooming showed growth [23][24] - Grooming organic net sales grew by 9%, led by over 28% growth in Cremo [26] Market Data and Key Metrics Changes - International markets represented approximately 40% of global sales and delivered strong growth for the fourth consecutive year [8] - Europe generated its third straight year of growth, and Greater China delivered double-digit growth [9] - In the U.S. razor and blades category, consumption was down 80 basis points in the quarter, although market share improved sequentially [23] Company Strategy and Development Direction - The company plans to divest its Feminine Care business to focus on core categories with competitive advantages, including Shave, Sun, and Skin Care [6][19] - A multi-year innovation roadmap is being implemented, with significant investments in brand building and marketing [11][12] - The company aims to optimize its North American Wet Shave business and manufacturing footprint to enhance productivity and efficiency [10][12] Management Comments on Operating Environment and Future Outlook - Management acknowledged significant external pressures, including tariffs and foreign exchange volatility, impacting financial performance [8][20] - The outlook for fiscal 2026 anticipates a return to organic net sales growth, driven by mid-single-digit growth in international markets and stabilization in North America [16][33] - The company expects to face challenges from inflation and tariffs but is focused on productivity gains and brand investments to support growth [16][35] Other Important Information - The company declared a $0.15 per share dividend for Q4 and returned approximately $7 million to shareholders via dividends [29] - The anticipated divestiture of the Feminine Care business is expected to impact adjusted EPS by approximately $0.40-$0.50 annually [32] Q&A Session Summary Question: Outlook and EPS in Q1 - Management indicated that the 2026 plan is balanced and achievable, with expectations for low single-digit category growth and maintaining market share [42][43] Question: Strategy and M&A Intentions - The focus is on winning in Shave, Grooming, Sun, and Skin categories, with potential for M&A as asset values decline [51][54] Question: Productivity and Gross Margin Concerns - Management expressed confidence in the second-half-oriented plan, expecting higher sales growth and productivity improvements to enhance gross margin [64][66] Question: Sun and Skin Category Outlook - The company plans conservatively for the Sun season, with clean inventory levels and new campaigns for Hawaiian Tropic and Banana Boat [82]

Q3 2025 RESULTS NOVEMBER 12, 2025 Samsonite Group S.A. Stock Code: 1910 DISCLOSURE STATEMENT This presentation and the accompanying slides (the "Presentation"), which have been prepared by Samsonite Group S.A. ("Samsonite" or the "Company"), do not constitute any offer or invitation to purchase or subscribe for any securities, and shall not form the basis for, or be relied on in connection with, any contract or binding commitment whatsoever. This Presentation has been prepared by the Company based on inform ...

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Financial Data and Key Metrics Changes - In Q1, total net revenues declined 8% like-for-like, in line with expectations and guidance [4] - Adjusted EBITDA declined 18% in Q1, primarily due to lower sales and gross margin, partially offset by lower fixed costs [14] - Q1 adjusted gross margin was 64.5%, a decline of 100 basis points compared to the prior year [14] - Free cash flow in Q1 was $11 million, an improvement of $19 million versus last year [15] Business Line Data and Key Metrics Changes - In the prestige division, sales declined by 6% like-for-like in Q1, improving from a 7% decline in Q4 [5] - Consumer beauty saw like-for-like sales decline of 11% in Q1, with expectations for further improvement in Q2 [6] - The fragrance portfolio continues to be a key driver, with fragrance volumes up low single digits in Q1 [6] Market Data and Key Metrics Changes - The prestige beauty market grew 6% in Q1, while Coty's prestige sell-out grew 1% [7] - The mass beauty market grew 2% in Q1, but Coty's sell-out declined 6% [8] - In China, Coty's Q1 sell-out grew 15%, significantly outpacing the market [42] Company Strategy and Development Direction - The company aims to solidify its position as a global prestige beauty company with a focus on fragrance and scenting [4] - A strategic review is underway to transform the consumer beauty business while improving profitability and balance sheet [3] - The company is targeting significant fixed cost savings across the organization, with a goal of approximately $200 million in fiscal 2026 [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in building momentum through fiscal year 2026, despite ongoing challenges [5] - The company anticipates a return to profitable sales growth in the second half of fiscal 2026, supported by new launches and alignment between sell-in and sell-out [18] - Management noted that the broader beauty market is moderating, but fragrances continue to outperform [6] Other Important Information - The company generated over $40 million in productivity savings in Q1 [11] - Recent tariff updates are expected to have a gross impact of under $50 million for the year, which is $20 million lower than previous assumptions [12] - The company is actively pursuing the monetization of VEGA to support deleveraging efforts [16] Q&A Session Summary Question: What are the expectations for sales trends in Q2? - The company expects Q2 like-for-like sales to land at the more favorable end of the prior guidance of -3% to -5% [18] Question: How is the company addressing challenges in the U.S. market? - Management highlighted new leadership and structural changes aimed at closing the gap between sell-out and sell-in in the U.S. market [9] Question: What is the outlook for EBITDA in the second half? - Positive EBITDA is expected in the second half, supported by a return to sales growth and fixed cost savings initiatives [20]

Financial Data and Key Metrics Changes - The company achieved net sales of approximately $178 million for Q3 2025, with organic sales for strategic segments up 10% year-over-year [5][6] - Adjusted diluted earnings per share were $0.22, with adjusted EBITDA of $20 million and an adjusted gross margin of 52.8% [6][18] - Full-year revenue estimates have been raised to $690-$700 million, and adjusted EPS estimates have been raised to $0.85-$0.95 per share [6][19] Business Line Data and Key Metrics Changes - The Specialty Nutrition Systems (SNS) segment grew organically by 14.5% year-over-year, driven by strong demand for enteral feeding products [11] - The Pain Management and Recovery segment saw normalized organic sales increase by 2.4%, with double-digit growth in the radio frequency ablation business [13][16] - The hyaluronic acid injections and intravenous infusion product lines declined over 20% due to the divestiture of the HA business [16] Market Data and Key Metrics Changes - The SNS segment's operating profit improved to 20%, reflecting higher sales volume despite tariff impacts [12] - The Pain Management and Recovery segment's operating profit was 3%, a 200 basis point improvement year-over-year [16] Company Strategy and Development Direction - The company aims to accelerate growth in strategic segments, manage tariff impacts, improve operational efficiencies, divest underperforming assets, and pursue synergistic acquisitions [4][6] - The acquisition of Nexus Medical is expected to be immediately accretive to revenue growth and earnings per share, expanding the company's presence in a $70 million market [7][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in addressing tariff impacts and enhancing the company's growth profile despite challenges [21] - The company anticipates generating approximately $25-$30 million of free cash flow for the year, factoring in one-time charges related to transformation efforts [18][30] Other Important Information - The company is prioritizing supply chain investments to exit China by mid-2026, which will result in higher-than-anticipated capital expenditures in 2025 [10] - The company has maintained a strong balance sheet with $70 million in cash and $103 million in debt, keeping leverage levels below one turn [17] Q&A Session Summary Question: Details on the cost improvement plan and annualized cost savings - Management explained that the $15 million-$20 million in annualized cost savings will be realized by the end of 2026 through streamlining the organization and improving decision-making [24][25] Question: Insights on the product development pipeline - Management indicated a shift to a hybrid model for product development, combining internal projects with external contracting to improve speed to market [26][27] Question: Appetite for more M&A deals - Management confirmed an appetite for more synergistic M&A opportunities, particularly in the Specialty Nutrition Systems business, while actively seeking such opportunities [28][29] Question: Clarification on free cash flow assumptions - Management clarified that the $25 million-$30 million free cash flow estimate includes charges related to transformation efforts and higher capital expenditures for the China exit plan [30]

Financial Data and Key Metrics Changes - The company reported net sales of $699 million for Q3 2025, a 3% decrease compared to the same period last year, reflecting mid to high single-digit end-market contraction [5][20] - Adjusted EBITDA was $91 million, down from $105 million in Q3 2024, resulting in an adjusted EBITDA margin of 13%, a decline of 160 basis points year-over-year [6][24] - Free cash flow for the quarter was $40 million, down from $65 million in the same period last year, attributed to lower net cash from operating activities and higher capital expenditures [7][26] Business Line Data and Key Metrics Changes - Demand in retail and dealer channels remained soft, particularly in stock cabinetry, while semi-custom offerings performed better as consumers sought value [6][10] - The repair and remodel business was down mid to high single digits year-over-year, consistent with broader market trends, particularly in entry-price stock cabinetry [9][10] - Mid-tier semi-custom products showed stronger performance, benefiting from consumers trading down from premium offerings [10] Market Data and Key Metrics Changes - In new construction, single-family housing starts were down mid to high single digits, but the company's new construction sales outperformed the broader market [8][9] - Canadian market performance was down mid-single digits, consistent with expectations, due to housing affordability challenges [10] - Overall, the company expects the addressable market in 2025 to be down mid to high single digits year-over-year [33] Company Strategy and Development Direction - The company is focused on integration initiatives and proactive management of trade dynamics to strengthen its foundation for growth [5][14] - The merger with American Woodmark is progressing as expected, with integration planning underway and anticipated cost synergies of approximately $90 million by the end of year three post-close [15][16] - Continuous improvement programs are driving measurable savings and are essential for managing through near-term softness while positioning for long-term margin expansion [17] Management Comments on Operating Environment and Future Outlook - Management noted that demand across both new construction and repair and remodel markets is expected to remain subdued through next year, with gradual improvement anticipated in late fiscal 2026 or early fiscal 2027 [11] - The evolving tariff landscape remains a major focus, with contingency plans in place to mitigate impacts [12][13] - The company remains confident in its ability to navigate challenges and is focused on maintaining operational discipline and customer service [36] Other Important Information - The company ended the quarter with $114.8 million in cash and $461.9 million in liquidity available under its revolving credit facility [24] - Net debt at the end of the quarter was $839.3 million, with a net debt-to-adjusted EBITDA leverage ratio of 2.5 times [25] - The company is committed to generating free cash flow in excess of net income for the full year [27] Q&A Session Summary Question: Reason for sales guidance revision for the full year - Management indicated that the revision to flat sales is due to better-than-expected performance in Q3 and the impact of prior pricing actions [39] Question: Challenges in realizing pricing and demand destruction - Management acknowledged challenges in pricing due to tariffs, particularly on products sourced from Mexico and Canada, but emphasized a comprehensive mitigation strategy [41][42] Question: Phasing of unmitigated exposure moving into next year - Management noted that the cost implications of tariffs will begin to materialize in Q4 and will spread throughout the year as mitigation efforts take time [45]

Financial Data and Key Metrics Changes - For Q3 2025, the company reported net income of $5.6 million or $0.40 per diluted share on net sales of $67.8 million [13] - Gross margins improved to 28.1% from 24.8% in the prior year, a 344 basis point increase attributed to lower operational costs [13][14] - Selling, general, and administrative expenses decreased by 4.1% to $11.2 million compared to the prior year [14] - Total cash used from operations was $1 million, a decline from $10.5 million in the prior year, primarily due to increased working capital usage [15] Business Line Data and Key Metrics Changes - The company experienced strong demand across most product categories, particularly in archery and safety, contributing to market share gains [6][19] - New product launches in archery, including over 30 products, received positive consumer responses [10] - The acquisition of Gold Tip is expected to enhance category leadership and broaden product offerings in archery [11] Market Data and Key Metrics Changes - Consumer spending is anticipated to remain cautious, leading to softer holiday sales compared to previous years [8] - There is a noted shift in consumer spending patterns, with strong demand for premium products while lower-priced products are seeing reduced demand [8] Company Strategy and Development Direction - The company remains focused on long-term strategies of product innovation and brand development to strengthen market leadership [9] - Strategic partnerships in various sports categories are being pursued to enhance visibility and consumer engagement [10] - The company is committed to maintaining a disciplined approach to capital allocation, prioritizing debt reduction, dividends, and opportunistic share repurchases [11][31] Management's Comments on Operating Environment and Future Outlook - Management acknowledged heightened consumer uncertainty and ongoing tariff-related costs but expressed confidence in the company's strategic direction [4][6] - The leadership transition is not expected to disrupt operations or strategic goals, with a commitment to delivering exceptional consumer experiences [3][4] - Management anticipates a lower impact from tariffs in Q4 compared to Q3, contingent on ongoing negotiations [23] Other Important Information - The company is actively engaging in community outreach initiatives, emphasizing support for healthy, active lifestyles [12] - The leadership team is focused on ensuring a seamless transition during the management change [3] Q&A Session Summary Question: Insights on strong market gains despite sluggish environment - Management highlighted success in categories like safety and games, indicating market share gains despite price increases [17][19] Question: Performance of the Pickleball category - Management confirmed maintaining market share in Pickleball and ongoing investment in new products, viewing it as a long-term growth area [20][21] Question: Impact of tariffs going into Q4 - Management expects a lower tariff impact in Q4 compared to Q3, with ongoing monitoring of trade negotiations [23] Question: Management transition and CEO search - The board is focused on finding a permanent CEO aligned with the company's growth mindset and culture [29] Question: Capital allocation priorities with low debt levels - Management indicated a balanced approach to capital allocation, including cash reserves, acquisitions, dividends, and share buybacks [31]

Financial Data and Key Metrics Changes - Sales for the third quarter were $1.8 billion, representing a 7% increase driven by stronger shipments and a solid mix of off-road vehicles [4][21] - Adjusted EBITDA margin was under pressure compared to last year due to increased tariffs and normalized incentive compensation [7][22] - Adjusted EPS came in at $0.41, influenced by a strong mix and operational efficiencies, partially offset by tariffs [8][22] - Operating cash flow for the quarter was $159 million, with year-to-date cash flow exceeding $560 million [22][25] Business Line Data and Key Metrics Changes - Off-road vehicle (ORV) sales rose 8%, supported by a richer mix of vehicles and strong commercial volume [22] - Marine sales increased by 20%, driven by positive shipments of new boats, including the new entry-level Bennington pontoon [24] - On-road sales were down 3%, impacted by ongoing softness in the motorcycle market [24] Market Data and Key Metrics Changes - North American retail rose 9%, leading to approximately 3 points of market share gain in ORV [5][22] - Dealer inventory decreased by 21% year over year, with aged units down approximately 60% relative to six months ago [6][23] - International sales grew by 2%, led by strength in Europe [21] Company Strategy and Development Direction - The company announced the sale of a majority stake in Indian Motorcycle to focus on core business areas with the greatest potential for profitable growth [4][16] - The strategy includes enhancing customer experience through rider-driven innovation and maintaining a strong dealer network [13][17] - The company is committed to reducing reliance on China for parts, aiming for an 80% reduction in China spend by 2027 [20][43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current economic environment and achieving strong earnings and returns for shareholders [4][8] - The company is closely monitoring consumer health indicators and expects sales to grow sequentially in Q4, despite anticipated headwinds from mix and operating expenses [8][28] - Management highlighted the importance of innovation and dealer engagement in maintaining market share and driving future growth [79][81] Other Important Information - The company expects the Indian Motorcycle transaction to be accretive to adjusted EBITDA by approximately $50 million and adjusted EPS by approximately $1 post-separation [18] - The gross tariff impacts for the year rose by $10 million since July, with an expected total impact of approximately $90 million [19][28] Q&A Session Summary Question: What drove ORV retail strength and share gains in the quarter? - Management attributed the strength to right-sized inventory, a broad product lineup, and improved quality leading to lower warranty costs [36][38] Question: Any early thoughts on fiscal 2026? - The Indian Motorcycle deal is expected to significantly impact revenue and EBITDA, with tariffs anticipated to increase costs in 2026 [40][42] Question: What is the consumer profile for the Ranger 500? - The Ranger 500 appeals to new customers, including those transitioning from other brands or looking for entry-level options [46][48] Question: Concerns about demand pull-forward from the FAC program? - Management indicated that the FAC program did not drive significant incremental spend and that retail trends remain strong [54][56] Question: What are the expectations for tariffs in 2026? - Tariffs are expected to exceed $200 million in 2026, with ongoing efforts to mitigate their impact [57][59]