Financial Data and Key Metrics Changes - In 2025, the company reported adjusted net income of $283.9 million, an increase of 8.7% from $261.2 million in 2024, exceeding guidance by nearly $9 million [29][30] - Adjusted earnings per diluted share from continuing operations rose nearly 19% to $3.65 in 2025 from $3.07 in 2024, driven by utility optimization and lower financing costs [27][28] - The adjusted return on equity for the year was 8.3%, supported by effective cost management and regulatory outcomes [8] Business Line Data and Key Metrics Changes - The utility's substantial net income growth was primarily driven by positive regulatory outcomes and strong economic activity in the service area [12] - Operating margin improved by nearly $120 million, reflecting combined rate relief and customer growth [30] - O&M expenses increased by $16.8 million, with a focus on managing costs while delivering natural gas service [31] Market Data and Key Metrics Changes - The company anticipates significant earnings per share growth of 12%-14% from 2025 to 2030, driven by improvements in the regulatory environment [9][45] - The expected revenue increase in the Arizona rate case is over $100 million, with a proposed rate base of $3.9 billion [18] Company Strategy and Development Direction - The company has transitioned to a fully regulated natural gas business, allowing for a stronger focus on core operations and strategic priorities [5][11] - The 2026 strategy emphasizes operational excellence, financial discipline, and regulatory progress, with a capital plan of approximately $1.25 billion for 2026 [10][36] - The company is initiating a five-year capital guidance of approximately $6.3 billion, with 73% directed towards Southwest Gas and 27% towards Great Basin [21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth opportunities, particularly with the anticipated improvements in regulatory frameworks in Arizona and Nevada [9][15] - The company expects to maintain a disciplined strategy focused on investing in capital plans while sustaining responsible annual dividend growth [10][41] - Management highlighted the importance of reducing regulatory lag and aligning capital recovery with investments to improve long-term earnings visibility [15][63] Other Important Information - The board approved a 4% increase in the annual dividend, bringing it to an annualized $2.58 per share for 2026 [10][41] - The company achieved an S&P credit rating upgrade to BBB+ with stable outlooks following the completion of the Centuri disposition [11][12] Q&A Session Summary Question: Discussion on equity needs and timing - Management indicated that they do not anticipate equity needs in 2026 and plan to utilize holding company leverage capacity to offset capital needs [55][56] Question: Details on the Great Basin project and customer interest - Management confirmed strong demand for the Great Basin project, with nearly 800 MCF subscribed, and indicated potential for future open seasons to accommodate additional interest [60][62] Question: Earnings contribution post-Great Basin in-service - Management expects significant margin contributions from the Great Basin project, estimated at $215 million-$245 million annually once operational [72] Question: Rate case outcomes and historical success - Management acknowledged the importance of historical success in rate case outcomes and the potential for formula rate adjustments to enhance earnings contributions [74][75] Question: Progress in Nevada workshops and ROE considerations - Management reported positive progress in Nevada workshops and indicated that recent regulatory decisions could provide a constructive framework for future rate cases [78][80]

Financial Data and Key Metrics Changes - Total revenues increased by 5.7% year-over-year in Q4 2025, reflecting improved trends in Proximity Americas and continued growth outside of Mexico, particularly in Coca-Cola FEMSA and Valora [26] - Operating income rose by 8.5%, driven by cost containment initiatives that offset gross margin pressure [26] - Net consolidated income for the quarter reached MXN 12.7 billion, a 33.6% increase compared to the same quarter last year, primarily due to an 8.5% increase in income from operations and a 62.7% reduction in non-operating expenses [27] Business Line Data and Key Metrics Changes - Proximity Americas saw total revenues increase by 5.3%, or 6.3% on a comparable basis, mainly due to same-store sales growth in Mexico and top-line growth in OXXO Colombia and Peru [28] - OXXO Mexico's same-store sales for Proximity Americas grew by 4.4%, while traffic was down 0.6%, showing improvement compared to earlier in the year [5] - OXXO Colombia generated positive EBITDA for the first time for the full year, with nearly break-even EBIT in Q4 [12] Market Data and Key Metrics Changes - OXXO USA ended the year with 50 converted stores under the OXXO banner, focusing on expanding food service offerings [30] - Valora in Europe delivered revenue growth of 2.5% in pesos in Q4, with operating income increasing by 10.8% [31] - The Health Division's revenues increased by 4.6%, driven by strong growth in Colombia and Ecuador, while Mexico remained under pressure due to a lower store base [32] Company Strategy and Development Direction - The company aims to regain OXXO Mexico's growth and relevance by focusing on recovering traffic and same-store sales through a sharper value proposition and improved customer experience [9] - A leaner organizational structure has been implemented to increase efficiency and effectiveness, consolidating leadership teams across divisions [22] - The company plans to increase its store base by more than one-third over the next decade, capturing a broader share of consumer spending [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery in traffic and same-store sales, emphasizing the importance of gaining market share in core consumer locations [45] - The company acknowledged challenges in the macroeconomic environment but noted that initiatives implemented in the second half of 2025 have begun to show results [5] - Management highlighted the need to adapt to changing consumer demands and the importance of integrating digital capabilities with physical stores [63] Other Important Information - The company deployed over $1 billion in CapEx for organic growth in Mexico for the third consecutive year, despite a reduction compared to 2024 [12] - The restructuring efforts are expected to generate approximately MXN 1 billion in annualized savings, with full benefits anticipated by 2027 [25] - The company recorded provisions related to restructuring, which will temporarily offset some savings before full benefits are realized [36] Q&A Session Summary Question: Balance between growth and profitability in OXXO Mexico - Management acknowledged the need for profitable traffic growth and emphasized ongoing initiatives to improve the value proposition and assortment in Mexico [43][45] Question: Magnitude of restructuring initiatives - Management indicated that efficiency opportunities are being explored, with a focus on reducing unnecessary expenses and optimizing operations [44][48] Question: Financial services strategy and remittances - Management highlighted the growth potential in financial services and remittances, emphasizing the integration of Spin within the OXXO ecosystem to enhance customer engagement [60][62] Question: Coca-Cola FEMSA's fit within the new structure - Management clarified that Coca-Cola FEMSA and Proximity are seen as distinct businesses, with no current plans for separation, focusing instead on their individual growth potential [79][81] Question: Security incidents affecting stores - Management addressed recent security incidents, commending employees for their bravery and confirming that no customers were harmed, although some stores had to close temporarily [82]

2月23号，中办一份《关于在全党开展树立和践行正确政绩观学习教育的通知》正式印发。县处级以上领导班子和领导干部，尤其是"一把手"，被划成了 重点对象。春节假期后启动，7月底收尾——时间上卡得挺紧。 这份文件发到通信运营商手里，估计不少人得仔细琢磨琢磨：跟自己到底有多大关系？关系当然有。作为关系国计民生的央企，三大运营商这次怎么学、 怎么查、怎么改，直接关系到"十五五"开局的成色。 先说为什么运营商得重视这事。通信行业，问题还有点特殊。过去几年，有些苗头确实值得留意。 一是竞争的味儿变了。运营商之间比服务、比覆盖、比创新，本来挺好。但实际操作中，有时候就变成了单纯抢市场份额。产业数字化市场上那点"内 卷"，圈内人都清楚：价格战打到没底线，产品同质化严重，营销过度用力。这对市场健康来说，不是什么好信号。 二是增长的步子不太稳。电信运营商的数字化转型业务，收入增速明显往下走。有个数据挺扎心：某运营商产业数字化那块儿的增长率，从2022年的两位 数直接掉到个位数。内卷式竞争撞上有效需求不足，增速想不掉都难。 三是用户的体验还有落差。翻翻投诉记录，套餐计费掰扯不清的、业务被莫名开通的、携号转网折腾半天办不成的——这些事 ...

Key Takeaways Stryker launched Synchfix EVT, a next-gen flexible fixation system for ankle syndesmotic injuries.SYK's device simplifies deployment, supports single-handed use and improves OR efficiency.Stryker's system is first approved for adolescents, expanding reach in ankle trauma care.Stryker (SYK) recently expanded its trauma portfolio with the launch of Synchfix EVT, a next-generation flexible syndesmotic fixation system to improve procedural efficiency and maintain effective ankle stabilization in p ...

Momentum investing revolves around the idea of following a stock's recent trend in either direction. In "long context," investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.Even though momentum is a popular stock characte ...

Momentum investing is all about the idea of following a stock's recent trend, which can be in either direction. In the "long context," investors will essentially be "buying high, but hoping to sell even higher." And for investors following this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving in that direction. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.Whil ...

ENGIE - Sponsored ADR (ENGIY) could be a solid addition to your portfolio given its recent upgrade to a Zacks Rank #1 (Strong Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices.A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following ye ...

Forestar Group (FOR) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices.The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.The power of a changin ...

Investors might want to bet on Forte Biosciences, Inc. (FBRX) , as it has been recently upgraded to a Zacks Rank #2 (Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the ...

Momentum investing is all about the idea of following a stock's recent trend, which can be in either direction. In the "long context," investors will essentially be "buying high, but hoping to sell even higher." And for investors following this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving in that direction. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.Whil ...