Core Viewpoint - AECOM is expected to report its fourth-quarter fiscal 2025 results on November 17, with anticipated year-over-year growth in earnings and revenues driven by public infrastructure spending and favorable international trends [1][3][9]. Financial Performance - In the last reported quarter, AECOM's earnings exceeded the Zacks Consensus Estimate by 7.2%, growing 15.5% year over year, while revenues slightly missed the consensus by 0.6% but increased by 6.1% year over year [1]. - The Zacks Consensus Estimate for the upcoming fourth quarter indicates adjusted EPS of $1.34, reflecting a 5.5% increase from the previous year's $1.27, and revenues are estimated at $1.95 billion, showing a year-over-year growth of 7.4% [2][9]. Growth Drivers - The expected growth in AECOM's fourth-quarter performance is attributed to robust public infrastructure spending trends supported by federal and state initiatives, including the One Big Beautiful Bill Act [3]. - Favorable trends in international markets such as Canada, the UK, Ireland, Australia, and the Middle East are also anticipated to contribute positively to performance [3]. - Key market segments, including AI, water, transportation, aviation, coastal protection, and electricity, are expected to provide growing opportunities, reflected in a robust project pipeline and backlog growth [4]. Segment Performance - The Zacks Consensus Estimate for net service revenues in the Americas and International segments is projected at $1.15 billion and $799 million, indicating year-over-year growth of 8.5% and 6%, respectively [5]. Operational Efficiency - AECOM's restructuring efforts and balanced capital allocation strategy are expected to enhance operational efficiency and profitability, with the bottom line anticipated to increase year over year due to improved top-line leverage and minimal restructuring costs [6][9]. Market Challenges - Despite geopolitical risks, tariff-related concerns, and foreign currency challenges, AECOM's focus on continuous innovation and effective capital management is expected to support growth [7]. Earnings Prediction Model - The Zacks model does not predict an earnings beat for AECOM this time, as the company has an Earnings ESP of 0.00% and a Zacks Rank of 4 (Sell) [8][10].

Core Insights - Return on equity (ROE) is a key profitability metric favored by investors, measuring earnings generated from equity, and can be compared to historical or industry benchmarks to identify potential winning stocks [1] - Advanced analysis of ROE through DuPont analysis provides deeper insights by breaking down ROE into profit margin, asset turnover ratio, and equity multiplier, allowing for a more comprehensive evaluation of a company's financial health [2][3] DuPont Analysis - DuPont analysis examines three major elements: operating management, asset management, and capital structure, providing a clearer picture of ROE changes [2] - The formula for ROE through DuPont analysis is: ROE = Profit Margin * Asset Turnover Ratio * Equity Multiplier, which helps in identifying the underlying factors affecting ROE [2] Importance of DuPont Analysis - DuPont analysis helps investors differentiate between companies with high margins and those with high turnover, offering insights into the operational efficiency of different business models [3] - It also reveals a company's leverage status, indicating that a high ROE could be misleading if it results from excessive debt [4] Screening Parameters - Key screening parameters for identifying strong stocks include: - Profit Margin greater than or equal to 3, indicating profitable business operations [6] - Asset Turnover Ratio greater than or equal to 2, reflecting management efficiency in asset utilization [6] - Equity Multiplier between 1 and 3, showing the extent of debt used to finance assets [6] - Zacks Rank less than or equal to 2, suggesting better performance compared to peers [7] - Current Price more than $5, filtering out low-priced stocks [7] Highlighted Stocks - EverQuote (EVER): A Zacks Rank 1 company operating an online insurance marketplace, with an average earnings surprise of 37.16% over the past four quarters [8] - Expeditors International of Washington (EXPD): A leading third-party logistics provider, with an average earnings surprise of 13.94% over the past four quarters [9] - AllianceBernstein (AB): Provides diversified investment management services, with an average earnings surprise of 6.49% over the past four quarters [10] - Everus Construction Group (ECG): Offers a full spectrum of construction services, with an average earnings surprise of 51.78% over the past four quarters [11]

Financial Data and Key Metrics Changes - The company reported EBITDA of CAD 99 million and a gross margin of 14.6%, showing significant improvement from Q2 2025 [3] - Combined revenue reached CAD 390 million, a 6% sequential increase from Q2 2025, despite the seasonally low demand in the oil sands region [3] - Free cash flow for the quarter was CAD 46 million, reflecting disciplined capital maintenance spending [7] - Net debt levels increased slightly to CAD 904 million, with a leverage ratio of 2.3 times [8] Business Line Data and Key Metrics Changes - Australia experienced a 12% sequential revenue increase and a 26% year-over-year growth, generating CAD 188 million in revenue [4] - The gross margin in Australia was 19.6%, benefiting from favorable weather and strong operational performance [5] - The oil sands region posted a gross margin of 9.2%, a significant recovery from Q2 2025 [5][6] Market Data and Key Metrics Changes - The company noted a record top line of CAD 1.5 billion over the last 12 months, driven by high demand in Australia [9] - The bid pipeline increased to over CAD 12 billion, a CAD 2 billion increase since Q2 2025, indicating strong future revenue opportunities [16] Company Strategy and Development Direction - The company aims to focus on growth in Australia, particularly in Western Australia, and to advance infrastructure business opportunities [15] - Strategic priorities include leveraging Nuna experience for Arctic opportunities and right-sizing the Canadian equipment fleet [15] - The company is positioned to capitalize on macro tailwinds in both Australia and Canada, focusing on resource development and infrastructure projects [12][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery from H1 issues and highlighted a strong Q3 performance [10] - The outlook for Australia remains positive, with expected continued growth in demand for resources and civil construction [12] - In Canada, management anticipates nation-building projects to come to market quickly, supported by government leadership [14] Other Important Information - The company achieved a record safety performance with a trailing 12-month recordable rate of 0.45, exceeding industry standards [9] - The average interest rate for Q3 remained stable at 6.4% [7] Q&A Session Summary Question: Update on memorandums of understanding and Arizona project - Management indicated progress in discussions with potential partners and will provide updates at year-end [18][19] Question: Timing for Fargo-Moorhead project completion and future projects - Substantial completion is expected next fall, with other infrastructure projects anticipated to backfill revenue [20] Question: U.S. infrastructure opportunities and private sector work - Current focus is on public projects, but private sector opportunities are being explored [22] Question: Australia mechanics situation and hiring needs - The company is at historical staffing levels but is open to hiring more skilled workers as needed [24] Question: Precious metals pipeline in Australia - There is a significant pipeline in the Western Australia gold market, with ongoing expansions and new mines [28] Question: Timing for critical mineral projects in Canada - Management is conservative, expecting project kick-offs more likely in 2027 [31] Question: Right-sizing the fleet in Canada - The process is ongoing, with adjustments based on upcoming bids expected to be clearer by mid-December [33] Question: Investment priorities between Canada and Australia - The focus is on maximizing asset returns in Western Australia while pursuing infrastructure projects [35]

Core Insights - The third-quarter results for 2025 align with full-year expectations, indicating stable performance [1] Order Intake and Portfolio - There was a strong intake of new orders from various sources, leading to an increase in the total order portfolio, primarily driven by large, multi-annual contracts [2] Financial Performance - Revenue decreased by 7% to DKK 2.4 billion, attributed to the current phasing of the order portfolio, particularly in MT Højgaard Danmark [7] - Operating profit (EBIT) fell by 13% to DKK 110 million, with Enemærke & Petersen improving its operating margin while MT Højgaard Danmark's margin declined [7] - Profit after tax from continuing operations was DKK 90 million, with net profit rising to DKK 71 million due to lower financial expenses [7] - Cash flows from operating activities improved to an inflow of DKK 36 million [7] Order Portfolio Details - The total order portfolio increased to DKK 22.5 billion, consisting of various categories of orders including final unconditional orders and future projects [7] Guidance for 2025 - The outlook for 2025 remains unchanged, supported by a high order coverage and a strong pipeline, with revenue forecasted between DKK 10.0-10.5 billion [3][7] - Operating profit (EBIT) is expected to be between DKK 400-450 million, with ongoing project earnings anticipated to remain stable [7] Strategic Focus - The company is focused on consolidating progress, stabilizing earnings, and expanding the order portfolio, particularly for 2026 and 2027 [4]

Core Insights - Fluor Corporation (FLR) reported mixed third-quarter 2025 results, with adjusted earnings exceeding estimates while revenues fell short [1][5][10] - Year-over-year, the bottom line improved, but the top line experienced a decline [1] Financial Performance - Adjusted earnings per share (EPS) reached 68 cents, surpassing the Zacks Consensus Estimate of 44 cents by 54.6%, compared to 51 cents in the same quarter last year [5][10] - Quarterly revenues totaled $3.4 billion, missing the consensus mark of $4.12 billion by 18.2%, and declined 18% from $4.1 billion in the prior year [5][10] - The company incurred a segment loss of $439 million, primarily due to a $653 million charge related to the Santos ruling, resulting in a negative segment margin of 13% [6][10] Segment Performance - Energy Solutions segment revenues plummeted 81.6% year over year to $262 million, with new awards dropping to $222 million from $1.5 billion [8] - Urban Solutions segment revenues increased by 21.3% to $2.34 billion, driven by life sciences and mining projects, with new awards rising to $1.8 billion [9] - Mission Solutions segment revenues rose 19.8% to $761 million, with new awards significantly increasing to $1.3 billion [11] Backlog and Awards - Total new awards for the quarter were $3.3 billion, up from $2.7 billion a year ago, while the consolidated backlog decreased to $28.2 billion from $31.3 billion [7] - The Urban Solutions segment's backlog increased by 8% to $20.5 billion, while the Energy Solutions segment's backlog fell to $5.1 billion [8][9] Future Outlook - Fluor raised its 2025 adjusted EPS guidance to a range of $2.10-$2.25, up from the previous range of $1.95-$2.15, and adjusted EBITDA expectations to $510 million-$540 million [14] - The company anticipates a decision on a strategically important AUKUS-related award and remains well-positioned in nuclear enrichment projects [3]

Core Viewpoint - The article discusses the volatility in the stock market, highlighting that while it presents opportunities, it also increases risks, making both significant gains and declines possible. The focus is on identifying one stock with potential for high returns and two stocks that are not recommended for investment. Group 1: Stocks to Sell - Albany (AIN) is a global textiles and materials processing company with a rolling one-year beta of 1.45, trading at $49.48 per share, which corresponds to a forward P/E of 16.1x [2][4] - Orion (ORN) provides construction services for marine infrastructure and industrial projects, has a rolling one-year beta of 2.34, and is priced at $10.09 per share, reflecting a forward P/E of 40.4x [5][7] Group 2: Stock to Watch - Community Bank (CBU) is a financial holding company with a rolling one-year beta of 1.09, offering various financial services. Its annual revenue growth over the last two years was 10.8%, indicating an increase in market share [8][11] - CBU's earnings per share grew by 5.5% annually over the last two years, significantly outperforming its peers [11] - The expected tangible book value per share growth of 20.2% suggests that CBU's capital strength will likely improve over the next 12 months [11]

Group 1: Project Overview - Nordecon group company Tariston AS has signed a contract with the Estonian Transport Administration for the construction of the Päädeva–Orgita road section and Haimre traffic junction on National Road 4 (E67), upgrading them to a 2+2 lane road [1] - The project includes the construction of Orgita and Haimre viaducts, one pedestrian tunnel, two wildlife crossings, and one livestock tunnel, along with various collector and connecting roads [1] Group 2: Financial Details - The total cost of the contract is 27.78 million euros plus value added tax, with completion expected by September 2027 [2] Group 3: Company Profile - Nordecon is a group of construction companies focused on construction project management and general contracting in buildings and infrastructures, operating in Estonia, Ukraine, and Sweden [3] - The consolidated revenue of Nordecon Group in 2024 was 224 million euros, and the company employs approximately 425 people [3] - Nordecon AS has been listed on the main list of the Nasdaq Tallinn Stock Exchange since May 18, 2006 [3]

Core Viewpoint - Ming Shing Group Holdings Limited announces a significant update in its Board of Directors, including the resignation of an independent director and the appointment of a new director with extensive business administration experience [1][2][3]. Group 1: Board Changes - Yu Yuan has resigned as an independent director for personal reasons, with no disagreements reported with the Company [2]. - Wan-Jung Sun has been appointed to the Board of Directors, bringing over 10 years of experience in business administration, which is expected to enhance the Company's corporate governance [2][3]. Group 2: Background of New Director - Wan-Jung Sun, age 39, has held various managerial positions, including assistant to the COO at Ruiying Japan Co., Ltd. and senior manager at Imperial Pacific International (CNMI), LLC [3]. - Ms. Sun's educational background includes a Bachelor of Science from the Chihlee Institute of Technology, obtained in 2015 [3]. Group 3: Company Overview - Ming Shing Group Holdings Limited specializes in wet trades works, including plastering, tile laying, brick laying, floor screeding, and marble works [4]. - The Company aims to be the leading provider of wet trades services in Hong Kong, operating through two wholly-owned subsidiaries focused on both private and public sector projects [4].

Core Insights - Merko Ehitus reported a revenue of EUR 74 million in Q3 2025 and EUR 242 million for the first nine months, with a net profit of EUR 15 million for Q3 and EUR 36.7 million for the nine-month period, indicating a significant increase in the number of apartments and commercial premises handed over compared to the previous year [1][2][3] Financial Performance - The pre-tax profit for the first nine months of 2025 was EUR 40.2 million, with a pre-tax profit margin of 16.6%, an increase from 13.1% in the same period of 2024 [10] - Net profit attributable to shareholders for the first nine months of 2025 was EUR 36.7 million, down from EUR 44.8 million in 2024, with a net profit margin of 15.2% compared to 11.8% in the previous year [10][11] Revenue Analysis - Revenue for Q3 2025 was EUR 73.9 million, a decrease from EUR 175.1 million in Q3 2024, while the nine-month revenue decreased by 36.1% year-on-year [11] - The share of revenue earned outside Estonia was 47.4% for the first nine months of 2025, down from 60.1% in the same period of 2024 [11] Order Book and Contracts - As of September 30, 2025, the secured order book stood at EUR 486 million, an increase from EUR 430.9 million in 2024, with new contracts signed amounting to EUR 323 million in the first nine months [12] - Major contracts included the Rail Baltica Ülemiste terminal and the Rail Baltica mainline section, indicating a focus on large-scale infrastructure projects [6][12] Real Estate Development - In the first nine months of 2025, Merko sold 315 apartments, up from 194 in the same period of 2024, generating EUR 59.7 million in revenue from these sales [13] - The company started construction on 771 new apartments and 21 commercial units, with a significant portion located in Vilnius, which remains the most active market [7][13] Market Conditions - The real estate market is most active in Lithuania, with improved conditions in Estonia and a slight upward trend in Latvia [3] - The construction market is characterized by intense competition and low service margins, with a historical high in unfinished construction work [4] Cash Position - As of September 30, 2025, the company had EUR 34.3 million in cash and cash equivalents, with equity amounting to EUR 257.3 million, representing 64.4% of total assets [14]

Financial Data and Key Metrics Changes - Tutor Perini reported a strong third-quarter revenue of $1.42 billion, representing a 31% year-over-year increase [16] - Operating cash flow reached $289 million for the quarter and $574 million for the first nine months of 2025, both setting new records [4][23] - Adjusted earnings per share (EPS) for the third quarter was $1.15, a significant improvement from an adjusted loss of $1.61 per share in the same quarter last year [8][22] - GAAP EPS was $0.07 for the third quarter, compared to a loss of $1.92 per share in the same quarter last year [9][21] Business Line Data and Key Metrics Changes - Civil segment revenue was $770 million, up 41% year-over-year, with operating income from construction operations at $99 million, a substantial improvement from a loss of $13 million last year [16][17] - Building segment revenue was $419 million, slightly down from last year, but operating income improved to $14 million from a loss of $4 million [16][18] - Specialty contractor segment revenue surged 124% to $226 million, with a return to profitability, reporting an income of $6 million compared to a loss of $57 million last year [16][19] Market Data and Key Metrics Changes - The company's backlog reached a record $21.6 billion, up 54% year-over-year, driven by $2 billion in new awards and contract adjustments in the third quarter [6][27] - The civil segment continues to perform at record levels, while the specialty contractor segment has shown significant recovery and profitability [8][19] Company Strategy and Development Direction - Tutor Perini aims to capitalize on favorable macroeconomic conditions and strong market demand for construction services, particularly in civil and building segments [5][10] - The company is focused on pursuing projects with favorable contractual terms and higher margins, emphasizing a selective approach to bidding [12] - Future bidding opportunities are expected to exceed $25 billion over the next 12 to 18 months, with significant projects primarily located in California, New York, and the Midwest [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's performance and raised guidance for adjusted EPS for 2025 to a range of $4-$4.20, up from previous guidance [13] - The outlook remains positive beyond 2025, with expectations for significantly higher adjusted EPS in 2026 and 2027 [14] - Management does not foresee significant impacts from government funding cuts or the recent federal government shutdown on major projects [15] Other Important Information - The company plans to continue building its cash position until it reaches a level suitable for initiating strategic capital allocation alternatives, such as dividends or share repurchase programs [5] - Total debt decreased by 23% to $413 million, with cash on hand exceeding total debt by $283 million [23] Q&A Session Summary Question: Can you give a little more color on specialty turning positive? - Management indicated that the specialty performance is driven by successful non-claim resolution work, leading to improved results [33] Question: Does the specialty revenue trend up from the Q3 level? - Management confirmed that specialty revenue is expected to increase as larger projects ramp up [34] Question: How many of the legacy disputes are remaining? - Management estimated about a dozen significant legacy disputes remain [35] Question: Is bidding activity staying robust? - Management affirmed that bidding activity remains strong across major geographies, particularly in New York and California [41] Question: Could you exit the fourth quarter at another record? - Management suggested that while new records may occur, the growth may be lumpier and not consistently increasing [49] Question: What is the outlook for building segment margins? - Management expects building segment margins to improve significantly by mid-2026 due to the mix of higher-margin projects [72] Question: What are the dynamics with government funding? - Management does not anticipate significant impacts from government funding changes, maintaining active dialogue with customers [74]