Core Viewpoint - Wall Street has experienced a strong recovery due to easing trade tensions, particularly the U.S.-China trade truce and the U.S.-UK deal, which has fostered optimism in the stock market. However, uncertainties regarding Trump and Fed policies persist, making dividend investing an attractive option for consistent income [1]. Dividend Growth Strategy - Dividend investing provides a reliable income source, especially when focusing on stocks with a strong history of year-over-year dividend growth, which can lead to higher returns compared to simple dividend-paying stocks [2][4]. - Stocks with a solid history of dividend growth are typically mature companies, offering protection against market volatility and economic uncertainty while providing consistent payout increases [4][5]. Selection of Dividend Growth Stocks - Three dividend growth stocks identified as compelling picks are Qifu Technology Inc. (QFIN), The TJX Companies Inc. (TJX), and UGI Corporation (UGI) [3]. - Qifu Technology, a credit-tech platform in China, has an estimated earnings growth rate of 22.4% for the year and an average earnings surprise of 14.46% over the last four quarters, with a Zacks Rank of 1 and a Growth Score of B [10]. - TJX Companies, a leading off-price retailer, has an estimated earnings growth rate of 3.99% for the fiscal year ending January 2026 and an average earnings surprise of 5.47% in the past four quarters, holding a Zacks Rank of 2 and a Growth Score of A [11]. - UGI Corporation, a holding company in the energy sector, has seen a positive earnings estimate revision of 3 cents for the fiscal year ending September 2025, with a Zacks Rank of 2 and a Growth Score of B [12][13]. Investment Criteria - The selection criteria for dividend growth stocks include a 5-Year Historical Dividend Growth greater than zero, 5-Year Historical Sales Growth greater than zero, and 5-Year Historical EPS Growth greater than zero, indicating solid growth in dividends, revenues, and earnings [6][7]. - Additional criteria include a Price/Cash Flow ratio less than the industry average, a 52-Week Price Change greater than the S&P 500, and a top Zacks Rank, which collectively narrow down the stock universe to high-potential candidates [8][9].

Financial Data and Key Metrics Changes - Net income for the first quarter was $18.7 million compared to a net loss of $5.6 million last year [7] - EBITDA increased to $91.9 million from $56.9 million year over year [7] - Adjusted EBITDA rose to $91.1 million from $56 million in the prior year [8] - Distributable cash flow was $45.7 million compared to $15.8 million last year, with adjusted DCF at $46.4 million versus $16 million [8] - TTM distribution coverage as of March 31, 2025, was 2.03x or 1.96x after factoring in distributions to preferred unitholders [9] Business Line Data and Key Metrics Changes - GDSO product margin increased by $200,000 to $187.9 million [10] - Gasoline distribution product margin rose by $4.2 million to $125.8 million, reflecting higher fuel margins [10] - Station operations product margin decreased by $4 million to $62.1 million due to sales and conversions of certain company-operated sites [10] - Wholesale segment product margin increased by $44.2 million to $93.6 million, driven by favorable market conditions [11] - Product margin from gasoline and gasoline blend stocks increased by $27.4 million to $57.1 million [11] - Product margin from distillates and other oils increased by $16.8 million to $36.5 million, aided by colder winter weather [12] Market Data and Key Metrics Changes - The first quarter experienced a 9% colder winter compared to the prior year, positively impacting the wholesale distillate business [21] - A brief period of tariffs on Canadian oil created volatility, benefiting the company, although the impact was short-lived [24] Company Strategy and Development Direction - The company is focused on optimizing terminal assets and expanding its midstream footprint to better serve customers [5] - Ongoing portfolio optimization has led to a decrease in company-operated sites, aligning with strategic goals [10] - The company aims to maintain financial discipline while pursuing organic growth and selective acquisitions [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategy and commitment to long-term growth for unitholders [14] - The integration of terminal assets has enhanced capacity and market opportunities [21] - Management noted that the current operating environment is dynamic, with ongoing reviews of retail business assets [18] Other Important Information - The Board increased the quarterly cash distribution on common units to $0.07 per unit, equating to $2.98 on an annualized basis [6] - The company will participate in several upcoming investor conferences [13] Q&A Session Summary Question: Opportunities in terminal acquisitions and capital repositioning - Management is continuously reviewing retail business assets and is opportunistic in capital allocation, focusing on competitive advantages and higher returns [18][20] Question: Market conditions contributing to wholesale performance - A colder winter and the integration of terminal assets contributed to strong wholesale performance, with a normalized quarter compared to the previous year [21][22] Question: Impact of tariffs on market conditions - A brief period of tariffs created volatility but had no significant ongoing impact on supply or margins; potential consumer impact on store sales is yet to be determined [24][25]

Core Insights - Rubis demonstrated resilience and strong performance in Q1 2025, with a total revenue increase of 2% year-over-year, reaching €1,697 million [2][5][18] - The company reaffirmed its 2025 guidance, expecting Group EBITDA between €710 million and €760 million [15][18] Sales Performance by Segment - **Energy Distribution**: Revenue increased by 2% to €1,687 million, with solid growth across all regions [2][5] - **Retail & Marketing**: Revenue rose by 2% to €1,420 million, driven by strong volume growth of 4% [2][5] - **Support & Services**: Revenue increased by 2% to €266 million, with a volume increase of 5% excluding crude deliveries [12] - **Renewable Electricity Production**: Revenue grew by 28% to €11 million, supported by a 19% increase in operational assets [13] Regional Performance - **Europe**: Revenue increased by 3% to €215 million [2] - **Caribbean**: Revenue slightly decreased by 1% to €584 million [2] - **Africa**: Revenue grew by 5% to €621 million, with strong performance in Togo and South Africa [2][5] Volume and Margin Analysis - Total volume sold increased by 4% to 1,552,000 m, with gross margin also up by 4% to €218 million [10] - **LPG**: Volume increased by 1% to 346,000 m, with stable gross margin [9] - **Fuel**: Volume grew by 2% to 1,071,000 m, with gross margin up by 10% [9] - **Bitumen**: Volume surged by 35% to 135,000 m, although gross margin decreased by 6% [11] Strategic Developments - Rubis acquired 60% of Soida in Angola, increasing its stake to 95%, enhancing its bitumen distribution capabilities [4] - The company published its first Sustainability Statement, outlining climate ambitions and decarbonization targets for 2030 [4][6] Leadership Changes - Alix Lajoie became President and Thomas Aubagnac became CEO of Photosol, with both previously serving as Deputy CEOs [14]

Core Insights - Three stocks are highlighted with strong income characteristics and a buy rank for investors to consider on May 5 Group 1: Euroseas Ltd. (ESEA) - Euroseas Ltd. is an ocean-going transportation services company with a Zacks Rank 1 [1] - The Zacks Consensus Estimate for its current year earnings has increased by 8% over the last 60 days [1] - The company offers a dividend yield of 8%, significantly higher than the industry average of 2.5% [1] Group 2: NatWest Group plc (NWG) - NatWest Group plc is a banking and financial services company with a Zacks Rank 1 [2] - The Zacks Consensus Estimate for its current year earnings has increased by 5.6% over the last 60 days [2] - The company has a dividend yield of 5.9%, compared to the industry average of 3.7% [2] Group 3: Ultrapar Participaçoes S.A. (UGP) - Ultrapar Participaçoes S.A. is a distributor of liquefied petroleum gas, gasoline, ethanol, diesel, fuel oil, and kerosene with a Zacks Rank 1 [3] - The Zacks Consensus Estimate for its current year earnings has increased by 6.5% over the last 60 days [3] - The company offers a dividend yield of 4.4%, slightly above the industry average of 4.3% [3]

Core Viewpoint - Infortar Group has reported significant financial developments for the year 2024, including increased revenues and strategic acquisitions, while facing challenges in profitability and rising liabilities due to the consolidation of Tallink Grupp. Maritime Transport - Infortar invested €110 million in acquiring shares of Tallink Grupp, raising its ownership to 68.5% [2][14] - Tallink reported 5.6 million passengers in 2024, operating 14 vessels, with 303,000 cargo units and 777,000 passenger vehicles transported [2] Energy - Elenger Grupp, a subsidiary of Infortar, signed a €120 million agreement to acquire EWE Group's operations in Poland, including natural gas assets and distribution networks [3][15] - Elenger sold 18.4 TWh of energy in 2024, with Estonia accounting for 16% of total sales, and held a 24.3% market share in the Finland-Baltic gas market [4] Real Estate - Infortar's real estate portfolio expanded from 100,000 to 141,000 square meters, with new developments including a logistics center and a second DEPO store in Estonia [5] Financial Performance - Consolidated sales revenue increased by €287.149 million to €1,371.775 million in 2024, compared to €1,084.626 million in 2023 [6][9] - Total profit for 2024 was €193.67 million, down from €293.83 million in 2023, influenced by one-off revaluations related to acquisitions [13] - The EBITDA margin decreased to 10.6% in 2024 from 13.2% in 2023, with operating profit dropping to €77.024 million from €123.628 million [6][13] Liabilities and Debt - Total liabilities rose to €1,223.287 million in 2024 from €441.16 million in 2023, primarily due to the consolidation of Tallink's loans [8][16] - Net debt increased to €1,055.708 million in 2024 from €354.045 million in 2023, resulting in a net debt to EBITDA ratio of 3.4 [17] Dividends - The management proposes a dividend of €3 per share for the 2024 financial year, adhering to the policy of paying at least €1 per share annually [18] Company Overview - Infortar operates in seven countries, focusing on maritime transport, energy, and real estate, with a diverse portfolio and 110 companies under its umbrella [24]

Core Viewpoint - Suburban Propane Partners, L.P. is set to hold its Fiscal 2025 Second Quarter Results Conference Call on May 8, 2025, at 9:00 AM Eastern Time, inviting analysts and investors to discuss the results and business outlook [1]. Company Overview - Suburban Propane Partners, L.P. is a publicly traded master limited partnership listed on the NYSE, headquartered in Whippany, New Jersey, and has been in the customer service business since 1928 [3]. - The company distributes propane, renewable propane, renewable natural gas, fuel oil, and related products and services, serving approximately 1 million customers across 42 states through around 700 locations [3]. Core Pillars - Suburban Propane is supported by three core pillars: 1. **Suburban Commitment** - Emphasizing a legacy of nearly 100 years and a commitment to high standards in customer service [4]. 2. **SuburbanCares** - Highlighting the company's dedication to community engagement across its national footprint [4]. 3. **Go Green with Suburban Propane** - Promoting the clean-burning nature of propane and renewable propane as a bridge to a green energy future, while investing in innovative renewable energy alternatives [4].