Group 1 - Butler National Corporation (BUKS) operates in the aerospace and defense industries, with a unique niche that also includes a gambling business [1] - The company is analyzed by an experienced aerospace, defense, and airline analyst who aims to identify investment opportunities within these sectors [1] - The analyst provides data-informed analysis to contextualize industry developments and their potential impact on investment theses [1] Group 2 - The investing group associated with the analyst offers direct access to data analytics monitors, enhancing the investment research process [1]

Economic Data Summary - Initial Jobless Claims increased to 209K, slightly above the estimated 205K, but down from the revised 210K the previous week, indicating a stable labor market with an average of 206K claims over the past six weeks [2] - Continuing Claims fell to 1.827 million, the lowest level in a year and a half, showing a significant decrease from the range of 1.9-1.974 million observed last year [3] - Q3 Productivity remained unchanged at +4.9%, marking the best quarter since Q3 2023, potentially linked to advancements in AI [3] - Unit Labor Costs stayed at -1.9%, the lowest since -2.9% in Q2 of the previous year, suggesting a favorable economic environment with higher productivity and lower labor costs [4] - The U.S. Trade Deficit for November dropped to -$56.8 billion from -$29.2 billion the previous month, significantly better than the all-time low of -$136.4 billion in March of last year [4] Company Earnings Reports - Mastercard (MA) reported earnings of $4.76, exceeding expectations by +13%, with a trailing four-quarter average beat of +3.1% [5] - Caterpillar (CAT) achieved earnings of $5.16 per share, a +10.5% surprise, with revenues of $19.13 billion, surpassing expectations by +6.6% [5] - Lockheed Martin (LMT) experienced its first negative earnings surprise since 2017, reporting $5.80 per share against expectations of $6.24, but shares rose due to a +9.1% increase in revenue [6] - Valero (VLO) delivered strong results with earnings of $3.82 per share and revenues of $30.37 billion, exceeding expectations by +18.62% and +8.24% respectively [6] Upcoming Earnings Reports - Apple (AAPL) is expected to report fiscal Q3 results with a projected earnings growth of +10.4% and revenue growth of +10.87%, having only one earnings miss in the past five years [7] - Visa (V) is anticipated to report a +14.18% increase in earnings and +12.5% in revenues, maintaining a strong track record with an average earnings beat of +2.7% over the last four quarters [8]

The financials support the setup. In Q3 2025, Lockheed Martin posted $18.6 billion in sales, $1.6 billion in net earnings, $6.95 in EPS, and $3.3 billion in free cash flow, while backlog climbed to a record $179 billion and full-year revenue guidance moved into the mid $74 billion range.Even after that run, its forward P/E of 19.68x is still below the broader aerospace and defense sector’s roughly 22.5x, which suggests investors are not paying an outsized premium for its growth and backlog visibility. Add i ...

Financial Data and Key Metrics Changes - For the full year 2025, the company reported revenue of $10.4 billion, adjusted operating income of just over $1 billion, and adjusted earnings per share (EPS) of $10.79 [8][9] - In Q4 2025, consolidated sales were nearly $2.7 billion, an increase of $91 million, or 3.5% from the same quarter last year [18] - Adjusted operating income for Q4 was $226 million, down about $20 million from the prior year, leading to an adjusted operating margin of 8.4%, down 100 basis points from last year [18][19] Business Line Data and Key Metrics Changes - The access segment achieved Q4 revenue of $1.2 billion, roughly equal to last year, with a book-to-bill ratio of 1.5 [11] - The vocational segment delivered full-year revenue of more than $3.7 billion, up nearly 13%, with an adjusted operating income margin of 15.8% [13] - The transport segment saw sales increase to $567 million in Q4, with delivery vehicle revenue growing by 13% sequentially compared to Q3 2025 [21][22] Market Data and Key Metrics Changes - The company noted that while there is underlying strength in data centers and infrastructure, many other construction sectors remain soft, leading to expectations of revenue decline in the first half of 2026 compared to 2025 [12] - The backlog for the access segment is $1.3 billion, which is considered reasonable in the current environment [11] - The vocational segment backlog exceeds $6.6 billion, providing excellent visibility for future revenue [16] Company Strategy and Development Direction - The company showcased its vision for the future at CES, focusing on robotics, autonomy, AI, connectivity, and electrification [4][5] - The strategy includes shifting from providing equipment that enables jobs at height to offering equipment that executes jobs autonomously [5] - The company plans to continue investing in innovation and expanding U.S. manufacturing while maintaining a strong focus on long-term profitable growth [26] Management's Comments on Operating Environment and Future Outlook - Management anticipates a continuation of recent economic conditions, with expected lower capital investments from industrial customers, particularly in access equipment and refuse businesses [10] - The outlook for 2026 includes an estimated adjusted EPS in the range of $11.50, reflecting strong performance in the vocational segment but weaker market conditions in the access segment [10][24] - Management expressed confidence in long-term growth opportunities driven by innovative products and strong business fundamentals [27] Other Important Information - The company announced a quarterly dividend of $0.57 per share, reflecting confidence in long-term cash flow generation [26] - Share repurchases in 2025 totaled $278 million, more than double the prior year, benefiting adjusted EPS in Q4 by $0.06 compared to Q4 2024 [19] Q&A Session Summary Question: Access guidance and disconnect with competitors - Management acknowledged a balanced approach to 2026, noting strong demand from mega projects but pressure in private non-residential construction [31][32] Question: Transport margins and pricing - Management indicated that transport margins are expected to improve as new pricing contracts are implemented and production increases [33] Question: Telematics data and equipment health - Management reported healthy utilization rates for equipment in both the U.S. and European markets, with a strong used market [34] Question: First Quarter versus Fourth Quarter earnings - Management expects Q1 adjusted EPS to be about half of last year, primarily due to lower sales in the access segment [36] Question: Pricing and cost dynamics - Management discussed ongoing cost reduction initiatives and the impact of tariffs on pricing strategies for 2026 [48][49] Question: Vocational segment backlog and revenue expectations - Management confirmed a healthy backlog in the vocational segment, particularly in fire and airport products, despite some pressure in refuse and recycling [50][51]

Novakovic characterized demand in the quarter as “strong…bordering on exceptional,” citing an Aerospace book-to-bill of 1.3x and Gulfstream aircraft book-to-bill of 1.4x , even as deliveries increased. She said the introduction and performance of the G700 and G800 in customer hands helped drive demand, and that interest was improving across models and geographies.For the year, Aerospace revenue reached $13.1 billion , up 16.5% from 2024, driven in large part by deliveries of 158 new aircraft (22 more than t ...

12-MONTH TURNOVER AS OF DECEMBER 31, 2025: +2.1% TO €160.3MAT CONSTANT EXCHANGE RATE (*): +3.0% Q4 GROWTH: +4.0% TO €42.9 MILLIONAT CONSTANT EXCHANGE RATE (*): +6.4% Blagnac, France, January 28, 2026, after closing of the Stock Market. SOGECLAIR, supplier of innovative solutions with high added value for a safer and less-consuming mobility, announces its consolidated turnover for fiscal year (ended December 31, 2025). SOGECLAIR is listed on Euronext Growth in Paris. (*) At constant exchange rate: currency v ...

Textron (NYSE:TXT) Q4 2025 Earnings call January 28, 2026 08:00 AM ET Company ParticipantsDavid Rosenberg - CFOGavin Parsons - Director of Equity ResearchJohn Godyn - Managing DirectorKristine Liwag - Managing DirectorLisa Atherton - CEOMyles Walton - Managing DirectorNoah Poponak - Managing Director of Equity ResearchPeter Arment - Managing DirectorRobert Stallard - PartnerScott Donnelly - Executive ChairmanScott Hegstrom - VP of Investor Relations and TreasurerSeth Seifman - Exevutive DirectorSheila Kahya ...

Group 1: Contract Wins and Financials - Lockheed Martin Corporation secured a $9.58 million contract modification for combat systems integration and testing, focusing on littoral combat ships and unmanned surface vessels [1][2] - The company has also obtained two defense contracts totaling $225 million for missile systems and naval weapons support, including a $202.8 million modification for PAC-3 missiles [3] - Additionally, Lockheed Martin's Rotary and Mission Systems unit received a $22.2 million cost-plus-fixed-fee contract for lifecycle logistics, engineering, and technical services for Aegis systems [4] Group 2: Operational Details - Work under the $9.58 million contract will be performed by Lockheed's Rotary and Mission Systems division across multiple locations, with completion expected by February 2027 [2] - The contracts emphasize the company's focus on advanced technology systems in the aerospace and defense sectors [4]

Group 1 - RTX Corporation has been awarded a $380.8 million contract for work on Tomahawk missiles, contributing to its growth in the defense and aerospace sector due to rising geopolitical spending [1] - The contract includes recertification and modernization of Tomahawk missiles, depot operations, and spares, with significant work to be performed in Tucson, Arizona; Boulder, Colorado; and Pontiac, Michigan [2] - RTX has also secured a $1.7 billion contract to supply Spain with four Patriot Air and missile defense systems, which includes radars, launchers, and command-and-control stations [3] Group 2 - NASA's Pandora mission, launched aboard a Saturn‑200 minisatellite built by Blue Canyon Technologies (a subsidiary of RTX), highlights RTX's expanding role in space innovation [4] - The company has delivered its largest telescope payload to date and has 87 spacecraft in orbit, showcasing its strength in the aerospace and defense industry [4] - RTX focuses on advanced systems, engines, and solutions for defense, commercial, and government customers, emphasizing innovations in missiles, aircraft engines, sensors, cybersecurity, and space technology [5]

Group 1 - Northrop Grumman Corporation has secured a $233 million contract for the manufacture and delivery of an advanced lightweight torpedo for the US Navy, which includes a custom-designed warhead for increased lethality [1][2] - The contract involves integration and initial proof of manufacturing at facilities in Plymouth, Minnesota, and Allegany Ballistic Laboratory in West Virginia, developed in collaboration with the Australian Defense Force [2] - The company is leveraging over 80 years of innovative torpedo technology to accelerate the design qualification and manufacturing process for the new torpedo [3] Group 2 - UBS analyst Gavin Parsons has raised Northrop Grumman's stock price target to $777 from $770, maintaining a Buy rating, while Citigroup has increased its target to $715 from $654, also reiterating a Buy rating [4] - Northrop Grumman is recognized as a global aerospace and defense technology company focused on national security and human discovery, designing and manufacturing advanced systems for various sectors [5]