Group 1 - Lowe's Companies, Inc. reported a modest top and bottom line beat, although same-store sales were slightly below expectations [1] - The company raised its full-year sales forecast while lowering its same-store sales outlook and adjusting earnings guidance downwards [1] - Lowe's demonstrated effective inventory management, with inventory levels significantly reduced [1] Group 2 - Lowe's is a home improvement retailer offering tools, appliances, building materials, and decor, as well as installation, repair, and design services [2]

When Home Depot reported earnings early this week, it gave us the first real signal about how freight could shape up heading into Q1. They told us the consumer wasn’t collapsing, but they also weren’t opening their wallets like they used to. Big home projects were getting delayed. DIY was soft. And inventory levels were steady enough that a big January restock wasn’t coming. Now Lowe’s and Walmart have stepped up to the mic — and they’ve basically confirmed everything Home Depot hinted at. And for small c ...

Core Insights - The third-quarter earnings season is concluding, with significant attention on Nvidia and mixed results from major home improvement retailers Home Depot and Lowe's amid softer demand [1][2]. Home Improvement Sector - Home Depot reported fiscal third-quarter results that fell short of analyst expectations, with adjusted earnings per share at $3.74, missing the expected $3.81 by 1.84% and declining from $3.78 in the prior year [4][3]. - Home Depot's sales reached $41.4 billion, a 2.8% year-over-year increase, surpassing the Zacks Consensus Estimate by 0.88%, with approximately $900 million from a recent acquisition [5]. - Comparable sales growth for Home Depot was only 0.2%, significantly below the projected 2.1%, with customer transactions down 1.4% from the previous quarter [6]. - The company lowered its full-year 2025 adjusted earnings forecast due to ongoing consumer uncertainty and weaker housing turnover, leading to a 7% drop in its stock value [7]. Lowe's Performance - Lowe's reported fiscal third-quarter results that exceeded profitability expectations, with total sales of $20.8 billion, up 3.2% year-over-year, aligning closely with estimates [9]. - Adjusted earnings per share for Lowe's reached $3.06, surpassing the anticipated $2.97 by 3% and reflecting a 5.9% increase from the prior year [10]. - Comparable sales for Lowe's rose 0.4% for the second consecutive quarter, supported by an 11.4% increase in online sales and strength in professional categories [10]. - Lowe's stock increased by over 5% in early trading, indicating a better positioning for gradual recovery compared to competitors [11]. Retail Sector Challenges - Target reported a 1.5% year-over-year sales decline to $25.3 billion, missing estimates, with comparable sales down 2.7% [13]. - Target's earnings of $1.78 per share were slightly above estimates, but the bottom line declined 3.8% from the previous year, reflecting cautious consumer spending [14]. - Walmart is set to report its fiscal third-quarter earnings, with projections of a 5.2% increase in earnings per share to $0.61 and revenue expected to reach $177.14 billion, up 4.5% year-over-year [16].

Core Viewpoint - Lowe's Companies, Inc. is a leading home improvement retailer in the U.S., set to release quarterly earnings with an estimated EPS of $2.97 and projected revenue of $20.84 billion on November 19, 2025 [1][6] Financial Performance - Analysts project Lowe's revenues at $20.9 billion for the upcoming quarter, reflecting a 3.4% increase from the previous year, with an EPS estimate of $2.98, indicating a 3.1% rise year-over-year [4] - The company has historically delivered an average earnings surprise of 2.9% over the past four quarters, consistently exceeding market expectations [5][6] Business Strategy - Lowe's is focusing on pro-focused growth and technological investments, which are expected to positively impact its performance [4][6] - The company has a strong capital structure, with a debt-to-equity ratio of approximately -3.43, indicating effective debt management [2] Market Position - Despite strong fundamentals, Lowe's faces limited potential for price appreciation, with a P/E ratio of around 18.34 and a price-to-sales ratio of about 1.51, suggesting it may be fully valued [3] - The company benefits from robust liquidity and a strategic geographic presence, aiding in navigating market challenges [2]

The Home Depot (NYSE:HD) Q3 2026 Earnings Call November 18, 2025 09:00 AM ET Company ParticipantsSteven Zaccone - Director and Retail Equity ResearchIsabel Janci - VP and Head of Investor RelationsSteven Forbes - Senior Managing DirectorAnn-Marie Campbell - Senior EVPZack Fadem - Managing DirectorRichard McPhail - EVP and CFOSeth Sigman - Consumer ResearchBilly Bastek - EVP of MerchandisingTed Decker - Chair, President, and CEOConference Call ParticipantsChristopher Horvers - Senior AnalystMichael Lasser - ...

Key Takeaways Home Depot's Q3 sales are projected to rise 2.2% y/y to $41.1B, with EPS expected to grow 1.1% to $3.82.The "One Home Depot" strategy drives digital, supply-chain and Pro ecosystem strength.Margin pressure persists as higher costs and soft big-ticket demand weigh on profitability.The Home Depot, Inc. (HD) is set to report third-quarter fiscal 2025 results on Nov. 18, before market open. The company’s top and bottom lines are expected to have increased year over year in the to-be-reported quart ...

Core Insights - Amrize Ltd reported revenue of $3.68 billion for the quarter ended September 2025, showing no year-over-year change, but exceeding the Zacks Consensus Estimate by +5.28% [1] - The company achieved an EPS of $1.06, a significant increase from $0 in the same quarter last year, with an EPS surprise of +4.95% over the consensus estimate of $1.01 [1] Revenue Performance - Building Envelope revenues were reported at $901 million, surpassing the average estimate of $896.07 million by four analysts [4] - Building Materials revenues reached $2.77 billion, exceeding the average estimate of $2.59 billion based on four analysts [4] EBITDA Analysis - Adjusted EBITDA for Building Envelope was $217 million, higher than the estimated $203.15 million by four analysts [4] - Adjusted EBITDA for Building Materials was reported at $902 million, which fell short of the average estimate of $946.1 million by four analysts [4] Stock Performance - Amrize Ltd's shares returned +4% over the past month, outperforming the Zacks S&P 500 composite's +3.6% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Financial Performance - Net sales increased by 1% to $1,451.1 million in Q3 2025 compared to Q3 2024[6] - Gross profit increased by $12.8 million to $429.2 million in Q3 2025 compared to Q3 2024[6] - Gross margin increased by 50 bps to 29.6% in Q3 2025 compared to Q3 2024[6] - Diluted EPS (GAAP) increased by 4% to $3.40 in Q3 2025 compared to Q3 2024[6] - Operating income increased by $1.6 million to $178.0 million in Q3 2025 compared to Q3 2024[6] Sales Performance by Geography and Product - Florida sales increased by 1% in Q3 2025[8] - California and Arizona sales decreased by 3% in Q3 2025[8] - Horizon net sales increased by 3% in Q3 2025[8] - Europe net sales increased by 6% in Q3 2025, but decreased by 1% in local currency[8, 9] - Building materials and equipment sales increased by 4% in Q3 2025[11] - Chemicals sales decreased by 4% in Q3 2025[11] Strategic Initiatives - POOL360 sales as a percentage of total sales increased from 16% in Q3 2024 to 18% in Q3 2025[13] Capital Allocation - The company returned approximately $303 million to shareholders through share repurchases and dividends[24] 2025 Guidance - The company expects net sales to be flattish for 2025[25] - The company expects GAAP diluted earnings per share to be in the range of $10.81 to $11.31 for 2025[25]

Performance Overview - The Third Avenue Value Fund achieved a return of 11.85% for the quarter ending September 30, 2025, outperforming the MSCI World Index (7.36%) and the MSCI World Value Index (5.98%) [2] - Year-to-date, the Fund returned 26.04%, compared to 17.83% for the MSCI World Index and 17.54% for the MSCI World Value Index [2] - Annualized performance for the trailing three-year and five-year periods was 23.24% and 23.66%, respectively [2] Key Contributors to Performance - Capstone Copper was the largest contributor, benefiting from the expansion of its Mantoverde mine and rising copper prices due to tight global supplies and operational disruptions in major mining regions [3] - Lundin Mining also contributed positively, aided by rising copper and gold prices, with its Brazilian copper mine being a significant asset [3] - Warrior Met Coal's Blue Creek project began production ahead of schedule, expected to significantly increase production volumes and reduce costs [4] - Close Brothers benefited from a favorable U.K. Supreme Court ruling, improving the outlook for U.K. lenders involved in motor finance [5] Negative Contributors to Performance - Negative contributions were limited, with easyJet, Ayala Corp., S4 Capital, Interfor, and Boise Cascade noted as underperformers [7] - Boise Cascade and Interfor are exposed to the cyclical downturn in U.S. housing starts and repair activity, presenting potential opportunities for undervalued investments [7] Investment Themes - European companies were significant contributors to performance, with Deutsche Bank and Bank of Ireland showing improved health and operating performance [8][9] - The Fund reduced its position in Deutsche Bank despite its strong performance, indicating a strategic shift in investment focus [9] New Investments - The Fund initiated positions in Boise Cascade, Rogers Corp., and Ayala Corp. during the quarter [32] - Boise Cascade is viewed as inexpensive with potential for recovery in housing-related demand, supported by a strong financial position [34] - Rogers Corporation has valuable intellectual property but has struggled to grow; recent management changes may enhance its competitive position [38] - Ayala Corp. is trading at multi-decade low valuations, with potential catalysts for value creation through asset monetizations and share repurchases [40][41]

Core Insights - Martin Marietta Materials, Inc. is a natural resource-based building materials company with a market cap of $38.4 billion, supplying aggregates and building materials to the construction industry [1] Financial Performance - The company is expected to report a profit of $6.62 per share for Q3, reflecting a 12% increase from $5.91 per share in the same quarter last year [2] - For the full fiscal year 2025, EPS is projected to be $18.92, a decrease of 41.6% from $32.41 in 2024, but is expected to grow by 14% year-over-year to $21.56 in fiscal 2026 [3] Stock Performance - MLM stock has increased by 19.3% over the past 52 weeks, outperforming the Materials Select Sector SPDR Fund's decline of 6.7% and the S&P 500 Index's return of 16.3% during the same period [4] Recent Results - Following the release of mixed Q2 results, the stock saw a slight gain. Q2 revenues reached $1.8 billion, a 2.7% year-over-year increase, although it fell short of Street expectations by 33 basis points [5] - The company's EPS for Q2 rose by 14.1% year-over-year to $5.43, surpassing consensus estimates by 2.1% [6] Analyst Sentiment - Analysts maintain a consensus "Moderate Buy" rating for MLM, with 12 out of 20 analysts recommending "Strong Buys," one suggesting "Moderate Buy," and seven advising "Holds." The stock is currently trading slightly below its mean price target of $645.69 [7]