24 June 2025 ab Global Research First Read China Construction Machinery Sector Takeaways from expert meeting: domestic excavator demand under pressure in off-season, but expect DD growth in FY25E Domestic demand may fluctuate in the short term, but upward trajectory of the industry remains intact We invited a construction machinery expert to review the sales performance in 5M25 and provide a future outlook. Key takeaways include: 1) domestic excavators sales in May did not sustain the high growth seen in 4M ...

2025年4月30日，应美国企业Manitowoc Company,Inc.于2025年4月10的申请，美国商务部宣布对进口自 日本的桁架臂履带起重机(Lattice Boom Crawler Cranes)发起反倾销调查。本案主要涉及美国海关编码 8426.49.0010和8426.49.0090项下产品。美国国际贸易委员会(ITC)预计将最晚于2025年5月27日作出反倾 销产业损害初裁。若美国国际贸易委员会裁定涉案产品的进口对美国国内产业构成了实质性损害或实质 性损害威胁，美国商务部将继续对本案进行调查并预计于2025年9月17日作出反倾销初裁。据美方统 计，2024年美国自日本进口被调查产品的金额约为1.8亿美元。(中国贸易救济信息网) ...

Summary of Neurocrine's Conference Call Company Overview - **Company**: Neurocrine Biosciences - **CEO**: Kyle Gano, appointed in October 2023 Macro Issues - **Executive Order on Most Favored Nation**: - Uncertainty regarding the impact on Neurocrine due to lack of details on the executive order [3][4][5][6] - Focus on building a resilient business amidst evolving regulations [6][7] - **Tariffs**: - Tariffs are not expected to significantly impact the cost of goods for Neurocrine's products [9][10] - **FDA Interactions**: - No current NDA reviews; recent interactions focused on Phase II discussions for upcoming Phase III programs [11][12] Product Launch: Crinesity (Canestrafont) - **Sales Performance**: - Recognized $14.5 million in sales with over 400 new patient starts in the last quarter [16] - Impressive reimbursement rate of approximately 70% [16][18] - **Launch Strategy**: - The launch is described as "measured" due to the need for physician education and patient awareness [18][20] - Patients must navigate insurance processes, which may delay prescriptions [20][21] - **Patient Demographics**: - Initial patient population is skewed towards pediatrics due to more frequent physician visits [27][32] - Adult women are expected to show more motivation for treatment compared to men [49] - **Direct-to-Consumer Advertising**: - Traditional advertising may be less effective due to the smaller patient population for congenital adrenal hyperplasia (CAH) [34][36] - **Market Potential**: - Crinesity is viewed as a potential blockbuster, with expectations of significant market uptake [38][39] Competitive Landscape - **Differentiation**: - Neurocrine's approach with Crinesity is based on efficacy, safety, and tolerability, which are critical for patient adoption [43][46] - The company aims to treat the majority of patients with CAH before competitors enter the market [45][46] Pipeline Developments - **Upcoming Data Readouts**: - Phase III trials for osavapitur and MBI-568 are anticipated [52] - Studies on valbenazine for dyskinesia associated with cerebral palsy and adjunctive treatment for schizophrenia are ongoing [56][60] - **Muscarinic Agonists**: - Neurocrine is developing multiple muscarinic agonists, focusing on selective activation to improve efficacy and safety [70][72] Financial Outlook - **Investment in Growth**: - The company is prioritizing growth over immediate profitability, with significant investments in sales and marketing for Crinesity and INGREZZA [77][78] - R&D spending is projected to be in the mid-30% range of net revenue due to ongoing Phase III trials [79] Conclusion - Neurocrine is navigating a complex regulatory environment while launching Crinesity, which shows promising early sales. The company is focused on educating physicians and patients, with a strong pipeline and strategic investments aimed at long-term growth and market leadership in the treatment of CAH and other conditions.

The Manitowoc Company (MTW) Q1 2025 Earnings Call May 07, 2025 11:00 AM ET Company Participants Ion Warner - Senior Vice President, Marketing & Investor RelationsAaron Ravenscroft - President and Chief Executive OfficerBrian Regan - Executive VP & CFOJerry Revich - Senior Investment Leader & Head of US Machinery, Infrastructure, Sustainable Tech franchise Conference Call Participants Steven Fisher - Managing Director & Equity Research Analyst Operator Good morning, and welcome to the Manitowoc Company First ...

Financial Data and Key Metrics Changes - The company generated $471 million in revenue, a decrease of 5% year over year, while adjusted EBITDA was $22 million, down 31% year over year [4][20] - Orders totaled $610 million, representing a 10% increase from the previous year, with a backlog of $798 million [19] - Non-new machine sales reached $161 million, up 11% year over year, contributing to a trailing twelve months total of $645 million [20][34] Business Line Data and Key Metrics Changes - The Americas drove higher order intake, while European tower crane orders increased by 68% year over year, indicating a potential market recovery [19] - Non-new machine sales have shown significant growth, with a 70% increase over the trailing twelve months [34] Market Data and Key Metrics Changes - In North America, orders through third-party dealer channels increased by 35% year over year, reflecting a healthy industry environment [12] - European mobile crane orders were lower year over year but showed sequential improvement, while tower crane orders surged nearly 70% year over year [13][14] - The Middle East experienced a slight decline in orders, but deal activity remains strong, particularly in Saudi Arabia and the UAE [14][15] Company Strategy and Development Direction - The company is focused on its "Cranes plus 50" strategy, aiming to enhance aftermarket services and reduce cyclicality [28][35] - Investments in new products and a rental fleet are being made to better serve customers and capitalize on market recovery [30] - The company is adapting to the global trade reset and is committed to maintaining competitiveness through strategic actions [27][35] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about demand in North America and Europe, citing low dealer inventory levels and strong customer engagement [12][13] - The company is modeling $60 million in incremental costs due to tariffs but has plans to mitigate 80% to 90% of these costs [6][26] - The overall sentiment is that the current economic environment is challenging, but the company is well-positioned for recovery [35] Other Important Information - The company has integrated AI into its improvement processes, resulting in significant labor savings and efficiency gains [11] - The company has doubled its number of field service technicians globally to nearly 500, enhancing its aftermarket presence [34] Q&A Session Summary Question: Can you unpack the mitigation to the tariff numbers shared? - Management indicated that mitigations include price increases, alternative sourcing, and vendor cooperation, emphasizing that the situation is expected to be short-term [38][39] Question: How much of the tariff cost impact is from China? - Management noted that the tariff impact is a mix of various factors, including steel and aluminum tariffs, and did not provide a clear breakdown [41] Question: What is driving the increased demand in Europe? - Management attributed the demand increase to low dealer inventory and overall economic recovery, though caution was expressed regarding specific regional conditions [43][44] Question: Are higher costs for raw materials factored into the tariff impact? - Yes, higher costs for raw materials such as steel and aluminum are included in the estimated tariff cost impact [51] Question: What is the current momentum in the U.S. non-residential construction markets? - Management noted strong utilization and ongoing large projects, but emphasized the need for clarity on specific end markets [53][54] Question: What are the drivers behind the growth in non-new machine sales? - Growth is broad-based, with strong performance in used machines and European tower crane business, supported by expanding service capabilities [56][57]

The Manitowoc Company (MTW) Q1 2025 Earnings Call May 07, 2025 11:00 AM ET Speaker0 Good morning, and welcome to the Manitowoc Company First Quarter twenty twenty five Earnings Conference Call. All participants will be in listen only mode. Please note this event is being recorded. I would now like to turn the conference over to Ion Warner. Please go ahead. Speaker1 Good morning, everyone, and welcome to our earnings call to review the company's first quarter twenty twenty five financial performance and busi ...

Summary of Custom Truck OneSource (CTOS) FY Conference Call Company Overview - **Company**: Custom Truck OneSource (CTOS) - **Industry**: Specialty equipment rental and sales, focusing on electric, utility transmission and distribution, communications, and rail markets in North America - **Business Model**: One-stop shop offering rental, sales, and aftermarket parts and services [1][2] Key Points and Arguments Rental Fleet Characteristics - **Fleet Size**: Over 10,000 units, with 70% focused on utility markets, 10% on rail and telecom, and the remainder on specialty vocational trucks [5][6] - **Asset Life**: Equipment has a useful life of 10 to 20 years, with an average rental duration of just over one year [7][8] - **Fleet Age**: The average age of the fleet is just over three years, which is considered a competitive advantage [9] Integrated Production Capabilities - **Production Model**: Custom Truck sources attachments and chassis directly from major suppliers, allowing for economies of scale and cost advantages [11][12] - **Customer Flexibility**: The company caters to customer needs through rentals, sales, and aftermarket services, enhancing customer retention [13][14] End Markets and Demand Trends - **Revenue Breakdown**: 55% from utility, just under 30% from infrastructure, and each rail and telecom contributing just under 5% [15][16] - **Market Drivers**: Strong demand for utility grid upgrades, infrastructure projects, and ongoing investments in rail and telecom, with a noted softness in telecom [17][19] Growth Opportunities - **Future Drivers**: Anticipated growth from utility grid upgrades, electrification, manufacturing onshoring, and data center investments [20][21] - **Q1 Performance**: Reported a 13% growth in the ERS segment, with improved rental fleet utilization at 78% [25] Tariff Impact and Procurement Strategy - **Tariff Resilience**: The company is well-positioned with a young rental fleet and significant pre-tariff inventory, minimizing the impact of potential tariffs [26][27] - **Supplier Relationships**: Strong relationships with suppliers have allowed for proactive procurement strategies to mitigate cost increases [28][30] Capital Allocation and Free Cash Flow - **Free Cash Flow Target**: Aiming for $50 million in levered free cash flow, with significant investments in the rental fleet projected between $375 million and $400 million [52][53] - **Debt Reduction Priority**: Focus on reducing net leverage to below three times by the end of 2026 [54][56] Backlog and Long-Term Growth - **Backlog Status**: Increased backlog by over $51 million in Q1, with a healthy range of four to six months on hand [60][62] - **Growth Projections**: Expected long-term growth rates in the high single digits to low double digits, with targeted gross profit margins of 15% to 18% for new sales [66][68] Customer Dynamics - **Demand from Customers**: Both larger and smaller customers are showing good demand, with smaller customers leaning towards rentals due to capital expense hesitancy [70][72] Additional Important Insights - **Greenfield Strategy**: The company is expanding its footprint with new locations and acquisitions, targeting areas with customer demand [45][49] - **Pricing Strategy**: Adjusted gross profit margins targeted at low to mid-seventy percent for rentals and mid-twenty percent for asset sales, with recent price increases reflecting market conditions [41][42][43] This summary encapsulates the key insights and strategic directions discussed during the Custom Truck OneSource FY Conference Call, highlighting the company's operational strengths, market dynamics, and future growth potential.

Custom Truck One Source 1st Quarter 2025 Investor Presentation CONFIDENTIAL DRAFT1 Safe Harbor This presentation includes certain financial measures that have not been prepared in a manner that complies with generally accepted accounting principles in the United States ("GAAP"), including, without limitation, Adjusted Gross Profit, Adjusted Gross Margin, EBITDA and Adjusted EBITDA (collectively, the "non-GAAP financial measures"). These non-GAAP financial measures may exclude items that are significant in u ...

Financial Data and Key Metrics Changes - The company reported revenue of $2.3 billion for the first quarter, a decrease of $231 million or 9% from the same quarter last year, primarily due to softer market conditions for access equipment in North America [19] - Adjusted operating income was $192 million, representing 8.3% of sales, down from the prior year due to lower sales volume and higher operating expenses [19] - Adjusted EPS was $1.92, in line with expectations of approximately $2 per share [19][20] - Free cash flow reflected a net use of cash of $435 million due to seasonal working capital needs [20] Business Line Data and Key Metrics Changes Access Segment - Adjusted operating margin was 11.3% despite lower sales, with a strong backlog of $1.8 billion [9] - The segment booked orders of $930 million with a book-to-bill ratio of 1.0, indicating stable demand [9] Vocational Segment - Achieved year-over-year revenue growth of 12% with a robust adjusted operating income margin of nearly 15% [11] - Backlog remains strong at $6.3 billion, providing excellent visibility for future revenue [12] Defense Segment - First quarter results reflected lower volume but progress on the production ramp-up for the NGDV program [15] - The company is on target to increase NGDV volume to full-rate production by year-end, which is expected to drive revenue growth in the latter half of 2025 [15] Market Data and Key Metrics Changes - The backlog for the Access segment remained stable at $1.8 billion, indicating healthy demand despite market challenges [9] - The vocational segment is benefiting from strong demand in refuse and recycling vehicle sales, supported by technological advancements [12][71] Company Strategy and Development Direction - The company is focused on mitigating tariff impacts through a broad U.S. production footprint and proactive supply chain management [6][7] - Continued investment in technology and innovation is emphasized, particularly in the vocational segment with advancements in electric fire trucks and telematics solutions [13][70] - The company maintains a strong balance sheet and is open to M&A opportunities, particularly in growth segments [60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underlying trajectory of operational performance across all segments, despite near-term volatility due to tariffs [6][22] - The company anticipates that the direct impact of tariffs could be about $1 per share, with efforts to mitigate this through cost actions [20][22] - Customer sentiment remains balanced, with healthy demand in various end markets, particularly in infrastructure projects [50][67] Other Important Information - The company is planning an Investor Day on June 5, 2025, to share future plans and insights from key leaders [4] - The defense business is undergoing a leadership transition, with a new segment leader expected to be announced later this year [18] Q&A Session Summary Question: How is the company addressing tariffs? - Management aims to minimize the impact of tariffs on customers, leveraging pricing power while focusing on targeted mitigation strategies [28][30] Question: What are the cost headwinds related to tariffs? - The most significant impacts are expected in the Access segment, with mitigation efforts being broad-based across the company [38][44] Question: How is the defense segment expected to perform? - The defense segment is projected to ramp up production, with expectations of strong revenue growth in the latter half of 2025 [40][41] Question: What is the outlook for the vocational segment? - The vocational segment is expected to maintain strong margins and continue benefiting from technological advancements and a robust backlog [69][70] Question: How is customer sentiment regarding tariffs? - Customers maintain a balanced view, with healthy demand reflected in the strong backlog for the Access segment [50][68]

Core Insights - Hiab's profitability improved in Q1 2025, achieving a record-high comparable operating profit margin of 16.0% driven by strong execution across all divisions [3][9][17] - The company reported stable order intake for the tenth consecutive quarter, with orders received totaling EUR 378 million, a 2% decrease compared to the previous year [9][16] - Hiab's outlook for 2025 remains unchanged, estimating a comparable operating profit margin above 12.0% [4][19] Financial Performance - Orders received: EUR 378 million, down 2% from EUR 386 million in Q1 2024 [8][9] - Sales: EUR 411 million, a slight decrease of 1% from EUR 415 million in Q1 2024 [8][9] - Comparable operating profit: EUR 66 million, up 7% from EUR 61 million in Q1 2024, with a margin of 16.0% [8][10][17] - Profit for the period: EUR 46 million, a 10% increase from EUR 42 million in Q1 2024 [10][9] Segment Performance - Equipment segment orders received: EUR 258 million, down 6% from EUR 275 million in Q1 2024 [20] - Services segment orders received: EUR 120 million, an increase of 8% from EUR 111 million in Q1 2024 [20] - Equipment sales: EUR 294 million, down 1% from EUR 297 million in Q1 2024 [20] - Services sales: EUR 118 million, unchanged from EUR 117 million in Q1 2024 [20] Cash Flow and Financial Position - Cash flow from operations before finance items and taxes: EUR 127 million, down 27% from EUR 174 million in Q1 2024 [13][18] - Net cash position at the end of the quarter: EUR 117 million, expected to strengthen after the sale of the MacGregor business area [18][9] - Interest-bearing net debt: -EUR 261 million, indicating a strong balance sheet [13] Strategic Outlook - Hiab aims to achieve its 2028 financial targets, with a 10-year average annual sales growth target of 7% [19] - The company continues to navigate market uncertainties due to elevated trade tensions while maintaining a focus on operational excellence and growth [19][16]