Have you ever wondered how much of Formula 1 cars worth. Well, here's the crazy part. You can't even buy one as the teams don't sell them.But we do know what they cost to build. The engine alone around $10 million. The carbon fiber chassis, another million.The steering wheel 50,000. Then you've got the aero package, the wings, the floor and diffuser, easily add another million. The gearbox comes in at around 600K. The suspension at 200k.And the electronics and sensors, that's another 100K. And this is all b ...

Code and Theory honored for redefining customer experiences through creativity, technology and AI-driven innovationNEW YORK, Dec. 9, 2025 /PRNewswire/ -- Code and Theory, the industry-leading creative and technology network within Stagwell (NASDAQ: STGW), has been named Adweek's first-ever Innovation Agency of the Year.At a time when the business landscape is undergoing its most profound transformation since the dawn of the internet, Code and Theory's recognition reflects a fundamental shift in what busine ...

Core Insights - The Meridian Small Cap Growth Fund reported a strong performance in Q3 2025, driven by gains in technology and falling bond yields, with U.S. small caps outperforming large caps [1] - The fund returned 4.20% (net) in Q3 2025, underperforming the Russell 2000 Growth Index, which returned 12.19% [1] Fund Performance - U.S. small caps gained 12.4% in Q3 2025, while large caps returned 5.3% [1] - Among small caps, value stocks returned 12.6%, slightly outperforming growth stocks at 12.2% [1] Company Focus: Kirby Corporation - Kirby Corporation (NYSE:KEX) is highlighted as a significant holding, being the largest inland marine transportation provider in the U.S. [3] - Kirby's one-month return was 6.77%, but it experienced a 6.26% decline over the last 52 weeks, closing at $113.44 per share with a market capitalization of $6.33 billion [2][3] Investment Rationale for Kirby Corporation - The company has a strong track record of profitability and consistent free cash flow, with a transportation network more than twice the size of its nearest competitor [3] - Despite recent challenges due to softened barge utilization and pricing pressures, the fund remains confident in Kirby's supply-demand dynamics and growth potential, leading to an increase in their position during the period [3] Hedge Fund Interest - Kirby Corporation was held by 46 hedge fund portfolios at the end of Q3 2025, an increase from 40 in the previous quarter [4] - While Kirby is recognized for its potential, the analysis suggests that certain AI stocks may offer greater upside potential with less downside risk [4]

技术创新与研发 - 一项新的发动机技术，将四冲程发动机改进为六冲程发动机，旨在提高效率和性能[1] - 该技术旨在解决传统发动机效率低下的问题，传统发动机的效率通常在 26% 到 30% 之间[1] - 2013年至2024年间，通过路边工程不断改进发动机设计[1] 性能指标 - 早期原型机的测试结果为每升 337 公里[1] - 最近的测试结果显示，每升超过 176 公里，但预计实际性能可能在每升 200 到 250 公里之间[1] - 现有发动机技术在能量利用方面效率低下，只有 25% 到 30% 的能量被利用[2] 研发历程 - 过去 20 年的旅程包括早期的机械工程理念和在加拿大的发现[1] - 由于缺乏资源和支持，在原型设计和测试方面面临挑战[1] - 与工程学院合作开发原型，并在 2011 年展示了第一个原型[1] 财务状况 - 目前已获得约 220 万卢比的投资，但仍有约 100 万卢比的缺口[1] 行业影响 - 新技术可能会取代旧的发动机技术，从而可能导致行业转型[2] - 该技术旨在通过更有效地利用能源来减少对环境的影响[1][2] - 该技术旨在通过更有效地利用能源来减少对环境的影响[1][2]

Summary of Earnings Outlook for Auto Parts and Tire Sectors Industry Overview - The report focuses on the **Auto Parts** and **Tire** sectors, particularly in relation to Japanese OEMs and their operations in China and overseas markets [1][5]. Key Points on Auto Parts Sector - **Earnings Outlook**: Earnings for auto parts companies are expected to be mixed for April to June, with some companies benefiting from Toyota Motor's solid production while others face risks from weak sales to Japanese OEMs in China and low production volumes in Europe and the US [1][5]. - **Tariff Impact**: Many auto parts companies have not included the impact of tariffs in their earnings guidance, raising the risk of downward revisions to their full-year plans depending on how tariffs affect their operations [1][5]. - **Company Performance**: - Denso and Koito Manufacturing have not factored tariffs into their full-year guidance, necessitating close monitoring of their performance [5]. - Aisin and Nifco are preferred in relative terms, with expected operating profits of ¥40.2 billion and ¥13.0 billion respectively for the first quarter [5]. Key Points on Tire Sector - **Price Hikes**: Tire companies, particularly those with high import ratios to the US like Sumitomo Rubber Industries and Hankook Tire, have announced price hikes due to tariffs. However, companies with significant local production in the US, such as Bridgestone and Goodyear, have been hesitant to follow suit [5]. - **Earnings Risks**: If the penetration of US price hikes remains insufficient, there is a heightened risk of earnings misses, especially for Sumitomo Rubber Industries due to its high import ratio [5]. Financial Data and Forecasts - **Company Ratings and Price Targets**: - Toyota Industries (¥4,912.8 billion) - Price Target: ¥16,300 - Denso (¥5,495.2 billion) - Price Target: ¥2,300 - Aisin (¥1,382.7 billion) - Price Target: ¥2,200 - Bridgestone (¥3,667.1 billion) - Price Target: ¥6,400 [3]. - **Quarterly Earnings Forecasts**: - Toyota Boshoku: Revenue expected to be ¥1,025.8 billion in Q1 [7]. - Denso: Revenue expected to be ¥1,753.8 billion in Q1 [7]. - Aisin: Revenue expected to be ¥1,184.1 billion in Q1 [7]. Additional Insights - **Market Dynamics**: The report highlights the importance of monitoring the impact of tariffs and price adjustments on earnings, as well as the varying performance across different companies within the auto parts and tire sectors [1][5]. - **Analyst Recommendations**: The report suggests a cautious approach to investments in the auto parts sector due to the mixed earnings outlook and potential tariff impacts, while also identifying specific companies that may perform better than others [5].

Financial Data and Key Metrics Changes - Q1 2025 revenue reached a record high, increasing by 6% year over year, with an EBITDA margin of 28.8% and an operating margin of 25.3%, up 500 basis points year over year [5][12][14] - Free cash flow was positive at $134 million, marking a record for the first quarter, with a 25% increase in dividends and $125 million in share buybacks [6][14][16] - Earnings per share (EPS) was $0.86, reflecting a 51% increase year over year [12][14] Business Line Data and Key Metrics Changes - **Engines Segment**: Revenue increased by 13% year over year to $996 million, with EBITDA up 31% to $325 million and an EBITDA margin of 32.6% [17] - **Fastening Systems**: Revenue grew by 6% year over year to $412 million, with EBITDA increasing by 38% to $127 million and an EBITDA margin of 30.8% [18][19] - **Engineered Structures**: Revenue rose by 8% year over year to $282 million, with EBITDA up 62% to $60 million and an EBITDA margin of 21.3% [20] - **Forged Wheels**: Revenue decreased by 13% year over year but increased by 4% sequentially, with an EBITDA margin of 27% [21] Market Data and Key Metrics Changes - **Commercial Aerospace**: Revenue increased by 9% year over year, driven by demand for engine spares and a record backlog for new aircraft [10] - **Defense Aerospace**: Grew by 19% year over year, supported by demand for engine spares and new builds [10] - **Commercial Transportation**: Revenue declined by 14% year over year, although it showed a 2% sequential increase [10] - **Industrial and Other Markets**: Revenue increased by 10%, with oil and gas up 21% and IGT up 12% [11] Company Strategy and Development Direction - The company is focused on continued investments for growth, particularly in engine markets and capacity expansions in major regions [9][28] - There is a commitment to managing energy consumption and environmental impacts, with a target of reducing greenhouse gas emissions [22] - The company aims to strengthen its balance sheet and maintain a fortress-like financial position amid market uncertainties [40][84] Management's Comments on Operating Environment and Future Outlook - Management noted that while air traffic growth is slower, there is resilience in customer demand due to underbuilding of aircraft in recent years [24][26] - The outlook for commercial truck builds is uncertain due to North American economic conditions and tariff impacts [29] - The company expects revenue guidance for Q2 2025 to be around $1.99 billion, with EBITDA of $560 million and EPS of $0.86 [31][32] Other Important Information - The company received a credit rating upgrade from Fitch from BBB to BBB+, reflecting improved financial leverage and strong cash generation [14] - The company has a remaining authorization for share repurchases of approximately $2 billion as of April 2025 [16] Q&A Session Summary Question: Impact of air traffic growth on structures and fasteners - Management indicated that overall demand for travel is important for future investment and volume assumptions, but the backlog in aircraft manufacturing provides some protection [35][36] Question: Progress on upgraded turbine airfoils and certification timing - Production is on track, with certification for the LEAP-1B expected by the end of the calendar year [43][44] Question: Margin improvements in fastening systems and engineered structures - Improvements are attributed to enhanced process control and operational efficiencies, with expectations for sustainability [50][51] Question: Update on production rates for the 737 and widebody aircraft - Production rates for the 737 have been increased, while widebody production has faced delays but demand remains strong [57][58] Question: Tariff impacts and mitigation strategies - The gross impact of tariffs is estimated at $80 million, with a net impact of less than $15 million after mitigation efforts [88][92]