Sales exceeded €3 billion, aided by what management described as the execution of plans laid out the prior year. However, executives repeatedly emphasized foreign exchange as a meaningful drag. Schmitz quantified a €77 million currency effect on sales and said the order intake would have been €84.3 million higher if exchange rates had matched 2024 levels.Schmitz said order intake reached €3.2 billion, while the company’s order backlog (orders on hand) increased to €1.7 billion. He cautioned that backlog is ...

Key Takeaways DNOW stock fell 29% in a year, trading at 12.42x forward earnings.DNOW targets $70M synergies but margins fell, with 2025 EBITDA at 7.4%.ERP disruptions led to suspended guidance and ongoing execution risks.DNOW Inc. (DNOW) has sold off sharply, and the debate now is whether the pullback is a value entry or a warning sign. The company has a clear longer-cycle opportunity tied to integration synergies and a broader end-market mix. But near-term execution risk remains high.For investors, the set ...

Key Takeaways DNOW targets $23M first-year synergies, aiming for $70M by year three.Midstream, gas utilities and data centers drive 2026 growth diversification.ERP disruptions risk delaying margin recovery toward 7-8% in late 2026.DNOW Inc. (DNOW) is emerging from its MRC Global combination with a larger footprint and a broader mix of end markets that tend to be less cyclical than pure upstream exposure. The setup for 2026 is centered on diversification, synergy capture and a recovery in activity in the sec ...

Core Insights - All three major U.S. stock indices closed down over 1%, driven by investor concerns about persistent inflation and the Federal Reserve's decision to keep rates unchanged amid rising Middle East tensions and surging oil prices [1] - The February Producer Price Index (PPI) indicated that wholesale price increases are harder to control than anticipated, disappointing expectations for a smooth economic recovery [1] Dividend Growth Stocks - The appeal of high-beta growth stocks is diminishing, leading investors to favor steady dividend-growth stocks, which have a proven track record of increasing payouts and demonstrate balance sheet resilience [2] - Stocks with a strong history of year-over-year dividend growth can enhance portfolio resilience and offer greater potential for capital appreciation compared to simple dividend-paying or high-yield stocks [3] - Selected dividend growth stocks include Flowserve (FLS), Analog Devices (ADI), Broadcom (AVGO), NVIDIA (NVDA), and TIM S.A. (TIMB), which are considered solid choices for investment [3] Advantages of Dividend Growth - Stocks with a strong history of dividend growth belong to mature companies, providing a hedge against economic or political uncertainty and stock market volatility [4] - These stocks exhibit strong fundamentals, including sustainable business models, profitability, rising cash flows, solid liquidity, strong balance sheets, and attractive valuations [5] - Although these stocks may not have the highest yields, they have historically outperformed the broader market and other dividend-paying stocks [6] Selection Criteria for Stocks - Criteria for selecting dividend-growth stocks include: - 5-Year Historical Dividend Growth Greater Than Zero [7] - 5-Year Historical Sales Growth Greater Than Zero [7] - 5-Year Historical EPS Growth Greater Than Zero [7] - Next 3-5 Year EPS Growth Rate Greater Than Zero [7] - Price/Cash Flow Less Than Industry Median [8] - 52-Week Price Change Greater Than S&P 500 [8] Specific Stock Insights - Flowserve (FLS): Expected 2026 revenue growth of 6.3%, long-term earnings growth rate of 11%, and annual dividend yield of 1.13% [11] - Analog Devices (ADI): Anticipated 2026 revenue growth of 25.1%, long-term earnings growth rate of 19.4%, and annual dividend yield of 1.43% [13] - Broadcom (AVGO): Projected 2026 revenue growth of 58%, long-term earnings growth rate of 48.6%, and annual dividend yield of 0.82% [14] - NVIDIA (NVDA): Expected 2027 revenue growth of 60%, long-term earnings growth rate of 39.1%, and annual dividend yield of 0.02% [15] - TIM S.A. (TIMB): Forecasted 2026 revenue growth of 11.8%, long-term earnings growth rate of 20.8%, and annual dividend yield of 5.37% [16]

Core Viewpoint - Investors are increasingly seeking growth stocks that demonstrate above-average growth potential, particularly in the financial sector, to achieve exceptional returns, although identifying such stocks can be challenging due to inherent risks and volatility [1] Group 1: Company Overview - Flowserve is identified as a recommended growth stock due to its favorable Growth Score and top Zacks Rank, indicating strong growth prospects [2][10] Group 2: Earnings Growth - Flowserve has a historical EPS growth rate of 24.2%, with projected EPS growth of 12.9% for the current year, surpassing the industry average of 10.5% [5] Group 3: Cash Flow Growth - The company exhibits a year-over-year cash flow growth of 31.6%, significantly higher than the industry average of 4.5%, and has an annualized cash flow growth rate of 11.7% over the past 3-5 years compared to the industry average of 9.9% [6][7] Group 4: Earnings Estimate Revisions - There has been a positive trend in earnings estimate revisions for Flowserve, with the Zacks Consensus Estimate for the current year increasing by 0.3% over the past month, indicating potential for near-term stock price movements [8]

David Anderson, vice president, chief financial officer, and president of Air and Liquid Systems Corporation, said 2025 was a “record-breaking year” for the Air and Liquid segment, with new highs in revenue and adjusted EBITDA.On a consolidated basis, Ampco-Pittsburgh reported adjusted EBITDA of $3.2 million for the fourth quarter, down from $6.0 million in the prior-year quarter. McBrayer attributed the expected decline to a pause in customer orders in the Forged and Cast Engineered Products segment follow ...

Financial Data and Key Metrics Changes - Consolidated adjusted EBITDA for Q4 2025 was $3.2 million, down from $6 million in the prior year, primarily due to a pause in customer orders in the forged and cast segment after new global tariffs were announced [4] - Full year consolidated adjusted EBITDA was $29.2 million, an increase of $1.1 million compared to the prior year, marking the third consecutive year of growth [21] - Net sales for Q4 2025 were $108.8 million, an increase of $7.8 million compared to Q4 2024, while full year net sales were $434.2 million, up $3.8 million from the previous year [20] Business Line Data and Key Metrics Changes - The Air and Liquid Processing segment achieved record revenue and adjusted EBITDA in 2025, with Q4 revenue up 10% year-over-year and full year revenue up 7% [6] - The Forged and Cast Engineered Products (FCEP) division reported Q4 net sales of $70.9 million, compared to $66.5 million in Q4 2024, and full year sales of $292.6 million, stable compared to $286.6 million in the prior year [12] Market Data and Key Metrics Changes - Backlog for the Air and Liquid segment declined by $8 million year-over-year, primarily due to the U.S. Navy's termination of the Constellation-class frigate program [7] - Significant order activity was noted at the start of 2026, with bookings up 73% compared to the prior year [7] Company Strategy and Development Direction - The company initiated the removal of underperforming assets to improve adjusted EBITDA by $7-$8 million annually [4] - The focus for FCEP is on optimizing the Sweden facility and ramping up production, with expectations for a 20% increase in production levels by Q3 2026 [14][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about improved profitability as the company emerges from the steel market slowdown, anticipating better results in 2026 [50] - The nuclear market continues to show strong activity, with expectations for growth in demand for heat exchangers and other products [10][46] Other Important Information - The company recorded significant one-time charges related to the exit from unprofitable operations, including a $42.4 million deconsolidation charge in Q4 [18] - The pension plan achieved fully funded status in early 2026, which is expected to positively impact the company's financial position [22] Q&A Session Summary Question: Insights on Air and Liquid Processing margins - Management indicated that the full year margins are more representative of typical performance, with Q4 being affected by an unusual mix of orders [28] Question: Changes in customer behavior regarding forged and cast rolls - Management explained that customer behavior was impacted by uncertainty around tariffs, but demand is now recovering as pricing stabilizes [31][32] Question: Involvement with Westinghouse's AP1000 reactors - Management confirmed past supply to Westinghouse and noted ongoing activity in the nuclear market, which is expected to ramp up [43][46]

Bank of America Global Industrials Conference 2026 Safe Harbor This presentation contains "forward - looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995 . In addition, the accompanying conference call may include, and officers and representatives of ITT may from time to time make and discuss, projections, goals, assumptions, and statements that constitute "forward - looking statements" . These forward - looking statem ...

Group 1: Company Performance - DNOW Inc. reported revenue of $959 million for Q4, up from $571 million in the same period last year, indicating strong growth [1] - The company achieved revenue of $2.8 billion for the full year 2025, with an adjusted EBITDA margin of 7.4% [1] - DNOW has experienced five consecutive years of revenue growth, excluding MRC Global results, and set a new record for adjusted EBITDA [1] Group 2: Strategic Initiatives - The merger with MRC Global is expected to provide growth opportunities and strategically position DNOW for long-term success [2] - Management highlighted a strong start to integration efforts and early progress in synergy realization initiatives, which are anticipated to create meaningful value over time [2] - There are near-term challenges due to the ERP transition related to MRC Global's U.S. operations, leading to a delay in full-year guidance [2] Group 3: Industry Position - DNOW operates in the distribution segment, offering a wide range of products including pipes, valves, fittings, pumps, and specialized MRO supplies [3] - The company supports various industrial operations, including energy, utilities, manufacturing, and data centers, through integrated supply chain management and technical services [3]

Core Viewpoint - Investors are increasingly seeking growth stocks that demonstrate above-average growth potential, particularly in the financial sector, to achieve exceptional returns, although identifying such stocks can be challenging due to their inherent risks and volatility [1]. Group 1: Company Overview - Flowserve (FLS) is currently highlighted as a recommended growth stock by the Zacks Growth Style Score system, which evaluates a company's genuine growth prospects beyond traditional metrics [2]. - Flowserve has a favorable Growth Score and holds a top Zacks Rank, indicating strong potential for performance [2][10]. Group 2: Earnings Growth - The historical earnings per share (EPS) growth rate for Flowserve stands at 24.2%, with projected EPS growth of 12.9% for the current year, surpassing the industry average of 10.1% [5][4]. Group 3: Cash Flow Growth - Flowserve's year-over-year cash flow growth is reported at 31.6%, significantly higher than the industry average of 3.9%, indicating robust financial health and expansion capability [6]. - The company's annualized cash flow growth rate over the past 3-5 years is 11.7%, compared to the industry average of 9.9%, showcasing consistent performance [7]. Group 4: Earnings Estimate Revisions - The current-year earnings estimates for Flowserve have been revised upward, with the Zacks Consensus Estimate increasing by 4.4% over the past month, reflecting positive market sentiment [9][10].