Financial Data and Key Metrics Changes - The company reported earnings per share (EPS) of $4.93 for the full year, consistent with expectations, and a fourth-quarter EPS of $1.12, which is $0.35 higher than the previous year [10][12] - Total net sales for Q4 were $1.3 billion, a 6% year-over-year increase, while full-year net sales grew 6% to $5.4 billion [12][13] - The operating margin for Q4 was 9.3%, up 150 basis points from the prior year, and the full-year operating margin was 10.4%, down 90 basis points from 2024 [12][13] - Free cash flow for the full year improved by 71% to $325 million, representing a cash conversion rate of 147% [14] Business Line Data and Key Metrics Changes - Environmental Solutions segment sales grew 14.1% year-over-year in Q4, with full-year sales increasing 12.7% [15][16] - Materials Processing (MP) segment sales for Q4 were $428 million, down 2.5% year-over-year, but increased by 2.8% on a like-for-like basis when excluding divested businesses [17] - Aerials segment sales grew 6.9% year-over-year in Q4, with operating margins of 2.6%, which is 200 basis points better than the prior year [18] Market Data and Key Metrics Changes - The company serves a diverse addressable market with stable growth profiles, particularly in utilities, waste, and recycling sectors, with municipalities spending $200 billion annually on capital equipment [9] - Utilities are expected to see strong growth from 2026 onward, with industry forecasts predicting 8%-15% annual CapEx growth through 2030 [9] Company Strategy and Development Direction - The merger with REV Group is seen as a defining milestone, creating a leading specialty equipment manufacturer with significant synergies expected [4][5] - The company aims to achieve $75 million in run-rate synergies within two years from the merger, with $37.5 million expected within the next 12 months [6] - A strategic review of the Aerials business is ongoing, with strong inbound interest from potential buyers [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate macroeconomic challenges and highlighted positive momentum across most segments for 2026 [10][20] - The outlook for 2026 includes expected sales growth of approximately 5% on a pro forma basis, with EBITDA projected to grow by about $100 million [20][21] - The effective tax rate is anticipated to rise to 21% due to higher USD income, and EPS is expected to be between $4.50 and $5 for 2026 [21] Other Important Information - The company plans to invest over $118 million in capital expenditures to fuel organic growth, focusing on automation and efficiency improvements [24] - The company returned $98 million to shareholders through dividends and share buybacks in the previous year [24] Q&A Session Summary Question: What is the pricing outlook for the MP segment? - Management indicated that pricing improvements are expected to continue flowing through the P&L, with a progressive step-up in margin profile anticipated throughout 2026 [27][28] Question: How will tariffs impact the Aerials segment? - Management expects flat revenue and margin profiles for Aerials in 2026, with tariff impacts being more pronounced compared to 2025 [29][30] Question: What is the plan for the REV integration? - The focus is on maintaining throughput and operational momentum, with strong bookings and a two-year backlog in the specialty vehicle segment [38][39] Question: How is the Environmental Solutions segment performing? - The segment is expected to see mid-single-digit growth, with utilities driving demand, while ESG is anticipated to remain flat [96][97] Question: What is the capacity expansion plan for Environmental Solutions? - The company is expanding capacity in the utilities business by 20%-30% over the next two years, with some capacity coming online in 2026 [86][88]

Core Viewpoint - Terex Corporation has successfully sold its Midwest Automotive Designs business to Alliance RV, LLC, following its recent merger with REV Group, indicating a strategic move to streamline operations and focus on core competencies [1]. Group 1: Company Overview - Terex Corporation is a global leader in specialized equipment solutions, serving essential sectors such as emergency services, waste and recycling, utilities, and construction [1]. - The company has a diversified portfolio that positions it in resilient, high-demand markets with strong long-term growth potential [1]. - Terex designs and manufactures advanced specialty vehicles, including fire, ambulance, and recreational vehicles, as well as waste collection vehicles and materials processing machinery [1]. Group 2: Strategic Focus - The company aims to exceed customer expectations, invest in innovation, leverage its diversified portfolio, and deliver consistent, profitable growth for shareholders [1]. - Terex combines a strong manufacturing footprint in the United States with operations across Europe, India, and Asia Pacific, allowing it to capture global opportunities [1].

分组1 - Winnebago Industries reported quarterly earnings of $0.38 per share, exceeding the Zacks Consensus Estimate of $0.12 per share, and compared to a loss of $0.03 per share a year ago, representing an earnings surprise of +216.67% [1] - The company posted revenues of $702.7 million for the quarter ended November 2025, surpassing the Zacks Consensus Estimate by 11.32%, and compared to year-ago revenues of $625.6 million [2] - Winnebago has surpassed consensus EPS estimates three times over the last four quarters, indicating a positive trend in earnings performance [2] 分组2 - The stock has underperformed the market, losing about 15.6% since the beginning of the year, while the S&P 500 gained 15.2% [3] - The current consensus EPS estimate for the coming quarter is $0.34 on revenues of $628.01 million, and for the current fiscal year, it is $2.38 on revenues of $2.85 billion [7] - The Zacks Industry Rank for Building Products - Mobile Homes and RV Builders is in the top 42% of over 250 Zacks industries, suggesting a favorable industry outlook [8]

Core Viewpoint - THOR Industries, Inc. has announced a regular quarterly cash dividend of $0.52 per share, which will be payable on January 19, 2026, to shareholders of record as of January 5, 2026 [1] Company Overview - THOR Industries is the sole owner of operating subsidiaries that collectively represent the world's largest manufacturer of recreational vehicles [2]

Core Insights - Thor Industries reported $2.39 billion in revenue for the quarter ended October 2025, marking an 11.5% year-over-year increase and a 12.9% surprise over the Zacks Consensus Estimate of $2.12 billion [1] - The EPS for the same period was $0.41, significantly up from $0.26 a year ago, resulting in a surprise of 472.73% compared to the consensus estimate of -$0.11 [1] Revenue and Earnings Performance - The reported revenue of $2.39 billion represents a strong performance compared to Wall Street expectations, indicating robust financial health [1][2] - Year-over-year comparisons of key metrics are essential for investors to gauge the company's financial trajectory and stock price performance [2] Unit Shipments and Sales Metrics - Unit shipments for recreational vehicles in Europe were 8,723, exceeding the average estimate of 8,095 [4] - North American Towable unit shipments were 25,807, below the estimated 29,009 [4] - Total unit shipments were 39,480, slightly below the average estimate of 40,976 [4] - North American Motorized unit shipments were 4,950, surpassing the average estimate of 3,872 [4] Net Sales Analysis - Net sales for recreational vehicles in Europe reached $655.48 million, exceeding the average estimate of $591.25 million, reflecting an 8.4% year-over-year increase [4] - Total North American recreational vehicle net sales were $1.56 billion, significantly above the estimated $1.14 billion, with an 11% year-over-year change [4] - North American Towable net sales were $897.09 million, slightly above the average estimate of $876.12 million, but showing a minor decline of 0.2% year-over-year [4] - North American Motorized net sales were $661.1 million, exceeding the average estimate of $510.31 million, with a notable increase of 30.9% year-over-year [4] - Total net sales for recreational vehicles were $2.21 billion, surpassing the estimated $1.99 billion, reflecting a 10.2% year-over-year increase [4] - Intercompany eliminations showed a net sales figure of -$83.6 million, worse than the average estimate of -$63.32 million, but representing a 40.2% year-over-year change [4] - Other net sales reached $259.06 million, exceeding the average estimate of $204.93 million, with a year-over-year increase of 33.9% [4]

Core Viewpoint - Thor Industries reported quarterly earnings of $0.41 per share, significantly exceeding the Zacks Consensus Estimate of a loss of $0.11 per share, and showing an increase from $0.26 per share a year ago, resulting in an earnings surprise of +472.73% [1] - The company posted revenues of $2.39 billion for the quarter ended October 2025, surpassing the Zacks Consensus Estimate by 12.90% and increasing from $2.14 billion year-over-year [2] Financial Performance - Over the last four quarters, Thor Industries has surpassed consensus EPS estimates three times and topped revenue estimates four times [2] - The current consensus EPS estimate for the upcoming quarter is $0.06 on revenues of $2.02 billion, and for the current fiscal year, it is $4.03 on revenues of $9.48 billion [7] Stock Performance and Outlook - Thor Industries shares have increased by approximately 15.2% since the beginning of the year, compared to the S&P 500's gain of 16.1% [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating expectations of underperformance in the near future due to unfavorable estimate revisions prior to the earnings release [6] Industry Context - The Building Products - Mobile Homes and RV Builders industry, to which Thor Industries belongs, is currently ranked in the top 41% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8] - Winnebago Industries, another company in the same industry, is expected to report quarterly earnings of $0.12 per share, reflecting a year-over-year change of +500% [9]

Core Viewpoint - Rayonier reported quarterly earnings of $0.32 per share, exceeding the Zacks Consensus Estimate of $0.23 per share, and showing a significant increase from $0.12 per share a year ago, representing an earnings surprise of +39.13% [1][2] Financial Performance - The company achieved revenues of $177.5 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 8.67%, although this is a decline from year-ago revenues of $195 million [2] - Over the last four quarters, Rayonier has surpassed consensus EPS estimates three times and topped consensus revenue estimates three times as well [2] Stock Performance and Outlook - Rayonier shares have declined approximately 16.5% since the beginning of the year, contrasting with the S&P 500's gain of 15.1% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] Estimate Revisions and Rankings - Prior to the earnings release, the estimate revisions trend for Rayonier was unfavorable, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] - The current consensus EPS estimate for the upcoming quarter is $0.13 on revenues of $129.67 million, and for the current fiscal year, it is $0.38 on revenues of $482.27 million [7] Industry Context - The Building Products - Wood industry, to which Rayonier belongs, is currently ranked in the bottom 5% of over 250 Zacks industries, suggesting that the industry outlook could significantly impact the stock's performance [8]

Core Viewpoint - Terex Corporation and REV Group have entered into a definitive merger agreement to create a leading specialty equipment manufacturer, enhancing their market position and operational capabilities [1][2][4]. Strategic Rationale and Transaction Benefits - The merger will form a diversified leader in emergency, waste, utilities, environmental, and materials processing equipment, characterized by low cyclicality and resilient demand [2][6]. - The combined organization is expected to unlock significant synergies totaling $75 million in run-rate value by 2028, with approximately 50% of these synergies achieved within 12 months post-closing [3][7][16]. - Terex plans to exit its Aerials segment, further reducing exposure to cyclical markets and enhancing the overall growth profile of the combined company [3][10][16]. Financial Overview - The combined company is projected to have approximately $7.8 billion in net sales and an Adjusted EBITDA margin of around 11% as of year-end 2025, excluding synergies [10]. - The merger implies a total enterprise value of approximately $9 billion, with a net debt to trailing twelve-month pro forma Adjusted EBITDA ratio of about 2.5x, including the anticipated synergies [10][9]. - Excluding the Aerials segment and including the $75 million of synergies, the pro forma Adjusted EBITDA margin is estimated to be approximately 14% for 2025 [10]. Corporate Governance - Post-merger, the board of the combined company will consist of 12 directors, with 7 from Terex and 5 from REV Group [11]. Timing & Approvals - The transaction is expected to close in the first half of 2026, pending shareholder approval and regulatory clearance [12].