Nasdaq (NasdaqGS:NDAQ) Q3 2025 Earnings Call October 21, 2025 08:00 AM ET Company ParticipantsOwen Lau - Managing DirectorAto Garrett - SVP and Head of Investor Relations OfficerAdena Friedman - Chair and CEOSarah Youngwood - CFOAlex Blostein - Managing DirectorBrian Bedell - DirectorDan Fannon - Managing DirectorConference Call ParticipantsAshish Sabadra - AnalystBenjamin Budish - Equity Research AnalystMichael Cyprys - Managing Director and Equity Research AnalystEli Abboud - AnalystJeff Schmitt - Analyst ...

Financial Data and Key Metrics Changes - Sales for the third quarter were $6.1 billion, with a 3% core revenue growth year-over-year [7] - Gross profit margin was 58.2%, and adjusted operating profit margin increased by 40 basis points to 27.9% year-over-year [8] - Adjusted diluted net earnings per share were $1.89, reflecting a 10% increase year-over-year [8] - Free cash flow generated in the quarter was $1.4 billion, with a year-to-date free cash flow to net income conversion ratio of 146% [9] Business Line Data and Key Metrics Changes - Core revenue in the biotechnology segment increased by 6.5% [12] - Core revenue in bioprocessing grew high single digits, driven by strong demand for consumables, while equipment revenue declined in the high teens year-over-year [13] - Core revenue in life sciences decreased by 1%, with consumables facing declines due to lower demand from major customers [16] - Core revenue in diagnostics increased by 3.5%, with significant growth in clinical diagnostics outside of China [18] Market Data and Key Metrics Changes - Core revenues in developed markets were up mid-single digits, while high growth markets saw low single-digit growth, primarily affected by a decline in China [7][8] - The biotechnology and life sciences businesses in China experienced declines due to volume-based procurement and reimbursement policy changes [8] Company Strategy and Development Direction - The company is focused on leveraging the Danaher Business System to drive productivity gains and mitigate geopolitical pressures [6] - Continued investment in innovation, particularly in digital and artificial intelligence initiatives, is a priority to strengthen long-term competitive positioning [6] - The long-term outlook for the biologics market remains healthy, with expectations of strong demand growth for monoclonal antibodies [15] Management's Comments on Operating Environment and Future Outlook - Management noted a modest recovery in pharma R&D spending, although it remains below historical levels [5] - The company expects cautious equipment spending through the remainder of the year due to uncertainties in the policy environment [14] - For 2026, the company anticipates core revenue growth in the range of 3% to 6%, assuming modest recovery across end markets [20][21] Other Important Information - The company deployed approximately $2 billion for share repurchases and announced a new program to buy up to 35 million additional shares [9] - Several new product launches were highlighted, including advancements in bioprocessing and diagnostics [10][12] Q&A Session Summary Question: What are the expectations for fiscal year 2026? - Management indicated a range of 3% to 6% core revenue growth, with a focus on modest recovery in end markets [28][34] Question: What factors could influence the 3% versus 6% growth? - The company highlighted the need for improved market conditions and clarity in investment decisions from customers [34][35] Question: How is the company addressing the challenges in the diagnostics segment, particularly in China? - Management acknowledged a conservative view on the diagnostics business in China, expecting manageable headwinds [43][44] Question: What is the outlook for the biotechnology segment? - The company expects high single-digit growth in bioprocessing, driven by strong demand for monoclonal antibodies [48][49] Question: How does the company view capital deployment between M&A and share repurchases? - There is a strong bias towards M&A, but the company remains open to share buybacks at current levels [94]

Nasdaq (NasdaqGS:NDAQ) Q3 2025 Earnings Call October 21, 2025 08:00 AM ET Speaker1Good day and thank you for standing by. Welcome to Nasdaq Third Quarter 2025 Results Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press *11 on your telephone. You will then hear an automated message advising your hand is raised. To rejoin your question, please press ...

Financial Data and Key Metrics Changes - Sales for the third quarter were $6.1 billion, with a core revenue growth of 3% year over year [9] - Adjusted diluted net earnings per share were $1.89, reflecting a 10% increase year over year [10] - Free cash flow generated in the quarter was $1.4 billion, with a year-to-date free cash flow to net income conversion ratio of 146% [10] Business Line Data and Key Metrics Changes - Core revenue in the biotechnology segment increased by 6.5%, while core revenue in life sciences decreased by 1% [14][18] - Core revenue in diagnostics increased by 3.5%, with clinical diagnostics showing low single-digit growth outside of China [20] - Bioprocessing core revenue grew in high single digits, driven by strong demand for consumables [15] Market Data and Key Metrics Changes - Core revenues in developed markets were up mid-single digits, while high growth markets saw low single-digit growth, with a mid-single-digit decline in China [9] - Demand from academic and government customers remained soft but stable, impacting life sciences consumables [19] Company Strategy and Development Direction - The company is focused on leveraging the Danaher Business System to drive productivity gains and invest in innovation, particularly in digital and AI initiatives [7][25] - The long-term outlook for the biologics market remains strong, driven by increasing global production of biological medicines [17] - The company is maintaining a strong bias towards M&A while also considering share repurchases as a capital allocation strategy [93] Management's Comments on Operating Environment and Future Outlook - Management noted a modest recovery in pharma R&D spending, although it remains below historical levels [6] - For 2026, the company expects core revenue growth in the range of 3% to 6%, assuming modest recovery across end markets [23] - The company anticipates respiratory revenue at Cepheid to be approximately $1.7 billion in 2026, consistent with expectations for 2025 [24] Other Important Information - The company deployed approximately $2 billion towards share repurchases in the quarter and has authorized an additional buyback program for up to 35 million shares [10] - New product launches in biotechnology and diagnostics are expected to enhance competitive positioning and support customer needs [11][13] Q&A Session Summary Question: Insights on fiscal year 2026 guidance - Management provided context on the 3% to 6% growth range, indicating that a modest recovery in end markets is expected, with bioprocessing growth trends remaining strong [31][35] Question: Concerns regarding China diagnostics and VBP - Management indicated that they are managing headwinds from VBP and expect a modest impact of $75 to $100 million for the next year [44] Question: Equipment recovery in biotechnology - Management noted that while there is increased activity and discussions with pharma customers, actual orders have not yet materialized, leading to a cautious outlook for equipment spending [55] Question: Clarification on diagnostics growth expectations - Management expects mid-single-digit growth for Beckman outside of China and anticipates continued growth in Cepheid's non-respiratory business [57][58] Question: Impact of recent policy changes on capital investment - Management observed increased confidence among pharma executives regarding capital investments due to stabilizing tariffs and workable solutions for policy discussions [76]

Nasdaq (NasdaqGS:NDAQ) Q3 2025 Earnings Call October 21, 2025 08:00 AM ET Speaker0Good day, and thank you for standing by. Welcome to Nasdaq Third Quarter twenty twenty five Results Conference Call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session. Please be advised that today's conference is being recorded.I'd now like to hand the conference over to your first speaker, Atto Garrett, Senior Vice President and Investor Rel ...

GE Aerospace (NYSE:GE) Q3 2025 Earnings Call October 21, 2025 07:30 AM ET Company ParticipantsBlaire Shoor - Head of Investor RelationsRahul Ghai - CFOLarry Culp - Chairman and CEOConference Call ParticipantsScott Deuschle - AnalystSheila Kahyaoglu - Senior Equity Research AnalystRon Epstein - Senior Research AnalystDoug Harned - Senior AnalystRobert Stallard - AnalystMyles Walton - AnalystGautam Khanna - AnalystSeth Seifman - AnalystScott Mikas - AnalystOperatorGood day, ladies and gentlemen, and welcome t ...

GE Aerospace (NYSE:GE) Q3 2025 Earnings Call October 21, 2025 07:30 AM ET Company ParticipantsBlaire Shoor - Head of Investor RelationsRahul Ghai - CFOLarry Culp - Chairman and CEOConference Call ParticipantsScott Deuschle - AnalystSheila Kahyaoglu - Senior Equity Research AnalystRon Epstein - Senior Research AnalystDoug Harned - Senior AnalystRobert Stallard - AnalystMyles Walton - AnalystGautam Khanna - AnalystSeth Seifman - AnalystScott Mikas - AnalystOperatorGood day, ladies and gentlemen, and welcome t ...

GE Aerospace (NYSE:GE) Q3 2025 Earnings Call October 21, 2025 07:30 AM ET Speaker0Day, ladies and gentlemen, and welcome to the GE Aerospace Third Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. My name is Dustin, and I will be your conference coordinator today. As a reminder, this conference is being recorded. I would now like to turn the program over to your host for today's conference, Blair Shore, Head of Investor Relations.Please proceed.Sp ...

GE Aerospace (NYSE:GE) Q3 2025 Earnings Call October 21, 2025 07:30 AM ET Speaker4Good day, ladies and gentlemen, and welcome to the GE Aerospace Third Quarter 2025 Earnings Conference Call. At this time, all participants are in a listen-only mode. My name is Dustin, and I will be your conference coordinator today. If you experience issues with the webcast slides refreshing, or if there appear to be delays in the slide advancement, please hit F5 on your keyboard to refresh. As a reminder, this conference is ...

Financial Data and Key Metrics Changes - The company reported a cash balance of $1.8 billion at the end of the quarter, following an interim dividend payment of approximately $82 million [16][63] - Cash operating costs were A$93 per ton, consistent with the previous year and within the guidance range of A$89–97 per ton [4][16] - The company is tracking to be in the upper half of the production guidance range of 35 to 39 million tons for the full year [4][63] Business Line Data and Key Metrics Changes - The company produced 15.8 million tonnes of ROM coal, translating to 12.3 million tonnes of salable coal, with an attributable share of 9.3 million tonnes [7][10] - Attributable sales volume increased by 31% compared to the June quarter, reaching 10.7 million tonnes [5][11] - The two Hunter Valley open cut mines performed well, with a 14% increase in attributable salable coal over the June quarter [9] Market Data and Key Metrics Changes - International coal prices remained under pressure, with average realized prices for thermal coal at A$130 per ton and metallurgical coal at A$195 per ton [15] - The average prices for the indices improved marginally, with the API 5 index averaging $69 per ton and the Global Coal Newcastle index averaging $109 per ton [14] - Total global seaborne trade is down 11% year-to-date, with Australian exports down 9% due to poor geological conditions [12][13] Company Strategy and Development Direction - The company aims to maximize operational performance and drive value generation for shareholders [3] - The focus remains on maintaining controllable cost discipline while navigating external cost pressures [4][16] - The company is evaluating opportunities for growth, particularly during cyclical downturns in the market [42][63] Management Comments on Operating Environment and Future Outlook - Management acknowledged the challenging coal market conditions but expressed optimism about the company's strong operational performance and financial position [63] - The company is well-positioned for an upswing in coal prices due to its tier-one assets operating in the bottom quartile of the cost curve [63] - Management expects to deliver production in the upper half of the guidance range, which would be the best performance in many years [63] Other Important Information - The company has encountered external and temporary cost pressures through the Port of Newcastle, impacting second-half cash operating costs [4][16] - The company is focused on achieving sales volumes that were delayed in the previous quarter due to disruptions [11][28] Q&A Session Summary Question: How is the breakdown of cash costs looking right now, particularly transportation costs? - The CFO noted that cash operating costs remain consistent, with some savings from diesel, but transportation costs have seen temporary increases due to wet weather and port issues [20][22] Question: How much inventory remains unsold at the end of the September quarter? - The company is in a comfortable position regarding unsold inventory and is focused on achieving sales while monitoring vessel arrivals closely [28] Question: What is the outlook on Queensland royalties? - The CFO stated that there are no anticipated changes to Queensland royalties at this time [58] Question: Has there been any change in the view on per tonne production costs? - Management confirmed that while external pressures are affecting costs, they still expect to be around the midpoint of the guidance range for the full year [45] Question: What is the expected profit for the upcoming quarter? - The company does not provide profit forecasts but offers guidance on production, cost, and capital expenditure ranges [51]