Tenaris S.A. (NYSE:TS) Q3 2024 Earnings Conference Call November 7, 2024 8:00 AM ET Company Participants Giovanni Sardagna - Director of IR Paolo Rocca - Chairman & CEO Alicia Mondolo - CFO Gabriel Podskubka - COO Luca Zanotti - President, US Operations Conference Call Participants Alessandro Pozzi - Mediobanca Arun Jayaram - JPMorgan Securities LLC Marc Bianchi - TD Cowen Stephen Gengaro - Stifel Rodrigo Almeida - Santander Operator Good day and thank you for standing by. Welcome to Third Quarter 2024 Tena ...

Financial Data and Key Metrics - Q3 2024 sales were $1.35 billion, down 3% YoY [24] - Adjusted EBITDA was $276 million, down 3% YoY, with margins at 20.5%, down 10 basis points [24][27] - Adjusted EPS was $0.79, up 3% YoY [25] - Free cash flow year-to-date was $323 million, significantly higher than $183 million in the same period last year [38] - Net leverage ratio stood at 3.7x, with total liquidity at $1.4 billion [40] Business Line Performance - Food segment net sales were $898 million, up 1% YoY, driven by volume growth in all regions [29] - Food adjusted EBITDA was $206 million, up 6% YoY, with margins at 22.9%, up 120 basis points [32] - Protective segment net sales were $447 million, down 8% YoY, with adjusted EBITDA of $75 million, down 21% YoY [33][35] - Protective volumes declined 10% in the fulfillment portfolio, while APAC volumes grew 1% [33][34] Market Performance - Americas sales were down 2% organically, with volumes down 1% [36] - EMEA sales declined 6% organically, driven by lower pricing and volume declines in Protective [37] - APAC sales were up 3% organically, supported by the Australian cattle cycle and fulfillment automation gains [37] Strategy and Industry Competition - The company reorganized into two verticals: Food and Protective, to enhance customer focus and drive growth [8][16] - New leadership was appointed for both verticals, with a focus on commercial execution and sustainable portfolio shifts [11][12] - The company is accelerating cost takeout initiatives to improve profitability, particularly in the Protective segment [21][44] - Sustainability efforts include partnerships with large retail customers like Best Buy to reduce virgin plastic usage [18][19] Management Commentary on Operating Environment and Outlook - Management highlighted the impact of Hurricane Helene, which affected operations in South Carolina and Western North Carolina but was managed effectively [22][23] - Q4 2024 sales are expected to be approximately $1.3 billion, with adjusted EBITDA in line with guidance [42][43] - The company is confident in achieving a net debt to adjusted EBITDA target of below 3.5x by the end of 2025 [40] Other Important Information - The company improved working capital, with a 120 basis point YoY improvement in working capital as a percentage of sales [39] - A new director, Tony Allott, was appointed to the board, bringing extensive packaging industry experience [15] Q&A Session Summary Question: Protective segment performance in Q4 - Protective volumes are expected to improve sequentially in Q4, driven by holiday seasonality, but will still be down 6% YoY [48][49] - Fiber-based products are performing better than poly, but only account for 15% of the Protective business [51] Question: Timeline for Protective segment recovery - Management expects to provide a clearer outlook for Protective in February 2025, with improvements in void-fill and automation expected [58][61] Question: Impact of vertical reorganization - The reorganization aims to enhance operational effectiveness and focus on growth strategies, with early successes seen in the Food segment [64][70] Question: Cost takeout initiatives - The company is on track to achieve $90 million in cost savings in 2024 and is evaluating additional savings for 2025 [72][73] Question: Strategic focus on Protective segment - Management is focused on operationalizing the Protective vertical and improving its performance, with no immediate plans for divestments [78][80] Question: Food segment margin performance - Food margins benefited from volume growth and higher utilization, with expectations to remain in the low 20s [86] Question: Food volume trends and protein market dynamics - Food volumes grew 2.4% in Q3, driven by competitive wins and strong protein demand, with similar performance expected in Q4 [89][93] Question: Pricing dynamics in 2025 - Pricing dynamics are expected to improve in 2025, with better price/cost relationships in both Food and Protective segments [113][118] Question: Fiber product development and investment - The company is focusing on improving fiber-based mailers and void-fill products, with prototypes already in development [121][126] Question: Instapak and sustainability trends - Instapak remains an important part of the Protective portfolio, with sustainability trends varying based on whether products touch consumers or industrial markets [129][132]

Fortuna Mining Corp. (NYSE:FSM) Q3 2024 Results Conference Call November 7, 2024 12:00 PM ET Company Participants Carlos Baca - Vice President, Investor Relations Jorge Alberto Ganoza - President and Chief Executive Officer Luis D. Ganoza - Chief Financial Officer David Whittle - Chief Operating Officer, West Africa Conference Call Participants Don DeMarco - National Bank Financial Adrian Pay - Adrian Pay Asset Management Operator Greetings. Welcome to Fortuna Mining's Q3 2024 Financial and Operation Result ...

Black Hills Corporation (NYSE:BKH) Q3 2024 Earnings Conference Call November 7, 2024 11:00 AM ET Company Participants Sal Diaz - Director, Investor Relations Linn Evans - President & Chief Executive Officer Kimberly Nooney - Senior Vice President & Chief Financial Officer Marne Jones - Senior Vice President-Utilities Conference Call Participants Andrew Weisel - Scotiabank Chris Ellinghaus - SWS Brian Russo - Jefferies Operator Good day and thank you for standing by. Welcome to the Q3 2024 Black Hills Corpor ...

Radian Group Inc. (NYSE:RDN) Q3 2024 Results Conference Call November 7, 2024 10:00 AM ET Company Participants Dan Kobell - Head-Investor Relations & Capital Management Rick Thornberry - Chief Executive Officer Sumita Pandit - Chief Financial Officer Derek Brummer - President, Radian Mortgage Insurance Conference Call Participants Alex Bond - KBW Mihir Bhatia - Bank of America Scott Heleniak - RBC Capital Markets Operator Good day, and thank you for standing by. Welcome to the Third Quarter 2024 Radian Grou ...

Financial Data and Key Metrics - Net income for Q3 2024 was $204 million, or $8.48 in basic earnings per share, with adjusted net income of $15 million, or $0.67 in adjusted earnings per share, and adjusted EBITDA of $32 million [7] - Funded volume for Q3 reached $513 million, exceeding the guidance range of $475 million to $500 million [8] - Revenue increased from $79 million in Q2 to $290 million in Q3, driven by higher origination volumes and fair value gains on residual assets [24] - Adjusted EBITDA grew from $10 million in Q2 to $32 million in Q3, reflecting higher revenue and improved margins [25] - Tangible net worth rose to $231 million, or approximately $10 per share [23] Business Line Data and Key Metrics - The retail channel saw a 38% productivity improvement in fundings per loan officer compared to the prior quarter [13] - HomeSafe Second product saw an 89% increase in Q3 compared to Q2, with further growth anticipated [19] - The company completed a reverse stock split and finalized the exchange offer and consent solicitation of its 2025 unsecured notes, enhancing its balance sheet and financial flexibility [9] Market Data and Key Metrics - The company is focusing on consumers aged 55 and older seeking second lien mortgage loans, a segment with significant growth potential [11] - Home equity lending nationwide is on the rise, with denial rates for people aged 55 and older exceeding 35%, presenting a significant opportunity for the company [19] Company Strategy and Industry Competition - The company is modernizing its approach to customer experience and acquisition through a digital-first channel and a modern advertising strategy [15] - The consolidation of the Finance of America Reverse and AAG brands under a single name has been successful, setting the stage for further modernization [14] - The company is expanding its HomeSafe Second product to additional states and lowering loan interest rates to attract more customers [18] Management Commentary on Operating Environment and Future Outlook - The company expects to deliver adjusted earnings per share between $2.60 and $3 in 2025, reflecting confidence in its growth trajectory [31] - The senior population is expected to nearly double by 2050, presenting a massive total addressable market for the company's home equity-based retirement products [37] Other Important Information - The company completed a securitization of its HomeSafe product totaling $794 million in Q3, its third such securitization in 2024, enhancing liquidity [33] - The company is focused on improving its marketing strategy with a new advertising agency, introducing regional and local programs to build brand profile and drive business in strategic markets starting in 2025 [17] Q&A Session Summary Question: Outlook for volume given the backup in rates [39] - The company expects Q4 volume to be similar to Q3, around $500 million, with full-year 2025 volume anticipated to be around $2.7 billion [40][41] - The introduction of the HomeSafe Second program is designed to mitigate the impact of rising rates, offering a second lien product that is ideal for borrowers if rates remain high [42] Question: Timing and impact of HMBS 2.0 [44] - The company expects feedback from Ginnie Mae on HMBS 2.0 around mid-November [44] Question: Volume expectations and seasonality [46] - October was the strongest month for funding and submission volumes in 2024, but Q4 volumes are expected to be similar to Q3 due to holiday periods [47][48] - Seasonality may impact Q1 volumes, with growth expected to pick up after Q1 [49] Question: Impact of rate volatility on fair value marks [51] - Fair value marks are influenced by multiple factors, including interest rates, spreads, and home price appreciation, with some offsetting effects expected due to spread tightening [52][53]

Fuel Tech, Inc (NASDAQ:FTEK) Q3 2024 Results Conference Call November 7, 2024 10:00 AM ET Company Participants Devin Sullivan - Managing Director of The Equity Group Vincent Arnone - Chairman, President and Chief Executive Officer Ellen Albrecht - Chief Financial Officer Conference Call Participants Sameer Joshi - H.C. Wainwright Marc Silk - Silk Investment William Bremer - Vanquish Capital Markets Operator Greetings, and welcome to the Fuel Tech Incorporated Third Quarter 2024 Financial Results Conference ...

Call Start: 08:30 January 1, 0000 9:35 AM ET MACOM Technology Solutions Holdings, Inc. (NASDAQ:MTSI) Q4 2024 Earnings Conference Call November 07, 2024 08:30 AM ET Company Participants Steve Ferranti - Vice President, Corporate Development & Investor Relations Steve Daly - President & Chief Executive Officer Jack Kober - Chief Financial Officer Conference Call Participants David Williams - The benchmark company Harsh Kumar - Piper Sandler Tore Svanberg - Stifel Srini Pajjuri - Raymond James Karl Ackerman - ...

STERIS plc (NYSE:STE) Q2 2025 Results Conference Call November 7, 2024 9:00 AM ET Company Participants Julie Winter - Investor Relations Mike Tokich - Senior Vice President & Chief Financial Officer Dan Carestio - President & Chief Executive Officer Conference Call Participants Jacob Johnson - Stephens Brett Fishbin - KeyBanc Patrick Wood - Morgan Stanley Michael Polark - Wolfe Research Mike Matson - Needham & Company Jason Bednar - Piper Sandler Operator Good day, everybody, and welcome to the STERIS plc S ...

Ralph Lauren Corporation (NYSE:RL) Q2 2025 Earnings Conference Call November 7, 2024 9:00 AM ET Company Participants Corinna Van der Ghinst - Investor Relations Patrice Louvet - President and CEO Justin Picicci - Chief Financial Officer Conference Call Participants Matthew Boss - J.P. Morgan Jay Sole - UBS Michael Binetti - Evercore ISI Dana Telsey - Telsey Advisory Group Paul Kearney - Barclays Capital Brooke Roach - Goldman Sachs Laurent Vasilescu - BNP Paribas Chris Nardone - Bank of America John Kernan ...