Financial Data and Key Metrics Changes - The company reported that as of the record date, there were 73,391,758 shares of common stock and 385,282 shares of Series A convertible preferred stock entitled to vote, with 73.6% of the company's voting power represented at the meeting [5][6][8] Business Line Data and Key Metrics Changes - No specific data on business lines or key metrics changes were provided in the meeting Market Data and Key Metrics Changes - No specific market data or key metrics changes were provided in the meeting Company Strategy and Development Direction and Industry Competition - The company is focused on the election of nine nominees to serve as directors until the 2027 Annual Meeting, indicating a stable governance structure [6] - The appointment of Deloitte & Touche LLP as the independent registered public accounting firm for fiscal year 2026 has been ratified, reflecting a commitment to maintaining high standards in financial reporting [7] Management's Comments on Operating Environment and Future Outlook - Management expressed excitement about the progress the company has made and appreciation for shareholder support, indicating a positive outlook for the future [9] Other Important Information - The meeting confirmed the mailing of proxy materials to shareholders, including the company's annual report on Form 10-K, which is essential for transparency and shareholder engagement [4] Q&A Session Summary Question: Were there any questions from shareholders? - There were no questions from shareholders during the meeting, indicating either satisfaction with the company's performance or a lack of immediate concerns [8]

Financial Data and Key Metrics Changes - The company reported a voting power representation of 73.6% at the Annual Meeting, indicating strong shareholder engagement [5] - The meeting confirmed the election of nine directors and the ratification of Deloitte & Touche LLP as the independent registered public accounting firm for fiscal year 2026 [8][9] Business Line Data and Key Metrics Changes - No specific financial data or key metrics related to individual business lines were provided in the meeting [8] Market Data and Key Metrics Changes - No specific market data or key metrics were discussed during the meeting [8] Company Strategy and Development Direction and Industry Competition - The company expressed excitement about the progress made and appreciation for shareholder support, indicating a positive outlook on future developments [9] Management's Comments on Operating Environment and Future Outlook - Management did not provide specific comments on the operating environment or future outlook during the meeting [8] Other Important Information - The company will publish the final results of the proposals considered at the Annual Meeting on its website and file them with the SEC [9] Q&A Session All Questions and Answers Question: Were there any questions from shareholders? - There were no questions from shareholders during the meeting [8]

Financial Data and Key Metrics Changes - The company achieved a gross profit dollar growth of 16% and revenue growth of 8% in Q4 FY2025 compared to the same quarter last year, generating $61 million in operating cash flow [4][15] - The quarterly gross profit margin reached a record of 31.4%, which is 215 basis points higher than the prior year [4][18] - For the full year FY2025, revenues increased by 9% to $1.1 billion, with net income rising to $180.7 million, or $14.86 per diluted share, compared to $149.8 million, or $12.29 per diluted share in FY2024 [22][23] Business Line Data and Key Metrics Changes - The electric utility sector saw a doubling of revenue compared to the same period last year, while the light rail traction sector increased by 85% [17] - The commercial and other industrial sector experienced a 9% decline due to project timing, while revenues from petrochemical and oil and gas sectors decreased by 25% and 10%, respectively [17][19] - The company booked $271 million in new orders in Q4 FY2025, a 1% increase year-over-year, with a total of $1.2 billion in new orders for the full year, marking a 9% increase from FY2024 [7][21] Market Data and Key Metrics Changes - The company reported that electric utility and oil and gas sectors each now make up one-third of the total backlog, which increased to $1.4 billion, up $41 million from the end of FY2024 [16][19] - International revenues increased by 38% to $68 million, while domestic revenues rose by 2% to $239 million [17] Company Strategy and Development Direction - The company is focusing on diversifying its business, with non-industrial markets, including electric utility and commercial sectors, accounting for 41% of revenue in FY2025 [5][6] - A $12.4 million investment to expand capacity at the Jacintoport facility is aimed at supporting oil and gas customers, particularly for anticipated LNG project developments [9][10] - The acquisition of REMSDAC is expected to enhance the company's electrical automation strategy and expand its product offerings in various markets [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the commercial environment for all end markets, expecting continued momentum into FY2026, particularly in the oil and gas and electric utility sectors [12][13] - The company noted a divergence in market performance, with some softness in traditional oil and gas markets being offset by strength in electric utility and data center opportunities [8][12] - Management highlighted the importance of maintaining a stable pricing environment and disciplined project execution to support future performance [24] Other Important Information - The company holds zero debt and reported cash, cash equivalents, and short-term investments of $476 million, reflecting a strong liquidity position [23] - Research and development spending increased by 17% to $11 million in FY2025, focusing on new product design and development [22] Q&A Session Summary Question: Changes in competitive landscape or pricing environment - Management noted that the oil and gas market remains healthy, but some regions are more price-sensitive, while the electric utility market is more demand-driven [29][30] Question: Seasonality and first-quarter outlook - The first quarter is expected to be seasonally softer due to holidays, but overall optimism for the year remains high [31] Question: SG&A expenses and one-time M&A costs - SG&A expenses increased by $5 million, with $3 million attributed to compensation and nearly $2 million to acquisition-related costs [32][33] Question: Trends in commercial and industrial (C&I) sector - Management indicated that the decline in the C&I sector was largely due to timing, with growing opportunities in data centers [40] Question: Sustainability of growth in the electric utility sector - Management expressed confidence in the sustainability of growth in the electric utility sector, highlighting equal weighting in backlog with oil and gas [41] Question: LNG project timelines and fundamentals - Management acknowledged delays in LNG project final investment decisions (FID) but remains optimistic about the sector's fundamentals [50][51] Question: R&D spending and commercialization timeline - R&D spending is expected to continue at current levels, with some products anticipated to hit the market in FY2026 [65][66] Question: CapEx budget for 2026 - The CapEx budget for FY2026 is expected to include $12.4 million for the Jacintoport expansion and $5-$7 million for maintenance and productivity projects [68] Question: Backlog deliverability in the coming year - Approximately 60% of the backlog is convertible in FY2026 [69] Question: Data center revenue as a percentage of total revenue - Data center revenue is approximately 7.5% of total revenue, which is an increase from the previous year [71]

Financial Data and Key Metrics Changes - The company reported a net income of $18.5 million and an adjusted net income of $32.4 million, translating to an adjusted income per share of $0.16 [4] - Adjusted EBITDA for the quarter was $87 million [4] - Total cash reached $454 million, while total debt stood at $1.028 billion, with additional liquidity of $115 million from undrawn revolver facilities, resulting in pro forma liquidity exceeding $570 million [4] - The company repurchased 250,000 shares for $4.4 million during the quarter and an additional 360,000 shares for $6.7 million in the fourth quarter to date [4] Business Line Data and Key Metrics Changes - Operating expenses for Q3 2025 were $5,096 per vessel per day, with net cash G&A expenses at $1,325 per vessel per day [9] - The time-charter equivalent (TCE) rate was $16,634 per vessel per day, leading to a TCE less OPEX and CAS G&A of approximately $10,213 per vessel per day [5] Market Data and Key Metrics Changes - Total dry bulk trade volumes increased by 5.1% year over year during Q3, supported by strong iron ore, grain, and minor bulk exports [17] - Chinese dry bulk imports rose by 4.4% year over year in Q3 after a contraction in the first half [18] - The fleet growth for the first ten months of 2025 was 2.6%, with a modest newbuilding order book at 10.9% of the existing fleet [15] Company Strategy and Development Direction - The company is focused on fleet renewal and energy efficiency, with ongoing investments in newbuilding vessels and technology upgrades [13][10] - The capital allocation policy has prioritized returns to shareholders, with a total of $2.8 billion in dividends, share buybacks, and debt repayment since 2021 [6][4] - The company aims to actively manage its scrubber-fitted fleet to capitalize on market opportunities [22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the medium to long-term outlook for the dry bulk market, supported by favorable supply dynamics and stricter environmental regulations [22] - The company noted that global port congestion has eased and is expected to follow seasonal trends, having a relatively neutral impact on effective supply growth [16] - The CEO highlighted the spillover effect from larger vessels contributing to strong demand in the sub-cape segments, driven by improved grain trade and coal performance [33] Other Important Information - The company has completed 51 energy-saving device installations, with plans for nine more in 2025 [10] - The average age of the fleet is 11.9 years, with ongoing efforts to optimize fleet efficiency through selective disposals and acquisitions [11] Q&A Session Summary Question: Expectations around total net change in debt in 2026 - The company has secured financing for the first five newbuilds at $130 million, with discussions ongoing for the last three [26] Question: Planned amortization during 2026 - Amortization is expected to remain around $50 million per quarter, with refinanced older facilities and new facilities having a 17-year amortization profile [27] Question: Dividend policy regarding minimum cash balance per vessel - The dividend policy remains unchanged, with the company maintaining a cash balance significantly above the required level [30][32] Question: Strong rate performance in sub-cape segments - Management attributed the strong performance to both spillover effects from larger vessels and improved demand fundamentals in the sub-cape segment [33] Question: Fleet composition and focus on Kamsarmax vessels - The company is renewing its aging Kamsarmax fleet, taking advantage of early deliveries and favorable pricing [38]

Financial Data and Key Metrics Changes - The company reported a consolidated comp sales growth of 5%, exceeding expectations, driven by strong performance across all divisions [5][8] - Pre-tax profit margin for the third quarter was 12.7%, up 40 basis points year-over-year, while gross margin increased by 100 basis points due to lower freight costs and expense efficiencies [9][10] - Diluted earnings per share for the third quarter were $1.28, a 12% increase compared to the previous year, and above expectations [9][24] Performance by Business Segment - At Marmaxx, comp sales grew by 6%, with segment profit margin at 14.9%, up 60 basis points year-over-year [10][11] - HomeGoods saw comp sales increase by 5%, with segment profit margin improving to 13.5%, up 120 basis points [11] - TJX Canada reported an 8% increase in comp sales, with a segment profit margin of 14.9% on a constant currency basis, down 20 basis points due to unfavorable foreign exchange [12] - TJX International experienced a 3% growth in comp sales, with segment profit margin increasing to 9.2%, up 190 basis points [12] Market Data and Key Metrics Changes - The company noted strong availability of quality branded merchandise, with inventory up 12% and inventory per store up 8% year-over-year [12][13] - The company is confident in gaining market share across the U.S., Canada, Europe, and Australia, with plans to enter Spain in spring 2026 [12][19] Company Strategy and Industry Competition - The company is focused on maintaining its value proposition and flexibility in operations, which is seen as a competitive advantage [6][18] - Plans for the holiday season include a strong marketing campaign and fresh merchandise flow to attract value-conscious shoppers [15][17] - The company aims to continue expanding its store footprint, targeting a long-term goal of 7,000 stores in current markets and new entries [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the current retail environment, emphasizing the importance of value and customer experience [18][21] - The company is optimistic about growth opportunities and market share capture in the coming years, despite potential challenges from tariffs [24][19] Other Important Information - The company returned $1.1 billion to shareholders through buybacks and dividends in the third quarter [13] - The 2025 Global Corporate Responsibility Report was published, covering key areas such as workplace, communities, environmental sustainability, and responsible sourcing [21] Q&A Session Summary Question: What gives confidence in continuing comp momentum during the holiday season? - Management noted consistent momentum in comp sales, driven by a strong shopping experience and value proposition, with both transactions and basket size contributing to growth [27][28] Question: How does pricing growth impact comp sales? - Pricing increases were selectively implemented, with a focus on maintaining value perception, which remains strong among consumers [36][41] Question: Are there any categories where raising prices has been less successful? - Management indicated a high success rate in pricing strategy, with only one category experiencing pushback, which was quickly adjusted [82][83] Question: How does the company view the impact of tariffs on inventory availability? - Management expressed surprise at the high availability of inventory despite tariffs, suggesting that the market dynamics have allowed for continued access to quality merchandise [124][125]

Financial Data and Key Metrics Changes - The company achieved a gross profit dollar growth of 16% and revenue growth of 8% in the fourth quarter compared to the same period last year, generating $61 million in operating cash flow [4][15] - The fourth quarter gross profit margin reached a record 31.4%, which is 215 basis points higher than the prior year [4][18] - For the full fiscal year 2025, revenues increased by 9% to $1.1 billion, with net income rising to $180.7 million, or $14.86 per diluted share, compared to $149.8 million, or $12.29 per diluted share in the prior year [22][23] Business Line Data and Key Metrics Changes - The electric utility sector saw revenues double compared to the same period last year, while the light rail traction sector increased by 85% [17][19] - The commercial and other industrial sectors experienced a 9% decline due to project timing, while revenues from petrochemical and oil and gas sectors decreased by 25% and 10%, respectively [17][19] - The company booked $271 million in new orders during the fourth quarter, a 1% increase year-over-year, with a total of $1.2 billion in new orders for the full year, representing a 9% increase [7][21] Market Data and Key Metrics Changes - The company reported that electric utility and oil and gas sectors each now make up one-third of the total backlog, which increased to $1.4 billion, $41 million higher than the end of fiscal 2024 [16][22] - International revenues increased by 38% to $68 million, while domestic revenues rose by 2% to $239 million [17][19] - The backlog is well balanced across markets and geographies, with 60% of it convertible in 2026 [68] Company Strategy and Development Direction - The company is focusing on diversifying its business and growing in strategic markets, particularly electric utility and commercial sectors, which now account for 41% of revenue and 48% of total backlog [5][6] - A $12.4 million investment is being made to expand capacity at the JacintoPort facility, primarily to support oil and gas customers and anticipated LNG project developments [9][10] - The acquisition of REMSDAC is expected to enhance the company's electrical automation strategy and expand its product offerings in various markets [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the commercial environment for all end markets, expecting continued momentum into fiscal 2026, particularly in the oil and gas and electric utility sectors [12][13] - The company noted a divergence in market performance, with some softness in traditional oil and gas markets being offset by strength in electric utility and data center opportunities [8][12] - Management highlighted the importance of maintaining a stable pricing environment and disciplined project execution to support future performance [24] Other Important Information - The company holds zero debt and ended fiscal 2025 with cash, cash equivalents, and short-term investments of $476 million, reflecting strong commercial activity [23][24] - Research and development spending increased by 17% to $11 million, focusing on new product design and development [22] Q&A Session Summary Question: Changes in competitive landscape or pricing environment - Management noted that the oil and gas market remains healthy, but some regions are softer and more price-sensitive, while the electric utility market is more demand-driven [29][30] Question: Seasonality and first quarter outlook - The first quarter is expected to be seasonally softer due to holidays, but overall optimism for the year remains high [31] Question: SG&A expenses and one-time M&A costs - SG&A expenses increased by $5 million year-over-year, with $3 million attributed to compensation and nearly $2 million to acquisition-related costs [33] Question: Trends in commercial and industrial (C&I) sector - Management indicated that the decline in the C&I sector was largely due to timing, with significant growth opportunities in data centers [39] Question: Sustainability of growth in the utility sector - Management expressed confidence in the utility sector's growth, highlighting equal weighting in backlog between oil and gas and utility sectors [40] Question: LNG project timelines and fundamentals - Management acknowledged delays in LNG project final investment decisions (FID) but remains optimistic about the sector's fundamentals [49][50] Question: R&D spending and commercialization timeline - R&D spending is expected to continue at current levels, with some products anticipated to hit the market in 2026 [64][66] Question: CapEx budget for 2026 - The CapEx budget for 2026 includes $12.4 million for the JacintoPort expansion and $5-$7 million for maintenance and productivity projects [67] Question: Data center revenue as a percentage of backlog - Data center revenue accounts for about 15% of the backlog, with half of that being attributed to data centers, which is an increase from the previous year [71]

Financial Data and Key Metrics Changes - The company reported a consolidated comp sales growth of 5%, exceeding expectations, driven by strong performance across all divisions [5][8] - Pre-tax profit margin for the third quarter was 12.7%, up 40 basis points year-over-year, while gross margin increased by 100 basis points due to lower freight costs and expense efficiencies [8][9] - Diluted earnings per share for the third quarter were $1.28, a 12% increase compared to the previous year, and above expectations [9][24] Business Line Data and Key Metrics Changes - At Marmaxx, comp sales grew by 6%, with strong increases in both apparel and home categories, and segment profit margin improved to 14.9%, up 60 basis points year-over-year [10] - HomeGoods experienced a 5% increase in comp sales, with segment profit margin rising to 13.5%, up 120 basis points compared to last year [11] - TJX Canada's comp sales increased by 8%, while segment profit margin on a constant currency basis was 14.9%, down 20 basis points due to unfavorable foreign exchange [12] Market Data and Key Metrics Changes - TJX International saw a 3% increase in comp sales, with segment profit margin on a constant currency basis rising to 9.2%, up 190 basis points year-over-year [12] - The company reported a 12% increase in overall inventory, with inventory per store up 8% compared to last year, indicating strong buying into quality branded merchandise [13] Company Strategy and Development Direction - The company is focused on maintaining its value proposition and expanding its store footprint, with a long-term target of 7,000 stores in current countries and Spain [18] - The strategy includes enhancing customer experience through fresh assortments and marketing campaigns aimed at value-conscious shoppers [15][17] - The company plans to leverage its strong inventory position to attract customers during the holiday season and beyond [16][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the current retail environment, citing strong consumer demand for value and a positive shopping experience [5][18] - The company anticipates continued growth opportunities, particularly in the U.S. and international markets, despite potential challenges from tariffs [24][90] - Management highlighted the importance of maintaining a balanced approach to pricing and inventory management to sustain momentum [41][115] Other Important Information - The company returned $1.1 billion to shareholders through buybacks and dividends in the third quarter [13] - The 2025 Global Corporate Responsibility Report was published, covering key areas such as workplace, communities, environmental sustainability, and responsible sourcing [21] Q&A Session Summary Question: What gives confidence in continuing comp momentum during the holiday season? - Management noted consistent comp momentum driven by a strong shopping experience and branded merchandise at competitive prices [28][29] Question: Was the increase in basket size due to higher AUR or true price increases? - The increase in basket size was attributed more to selective price increases rather than a change in merchandise mix [40][41] Question: Are there categories where raising prices has been less successful? - Management indicated that they had one category where price increases were not successful, but overall, they were 95% successful in their pricing strategy [80][81] Question: How does the company view the impact of tariffs on inventory availability? - Management expressed surprise at the high availability of inventory despite tariffs, suggesting that other retailers may be struggling [122]

Financial Data and Key Metrics Changes - The company reported a net income of $18.5 million, with an adjusted net income of $32.4 million, translating to an adjusted income per share of $0.16. Adjusted EBITDA for the quarter was $87 million [4] - Total cash reached $454 million, while total debt stood at $1.028 billion. Pro forma liquidity, including undrawn revolver facilities, exceeded $570 million [4] - The company repurchased 250,000 shares for $4.4 million during the third quarter and an additional 360,000 shares for $6.7 million in the fourth quarter to date [4] Business Line Data and Key Metrics Changes - Operating expenses for Q3 2025 were reported at $5,096 per vessel per day, with net cash G&A expenses at $1,325 per vessel per day [9] - The time-charter equivalent (TCE) rate was $16,634 per vessel per day, resulting in a TCE less OpEx and CAS G&A of approximately $10,213 per vessel per day [5] Market Data and Key Metrics Changes - Total dry bulk trade volumes increased by 5.1% year-over-year during Q3, supported by strong iron ore, grain, and minor bulk exports [17] - Chinese dry bulk imports rose by 4.4% year-over-year in Q3 after a contraction in the first half of the year [18] - The fleet growth for the first ten months of 2025 was 2.6%, with a modest newbuilding order book at 10.9% of the existing fleet [15] Company Strategy and Development Direction - The company is focused on fleet renewal and energy efficiency, with ongoing investments in green technologies and compliance with environmental regulations [13] - The strategy includes selective disposals and acquisitions to optimize fleet efficiency, with a focus on Kamsarmax vessels due to their favorable economics compared to Capesize vessels [38][39] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the medium to long-term outlook for the dry bulk market, supported by a favorable supply outlook and easing trade tensions [22] - The company anticipates a gradual normalization of trade activity in 2026, particularly in light of recent geopolitical developments [18] Other Important Information - The company has completed 51 energy-saving device installations, with plans for additional upgrades in 2025 [10] - The board declared a dividend of $0.11 per share for the quarter, payable on December 18, 2025 [4] Q&A Session Summary Question: Expectations around total net change in debt in 2026 - The company secured financing for five newbuilds at $130 million and is in discussions for the remaining three, with amortization expected to remain around $50 million per quarter [26][27] Question: Dividend policy and cash balance calculations - The dividend policy is based on maintaining a cash balance above $2.1 million per vessel, which is currently well covered by the company's cash reserves [30][32] Question: Strong rate performance in sub-cape segments - Management attributed the strong performance to spillover effects from larger vessels and improved demand fundamentals in the grain and coal markets [33] Question: Fleet composition and Kamsarmax focus - The company is renewing its aging Kamsarmax fleet and taking advantage of favorable pricing and early delivery schedules for newbuilds [38][39] Question: Opportunities in the Capesize market - Management noted that finding Capesize vessels at reasonable prices is challenging, and current market conditions favor investments in Kamsarmax vessels [44]

Financial Data and Key Metrics Changes - The company reported that as of the record date, there were 73,391,758 shares of common stock and 385,282 shares of Series A convertible preferred stock entitled to vote, with 73.6% of the company's voting power represented at the meeting [5][9]. Business Line Data and Key Metrics Changes - No specific data on business lines or key metrics changes were provided in the meeting. Market Data and Key Metrics Changes - No specific market data or key metrics changes were discussed during the meeting. Company Strategy and Development Direction and Industry Competition - The company is focused on the election of nine nominees to serve as directors until the 2027 Annual Meeting, indicating a stable governance structure [6]. Management's Comments on Operating Environment and Future Outlook - Management expressed excitement about the progress the company has made and appreciated the continued support from shareholders, indicating a positive outlook for the future [10]. Other Important Information - The appointment of Deloitte & Touche LLP as the independent registered public accounting firm for fiscal year 2026 was ratified, and the compensation of the company's named executive officers was approved [9][10]. Q&A Session All Questions and Answers Question: Were there any questions from shareholders? - There were no questions from shareholders during the meeting [9].

TJX Companies (NYSE:TJX) Q3 2026 Earnings Call November 19, 2025 11:00 AM ET Speaker3Ladies and gentlemen, thank you for standing by. Welcome to the TJX Companies Third Quarter Fiscal 2026 Financial Results Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. At that time, if you have a question, you will need to press star one. As a reminder, this conference call is being recorded, November 19th, 2025. I would now like to turn the ...