Pfizer (NYSE:PFE) Q4 2025 Earnings call February 03, 2026 10:00 AM ET Company ParticipantsAamir Malik - Chief U.S. Commercial Officer and EVPAlbert Bourla - Chairman and CEOAlexandre de Germay - Chief International Commercial Officer and EVPChris Boshoff - Chief Scientific OfficerDave Denton - CFOFrancesca DeMartino - Chief Investor Relations Officer and SVPConference Call ParticipantsAkash Tewari - AnalystAlex Hammond - AnalystAsad Haider - AnalystChris Schott - AnalystCourtney Breen - AnalystDave Risinger ...

Financial Data and Key Metrics Changes - The company reported a net income of $169 million for the fourth quarter, resulting in an annualized return on equity of 13% [5] - For the full year, net income reached $738 million, with a return on equity of 14.3% [6] - Book value per share increased to $23.47, reflecting a 13% year-over-year growth [6] - Insurance in force grew to over $303 billion, a 3% increase from the previous year [7] - The in-force premium yield remained stable at 38 basis points [14] Business Line Data and Key Metrics Changes - The company wrote $17 billion in new business during the fourth quarter and $60 billion for the full year, marking an 8% increase from the prior year [8] - The average credit score at origination for the insurance portfolio was 748, indicating solid credit quality [8] Market Data and Key Metrics Changes - The consensus mortgage origination forecasts suggest that the size of the mortgage insurance market in 2026 will be similar to that of 2025, with elevated mortgage rates expected to persist [8] - Annual persistency remained stable at 85% throughout 2025, aligning with initial expectations [7] Company Strategy and Development Direction - The company aims to maintain a strong, well-diversified insurance portfolio while focusing on disciplined risk management and capital management strategies [9][10] - The reinsurance program was strengthened with a $250 million excess of loss transaction and a 40% quota share transaction covering most of the 2027 new insurance written [10] - The company emphasizes the importance of private mortgage insurance in enhancing housing affordability and plans to engage with industry stakeholders to support responsible policy changes [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position and ability to execute business strategies in 2026 and beyond, despite challenges in housing affordability [20] - The company noted that while there is potential for increased refinance volume if mortgage rates decrease, this could lead to lower persistency [8][59] Other Important Information - The company returned $915 million to shareholders through dividends and share repurchases, reducing shares outstanding by 12% [17] - The quarterly common stock dividend was increased by 15% in the third quarter, marking five consecutive years of dividend growth [17] Q&A Session Summary Question: Any price competition or changes in the industry? - Management noted that premiums remained stable and they were able to find value without major adjustments in premiums [25][26] Question: Any updates on potential reduction in FHA premiums? - Management indicated that while affordability discussions are ongoing, there is no imminent indication of a reduction in FHA premiums [27][28] Question: Insights on credit trends by region or state? - Management reported no significant geographic movement in new delinquencies, with no areas of concern identified [30][32] Question: Comparison of reserve releases to previous quarters? - Management explained that reserve releases are based on the comparison of initial estimates to current best estimates, with recent quarters reflecting different notice ages [33][36] Question: Composition of new delinquencies and their vintages? - Management stated that there has been no significant divergence in cure activity based on vintage, with recent vintages performing better than pre-COVID levels [40][42] Question: Any levers to improve returns on capital? - Management highlighted the importance of a robust reinsurance program to enhance returns on equity, especially in a challenging market environment [46][47] Question: Impact of refinance activity on premium rates? - Management noted that while premium rates have been stable, the impact of refinancing could lead to lower premiums for new loans [49][50] Question: Expectations for default rates in 2026 and 2027? - Management suggested that while there may be modestly higher delinquency rates in newer vintages, the overall market conditions are expected to stabilize [60][62]

Hubbell (NYSE:HUBB) Q4 2025 Earnings call February 03, 2026 10:00 AM ET Company ParticipantsAlexander Virgo - Senior Managing DirectorChris Snyder - Executive DirectorDan Innamorato - VP of Investor RelationsGerben Bakker - Chairman, President, and CEOJoe Capozzoli - CFOJoseph O'Dea - Managing DirectorNigel Coe - Managing DirectorStephen Tusa - Managing DirectorConference Call ParticipantsBrett Linzey - Managing Director and AnalystChad Dillard - AnalystJeffrey Sprague - AnalystJulian Mitchell - AnalystScot ...

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $27 million on sales of $343.8 million for Q1 2026, representing a 7% increase in adjusted EBITDA compared to the prior year [5] - Gross margin improved by 200 basis points to 27.9% year-over-year, driven by early savings from Project Apollo and improved product mix [5][12] - Net sales declined by 5.2% to $343.8 million, primarily due to a $18 million revenue decline in the bakery business [5][11] Business Line Data and Key Metrics Changes - Food service segment net sales decreased by $19.7 million, or 8.3%, to $219.2 million, with $18 million of the decline attributed to the lower-margin bakery business [11] - Handheld sales in the food service segment declined by approximately $5 million, while soft pretzel sales increased by $3.6 million, or about 6.9% [11] - Retail segment net sales increased by $1.2 million, or 2.6%, to $45.9 million, driven by a $1.8 million increase in handheld volume [11] Market Data and Key Metrics Changes - The company experienced a dip in dollar sales in mid-November due to a pause in SNAP benefits, with the largest impact seen in frozen novelties [6] - Dippin' Dots sales increased by approximately 4% in Q1, supported by retail growth and expansion into theaters and amusement centers [9] - The company noted improved theater trends in January, primarily due to the success of the Avatar movie, with a promising movie slate for the remainder of the fiscal year [10] Company Strategy and Development Direction - The company is focused on higher-margin opportunities and operational excellence as part of its transformation initiatives under Project Apollo [5][41] - A new $50 million share repurchase authorization was announced, reflecting confidence in the business and commitment to returning cash to shareholders [7] - The company aims to achieve a $20 million run-rate operating income once all Project Apollo initiatives are fully activated [7][29] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the early benefits of Project Apollo and the potential for low single-digit growth for the full year, despite a 3% headwind from SKU rationalization [25][26] - The company anticipates that commodity pricing will be more favorable this year compared to the previous year, which faced significant headwinds [32] - Management remains confident in the ability to deliver the full benefits of Project Apollo and drive long-term value creation [41] Other Important Information - The company generated approximately $36 million in operating cash flow and invested $19 million in capital expenditures during the quarter [17] - Operating expenses increased by $95.4 million, including $6.1 million in non-recurring plant closure costs [14] Q&A Session Summary Question: Sales and Project Apollo - Analyst inquired about the full-year sales expectations considering the SKU rationalization impact and the company's long-term growth objectives [19] - Management responded that they expect low single-digit growth for the year, despite the SKU rationalization headwind [25][26] Question: Cost Savings from Project Apollo - Analyst asked about the $20 million annual run rate for cost savings from Project Apollo and the timeline for achieving it [28] - Management indicated that they expect to reach the full run rate in Q2, with significant progress already made [29] Question: Commodity Environment and Gross Margin - Analyst requested an update on commodity costs and their impact on gross margin moving forward [31] - Management noted that commodity pricing is expected to be more favorable this year, contributing to gross margin improvements [32]

Enterprise Products Partners (NYSE:EPD) Q4 2025 Earnings call February 03, 2026 10:00 AM ET Company ParticipantsJay Bany - SVP of Crude Oil Pipelines and TerminalsJim Teague - Co-CEOJustin Kleiderer - SVP of Pipelines & TerminalsLibby Strait - VP of Investor RelationsNatalie Gayden - SVP of Natural GasRandy Fowler - Co-CEOTug Hanley - Company RepresentativeZach Strait - Company RepresentativeNone - Company RepresentativeConference Call ParticipantsA.J. O'Donnell - AnalystBrandon Bingham - AnalystJason Gabel ...

Hubbell (NYSE:HUBB) Q4 2025 Earnings call February 03, 2026 10:00 AM ET Company ParticipantsDan Innamorato - VP of Investor RelationsGerben Bakker - Chairman, President and CEOJoe Capozzoli - CFOConference Call ParticipantsAlexander Virgo - AnalystBrett Linzey - Managing Director and AnalystChad Dillard - AnalystChris Snyder - AnalystJeffrey Sprague - AnalystJohn O'Dea - AnalystJulian Mitchell - AnalystNigel Coe - AnalystScott Graham - AnalystStephen Tusa - AnalystTommy Moll - AnalystOperatorGood day, and t ...

Financial Data and Key Metrics Changes - The company reported a net income of $169 million for the fourth quarter, resulting in an annualized return on equity of 13% [5] - For the full year, net income reached $738 million, with a return on equity of 14.3% [6] - Book value per share increased to $23.47, reflecting a 13% year-over-year growth [6] - Insurance in force grew to over $303 billion, marking a 3% increase from the previous year [7] - The in-force premium yield remained stable at 38 basis points for the quarter [14] Business Line Data and Key Metrics Changes - The company wrote $17 billion in new business during the fourth quarter and $60 billion for the full year, an 8% increase from the prior year [8] - The average credit score at origination for the insurance portfolio was 748, indicating solid credit quality [8] Market Data and Key Metrics Changes - The consensus mortgage origination forecasts suggest that the size of the mortgage insurance market in 2026 will be similar to that of 2025, with elevated mortgage rates expected [8] - Annual persistency remained stable at 85% throughout 2025, aligning with expectations [7] Company Strategy and Development Direction - The company aims to maintain a strong, well-diversified insurance portfolio while focusing on disciplined risk management and capital management strategies [9][10] - The reinsurance program was strengthened with a $250 million excess of loss transaction and a 40% quota share transaction covering most of the 2027 new insurance written [10] - The company is committed to enhancing housing affordability and actively participates in industry discussions to support responsible policy changes [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position and ability to execute business strategies in 2026 and beyond, despite challenges in housing affordability [20] - The company noted that while there is potential for increased refinance volume if mortgage rates decrease, this could lead to lower persistency [8][58] Other Important Information - The company paid a quarterly common stock dividend of $33 million and repurchased 6.8 million shares for $189 million in the fourth quarter [17] - For the full year, the company returned $915 million to shareholders, representing a 124% payout ratio of the year's net income [17] Q&A Session Summary Question: Price competition in the industry - Management noted that premiums remained stable and they were able to find value without major adjustments in premiums [25][26] Question: Potential reduction in FHA premiums - Management indicated that while affordability discussions are ongoing, there is no imminent indication of a reduction in FHA premiums [27] Question: Credit trends by region - Management reported no significant geographic movement in new delinquencies, with no areas of concern identified [30][32] Question: Reserve release comparison - Management explained that reserve releases are based on the comparison of initial estimates to current best estimates, with recent quarters showing different drivers for reserve development [33][36] Question: Composition of new delinquencies - Management stated that there has been no significant divergence in cure activity based on vintage, with recent vintages performing better than pre-COVID levels [40][42] Question: Improving returns on capital - Management emphasized the importance of a robust reinsurance program to enhance returns on equity, especially in a challenging market environment [46][47] Question: In-force premium yield decline - Management clarified that the slight decline in in-force premium yield was within the margin of flat and attributed it to increased business written due to refinance activity [54][55] Question: Default rate expectations - Management suggested that while there may be modestly higher delinquency rates in newer vintages, the overall impact on default rates is expected to be limited [60][62]

Financial Data and Key Metrics Changes - Adjusted EBITDA for the first quarter was $27 million on sales of $343.8 million, representing a 7% increase in adjusted EBITDA compared to the prior year [5] - Gross margin improved by 200 basis points to 27.9% versus the prior year, driven by early savings from Project Apollo and improved product mix [5][12] - Net sales declined by 5.2% to $343.8 million, primarily due to a decline in the bakery business [5][11] Business Line Data and Key Metrics Changes - Food service segment net sales declined by $19.7 million, or 8.3%, to $219.2 million, with $18 million of the decline attributed to the lower-margin bakery business [11] - Handheld sales in the food service segment declined approximately $5 million, while soft pretzel sales increased by $3.6 million, or about 6.9% [11] - Retail segment net sales increased by $1.2 million, or 2.6%, to $45.9 million, driven by a $1.8 million increase in handheld volume [11] Market Data and Key Metrics Changes - The company experienced a dip in dollar sales in mid-November coinciding with a pause in SNAP benefits, impacting frozen novelties the most [6] - Dippin' Dots sales were up approximately 4% in the first quarter, fueled by retail growth and theater expansion [9] - The company anticipates incremental distribution gains across regional and national customers in fiscal 2026 [9] Company Strategy and Development Direction - The company is focused on higher-margin opportunities and operational excellence as part of its strategic direction [41] - Project Apollo is expected to deliver $20 million in run-rate operating income once fully implemented, with significant progress already made [7][29] - The company is committed to returning cash to shareholders, having completed a $42 million share repurchase and announced a new $50 million repurchase authorization [7][18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the theater performance for the balance of fiscal 2026, despite a disappointing box office performance in the first quarter [10] - The company expects to achieve low single-digit growth for the entire year, factoring in the impact of SKU rationalization [25][26] - Management believes commodity pricing will be more favorable this year compared to the previous year, which faced significant headwinds [32] Other Important Information - Operating expenses increased by $95.4 million, including non-recurring plant closure costs [14] - The effective tax rate was 27%, with reported earnings per diluted share at $0.05 compared to $0.26 last year [17] - The company generated approximately $36 million in operating cash flow and invested $19 million in capital expenditures during the quarter [17] Q&A Session Summary Question: Sales and SKU Rationalization Impact - Analyst inquired about the full-year sales expectations considering the SKU rationalization impact of about 3 percentage points [19] Response - Management indicated that despite the SKU rationalization, they expect low single-digit growth for the year, supported by new business and innovation [25][26] Question: Project Apollo Cost Savings - Analyst asked about the $20 million annual run rate for Project Apollo and what needs to happen to achieve it [28] Response - Management believes they will reach the $20 million run rate starting in Q2, with most of the work related to plant consolidation already completed [29] Question: Commodity Environment and Gross Margin - Analyst requested an update on commodity costs and their impact on gross margin moving forward [31] Response - Management noted that commodity pricing is expected to be more favorable this year, contributing to gross margin improvements [32]

New Jersey Resources (NYSE:NJR) Q1 2026 Earnings call February 03, 2026 10:00 AM ET Company ParticipantsAdam Prior - Director of Investor RelationsChris Ellinghaus - Managing DirectorEli Jossen - VP of Equity ResearcHGabriel Moreen - Managing DirectorRoberto Bel - SVP and CFOStephen D. Westhoven - President and CEOConference Call ParticipantsJamieson Ward - VP and Equity Research AnalystTravis Miller - Senior Equity Analyst,OperatorGood morning, ladies and gentlemen, and thank you for standing by. My name i ...

Pfizer (NYSE:PFE) Q4 2025 Earnings call February 03, 2026 10:00 AM ET Company ParticipantsAamir Malik - Chief U.S. Commercial Officer and EVPAlbert Bourla - Chairman and CEOAlexandre de Germay - Chief International Commercial Officer and EVPChris Boshoff - Chief Scientific OfficerDave Denton - CFOFrancesca DeMartino - Chief Investor Relations Officer and SVPConference Call ParticipantsAkash Tewari - AnalystAlex Hammond - AnalystAsad Haider - AnalystChris Schott - AnalystCourtney Breen - AnalystDave Risinger ...