CNH Industrial (NYSE:CNH) Q4 2025 Earnings call February 17, 2026 09:00 AM ET Company ParticipantsAngel Castillo - Executive Director and Head of U.S. Machinery and Construction Equity ResearchDavid Raso - Senior Managing Director and PartnerGerrit Marx - CEOJason Omerza - VP of Investor RelationsJim Nickolas - CFOKristen Owen - Managing DirectorPeter Kalemkerian - Equity Research AssociateTami Zakaria - Executive DirectorConference Call ParticipantsDaniela Costa - Managing Director and Equity Research Anal ...

Financial Data and Key Metrics Changes - In 2025, the company achieved over 7% top-line growth and 13% adjusted EPS growth, with margins improving by over 50 basis points [5][13] - For the fourth quarter, enterprise revenue increased by 5.6% year-over-year, with adjusted EPS growing by 18% [10][14] - Free cash flow from continuing operations was $490 million, a decrease from $665 million the previous year, primarily due to working capital timing [15] Business Line Data and Key Metrics Changes - Diagnostics revenue for the fourth quarter was $2.7 billion, up 5.5% year-over-year, with organic growth of 4.1% [16] - Biopharma Laboratory Services (BLS) revenue increased by 3.4% year-over-year, with central lab revenue growing by 11.1% [17] - The adjusted operating income for diagnostics was $419 million, representing 15.4% of revenue, compared to 13.9% the previous year [16] Market Data and Key Metrics Changes - The company reported a strong trailing twelve-month book-to-bill ratio of 1.09, driven by central labs [13][18] - The backlog for BLS was $8.7 billion, with an expected conversion of approximately $2.7 billion into revenue over the next 12 months [18] Company Strategy and Development Direction - The company aims to deepen partnerships with health systems and local laboratories, having signed or closed 13 deals contributing to over $1 billion in revenue growth [5][6] - A strategic investment is planned for a new central laboratory facility to support growth and demand, with construction expected to begin later this year [9] - The company continues to focus on specialty testing, having launched over 130 new tests in 2025, particularly in oncology, women's health, and neurology [7][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in strong underlying business performance for 2026, expecting enterprise revenue growth of 5.4% and adjusted EPS growth of approximately 9% [11][20] - The delay of PAMA through December 31, 2026, was viewed positively, but management emphasized the need for permanent reform [11][20] - Management highlighted the importance of ongoing investments in technology and AI to enhance customer experience and operational efficiency [9][21] Other Important Information - The company plans to allocate free cash flow for acquisitions, share repurchases, and dividends, with approximately $800 million of share repurchase authorization remaining [15][21] - Two executives are set to retire on April 1, with successors already appointed [11][12] Q&A Session Summary Question: 2026 guidance contributions from price and volume - Management expects revenue growth of 5%-6% in diagnostics, with half of the organic growth coming from volume and half from price mix [26][27] Question: Contributions from Invitae integration - The integration of Invitae has been successful, with expected revenue growth in specialty areas, but specific breakout of Invitae's performance will no longer be provided [31][32] Question: Fourth quarter organic volume performance - Organic volume was impacted by lower referrals from a large consumer genetic client and weather conditions, but adjustments indicate growth would have been over 2% [36][37] Question: 2026 guidance conservativeness and risks - Management feels confident about the guidance but acknowledges potential variability in organic volumes and the timing of M&A [44][46] Question: Competitive landscape in diagnostics - The company believes it will outperform the overall market, focusing on hospital deals and specialty testing, which are expected to grow faster than the overall market [48][49] Question: PAMA implications and central lab investments - Management is prepared to submit data for PAMA and continues to advocate for the RESULTS Act, while also planning significant investments in central lab infrastructure [55][59]

Donnelley Financial Solutions (NYSE:DFIN) Q4 2025 Earnings call February 17, 2026 09:00 AM ET Company ParticipantsCharlie Strauzer - Senior Managing DirectorCraig Clay - President of Global Capital MarketsDan Leib - President and CEODave Gardella - CFOEric Johnson - President of Global Investment CompaniesMike Zhao - Head of Investor RelationsPete Heckmann - Managing DirectorRoss Cole - Equity Research AssociateOperatorI would now like to turn the conference over to Mike Zhao, Head of Investor Relations. Pl ...

Financial Data and Key Metrics Changes - The company achieved a consolidated net sales growth of 10.4% year-over-year in Q4 2025, with Adjusted EBITDA increasing by $14.1 million or approximately 44% year-over-year, resulting in an Adjusted EBITDA margin of 26.6%, up 630 basis points from the previous year [4][5][26] - For the full year 2025, consolidated Adjusted EBITDA reached $239.8 million, a 10.4% increase year-over-year, with an Adjusted EBITDA margin of 31.3%, up 350 basis points from 2024 [6][19] Business Line Data and Key Metrics Changes - Software solutions net sales grew by 8.7% year-over-year to $358.4 million, representing approximately 47% of total net sales for 2025 [9][19] - The capital market software solutions segment saw net sales of $60 million, a 20% increase year-over-year, driven by strong growth in Venue and Active Disclosure, both up approximately 20% [27] - The investment company's software solution segment reported net sales of $30.9 million, a decrease of 2.2% year-over-year, attributed to tough comparisons from a strong Q4 2024 [32] Market Data and Key Metrics Changes - The company recorded $48.6 million in transactional revenue in Q4 2025, a 29% increase year-over-year, benefiting from a recovery in deal completions following a government shutdown [30] - The company maintained a high market share for large IPOs, capturing 65% of IPOs that raised over $100 million in Q4 2025 [60] Company Strategy and Development Direction - The company is transitioning to chapter three of its transformation, focusing on sustained growth and increasing the mix of predictable revenue from recurring offerings [19][20] - The introduction of new products like ArcFlex and enhancements in AI capabilities are aimed at capturing additional market demand and improving operational efficiency [15][16][18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the ongoing momentum in capital markets and expects to capture an uptick in deal activity in 2026, despite a continued decline in print and distribution sales [20][38] - The company does not anticipate major SEC rule changes for 2026 but is well-positioned to capture demand from future regulations [22] Other Important Information - The company repurchased approximately 3.6 million shares in 2025, representing about 12% of outstanding shares, at an average price of $48.36 per share [4][36] - Free cash flow for Q4 was $47.9 million, with a full-year total of $107.8 million, reflecting improved operational performance [35] Q&A Session Summary Question: How much of the outperformance in Q4 was volume versus price? - Management indicated that the outperformance was predominantly driven by volume, particularly in capital markets transactional revenue, with a modest contribution from price [48] Question: Can you provide more color on the drivers behind the strong margins? - Management attributed the strong margins to a favorable sales mix, cost structure improvements, and operating leverage from increased sales, with long-term guidance for margins above 30% [50] Question: How does the potential opportunity in capital allocation look given recent valuation multiples? - Management noted that while valuations have contracted, there may be interesting opportunities as companies seek liquidity, and they continue to monitor the situation [52] Question: Can you discuss the relative TAM for ArcFlex compared to ArcSuite? - Management confirmed that ArcFlex can be sold as a standalone product, with significant interest in the market for alternative investment solutions [56] Question: What is the outlook for IPO activity and DFIN's share in traditional IPOs? - Management highlighted a strong share in larger IPOs, with a 70% share of offerings greater than $1 billion in 2025, indicating readiness to support complex deals [61]

Franklin Electric (NasdaqGS:FELE) Q4 2025 Earnings call February 17, 2026 09:00 AM ET Company ParticipantsDean Cantrell - Director of Investor RelationsJennifer Wolfenbarger - CFOJoe Ruzynski - CEOConference Call ParticipantsBryan Blair - Managing Director and Research AnalystMatt Summerville - Managing Director and Senior Research AnalystMike Halloran - Senior Research AnalystRyan Connors - Managing Director and Research AnalystWalter Liptak - Industrial AnalystOperatorHello, and welcome to the Franklin El ...

Energy Transfer (NYSE:ET) Q4 2025 Earnings call February 17, 2026 09:00 AM ET Company ParticipantsAdam Mackay - EVP of Crude OilDylan Bramhall - CFOMackie McCrea - Co-CEOThomas Long - CFOConference Call ParticipantsElvira Scotto - Equity Research AnalystGabe Moreen - Equity Research AnalystJason Gabelman - Equity Research AnalystJean Salisbury - Equity Research AnalystJohn Mackay - Equity Research AnalystJulien Dumoulin-Smith - Equity Research AnalystKeith Stanley - Equity Research AnalystManav Gupta - Equi ...

Labcorp (NYSE:LH) Q4 2025 Earnings call February 17, 2026 09:00 AM ET Company ParticipantsAdam Schechter - Chairman, President and CEOChristin O'Donnell - VP of Investor RelationsDan Clark - VP in Equity ResearchElizabeth Anderson - Senior Managing Director in Health Care Technology and Distribution ResearchErin Wright - Managing Director in U.S. Healthcare Services ResearchJack Meehan - Partner in Life Science Tools and Diagnostics ResearchJulia Wang - EVP and CFOKevin Caliendo - Managing Director in Healt ...

Financial Data and Key Metrics Changes - GAAP EPS for the fourth quarter was $9.05, including a tax benefit of $78.5 million, or $3.98 per share, primarily due to a U.S. tax deduction related to the Prospera investment [20] - Adjusted diluted EPS was $4.92, up 28.1% year-over-year [21] - For the full year, adjusted diluted EPS was $19.09, an increase of 11.1% over 2024 [30] Business Line Data and Key Metrics Changes - Infrastructure sales grew 7.2% year-over-year to $819 million, with utility sales increasing by 21% due to strong market conditions and higher volumes [24] - Agriculture sales decreased 19.9% year-over-year to $222.7 million, with an operating loss of $3.3 million in the fourth quarter [27] - Coatings sales increased by 6.3%, supported by healthy infrastructure demand [26] Market Data and Key Metrics Changes - The utility market is experiencing strong demand driven by electrification, AI, and aging infrastructure replacement, with a backlog of $1.5 billion, up 22% from the previous year [10][44] - North American agriculture markets remain challenged, while international sales declined due to economic conditions in Brazil [27][15] - The telecommunications market has normalized, with ongoing investments in wireless and RAN [72] Company Strategy and Development Direction - The company is focused on disciplined resource allocation, safety, and continuous improvement to enhance performance [9] - Investments in technology and aftermarket services are aimed at improving efficiency and customer experience in agriculture [8][16] - The company plans to host an investor day to share deeper insights into its strategy and long-term financial targets [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the utility market's strength, citing multiple demand drivers and a robust backlog [44] - The agriculture segment is expected to see a meaningful recovery in Q1 2026, with a focus on improving margins [45][49] - The company anticipates net sales for 2026 to be between $4.2 billion and $4.4 billion, with diluted EPS projected in the range of $20.50 to $23.50 [35][36] Other Important Information - The company acquired the remaining 40% of ConcealFab, enhancing its technology and product pipeline [12] - A total of $250 million was returned to shareholders, including $198 million through share repurchases [32] Q&A Session Summary Question: Confidence in utility demand and changes in customer investment - Management is confident in the utility market due to strong drivers like electrification and aging infrastructure, supported by a backlog of $1.5 billion [44] Question: Actions to restore agriculture margins and expected recovery timeline - Management expects a meaningful recovery in agriculture margins in Q1 2026, having taken steps to address previous challenges [45][46] Question: Capital spending increase for utility capacity expansions - The company plans to spend $170 million to $200 million in 2026 on utility capacity expansions, driven by durable demand [53][54] Question: Expected agriculture margins for Q1 and full year - Management anticipates low teens margins in Q1, potentially reaching mid-teens by year-end [51] Question: Growth expectations in non-utility infrastructure segments - Management expects growth across all infrastructure segments, including telecom, coatings, and lighting [72]

Conagra Brands 2026 Conference Summary Company Overview - **Company**: Conagra Brands (NYSE:CAG) - **Revenue**: $12 billion in organic net sales, with 92% of revenue generated in the United States [2][6] - **Market Position**: Competes in attractive categories such as frozen food, staples, and snacks, with 81% of revenue from market-leading brands [3][4] Core Business Insights - **Consumer Domains**: Focus on three domains: frozen, staples, and snacks, with frozen and snacks representing about 70% of revenue [5][6] - **Brand Portfolio**: Emphasis on diverse brands catering to various consumer preferences, including premium and value-oriented options [3][4] - **Innovation Focus**: Investments in product and packaging innovation, particularly in health and wellness [7][8] Financial Performance - **Growth Metrics**: 75% of the frozen and snacks portfolio is holding or gaining market share; frozen business has rebounded to 98% service levels after supply interruptions [9][10][60] - **Sales Growth**: Snacks reported a 5.3% growth quarter to date, outperforming broader snack categories [10] - **Cost Management**: Forecasting 5% cost savings as a percentage of cost of goods sold, with a focus on cash flow and capital allocation [60][61] Consumer Trends - **Diverse Consumer Base**: Notable shifts in consumer demographics, with a shrinking middle class and increased purchasing power among lower and upper-income consumers [18][19] - **Gen Z Preferences**: Gen Z consumers are driving demand for bold flavors, international foods, and on-the-go products [20][21] - **Health and Wellness**: Growing focus on health attributes in food, with a significant portion of the portfolio qualifying as "Clean Label" [8][31] Strategic Initiatives - **Superior Relative Provocativeness**: A framework for driving category growth and brand vitality by optimizing product offerings for diverse consumer sets [12][11] - **Project Catalyst**: A multi-year initiative aimed at modernizing operations and leveraging AI for improved performance [64][65] Future Outlook - **Guidance for Fiscal 2026**: Organic net sales expected to range from -1% to +1% compared to fiscal 2025, with adjusted operating margin projected between 11%-11.5% [62][63] - **Long-term Confidence**: Affirmation of long-term financial performance metrics, with expectations for continued top-line momentum and margin recovery [66] Key Innovations - **Product Launches**: Introduction of new products across various brands, including high-protein options and plant-based alternatives, to meet evolving consumer demands [35][41][46] - **Marketing Strategies**: Emphasis on digital and social media marketing to engage consumers and drive brand relevance [7][48] Conclusion - **Positioning**: Conagra Brands is well-positioned to navigate the dynamic food industry landscape, leveraging its diverse portfolio, innovative strategies, and strong financial management to drive growth and meet consumer needs [66]

Summary of Hammond Power Solutions Conference Call Company and Industry Overview - **Company**: Hammond Power Solutions (OTCPK:HMDP.F) - **Acquisition Target**: AEG Power Solutions - **Industry**: Power quality and electrical solutions, focusing on industrial UPS and power conversion applications Key Points and Arguments Strategic Rationale for Acquisition 1. **Product Expansion**: The acquisition will enhance Hammond's capabilities in integrated electrical solutions and power quality, providing a broader range of solutions for customers [2][3] 2. **End Market Expansion**: AEG increases exposure to industrial and energy transition applications, including offshore wind, green hydrogen, nuclear, data, and IT sectors [3][4] 3. **Geographic Expansion**: The combination offers complementary benefits in global commercial footprint, allowing for better market penetration [3][8] 4. **Recurring Revenue**: AEG's large installed base supports a strong foundation for recurring services and aftermarket revenues, which are seen as key drivers of value [3][4] AEG Power Solutions Overview 1. **Global Presence**: AEG operates across Europe, Asia, and the Americas with over 780 employees, 5 manufacturing facilities, and 4 R&D labs [4] 2. **Experience**: AEG has over 75 years of experience in power electronics, focusing on demanding environments where power resiliency is critical [4] 3. **Market Position**: AEG is recognized as a strong player in the international market, known for high-quality products and reliability [5] Financial Aspects of the Acquisition 1. **Transaction Value**: The acquisition is based on an enterprise value of approximately CAD 365 million, structured as an all-cash transaction [11] 2. **Leverage and Cash Flow**: Expected net leverage post-acquisition is approximately 2.65x on a pro forma trailing twelve-month basis, with strong free cash flow anticipated [11][12] 3. **Earnings Accretion**: The transaction is expected to be accretive to adjusted earnings per share in the first full year, with returns on invested capital expected to exceed the cost of capital [12] Integration and Growth Strategy 1. **Independent Operations**: AEG will initially operate as a standalone business, with a focus on disciplined integration and sustainable growth [13][14] 2. **Management Team**: AEG's leadership, led by CEO Franck Audrain, is experienced in industrial power and UPS, providing confidence in the integration process [13] 3. **Cross-Selling Opportunities**: There are plans to leverage AEG's products in North America and vice versa, enhancing the combined portfolio's value [40][41] Market Trends and Future Outlook 1. **Electrification and Energy Transition**: The acquisition aligns with long-term megatrends in electrification and energy transition, positioning Hammond for future growth [14][56] 2. **Recurring Revenue Model**: Approximately 40% of AEG's revenue is recurring, which is expected to contribute positively to the combined entity's financial stability [48] Additional Important Insights - **Service and Aftermarket Potential**: AEG's business model includes a strong service aspect, particularly for mission-critical customers, which is expected to enhance growth through geographical expansion [24] - **CapEx Considerations**: AEG has sufficient capacity for growth without extreme capital investments, with an expected incremental CapEx of around EUR 4 million per year [51][52] - **Supply Chain Resilience**: AEG has built resiliency and diversity into its supply chain, which is crucial in the current global environment of tariffs and supply chain risks [35] This summary encapsulates the key points discussed during the conference call regarding the acquisition of AEG Power Solutions by Hammond Power Solutions, highlighting strategic, financial, and operational aspects of the transaction.