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]

Financial Data and Key Metrics Changes - Full year 2025 sales increased by 5.4% to $2.1 billion, with segment operating income up 10% to $269 million [5][17][18] - Fourth quarter 2025 sales were $506.9 million, a year-over-year increase of 4.4%, with operating income rising 20% to $51.6 million [12][13][15][16] - Adjusted diluted earnings per share for 2025 was $4.14, a 6% increase from $3.92 in 2024, while GAAP diluted EPS was $3.22, down from $3.86 due to a pension settlement charge [12][17] Business Line Data and Key Metrics Changes - Global Water Systems sales increased by 6% for the full year 2025, driven by strong pricing and acquisitions, while operating income was up 5.2% [22][23] - Energy Systems sales rose by 9% to $299 million for the full year, with operating income increasing by 6% to $99 million [24] - Distribution segment sales increased by 2% to $700.7 million, with operating income up 64% to $39.8 million, reflecting margin enhancement initiatives [25] Market Data and Key Metrics Changes - Water Systems in the U.S. and Canada saw a 4% decline in Q4 due to softer HVAC markets, while international sales increased by 15% [19] - Energy Systems sales outside the U.S. and Canada increased by 19%, indicating strong international demand [20] - Distribution segment's operating income margin improved by 300 basis points to 3.3% in Q4, driven by higher volumes and price realization [21] Company Strategy and Development Direction - The company aims to position itself as an innovation and growth leader, with over 35 new products expected to generate $160 million in revenue by year three [8] - Focus on enhancing margins through a value acceleration office, utilizing AI and process engineering to streamline operations and manage costs [10][31] - The company is committed to strategic acquisitions to fill portfolio gaps and enhance market reach, with a healthy M&A pipeline anticipated for 2026 [60][61] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate a turbulent global market, with a healthy order book and backlog as they move into 2026 [5][6] - The outlook for 2026 includes expected sales growth of 3% to 4% across segments, with adjusted EPS guidance of $4.40 to $4.60 [27][28] - Management noted that the company is well-positioned to capitalize on urbanization and increasing demand for high-quality water and energy solutions [29][30] Other Important Information - The company completed approximately $120 million in acquisitions and $160 million in share buybacks in 2025, maintaining a strong balance sheet [6][26] - A quarterly cash dividend of $0.28 was announced, marking the 34th consecutive year of dividend increases [26] Q&A Session Summary Question: Organic outlook across segments for revenue guidance - Management indicated a 3%-5% growth outlook for the water business, with a mix of volume and price increases expected [36] Question: Specifics on water business end markets and geographic demand - Management noted stabilization in HVAC markets and expected growth in the U.S. and Europe, with no pronounced weaknesses anticipated [40][41] Question: Impact of HVAC on water segment performance - Management clarified that HVAC weakness was isolated to Q4 and expected normalization in early 2026 [45] Question: Energy segment margin challenges - Management acknowledged tariff impacts and indicated expectations for margin recovery in 2026 [50] Question: Integration progress of recent acquisitions - Management reported smooth integration of PumpEng and Barnes, with positive growth synergies anticipated for 2026 [58][59] Question: Value acceleration office and its impact - Management highlighted the office's focus on process reengineering and growth, with expected benefits in productivity and efficiency [64][66]

Financial Data and Key Metrics Changes - Adjusted EBITDA for full year 2025 was nearly $16 billion, up 3% from $15.5 billion in 2024, marking a partnership record [3] - Distributable cash flow (DCF) attributable to partners was $8.2 billion, slightly down from $8.4 billion in the previous year [3] - For Q4 2025, adjusted EBITDA was approximately $4.2 billion, compared to $3.9 billion in Q4 2024, while DCF was approximately $2 billion, consistent with Q4 2024 [4] Business Segment Data and Key Metrics Changes - NGL and refined products segment had adjusted EBITDA of $1.1 billion, consistent with Q4 2024, with higher throughput across Gulf Coast and Mariner East pipeline operations [5] - Midstream segment adjusted EBITDA was $720 million, up from $705 million in Q4 2024, driven by volume growth in various regions [6] - Crude oil segment adjusted EBITDA decreased to $722 million from $760 million in Q4 2024, impacted by lower transportation revenues [7] - Interstate natural gas segment adjusted EBITDA increased to $523 million from $493 million in the previous year, due to higher capacity sold [7] - Intrastate natural gas segment adjusted EBITDA rose to $355 million from $263 million, driven by increased pipeline and storage optimization [7] Market Data and Key Metrics Changes - Record volumes were moved across interstate, midstream, NGL, and crude segments for the year ended 2025, with record NGL exports from terminals [4] - The company expects to invest approximately $5 to $5.5 billion in organic growth capital for 2026, focusing on natural gas assets and NGL segments [8] Company Strategy and Development Direction - The company is focused on significant growth projects, including the Desert Southwest Pipeline Project, which has been upsized to a 48-inch diameter to meet customer demand [9] - Expansion projects are expected to generate mid-teen returns and considerable earnings growth over the next decade [8] - The company is committed to capital discipline and targeting projects with the highest returns while balancing project risk [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the future growth driven by new projects and the ramp-up of existing operations [19] - The company anticipates continued demand for natural gas services, particularly for power plants and data centers [21] - Management noted that the operating team performed excellently during recent winter weather events, maintaining service and reliability [40] Other Important Information - The company has a significant backlog of growth opportunities and is actively engaging with stakeholders for project updates [10] - The Lake Charles LNG project has been suspended, with the company exploring alternative uses for the terminal [18] Q&A Session Summary Question: Key drivers behind commercialization momentum in natural gas assets - Management highlighted excitement about the Desert Southwest project and the ongoing expansion of the Florida Gas pipeline system [25] Question: NGL transportation and third-party volumes - Management indicated that over half of the gas transported comes from their own facilities, with expectations for growth in affiliate volumes [32] Question: Performance during winter weather and gas market volatility - Management noted that they maintained service during winter storms and did not see profits as high as previous years but performed well [40] Question: Early volumes on Hugh Brinson Pipeline - Management is confident about bringing on some volumes earlier than expected, which will benefit producers in the Permian Basin [44] Question: Medium-term growth expectations - Management reiterated a long-term distribution growth rate target of 3%-5% annually, indicating a solid foundation for growth [49] Question: Recontracting on the Mariner system - Management expressed confidence in maintaining and growing throughput on the Mariner pipelines despite upcoming contract expirations [50] Question: Storage opportunities for data centers - Management emphasized their capability to provide reliable gas supply and storage solutions for data centers [74]

Financial Data and Key Metrics Changes - GAAP EPS for Q4 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] - Full-year net sales were $4.1 billion, slightly increasing year-over-year, with operating income at $538 million, or 13.1% of revenue [28] Business Line Data and Key Metrics Changes - Infrastructure sales grew 7.2% 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 Q4 [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, with a backlog of $1.5 billion, up 22% from the previous year [10] - North American agriculture markets remain challenged, while international sales declined due to economic conditions in Brazil [27][15] - The telecommunications market has normalized capital spending, with ongoing demand for 5G and broadband expansion [12] Company Strategy and Development Direction - The company is focused on disciplined resource allocation and continuous improvement to enhance operational performance [9] - Investments in technology and aftermarket services are aimed at improving efficiency and customer experience in agriculture [8] - The company plans to host an investor day to share deeper insights into its strategy and long-term financial targets [19] 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 [46] - The agriculture segment is expected to see a meaningful recovery in Q1 2026, with North America maintaining double-digit operating margins [50][52] - 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] Other Important Information - The company acquired the remaining 40% of ConcealFab, enhancing its technology and product pipeline [12] - Full-year operating cash flows totaled $457 million, with free cash flow at $311 million, representing approximately 90% of net earnings [30] - The company returned $250 million to shareholders through dividends and 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 AI, with a backlog of $1.5 billion supporting the outlook [46] Question: Actions to restore agriculture margins and expected recovery - Management expects a meaningful recovery in agriculture margins in Q1 2026, with steps taken to strengthen the foundation in Brazil [50][52] Question: Expected ag margins for Q1 and full year - Management anticipates low teens for Q1 margins, potentially reaching mid-teens by year-end [58] Question: Increasing capital spending for utility capacity expansions - Capital spending is projected to be $170 million-$200 million in 2026, primarily for utility, driven by durable demand [61] Question: Balance sheet utilization for pricing - The company plans to use its strong balance sheet for growth rather than trading for better pricing [66] Question: Aftermarket share in a soft ag market - The company is enhancing its e-commerce system to improve aftermarket services for farmers [71] Question: Utility growth potential and pricing - Management sees potential upside in utility growth, with expectations of more volume than price contributing to growth in 2026 [82]

Financial Data and Key Metrics Changes - Fourth quarter consolidated revenues were $5.2 billion, up 6% from Q4 of 2024, with adjusted net income at $246 million and adjusted EPS at $0.19, up from $0.15 in Q4 2024 [10][14] - For the full year 2025, consolidated revenues were down 9% year-over-year, while industrial sales decreased in double digits [11] - Industrial adjusted EBIT margin was 4.3% for 2025, primarily driven by higher tariff costs and unfavorable geographic mix [11][14] Business Line Data and Key Metrics Changes - Agriculture segment sales in Q4 were about $3.6 billion, up 5% year-over-year, with EMEA up 33% and North America down 10% [10][15] - Construction net sales in Q4 were up 19% year-over-year to $853 million, driven by better sales in North and South America [10][16] - Financial services segment net income in Q4 was $109 million, an 18% year-over-year increase [17] Market Data and Key Metrics Changes - North America is expected to see the largest decrease in large equipment industry retail demand, while EMEA is forecasted to show slight growth [28][30] - Global industry retail demand is projected to be around 80% of mid-cycle, down approximately 5% from 2025 levels [29][30] Company Strategy and Development Direction - The company strategy focuses on five key pillars: expanding product leadership, advancing tech integration, driving commercial excellence, operational excellence, and quality as a mindset [19] - A robust pipeline of new product launches is planned, including over 15 new tractor launches and 30 precision technology releases by the end of 2027 [19][20] - The company aims to improve agriculture EBIT margin to 16%-17% by 2030, despite tariff impacts [26] Management Comments on Operating Environment and Future Outlook - The management noted that commodity prices remain low, affecting farmers' ability to purchase equipment, and the trade environment is still uncertain [9][11] - The company expects 2026 to represent the trough of the cycle, with a focus on improving underlying profitability [30][32] - Management expressed confidence in North and South American markets delivering growth in revenue and profit pools as trade flows stabilize [11][30] Other Important Information - The company has been recognized for its sustainability efforts, ranking number one in its industry on S&P Global's Corporate Sustainability Assessment [12] - The company repurchased $45 million worth of stock in Q4 and returned $432 million to shareholders through dividends and share repurchases for the full year [18] Q&A Session Summary Question: Clarification on inventory situation and setup for 2027 - Management acknowledged a shortfall in inventory reduction targets, primarily due to Europe, and indicated that dealer destocking is largely accomplished [43][44] Question: EBIT bridge for 2026 - Management provided a breakdown of expected margin impacts, indicating a reduction in margin due to volumes and geographic mix, but improvements from pricing and operational efficiencies [48] Question: North America farmer sentiment and government initiatives - Management noted that farmer sentiment is currently low due to flat income projections and commodity prices, with ongoing discussions about potential government support [70][71] Question: Product launch pipeline and competitive environment in Europe - Management highlighted excitement around new mid-range tractors and combines, with positive feedback from farmers, while cautioning about the fragile market conditions in Europe [74][78]

Financial Data and Key Metrics Changes - GAAP EPS for Q4 2025 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 [13] - Adjusted diluted EPS was $4.92, up 28.1% year-over-year [13] - Full-year adjusted diluted EPS was $19.09, an increase of 11.1% over 2024 [19] Business Line Data and Key Metrics Changes - Infrastructure sales for Q4 2025 were $819 million, growing 7.2% year-over-year, with utility sales increasing by 21% [16] - Agriculture sales decreased by 19.9% year-over-year to $222.7 million, with an operating loss of $3.3 million in Q4 [12][18] - Coatings sales increased by 6.3%, supported by healthy infrastructure demand [16] Market Data and Key Metrics Changes - The utility market is experiencing strong demand driven by electrification, AI, and grid expansion, with a backlog of $1.5 billion, up 22% from the previous year [7][27] - North American agriculture markets remain challenged, with international sales declining due to economic conditions in Brazil [10][12] - The telecommunications market has normalized, with ongoing investments in wireless and RAN [42] Company Strategy and Development Direction - The company is focused on disciplined resource allocation, safety, and continuous improvement to enhance performance [6] - Investments in technology and aftermarket services are aimed at improving efficiency and customer experience in agriculture [11] - The company plans to host an investor day to share deeper insights into its strategy and long-term financial targets [12] 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 [27] - The agriculture segment is expected to see a meaningful recovery in Q1 2026, with a focus on restoring margins [28][29] - 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 [22][23] Other Important Information - The company acquired the remaining 40% of ConcealFab, enhancing its technology and product pipeline [9] - Full-year operating cash flows totaled $457 million, with free cash flow representing approximately 90% of net earnings [19] - The company returned $250 million to shareholders through dividends and share repurchases [20] Q&A Session Summary Question: Confidence in utility demand and competitive landscape - Management is confident in the utility market due to strong drivers like electrification and grid expansion, supported by a backlog of $1.5 billion [27] Question: Actions to restore agriculture margins - Management expects a meaningful recovery in agriculture margins in Q1 2026, having taken steps to address previous challenges [28][29] Question: Capital spending for utility capacity expansions - The company plans to increase capital spending to $170 million-$200 million in 2026 to meet durable demand in the utility sector [31][32] Question: Balance sheet utilization for pricing - The company aims to use its strong balance sheet for growth rather than trading price for prepayments, focusing on improving working capital [34][35] Question: Outlook for agriculture project wins - Management anticipates a slower first half for agriculture but is confident in the pipeline of projects for the second half of the year [39]

Franklin Electric (NasdaqGS:FELE) Q4 2025 Earnings call February 17, 2026 09:00 AM ET Speaker6Hello, and welcome to the Franklin Electric reports fourth quarter, 2025 and full year 2025 results conference call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising your hand has been raise ...

Energy Transfer (NYSE:ET) Q4 2025 Earnings call February 17, 2026 09:00 AM ET Speaker14Thank you, operator, and good morning, everyone, and welcome to the Energy Transfer fourth quarter 2025 earnings call. I'm also joined today by Mackie McCrea and other members of the senior management team, who are here to help answer your questions after our prepared remarks. Hopefully, you saw the press release we issued earlier this morning. As a reminder, our earnings release contains an update to guidance and a thoro ...

Donnelley Financial Solutions (NYSE:DFIN) Q4 2025 Earnings call February 17, 2026 09:00 AM ET Speaker5I would now like to turn the conference over to Mike Zhao, Head of Investor Relations. Please go ahead.Speaker4Thank you. Good morning, everyone, and thank you for joining Donnelley Financial Solutions' fourth quarter and full year 2025 results conference call. This morning, we released our earnings report, including a set of supplemental trending schedules of historical results, copies of which can be foun ...

CNH Industrial (NYSE:CNH) Q4 2025 Earnings call February 17, 2026 09:00 AM ET Speaker7I will now turn the call over to Jason Omerza, Vice President of Investor Relations. Sir, please go ahead.Speaker4Thank you, Kristen, and good morning, everyone. We would like to welcome you to CNH's fourth quarter earnings presentation for the period ending December 31st, 2025. This live webcast is copyrighted by CNH, and any recording, transmission, or other use of any portion of it without the written consent of CNH is ...