CONSOL Energy Inc. (NYSE:CEIX) Q3 2024 Earnings Conference Call November 5, 2024 10:00 AM ET Company Participants Nathan Tucker - Director, Finance and Investor Relations Jimmy Brock - Chief Executive Officer Mitesh Thakkar - President and Chief Financial Officer Bob Braithwaite - Senior Vice President, Marketing and Sales Conference Call Participants Lucas Pipes - B. Riley Securities Nathan Martin - Benchmark Company Michael Dudas - Vertical Research Operator Good morning, ladies and gentlemen, and welcome ...

Start Time: 09:00 January 1, 0000 10:12 AM ET Builders FirstSource, Inc. (NYSE:BLDR) Q3 2024 Earnings Call November 05, 2024, 09:00 AM ET Company Participants Dave Rush - CEO Peter Jackson - CEO designate and CFO Pete Beckmann - CFO designate Heather Kos - SVP, IR Conference Call Participants Matthew Bouley - Barclays Charles Perron-Piche - Goldman Sachs Mike Dahl - RBC David Manthey - Baird Rafe Jadrosich - Bank of America Philip Ng - Jefferies Jay McCanless - Wedbush Jeffrey Stevenson - Loop Capital Steve ...

Ballard Power Systems Inc. (NASDAQ:BLDP) Q3 2024 Earnings Conference Call November 5, 2024 11:00 AM ET Company Participants Sumit Kundu – Manager and Investor Relations Randy MacEwen – Chief Executive Officer Kate Igbalode – Chief Financial Officer Conference Call Participants Rob Brown – Lake Street Capital Markets Jordan Levy – Truist Securities Saumya Jain – UBS Ameet Thakkar – BMO Capital Markets Craig Shere – Tuohy Brothers Rupert Merer – National Bank Mac Whale – Cormark Securities Martin Malloy – Joh ...

Portillo’s Inc. (NASDAQ:PTLO) Q3 2024 Earnings Conference Call November 5, 2024 10:00 AM ET Company Participants Kyle Nelsen – Vice President, Investor Relations Michael Osanloo – President and Chief Executive Officer Michelle Hook – Chief Financial Officer Conference Call Participants Sharon Zackfia - William Blair David Tarantino – Baird Jim Salera – Stephens Inc. Brian Harbour – Morgan Stanley Chris O’Cull – Stifel Brian Mullan – Piper Sandler Sara Senatore – Bank of America Gregory Francfort – Guggenhei ...

Kimball Electronics, Inc. (NASDAQ:KE) Q1 2025 Earnings Conference Call November 5, 2024 10:00 AM ET Company Participants Andy Regrut - Treasurer and Investor Relations Officer Ric Phillips - Chief Executive Officer Jana Croom - Chief Financial Officer Conference Call Participants Mike Crawford - B. Riley Securities Jaeson Schmidt - Lake Street Anja Soderstrom - Sidoti Operator Good morning, ladies and gentlemen. Welcome to Kimball Electronics’ First Quarter Fiscal 2025 Earnings Conference Call. My name is M ...

Boise Cascade Company (NYSE:BCC) Q3 2024 Earnings Conference Call November 5, 2024 10:00 AM ET Company Participants Chris Forrey - Investor Relations Nate Jorgensen - Chief Executive Officer Kelly Hibbs - Senior Vice President, Chief Financial Officer and Treasurer Jeff Strom - Head, Building Materials Distribution Operations Troy Little - Head, Wood Products Operations Conference Call Participants Michael Roxland - Truist Securities Susan Maklari - Goldman Sachs Jeffrey Stevenson - Loop Capital Ketan Mamto ...

Financial Data and Key Metrics - Revenue for Q3 2024 was $1.739 billion, representing a 7% sequential growth and a 6% year-over-year decline [10][35] - Non-IFRS gross margin was 24.7%, exceeding the mid-point of the guidance range [17] - Non-IFRS diluted earnings per share were $0.41, surpassing the high end of the guidance range [17] - Year-to-date non-IFRS adjusted free cash flow was $779 million, with expectations of approximately 3x growth compared to 2023 [19] - Q4 2024 revenue guidance is between $1.8 billion and $1.85 billion, with gross profit expected to be between $432 million and $481 million [50] Business Line Performance - Smart mobile devices accounted for 50% of Q3 revenue, with a 14% sequential increase and an 11% year-over-year increase [37] - Home and industrial IoT markets represented 18% of Q3 revenue, with a 4% sequential increase but a 25% year-over-year decline [39] - Automotive segment accounted for 15% of Q3 revenue, with a 5% sequential decline and a 16% year-over-year decline, but expected to grow high-single-digits for 2024 [41] - Communications infrastructure and data center segment represented 7% of Q3 revenue, with a 14% sequential decline and a 15% year-over-year decline [42] Market Performance - Automotive remains a key growth driver, with high-single-digit revenue growth expected for 2024 despite short-term demand dynamics [23][41] - Smart mobile devices returned to year-over-year revenue growth in Q3, with demand expected to normalize in 2024 [25][38] - IoT end market saw a 4% sequential revenue growth but is down on a full-year basis due to elevated inventory levels [28] - Communications infrastructure and data center segment is expected to see growth opportunities in power, connectivity, and optical networking [43] Strategic Direction and Industry Competition - The company is focused on diversifying its product portfolio and customer base, with 90% of year-to-date design wins being sole-source opportunities [12][13] - A key design win with NXP on the 22FDX platform highlights the company's focus on power and performance solutions [14] - The company is expanding its global manufacturing footprint, particularly in Malta, New York, to support customer demand across the U.S., Europe, and Asia [15][16] - Silicon photonics and power management are identified as key growth areas, with partnerships in optical networking and power solutions [31][32] Management Commentary on Operating Environment and Future Outlook - The company expects sequential growth throughout 2024, with Q1 being the low point for revenue [10] - Management is optimistic about long-term growth opportunities, particularly in automotive and smart mobile devices, despite near-term demand challenges [23][25] - The company is well-positioned to capitalize on industry recovery, with a focus on improving factory utilization and cost recovery initiatives [64][65] Other Important Information - The company shipped approximately 549,300 millimeter equivalent wafers in Q3, up 6% sequentially but down 5% year-over-year [36] - Non-wafer revenue, including reticles and non-recurring engineering, accounted for 10% of total revenue in Q3 [36] - The company has a $1 billion revolving credit facility, which remains undrawn [49] Q&A Session Summary Question: How does the company reconcile its strong performance with the weakness of its customers? [56] - The company attributes its performance to the breadth of its end markets, particularly smart mobile devices and automotive, which are growing despite industry challenges [57][58] - For 2025, the company expects growth, with Q1 2025 projected to show year-over-year growth, albeit with high seasonal cyclicality [60][61] Question: What are the gross margin trends and expectations for 2025? [62] - Gross margin benefits from underutilization charges are expected to decrease, but overall margins are expected to improve with industry recovery and higher utilization [64][65] Question: What are the pricing trends and expectations for 2025? [67] - The company expects pricing to remain stable, with opportunities for better pricing in 2025 due to inflation and the shift away from long-term agreements [69][70] Question: What are the demand trends in the smart mobile segment? [71] - The company is seeing growth in China, particularly in 5G low and mid-tier phones, with design wins on 8SW, 9SW SOI, and RF GaN platforms [73][74] Question: What is the impact of customer underutilization payments on gross margin? [75] - The impact of underutilization payments is expected to decrease, with minimal effect on gross margin in the first half of 2025 [76][77] Question: How does the company balance geographic diversification with local production trends in China? [78] - The company sees strong demand from Chinese fabless companies for global supply, with a strategy to support both local and global needs [80][81][82] Question: What are the key design wins and their expected contributions? [85] - The company is focused on converting design wins into revenue, with a strong pipeline in automotive, IoT, and smart mobile devices [85][86] Question: What are the capital allocation plans given the strong cash flow? [107] - The company is considering various capital allocation strategies, including share repurchases, dividends, and reducing leverage, while also exploring accretive M&A opportunities [109][110][112] Question: What is the outlook for silicon photonics and compound semiconductors? [115] - Silicon photonics and SiGe are expected to be significant revenue drivers, particularly in high-performance analog applications [116][117] Question: What is the nature of the partnership with NXP and the role of LTAs? [122] - The partnership with NXP is strategic, with LTAs providing certainty in volume, pricing, and duration, particularly in long-tail markets like automotive [122][123][125] Question: How does the company reconcile its Q4 guidance with weak smartphone trends? [128] - The company expects IoT and infrastructure declines to offset growth in other segments, with strong performance in RF and design wins supporting smart mobile devices [129][130] Question: What are the gross margin expectations excluding prepayment impacts? [131] - Gross margin is expected to improve with higher factory utilization and cost recovery initiatives, supported by a favorable business mix [131]

JELD-WEN Holding, Inc. (NYSE:JELD) Q3 2024 Earnings Conference Call November 5, 2024 8:00 AM ET Company Participants Bill Christensen - Chief Executive Officer Samantha Stoddard - EVP and Chief Financial Officer James Armstrong - Vice President, Investor Relations Conference Call Participants John Lovallo - UBS Phil Ng - Jefferies Steven Ramsey - Thompson Research Susan Maklari - Goldman Sachs Matthew Bouley - Barclays Zack Pacheco - Loop Capital Trevor Allison - Wolfe Research Mike Dahl - RBC Capital Marke ...

Financial Data and Key Metrics - Adjusted after-tax income was $798 million, or $1.23 per diluted share, representing a 31% increase in earnings per share year-over-year [10] - Underwriting income for the quarter was $437 million, including total catastrophe-related charges of $417 million [10] - Consolidated net investment income on an adjusted pre-tax income basis was $897 million, a 19% increase year-over-year [11] - Core operating ROE was 9.2% with core operating equity of $34.5 billion as of September 30, 2024 [11] - Debt-to-total-capital ratio was 17.9%, including AOCI and parent liquidity of $4.2 billion [12] Business Line Performance - Gross premiums written for General Insurance were $8.6 billion, a 3% increase from the prior year [13] - Net premiums written for General Insurance were $6.4 billion, a 6% increase [13] - Global Commercial net premiums written grew 7% year-over-year, driven by $1.1 billion of new business [14] - North America Commercial net premiums written grew 11% year-over-year [16] - International Commercial net premiums written grew 3% year-over-year, with specialty lines growing 10% [21] Market Performance - North America Commercial retention was 90% in admitted lines and 78% in Lexington [17] - International retention remained strong at 89%, with energy and property at 92% and casualty at 91% [22] - North America Commercial new business growth was 22% year-over-year, led by Lexington with 24% growth [18] Strategy and Industry Competition - The company has transformed its underwriting and reinsurance strategy, reducing CAT losses by 80% compared to 2012 [32] - AIG Next program is expected to deliver $500 million in savings by 2025, impacting both General Insurance and other operations [36] - The company is leveraging GenAI to improve underwriting processes, with data accuracy rates improving from 75% to 90% [40] Management Commentary on Operating Environment and Future Outlook - The company expects to deliver a 10% core operating ROE for the full-year 2025 [49] - Management highlighted the increasing frequency and severity of natural catastrophes, with industry losses expected to exceed $125 billion in 2024 [24][29] - The company is well-positioned to manage volatility through underwriting and reinsurance strategies, maintaining low net retention among global competitors [33] Other Important Information - The company returned $1.8 billion to shareholders in Q3 through stock repurchases and dividends [11] - AIG Next has enabled the company to invest in core capabilities and strategic innovation initiatives, particularly in underwriting, claims, and AI [38] - The company expects to fully realize $500 million in savings from AIG Next by 2025 [36] Q&A Session Summary Question: Reserves and Financial Lines - The company discussed favorable development in shorter tail lines and noted that older accident years in financial lines are emerging better than expected but are not yet booked [71][72] - Adverse development in U.K. and Europe casualty and financial lines was partially offset by favorable development in U.S. and international portfolios [74] Question: Property Reinsurance Program - The company does not expect material changes in its reinsurance structures and will maintain low attachment points on severity and aggregate protections [77][78] Question: Market Conditions and Growth Opportunities - The company sees strong growth opportunities in North America Commercial, particularly in casualty and E&S lines, with new business growth of 22% year-over-year [80][81] - Lexington continues to show strong performance, with 78% retention and 24% new business growth [85] Question: ROE Aspirations and Capital Management - The company aims to achieve a 10% core operating ROE in 2025 and is exploring opportunities to improve margins, grow premiums, and manage capital effectively [88][89] - The company has flexibility to increase leverage for potential M&A opportunities [104] Question: General Insurance GOE Ratio - The company is absorbing $50 million of expenses into General Insurance, with improvements expected to show more significantly in Q4 and 2025 [99][100] Question: Personal Lines in North America - The company is transitioning its North America personal lines business to an MGA structure, with expectations for improved combined ratios in 2025 [107][108] Question: North America Commercial Loss Ratio - The company expects the loss ratio to stabilize, with growth opportunities in casualty and property lines [115][116] Question: International Growth Opportunities - The company sees strong growth in international specialty lines, particularly in energy and marine, with 25% new business growth in marine and 18% growth in Talbot specialty lines [119][120]

Black Stone Minerals, L.P. Common Units (NYSE:BSM) Q3 2024 Earnings Conference Call November 5, 2024 10:00 AM ET Company Participants Mark Meaux - Director of Finance Thomas Carter - Chairman, President and Chief Executive Officer Taylor DeWalch - Senior Vice President and Chief Financial Officer Conference Call Participants Timothy Rezvan - KeyBanc Capital Markets Inc. Operator Hello, everyone, and thank you for joining us today for this Black Stone Minerals Q3 2024 Earnings Conference Call. As a reminder, ...