Financial Data and Key Metrics Changes - The company reported net income of $108.8 million or $1.08 per diluted share in Q4 2025, compared to $71.4 million or $0.69 per diluted share in Q3 2025 [15] - Net interest income decreased by $0.4 million or 0.2% to $206.4 million compared to the prior quarter, and decreased by $7.9 million or 3.7% compared to Q4 2024 [15][16] - Non-interest income was $106.6 million, an increase of $62.9 million from the prior quarter, driven by a gain on sale of $62.7 million associated with divestitures [17] - Non-interest expense was $166.7 million for Q4 2025, an increase of $8.8 million from the prior quarter [17] - The fully tax-equivalent net interest margin was 3.38% for Q4 2025, compared to 3.36% in Q3 2025 and 3.20% in Q4 2024 [16][22] Business Line Data and Key Metrics Changes - Loans decreased by $632.8 million in Q4 2025, including $62.8 million of continued amortization of the indirect portfolio and $72.5 million in loans moving to held for sale [19] - Total deposits decreased by $516.7 million to $22.1 billion as of December 31, 2025, driven by the sale of $641.6 million of deposits in the Arizona and Kansas transaction [19] - Criticized loans decreased by $112.3 million or 9.6% in Q4 2025, and non-performing assets decreased by $47.3 million or 26% [9][18] Market Data and Key Metrics Changes - The ratio of loans held for investment to deposits was 68.8% at the end of Q4 2025, compared to 70.1% at the end of Q3 2025 and 77.5% at the end of December 2024 [20] - The company maintained a proactive approach to credit, with net charge-offs for the full year of 2025 at 24 basis points of average loans, in line with long-term expectations [18] Company Strategy and Development Direction - The company has focused on improving core profitability, optimizing the balance sheet, and refocusing capital investment in geographies with strong market share and growth potential [6][10] - Strategic actions included branch divestitures in Arizona, Kansas, and Nebraska, outsourcing the consumer credit card product, and discontinuing originations and indirect lending [6][10] - A new, flatter organizational structure was implemented to enhance decision-making and support organic growth [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for organic growth following the restructuring of the banking organization and the addition of new team members in growth markets [32][54] - The company anticipates a slight decline in total loans for 2026, with expectations for modest growth in the latter half of the year [24][25] - Management highlighted the importance of maintaining disciplined credit management while pursuing profitable growth opportunities [56] Other Important Information - The company declared a dividend of $0.47 per common share, equating to a 5.7% annualized yield based on the average closing price during Q4 2025 [22] - The share repurchase authorization was increased to $300 million, with approximately $180 million of capacity remaining under the program [21] Q&A Session Summary Question: Loan balances and production outlook - Management noted that a significant portion of the decline in loan balances was due to payoffs of criticized loans, which is viewed positively [31] - There was improved loan production in December, and management is optimistic about the reorganization's impact on growth [32] Question: Margin expectations - Management expects net interest margin to improve sequentially, with a target of north of 3.5% by the end of 2026 [34] Question: Reinvestment rates on new loans and securities - New loan production is currently in the low- to mid-6% range, while securities have seen a slight decrease in reinvestment rates [38] Question: Buyback activity and capital management - Management plans to continue executing share buybacks, with a focus on approaching peer median capital levels [39] Question: Credit quality and criticized loans - Management is optimistic about continued improvement in credit quality, with proactive management strategies in place [40] Question: Expense guidance and seasonality - Management anticipates flat to slightly lower expenses in 2026, with a focus on maintaining discipline across controllable expenses [44][46] Question: Market opportunities in Colorado - Management expressed confidence in the current branch network and team in Colorado, with potential for future expansion [61][62]

Financial Data and Key Metrics Changes - The company achieved basic adjusted earnings of $4.45 per share for fiscal year 2025, marking a successful year for shareholder value [2] - The board approved a dividend increase of 5.1%, bringing the annualized rate to $3.30 per share, continuing a 23-year streak of annual dividend increases [17] Business Line Data and Key Metrics Changes - Fiscal year 2025 saw investments of $922 million, with nearly 90% allocated to utilities, enhancing system reliability and safety [16] - The company reported growth across all segments, driven by infrastructure investments [15] Market Data and Key Metrics Changes - The Missouri Public Service Commission approved a $210 million revenue increase following a positive conclusion to a rate case [4] - New legislation in Missouri established a future test year for rate-setting, allowing utilities to set rates based on projected costs [17] Company Strategy and Development Direction - The company is focused on operational excellence, regulatory engagement, financial discipline, and strategic growth, with a commitment to delivering reliable natural gas service [18] - The pending acquisition of Piedmont Natural Gas Tennessee business is expected to enhance Spire's scale and diversify its utility portfolio [3][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term fundamentals of the business and the ability to deliver strong operational and financial performance [18] - The company remains focused on maintaining customer affordability while executing its capital plan efficiently [21] Other Important Information - The company successfully concluded an annual budget process in Alabama, reinforcing its commitment to constructive regulatory outcomes [4] - The transition planning for the acquisition of Piedmont Natural Gas is well underway, with an 18-month transition service agreement in place [20] Q&A Session Summary Question: Current status of the acquisition of Piedmont Natural Gas Tennessee business - The acquisition is progressing well, with the Hart-Scott-Rodino review complete and awaiting approval from the Tennessee Public Utility Commission [20] Question: Company's business priorities for shareholders in fiscal year 2026 - The priorities include delivering safe and reliable natural gas service, executing the capital plan efficiently, maintaining customer affordability, achieving constructive regulatory outcomes, and successfully closing the Tennessee acquisition [21]

Liberty Energy (NYSE:LBRT) Q4 2025 Earnings call January 29, 2026 09:30 AM ET Company ParticipantsAnjali Voria - VP of Investor RelationsDaniel Kutz - VP of Equity ResearchDerek Podhaizer - DirectorEddie Kim - VP of Equity ResearchJeffrey LeBlanc - AssociateJosh Silverstein - Managing DirectorKeith Mackey - Director and Global Equity Research, Oil and Gas ServicesMarc Bianchi - Managing DirectorMichael Stock - CFORon Gusek - CEOStephen Gengaro - Managing DirectorConference Call ParticipantsCaitlin Donohue - ...

Financial Data and Key Metrics Changes - For the full year 2025, the company reported revenue of $10.4 billion, adjusted operating income of just over $1 billion, and adjusted earnings per share (EPS) of $10.79 [8][20] - In Q4 2025, consolidated sales were nearly $2.7 billion, an increase of $91 million, or 3.5% from the same quarter last year, with an adjusted operating income margin of 8.4% [19][24] - Adjusted EPS for Q4 was $2.26, contributing to a full-year adjusted EPS of $10.79, slightly above the midpoint of guidance [20][21] Business Line Data and Key Metrics Changes - The access segment achieved Q4 sales of $1.2 billion, roughly equal to last year, with an adjusted operating income margin of 8.8% [22][11] - The vocational segment reported Q4 sales of $922 million, with an adjusted operating income margin of 16.2%, reflecting improved pricing [23][14] - The transport segment saw sales increase to $567 million in Q4, with delivery vehicle revenue growing by 13% sequentially [23][16] Market Data and Key Metrics Changes - The company noted strong demand in the access segment driven by non-residential construction, although some sectors remain soft [12][11] - The vocational segment's backlog of over $6.6 billion provides visibility for future revenue, with expectations for continued growth in fire apparatus and airport products [16][14] - The transport segment is expected to grow with increased NGDV shipments and new defense contracts, although defense vehicle revenue is anticipated to be lower in 2026 [17][24] Company Strategy and Development Direction - The company is focusing on innovation, showcasing technologies at CES that include robotics, AI, and electrification to enhance safety and productivity [4][6] - Strategic investments are being made to improve production throughput and reduce lead times, with a capital investment of about $150 million planned [14][9] - The company aims to achieve an adjusted EPS range of $18-$22 per share by 2028, supported by strong long-term growth opportunities [29] Management's Comments on Operating Environment and Future Outlook - Management anticipates a continuation of recent economic conditions, with expected lower capital investments from industrial customers in 2026 [10][25] - The company expects Q1 2026 to be the lowest quarter of the year due to seasonal factors and the impact of pricing actions in the access segment [25][26] - Management remains optimistic about the second half of 2026, expecting improved performance across segments as economic conditions stabilize [26][29] Other Important Information - The company plans to invest approximately $200 million in capital expenditures and expects free cash flow of approximately $550-$650 million [27] - A quarterly dividend of $0.57 per share was announced, reflecting confidence in long-term cash flow generation [27] Q&A Session Summary Question: Access guidance and disconnect with competitors - Management acknowledged a balanced approach to 2026, noting strong demand from mega projects but pressure in private non-residential construction [33][36] Question: Transport margins and pricing dynamics - Management indicated that transport margins are expected to improve in the second half of 2026, with pricing for new contracts anticipated to enhance margins [40][41] Question: Telematics data and market health - Management reported healthy utilization rates in both U.S. and European markets, with a strong used equipment market [46][48] Question: First Quarter versus Fourth Quarter earnings acceleration - Management expects Q1 2026 earnings to be about half of last year due to lower sales in the access segment and adverse price costs [50][51] Question: Access segment ordering dynamics - Management noted that strong sales in Q4 were influenced by pricing pull forward, and they expect normalization in 2026 [70][71] Question: NGDV revenue expectations - Management confirmed that they are on track to meet production milestones for NGDV, with expectations for increased revenue in the second half of 2026 [62][64]

Liberty Energy (NYSE:LBRT) Q4 2025 Earnings call January 29, 2026 09:30 AM ET Company ParticipantsAnjali Voria - VP of Investor RelationsDan Kutz - VP of Equity ResearchDerek Podhaizer - DirectorEddie Kim - VP of Equity ResearchJeffrey LeBlanc - AssociateJosh Silverstein - Managing DirectorKeith Mackey - Director and Global Equity Research, Oil and Gas ServicesMarc Bianchi - Managing DirectorMichael Stock - CFORon Gusek - CEOStephen Gengaro - Managing DirectorConference Call ParticipantsCaitlin Donohue - Eq ...

Financial Data and Key Metrics Changes - The company reported net income of $108.8 million or $1.08 per diluted share in Q4 2025, compared to $71.4 million or $0.69 per diluted share in Q3 2025 [15] - Net interest income decreased by $0.4 million or 0.2% to $206.4 million compared to the prior quarter, and decreased by $7.9 million or 3.7% compared to Q4 2024 [15][16] - Non-interest income was $106.6 million, an increase of $62.9 million from the prior quarter, driven by a gain on sale of $62.7 million associated with divestitures [17] - Non-interest expense was $166.7 million for Q4 2025, an increase of $8.8 million from the prior quarter [17] Business Line Data and Key Metrics Changes - Loans decreased by $632.8 million in Q4 2025, including $62.8 million from the indirect portfolio and $72.5 million in loans moving to held for sale due to branch sales [19] - Total deposits decreased by $516.7 million to $22.1 billion as of December 31, 2025, primarily driven by the sale of $641.6 million of deposits in the Arizona and Kansas transaction [19] Market Data and Key Metrics Changes - The ratio of loans held for investment to deposits was 68.8% at the end of Q4 2025, down from 70.1% at the end of Q3 2025 [20] - The company maintained a proactive approach to credit, with criticized loans decreasing by $112.3 million or 9.6% in Q4 2025 [9] Company Strategy and Development Direction - The company is refocusing capital investment and optimizing its balance sheet by exiting markets with lower growth potential and enhancing its presence in high-potential areas [6][10] - A new, flatter organizational structure is being implemented to improve decision-making and support organic growth [12] - The company plans to continue share repurchases as a priority for capital allocation, with an increased authorization of $300 million [21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for organic growth in 2026, driven by a redesigned banking organization and improved credit culture [32][54] - The company anticipates a slight decline in total loans for 2026, with expectations for modest growth in the latter half of the year [24][25] - Management highlighted the importance of maintaining disciplined credit practices to enhance long-term shareholder value [56] Other Important Information - The company declared a dividend of $0.47 per common share, equating to a 5.7% annualized yield based on the average closing price during Q4 2025 [22] - The Common Equity Tier 1 capital ratio ended Q4 2025 at 14.38%, an increase of 48 basis points from the prior quarter [22] Q&A Session Summary Question: Loan balances and production outlook - Management noted that a significant portion of the decline in loan balances was due to payoffs of criticized loans, which is viewed positively [31] - There is confidence in improved loan production due to a reorganization of the banking structure and increased focus on organic growth [32] Question: Margin expectations - Management expects net interest margin to improve sequentially, with a target of north of 3.5% by the end of 2026 [34] Question: Credit quality and criticized loans - Management indicated that criticized loans have stabilized and are expected to continue trending down, although variability is inherent in credit [41][52] Question: Expense guidance - Management anticipates flat to slightly lower expenses in 2026, with a focus on maintaining discipline across controllable expenses [26][45] Question: Market expansion and hiring - The company is confident in its current footprint and plans to continue hiring in growth markets like Colorado [61][62]

Oshkosh (NYSE:OSK) Q4 2025 Earnings call January 29, 2026 09:30 AM ET Company ParticipantsJohn Pfeifer - President and CEOMatt Field - EVP and CFOPat Davidson - Senior Vice President of Investor RelationsConference Call ParticipantsAngel Castillo - AnalystChad Dillard - AnalystChristian Zylstra - AnalystJamie Cook - AnalystJerry Revich - AnalystKyle Menges - AnalystMig Dobre - AnalystSteven Fisher - AnalystTim Thein - AnalystOperatorGreetings and welcome to the Oshkosh Corporation Fourth Quarter and Full Ye ...

Financial Data and Key Metrics Changes - The company achieved basic adjusted earnings of $4.45 per share for fiscal year 2025, marking a successful year for shareholder value [2] - The board approved a dividend increase of 5.1%, bringing the annualized rate to $3.30 per share, marking the 23rd consecutive year of dividend increases [17] Business Line Data and Key Metrics Changes - Fiscal year 2025 saw investments of $922 million, with nearly 90% allocated to utilities, enhancing reliability and safety [16] - The company reported growth across all segments, driven by infrastructure investments [15] Market Data and Key Metrics Changes - The regulatory environment improved, with a $210 million revenue increase approved by the Missouri Public Service Commission [4] - New legislation in Missouri established a future test year for rate-setting, allowing for more effective planning and investment [17] Company Strategy and Development Direction - The company is focused on operational excellence, regulatory engagement, financial discipline, and strategic growth [18] - The pending acquisition of Piedmont Natural Gas Tennessee business is expected to enhance Spire's scale and diversify its utility portfolio [3][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term fundamentals of the business and the ability to deliver strong operational and financial performance [18] - The company remains committed to delivering safe and reliable natural gas service while maintaining customer affordability [21] Other Important Information - The company successfully concluded an annual budget process in Alabama, reinforcing its commitment to constructive regulatory outcomes [4] - The transition planning for the acquisition of Piedmont Natural Gas is well underway, with an 18-month transition service agreement in place [20] Q&A Session Summary Question: Current status of the acquisition of Piedmont Natural Gas Tennessee business - The acquisition is progressing, with the Hart-Scott-Rodino review complete and awaiting approval from the Tennessee Public Utility Commission [20] Question: Company's business priorities for shareholders in fiscal year 2026 - The priorities include delivering safe and reliable natural gas service, executing the capital plan efficiently, maintaining customer affordability, achieving constructive regulatory outcomes, and successfully financing the Tennessee acquisition [21]

Financial Data and Key Metrics Changes - The company reported net income of $108.8 million or $1.08 per diluted share in Q4 2025, compared to $71.4 million or $0.69 per diluted share in Q3 2025 [12] - Net interest income decreased by $0.4 million or 0.2% to $206.4 million compared to the prior quarter, and decreased by $7.9 million or 3.7% compared to Q4 2024 [12][13] - Non-interest income was $106.6 million, an increase of $62.9 million from the prior quarter, driven by a gain on sale of $62.7 million associated with divestitures [14] - Non-interest expense increased by $8.8 million to $166.7 million, including costs related to branch closures and severance [14] Business Line Data and Key Metrics Changes - Loans decreased by $632.8 million in Q4 2025, including $62.8 million from the indirect portfolio and $72.5 million from loans moving to held for sale [16] - Total deposits decreased by $516.7 million to $22.1 billion, primarily due to the sale of deposits in the Arizona and Kansas transaction [16] - Criticized loans decreased by $112.3 million or 9.6%, while non-performing assets decreased by $47.3 million or 26% [6][15] Market Data and Key Metrics Changes - The ratio of loans held for investment to deposits was 68.8% at the end of Q4 2025, down from 70.1% in the prior quarter [17] - The company maintained a proactive approach to credit, resulting in improved credit quality metrics in Q4 2025 [5][6] Company Strategy and Development Direction - The company is refocusing capital investment and optimizing its balance sheet by exiting markets with lower growth potential and enhancing its presence in high-growth areas [4][8] - A new, flatter organizational structure is being implemented to improve decision-making and support organic growth [9][10] - The company plans to continue share repurchases as a priority for capital allocation, with an increased authorization of $300 million [5][18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for organic growth due to recent organizational changes and improved credit culture [27][28] - The company anticipates a slight decline in loans in the first half of 2026, with modest growth expected in the latter half [20][22] - The net interest margin is expected to improve sequentially, driven by a favorable rate environment and loan repricing dynamics [21][22] Other Important Information - The company declared a dividend of $0.47 per common share, equating to a 5.7% annualized yield [19] - Regulatory capital ratios improved, with the Common Equity Tier 1 capital ratio ending at 14.38% [19] Q&A Session Summary Question: Loan balances and production outlook - Management noted that the decline in loan balances was primarily due to payoffs of criticized loans, which is viewed positively, and indicated improved loan production in December [25][26] Question: Margin expectations - Management expects net interest margin to improve sequentially, with a target of over 3.5% by the end of 2026 [29][30] Question: Reinvestment rates on new loans and securities - Current reinvestment rates for new loans are in the low- to mid-6% range, while securities have seen a slight decrease in rates [33] Question: Buyback activity and capital management - The company plans to continue active buyback activity, aligning capital levels with peer averages [34][35] Question: Credit quality and criticized loans - Management expressed confidence in continued improvement in credit quality, although predicting specific reductions in criticized loans remains challenging [36] Question: Expense guidance and management - The company anticipates flat to slightly lower expenses in 2026, with a focus on maintaining discipline across controllable expenses [40][41] Question: Market opportunities and growth strategy - Management highlighted Colorado as a key growth market, with plans to expand branch locations and enhance customer relationships [56][57]

Financial Data and Key Metrics Changes - The company achieved basic adjusted earnings of $4.45 per share for fiscal year 2025, marking a successful year for shareholder value [2] - The board approved a dividend increase of 5.1%, bringing the annualized rate to $3.30 per share, which is the 23rd consecutive year of dividend increases [18] Business Line Data and Key Metrics Changes - Fiscal year 2025 saw the company invest $922 million, with nearly 90% allocated to utilities, enhancing system reliability and safety [17] - The company reported growth across all segments, driven by infrastructure investments [16] Market Data and Key Metrics Changes - Natural gas remains the most affordable energy source for heating, water heating, and cooking, with electricity being 2-3 times more expensive [18] - The regulatory environment improved with new legislation in Missouri establishing a future test year for rate-setting, allowing for better planning and investment [18] Company Strategy and Development Direction - The company is focused on operational excellence, regulatory engagement, financial discipline, and strategic growth, with a commitment to delivering safe and reliable natural gas service [19] - The pending acquisition of Piedmont Natural Gas Tennessee business is expected to enhance the company's scale and diversify its utility portfolio [3][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term fundamentals of the business and the ability to deliver strong operational and financial performance [19] - The company is committed to maintaining a strong balance sheet to support growth strategies and long-term shareholder value [19] Other Important Information - The Missouri Public Service Commission approved a $210 million revenue increase as a result of a rate case settlement [4] - The company successfully concluded an annual budget process in Alabama, reinforcing its regulatory engagement [4] Q&A Session All Questions and Answers Question: What is the current status of the acquisition of the Piedmont Natural Gas Tennessee business from Duke? - The acquisition is progressing well, with the Hart-Scott-Rodino review complete and awaiting approval from the Tennessee Public Utility Commission [21] Question: What are the company's business priorities for shareholders in fiscal year 2026? - The priorities include delivering safe and reliable natural gas service, executing the capital plan efficiently, maintaining customer affordability, achieving constructive regulatory outcomes, and successfully financing and closing the Tennessee acquisition [22]