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][9] - In Q4 2025, consolidated sales were nearly $2.7 billion, an increase of $91 million, or 3.5% from the same quarter last year [18] - Adjusted operating income for Q4 was $226 million, down about $20 million from the prior year, leading to an adjusted operating margin of 8.4%, down 100 basis points from last year [18][19] Business Line Data and Key Metrics Changes - The access segment achieved Q4 revenue of $1.2 billion, roughly equal to last year, with a book-to-bill ratio of 1.5 [11] - The vocational segment delivered full-year revenue of more than $3.7 billion, up nearly 13%, with an adjusted operating income margin of 15.8% [13] - The transport segment saw sales increase to $567 million in Q4, with delivery vehicle revenue growing by 13% sequentially compared to Q3 2025 [21][22] Market Data and Key Metrics Changes - The company noted that while there is underlying strength in data centers and infrastructure, many other construction sectors remain soft, leading to expectations of revenue decline in the first half of 2026 compared to 2025 [12] - The backlog for the access segment is $1.3 billion, which is considered reasonable in the current environment [11] - The vocational segment backlog exceeds $6.6 billion, providing excellent visibility for future revenue [16] Company Strategy and Development Direction - The company showcased its vision for the future at CES, focusing on robotics, autonomy, AI, connectivity, and electrification [4][5] - The strategy includes shifting from providing equipment that enables jobs at height to offering equipment that executes jobs autonomously [5] - The company plans to continue investing in innovation and expanding U.S. manufacturing while maintaining a strong focus on long-term profitable growth [26] 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, particularly in access equipment and refuse businesses [10] - The outlook for 2026 includes an estimated adjusted EPS in the range of $11.50, reflecting strong performance in the vocational segment but weaker market conditions in the access segment [10][24] - Management expressed confidence in long-term growth opportunities driven by innovative products and strong business fundamentals [27] Other Important Information - The company announced a quarterly dividend of $0.57 per share, reflecting confidence in long-term cash flow generation [26] - Share repurchases in 2025 totaled $278 million, more than double the prior year, benefiting adjusted EPS in Q4 by $0.06 compared to Q4 2024 [19] 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 [31][32] Question: Transport margins and pricing - Management indicated that transport margins are expected to improve as new pricing contracts are implemented and production increases [33] Question: Telematics data and equipment health - Management reported healthy utilization rates for equipment in both the U.S. and European markets, with a strong used market [34] Question: First Quarter versus Fourth Quarter earnings - Management expects Q1 adjusted EPS to be about half of last year, primarily due to lower sales in the access segment [36] Question: Pricing and cost dynamics - Management discussed ongoing cost reduction initiatives and the impact of tariffs on pricing strategies for 2026 [48][49] Question: Vocational segment backlog and revenue expectations - Management confirmed a healthy backlog in the vocational segment, particularly in fire and airport products, despite some pressure in refuse and recycling [50][51]

Liberty Energy (NYSE:LBRT) Q4 2025 Earnings call January 29, 2026 09:30 AM ET Speaker10Welcome to the Liberty Energy Earnings Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. Please note, this event is being recorded. I would now like to turn the conference over to Anndara Vuria, Vice President of Investor Relati ...

Financial Data and Key Metrics Changes - The company reported earnings per share of $0.95 and net income of $29.5 million, achieving a run rate on average assets of 1.19%, exceeding the targeted 1% [10] - Net interest income (NII) increased by 10.2%, while revenue, excluding notable items, rose by 8.8% [5] - Non-interest expense, excluding notable items, decreased by 0.7% [5] - The annualized pre-tax, pre-provision return on assets (ROA) increased to 1.7% from 1.63% [10] Business Line Data and Key Metrics Changes - Loan origination increased by approximately $500 million, or 37% year-over-year, with loan and swap fees rising by 57% during the same period [6] - The company achieved 20% ownership of Argent Financial and restructured mortgage delivery [5] - Non-interest income for Q4 was reported at $16.7 million, declining to $16.3 million when excluding notable items [14] Market Data and Key Metrics Changes - The company added over 10 production bankers in Houston and Dallas-Fort Worth, indicating a strategic focus on market disruption [7] - Total past dues at year-end were 0.96% of total loans, reflecting no change from the prior quarter [8] - Non-performing assets declined from 1.07% at year-end, showing an approximately $7 million reduction [8] Company Strategy and Development Direction - The company is focused on "Optimize Origin," aiming for a top quartile ROA and leveraging market disruptions from recent M&A activity [3][4] - The strategy includes investing approximately $10 million in new bankers and banking teams throughout the year to drive growth [7] - The company plans to intensify focus on client delivery models for additional revenue growth in 2026 [6] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing significant momentum and a strong earnings profile as they enter 2026 [17] - The company anticipates loan growth to be more weighted to the second half of the year, targeting mid to high single-digit growth for loans and deposits [12][11] - Management emphasized the importance of maintaining discipline in growth to ensure profitability and ROA targets [54] Other Important Information - The tangible book value grew sequentially to $35.04, marking the 13th consecutive quarter of growth [15] - The company redeemed approximately $145 million in subordinated debt and repurchased about $16 million worth of common stock while maintaining strong capital ratios [16] Q&A Session Summary Question: What is the target for new producer hires this year? - Management indicated that the $10 million budget allows for hiring additional producers beyond the initial 10, with ongoing strategic conversations in various markets [21][22] Question: How does the net interest margin outlook look for the upcoming quarters? - Management noted that while there may be slight margin compression in Q1 due to timing differences, they expect net interest margin to stabilize in the 3.70%-3.80% range by Q4 [13][33] Question: What types of lenders are being targeted for new hires? - The focus is on C&I-focused lenders, treasury management officers, and private bankers, with a consistent opportunity for hiring expected throughout the year [39][41] Question: How does the company plan to manage expenses with new hires? - Management is committed to reducing expenses while bringing in new hires, ensuring that the impact on profitability is neutralized [42][43] Question: What is the company's approach to loan growth and credit quality? - Management is focused on improving credit quality by shifting towards better-performing loans and managing non-performing assets effectively [73]

Murphy Oil (NYSE:MUR) Q4 2025 Earnings call January 29, 2026 09:00 AM ET Company ParticipantsAtif Riaz - VP, Investor Relations and TreasurerBetty Jiang - Managing Director and senior Equity Research analyst at BarclaysCarlos Escalante - VPChris Whittaker - Senior Managing DirectorEric Hambly - President and CEONeil Mehta - Head of Americas Natural Resources Equity ResearchPaul Cheng - Managing DirectorPhillip Jungwirth - Managing DirectorConference Call ParticipantsCharles Meade - Research AnalystLeo Maria ...

Financial Data and Key Metrics Changes - Kenvue's special meeting of stockholders was convened with a quorum of 1,499,451,317 shares, representing 78.2% by proxy [3] - The merger proposal was approved by a majority of voting power of capital stock present [6] Business Line Data and Key Metrics Changes - The meeting included discussions on the Merger Agreement with Kimberly-Clark, which was deemed fair and in the best interest of Kenvue and its stockholders [4] Market Data and Key Metrics Changes - No specific market data or key metrics were provided in the meeting records Company Strategy and Development Direction - The Kenvue Board of Directors unanimously recommended approval of the Merger Proposal, indicating a strategic move towards consolidation with Kimberly-Clark [4][5] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the merger's benefits for Kenvue and its stockholders, highlighting the importance of the transaction [4] Other Important Information - The Advisory Compensation Proposal related to the merger was also approved by stockholders [7] Q&A Session Summary - No specific questions or answers were recorded during the meeting, as it primarily focused on the proposals and their approvals [7]

Financial Data and Key Metrics Changes - Brookfield Infrastructure Partners generated funds from operations (FFO) of $2.6 billion in 2025, reflecting a 10% increase compared to 2024 when normalized for asset sales and foreign exchange [4][5] - The fourth quarter FFO reached a record of $0.87 per unit, leading to a conservative payout ratio of 66% and a 6% increase in quarterly distribution to $1.82 per unit, marking the 17th consecutive year of distribution increases of at least 5% [5][6] Business Line Data and Key Metrics Changes - The transport segment generated FFO of $1.1 billion, consistent with the prior year after normalizing for $1.8 billion in capital recycling initiatives, with higher revenues in rail and toll road segments [6][7] - The midstream segment's FFO increased by 7% year-over-year to $668 million, driven by higher volumes in Canadian natural gas operations and a newly acquired US refined products pipeline [7][8] - The data segment's FFO surged over 50% to $502 million, attributed to new investments and strong organic growth, including the commissioning of 220 megawatts of capacity at hyperscale data centers [8][9] Market Data and Key Metrics Changes - The global data center platform has development potential of approximately 3.6 gigawatts, with contracted capacity exceeding 2.3 gigawatts [9] - In 2025, corporates invested around $500 billion into AI-related infrastructure, with expectations for further capital investment in the next two years [11][12] Company Strategy and Development Direction - The company is focused on a prudent, risk-focused approach to AI infrastructure investing, emphasizing long-term contracts and selective partnerships with investment-grade counterparties [12][13] - Brookfield Infrastructure aims to capitalize on structural themes such as digitalization, decarbonization, and deglobalization, positioning itself for a super cycle in infrastructure investment [20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, anticipating a return to 10% or higher per unit growth, supported by resilient cash flows and a robust pipeline of investment opportunities [20][21] - The company highlighted the importance of maintaining a disciplined execution strategy to convert demand into durable returns, particularly in the data center sector [16][17] Other Important Information - The company achieved record liquidity of $6 billion at the end of 2025, bolstered by $3.1 billion in asset sale proceeds [9] - Significant new investments included a $125 million acquisition of a South Korean industrial gas business and a $300 million investment in a railcar leasing platform [19] Q&A Session Summary Question: Can you elaborate on your contract approach to mitigate technology risk in data centers? - Management explained that long-term contracts (around 15 years) help avoid technology risks by ensuring that any necessary infrastructure changes are not at their cost [28][30] Question: What is the expected return on new data center developments? - Management indicated that new data centers yield a return of 9% to 10%, with monetization at cap rates of 5.5% to 6%, leading to potential equity returns in the high teens or twenties [26][27] Question: Can you provide details on the KKR acquisition of data centers? - Management stated that they cannot disclose specific transaction details but confirmed joint ventures with institutional investors across North America and Europe, totaling about 850 megawatts [35][36] Question: What is the outlook for inflation indexation across geographies in 2026? - Management expects inflation indexation in OECD markets to average between 2% and 3%, with emerging markets like India and Brazil ranging from 2% to 4% [46][47] Question: How is the capital backlog in data operations expected to evolve? - Management noted a significant increase in the capital backlog, driven by hyperscale projects, and expects about $1.5 billion to come online in 2026 [51][59]

Financial Data and Key Metrics Changes - The company's book value per share increased by 5% from $19.25 in the prior quarter to $20.21 as of December 31, 2025 [23] - Earnings Available for Distribution (EAD) rose by $0.01 to $0.74, exceeding the dividend for the quarter [24] - Economic return for Q4 was 8.6%, bringing the full-year economic return to 20.2% [23][24] - Economic leverage decreased to 5.6 turns, down from the previous quarter [8][25] Business Line Data and Key Metrics Changes - The agency portfolio ended 2025 at $93 billion, an increase of nearly $6 billion quarter-over-quarter and $22 billion year-over-year, representing 62% of the firm's capital [9] - The residential credit portfolio reached $8 billion, up $1.1 billion quarter-over-quarter, representing approximately 19% of the firm's capital [13] - The mortgage servicing rights (MSR) portfolio ended at $3.8 billion, a $280 million increase quarter-over-quarter and a 15% increase year-over-year [17] Market Data and Key Metrics Changes - Fixed income markets showed strong performance, with the U.S. aggregate bond index registering the highest total return since 2020 [7] - The yield curve steepened during the quarter as short-term yields fell while long-term yields rose modestly [7] - The agency market experienced significant spread tightening following GSE's MBS purchase announcements [20] Company Strategy and Development Direction - The company aims to increase capital allocation to residential credit and MSR, targeting a long-term equity allocation of 50% Agency MBS, 30% RESI, and 20% MSR [78][79] - The diversified housing finance model is expected to continue performing well for shareholders, with a focus on maintaining market leadership across various strategies [21][22] Management's Comments on Operating Environment and Future Outlook - The macroeconomic environment remains solid, with the labor market showing signs of softness but limited layoffs [5][6] - Management expressed confidence in the durability of the swaps market as a hedge and the overall stability of the agency market [31][32] - The company anticipates continued growth in the non-agency market and is well-positioned to benefit from increased liquidity in the non-QM market [20][21] Other Important Information - The company raised $560 million of common equity in Q4, bringing total equity raised in 2025 to $2.9 billion [9] - The efficiency ratio improved to 1.31% for Q4, with a full-year ratio of 1.42% [27] Q&A Session Summary Question: Update on mark-to-market book values - Management reported a 4% increase in book value, inclusive of dividend accrual [30] Question: Portfolio returns and comfort level with dividend in 2026 - Management expressed confidence in achieving mid-teens returns and stated the dividend is safe [31][32] Question: Insights on MSR portfolio and current coupon MSR - Management discussed the infrastructure set up for active participation in the MSR market and the potential for increased origination [36][40] Question: Impact of G-fee cuts on prepayment environment - Management indicated that a G-fee cut on purchase loans could be beneficial, but broad cuts might negatively impact the MBS market [46] Question: Risks that could change the low-risk environment - Management identified global fiscal risks and asset market euphoria as potential concerns [60][61] Question: Attractiveness of buying lower-coupon MBS - Management noted that valuations on low-coupon MBS are tight, and better ways to manage risk exist [68] Question: Likelihood of GSE portfolio caps being increased - Management stated uncertainty regarding the increase of caps but noted the GSEs have significant capacity [84]

Financial Data and Key Metrics Changes - The company's book value per share increased by 5% from $19.25 in the prior quarter to $20.21 as of December 31, 2025 [23] - Economic return for Q4 was 8.6%, bringing the full-year economic return to 20.2% [23][24] - Earnings Available for Distribution (EAD) per share rose by $0.01 to $0.74, exceeding the dividend for the quarter [24] - Economic leverage ratio decreased to 5.6x, down from the previous quarter [25] Business Line Data and Key Metrics Changes - Agency portfolio ended 2025 at $93 billion, increasing by nearly $6 billion quarter-over-quarter and $22 billion year-over-year [9] - Residential credit portfolio reached $8 billion, up $1.1 billion quarter-over-quarter [13] - Mortgage Servicing Rights (MSR) portfolio increased to $3.8 billion, a $280 million increase quarter-over-quarter [17] Market Data and Key Metrics Changes - Fixed income markets showed strong performance, with the U.S. aggregate bond index registering the highest total return since 2020 [7] - The yield curve steepened as short-term yields fell while long-term yields rose modestly [7] - Swap spreads widened due to a shift from Quantitative Tightening to balance sheet expansion by the Fed [8] Company Strategy and Development Direction - The company aims to increase capital allocation to residential credit and MSR while maintaining agency as the anchor of the portfolio [21][77] - The non-QM market is expected to grow, providing competitive advantages in loan selection and execution [20] - The company plans to remain patient and opportunistic in capital allocation, focusing on diversified housing finance strategies [22] Management's Comments on Operating Environment and Future Outlook - The macroeconomic environment remains solid, with the labor market showing signs of softness but limited layoffs [5][6] - Management expressed confidence in the durability of the swaps market as a hedge and the overall strength of the diversified housing finance model [32][21] - Risks include global fiscal issues and potential complacency in asset markets, which could lead to increased volatility [60][61] Other Important Information - The company raised $560 million of common equity in Q4, totaling $2.9 billion for the year [9] - The efficiency ratio improved to 1.31% for Q4, with a full-year ratio of 1.42% [27] Q&A Session Summary Question: Update on mark-to-market book values - The book value was up 4%, inclusive of dividend accrual, with a slight increase noted after the call [30] Question: Portfolio returns and comfort level with dividends - The company expects mid-teens returns and feels confident about the dividend's safety for 2026 [31][32] Question: MSR portfolio insulation from lower interest rates - The company is set up to be active in the current coupon MSR market and expects origination to pick up [36][40] Question: Impact of G-fee cuts on prepayment environment - A G-fee cut on purchase loans is seen as appropriate, but broad cuts could damage the MBS market [46] Question: Attractiveness of raising capital in different spread environments - Wider spreads are more attractive for raising capital, but current stability provides confidence [51][52] Question: Risks that could change the low-risk environment - Global fiscal issues and asset market euphoria are noted as significant risks [60][61] Question: Opportunities in low-coupon MBS - The valuation on low-coupon MBS is tight, and better ways to manage risk are available [67] Question: Likelihood of GSE portfolio caps being increased - Uncertainty remains regarding the increase of portfolio caps, with no clear answer available [82]

Financial Data and Key Metrics Changes - The stockholders approved the issuance of shares of common stock as part of a merger agreement dated November 2nd, 2025, indicating a strategic move for the company [4][7]. Business Line Data and Key Metrics Changes - No specific data on business line performance or key metrics was provided in the meeting [1]. Market Data and Key Metrics Changes - No specific market data or key metrics were discussed during the meeting [1]. Company Strategy and Development Direction and Industry Competition - The company is pursuing a merger with Kenvue and other entities, which suggests a focus on strategic partnerships to enhance growth and market position [4][5]. Management Comments on Operating Environment and Future Outlook - Management expressed gratitude for stockholder support and indicated a positive outlook following the approval of the issuance proposal, although specific comments on the operating environment were not detailed [9]. Other Important Information - The meeting was conducted virtually, and stockholders were encouraged to submit questions via the meeting portal, with responses to be provided via email after the meeting [3][8]. Summary of Q&A Session - There were no specific questions or answers recorded during the meeting, as the focus was primarily on the approval of the issuance proposal [1].

Financial Data and Key Metrics Changes - Revenues for Q4 2025 were $16.9 million, a 17% increase from $14.5 million in Q4 2024, exceeding guidance of $15 to $16 million [8][19] - Gross profit for Q4 2025 was $5.1 million, with a gross margin of 30.2%, compared to a gross profit of $4.2 million and a gross margin of 29.1% in Q4 2024 [21] - Net loss for Q4 2025 was $1.9 million, an improvement from a net loss of $5.1 million in Q4 2024, with loss per share decreasing from $0.87 to $0.34 [21][22] Business Line Data and Key Metrics Changes - The company achieved eight major new design wins in 2025 across edge systems, SmartNIC, and FPGA solutions, indicating strong demand and visibility for future growth [9][10] - The company expects to target between 7 and 9 design wins in the current year, reflecting confidence in sustaining growth [10][17] Market Data and Key Metrics Changes - Geographical revenue breakdown for the last 12 months: North America 74%, Europe and Israel 17%, Far East and rest of the world 9% [19] - One customer accounted for approximately 14% of total revenues, indicating reliance on a limited number of customers for substantial revenue growth [19] Company Strategy and Development Direction - The company is focusing on three major growth engines: AI inference, post-quantum cryptography, and white label switching, which are expected to provide significant growth opportunities [11][12][15] - The company aims to leverage existing customer relationships and IP to capitalize on these new markets, with AI inference being identified as the largest opportunity [12][14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the core business's growth, projecting double-digit revenue growth for 2026 based on a solid pipeline of opportunities [10][16] - The company highlighted the importance of early positioning in emerging markets and the need for credibility and execution to capture growth [11][12] Other Important Information - The company's balance sheet remains strong, with working capital and marketable securities totaling $111 million, including $74 million in cash and no debt [10][22] - Management emphasized the flexibility to invest in market opportunities while maintaining a conservative financial profile [17] Q&A Session Summary Question: Timeline for new opportunities in AI inference, post-quantum cryptography, and white label switching - Management indicated that all three opportunities are in initial stages, with AI inference potentially being the most near-term, but significant revenue is not expected in 2026 [24] Question: Sales cycles and design processes for new opportunities - Management expects faster sales cycles due to leveraging existing IP and know-how, which should facilitate quicker revenue generation [25] Question: Changes to sales process or additional investments for new opportunities - Management believes the current team is well-structured to support growth and does not foresee the need for significant additional investments at this time [27] Question: Specific use cases for AI inference and connectivity bottlenecks - Management clarified that the focus is on addressing networking challenges related to AI inference across various deployment types [30][31] Question: R&D spending to support new opportunities - Management does not anticipate significant increases in R&D spending but has the capability to do so if necessary [32]