Crane NXT (NYSE:CXT) Q4 2025 Earnings call February 12, 2026 10:00 AM ET Company ParticipantsAaron Saak - CEOChristina Cristiano - CFOMatt Roache - VP of Investor RelationsConference Call ParticipantsBobby Brooks - Equity Research AnalystIan Zaffino - Equity Research AnalystMatt Summerville - Equity Research AnalystMichael Halloran - Equity Research AnalystRobert Labick - Equity Research AnalystOperatorGood day, everyone, and welcome to Crane NXT fourth quarter and full year 2025 earnings call. At this time ...

Core Natural Resources (NYSE:CEIX) Q4 2025 Earnings call February 12, 2026 10:00 AM ET Company ParticipantsBob Braithwaite - Senior Vice President of Marketing and SalesDeck Slone - Senior Vice President of Strategy and Public PolicyJimmy Brock - Chairman and CEOMitesh Thakkar - President and CFOPaul Lang - Chief Operating OfficerConference Call ParticipantsChris LaFemina - Equity Research AnalystGeorge Eadie - Mining AnalystNathan Martin - Senior Equity Research AnalystNick Giles - Sebior Research AnalystO ...

Gates Industrial (NYSE:GTES) Q4 2025 Earnings call February 12, 2026 10:00 AM ET Company ParticipantsBrooks Mallard - CFOIvo Jurek - CEORich Kwas - VP of Investor RelationsConference Call ParticipantsAndy Kaplowitz - AnalystDavid Raso - AnalystDeane Dray - AnalystJeff Hammond - AnalystJerry Revich - AnalystJulian Mitchell - AnalystMike Halloran - AnalystNigel Coe - AnalystStephen Volkmann - AnalystTomo Sano - AnalystOperatorLadies and gentlemen, thank you for standing by. Welcome to the Gates Corporation fo ...

Financial Data and Key Metrics Changes - The fourth quarter results exceeded internal expectations, with strong growth in the offshore pipeline transportation segment driven by steady base volumes and contributions from new wells [5][10] - The quarterly common unit distribution was increased to $0.18 per unit, representing a 9.1% year-over-year increase [6] - The company exited the year with effectively zero outstanding under its $800 million senior secured revolving credit facility [6] Business Segment Data and Key Metrics Changes - The offshore pipeline transportation segment saw a 19% increase in segment margin and a 16% increase in total volumes compared to the previous quarter, marking the third consecutive quarter of sequential improvement [10] - The marine transportation segment returned to normalized operating performance, benefiting from increased refinery runs of heavy crude oil [5][16] - The onshore transportation and services segment performed in line with expectations, with increased throughput volumes across terminals and pipelines [21] Market Data and Key Metrics Changes - The Gulf of America remains a world-class basin with strong long-term interest, as evidenced by recent lease sales generating over $300 million in high bids [14][15] - The market for marine transportation is expected to remain structurally tight due to effectively zero new supply of Jones Act vessels [20] Company Strategy and Development Direction - The company is focused on deepwater Gulf of America growth, with ongoing discussions with offshore producer customers indicating expected production volumes and drilling schedules for 2026 and beyond [7][9] - The management emphasizes a disciplined approach to capital allocation, including debt reduction and evaluating future distribution increases [22][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in exceeding the top end of the 2026 EBITDA guidance range, despite potential disruptions from hurricanes and maintenance [30] - The company anticipates that the long-term fundamentals of the marine transportation sector remain strong, with increasing demand for heavy crude processing [18][21] Other Important Information - The company plans to complete additional wells at Salamanca and Shenandoah, which are expected to significantly increase production [11][12] - The management team remains committed to building long-term value for stakeholders and recognizes the importance of safe and responsible operations [23] Q&A Session Summary Question: Guidance for 2026 and EBITDA impact from disruptions - Management expects a $5 million-$10 million reduction in segment margin due to anticipated downtime and higher marine maintenance [29] Question: Capital allocation and leverage ratio targets - The long-term target leverage ratio is around 4, with the board evaluating distribution growth quarterly based on free cash flow and EBITDA performance [32][33] Question: Opportunities for acquiring remaining interests in offshore systems - Management is open to increasing exposure in existing offshore systems but emphasizes the substantial existing capacity already available [39][40] Question: Impact of customer consolidation on long-term expectations - The acquisition of LLOG by Harbour Energy is viewed positively, with expectations to double production, benefiting the company [47] Question: Specifics on offshore guidance for Salamanca and Shenandoah - Management is comfortable with achieving the 15%-20% guidance based on discussions with producer customers, emphasizing that any underperformance would be a timing issue [53][54] Question: Impact of dry docking on maintenance CapEx - An increase of $15 million-$20 million in maintenance capital expenditures is expected due to dry docking schedules [56] Question: Incremental inland barge utilization from heavier crude runs - High utilization rates are anticipated to drive up day rates as more heavy crude is processed [58]

Financial Data and Key Metrics Changes - The company reported adjusted earnings of $5.03 per share for 2025, representing an 8.6% growth over the adjusted earnings of $4.63 per share in 2024 [4][29] - The company affirmed its 2026 earnings per share guidance range of $5.25 to $5.45, indicating an expected growth of approximately 8.1% compared to the midpoint of the original 2025 earnings guidance [18][38] Business Line Data and Key Metrics Changes - Weather-normalized sales at Ameren Missouri grew by 1% overall, with residential and commercial classes growing by 0.5% and 1.5% respectively [31] - The company invested over $4 billion in electric, natural gas, and transmission infrastructure, including the installation of nearly 26,000 electric distribution poles and 283 miles of upgraded transmission and distribution lines [6][8] Market Data and Key Metrics Changes - The company signed 2.2 GW of large load electric service agreements in Missouri, which is expected to support significant economic development and job creation in the region [4][21] - The economic impact study indicates that the company's operations generate over $20 billion in annual economic activity in Missouri and Illinois [11] Company Strategy and Development Direction - The company continues to focus on a three-pillar strategy: investing in rate-regulated infrastructure, advocating for constructive regulatory frameworks, and optimizing business operations [6] - The company plans to invest approximately $5.5 billion in electric, natural gas, and transmission infrastructure in 2026 to enhance the reliability and safety of the energy grid [14][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver strong returns and maintain disciplined cost management, with a focus on keeping rates low for customers [12][80] - The company anticipates that the execution of its strategy will continue to drive strong total shareholder returns, with a compound annual earnings growth expectation of 6%-8% from 2026 through 2030 [18][28] Other Important Information - The company has received constructive orders in both Missouri and Illinois regarding electric and natural gas rate reviews, which are expected to support future earnings growth [6][32] - The company has a robust investment pipeline exceeding $70 billion, aimed at strengthening the energy grid and supporting economic growth [27] Q&A Session Summary Question: Can you discuss the 2.2 GW of executed ESAs and its implications? - Management indicated that the 2.2 GW of executed ESAs represents upside to the sales growth embedded in the 6%-8% guidance, providing greater confidence in achieving the upper end of that range [42][45] Question: How do you view the lag between rate base growth and earnings growth? - Management noted that the primary difference between the 10.6% rate base CAGR and the 6%-8% EPS growth is due to equity dilution from planned issuances, and that sales growth from hyperscalers could help reduce this lag [53][56] Question: Are there concerns about potential cancellations of ESAs? - Management expressed no concerns regarding the ESAs, emphasizing that significant milestones remain ahead for project development, and that the ESAs are designed to protect existing customers [59][61] Question: How does the updated plan impact customer bills, particularly in Missouri? - Management highlighted a focus on affordability and disciplined cost control, ensuring that new data centers pay their fair share of costs without burdening existing customers [78][79]

Financial Data and Key Metrics Changes - Fourth quarter sales were $511 million, an increase of 2% on a reported basis, while organic sales declined by 3% [13][14] - GAAP gross margins improved sequentially to 46.9%, reflecting a 40 basis point increase from the third quarter [13] - Adjusted diluted earnings per share were $2.38, up 6% from the previous year [14][17] - Full year net sales reached $1.9 billion, up 4% on a reported basis and 1% on an organic basis [17][18] - Free cash flow for the fourth quarter was $106 million, marking a 13% increase compared to the previous year [18] Business Line Data and Key Metrics Changes - Detection segment saw 17% organic growth, driven by strong performance in fixed detection [5][6] - Fire service organic sales declined by 21% year-over-year due to market dynamics and funding issues [6][15] - Industrial PPE organic sales increased by 1%, with fall protection moderating from previous quarters [6][15] - M&C Tech Group acquisition contributed $15 million to quarterly sales [5][6] Market Data and Key Metrics Changes - The Americas segment reported a 1% decline in sales year-over-year, with a 3% organic decline [15] - International segment sales increased by 8% year-over-year, with a 6% contribution from M&C and a 5% tailwind from FX [16] - Overall backlog remains healthy and consistent with historical levels, with a solid commercial pipeline [8] Company Strategy and Development Direction - The company executed its "Accelerate" strategy, focusing on serving customers and protecting workers [4][10] - Strategic priorities for 2026 include driving profitable growth and extending market leadership [23] - The company plans to leverage investments in detection and fall protection as key growth drivers [12][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the pipeline of opportunities in the fire service and energy sectors for 2026 [12][21] - The company anticipates mid-single-digit full-year organic growth, with M&C contributing approximately 1 percentage point to revenue growth [20][21] - Management acknowledged ongoing uncertainty and volatility but remains optimistic about navigating macro challenges [22] Other Important Information - The company returned $61 million to shareholders through dividends and share repurchases [18] - Capital deployment for the year totaled approximately $420 million, including investments in the M&C acquisition and capital expenditures [19] - The company maintained a strong balance sheet with net debt totaling $416 million and ample liquidity of $1.2 billion [20] Q&A Session Summary Question: Detection segment performance and growth expectations - Management noted that strong performance in detection was driven by large orders, with expectations for mid-single-digit revenue growth in 2026 despite tough comparisons [28][39] Question: Fire service market dynamics - Management indicated that delays in fire service orders due to funding issues are expected to favorably impact the first half of the year, with a return to normal demand patterns anticipated [30][31] Question: Margin outlook and pricing strategies - Management confirmed a focus on achieving price-cost neutrality in the first half of 2026, with expectations for sequential margin improvement [41][42] Question: Competitive landscape in detection - Management highlighted the importance of customer feedback in driving product innovation and maintaining a competitive edge in the detection market [65][66]

Financial Data and Key Metrics Changes - The company reported GAAP net income of $68.3 million and AFFO of $99.7 million for Q4 2025, with AFFO per share totaling $0.49, representing a 9% increase compared to Q4 2024 [2][12][13] - The company increased its 2026 AFFO per share guidance range to $1.99-$2.04, implying a growth rate of about 7% at the midpoint and 8% at the high end [4][15] Business Line Data and Key Metrics Changes - The company executed $296 million in investments during Q4 2025, with an average initial cash yield of 7.7% and a GAAP yield of 9.1% [3][10] - Same-store rent growth was reported at 1.6%, with a robust rent coverage of 3.6 times [4][7] Market Data and Key Metrics Changes - The company ended the quarter with investments in 2,300 properties leased to over 400 tenants, maintaining a weighted average lease term of approximately 14 years [5] - Tenant concentration declined, with the top 10 tenants comprising only 16.5% of ABR, and the top 20 representing 27.1% of ABR [9] Company Strategy and Development Direction - The company continues to focus on its differentiated investment strategy, sourcing 85% of its investments through existing relationships while adding new operator relationships [3][4] - The company expects modest cap rate compression in the latter half of 2026, with competition stabilizing based on current visibility [5][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the health of the portfolio, noting better-than-expected credit trends and a strong investment pipeline [4][20] - The company remains committed to maintaining a well-capitalized balance sheet with low leverage and significant liquidity to support future growth [15][19] Other Important Information - The company declared a cash dividend of $0.31 in Q4 2025, resulting in an AFFO payout ratio of 63% [13] - The company sold 19 properties for $48.1 million in net proceeds at a 6.9% weighted average cash yield during Q4 [8] Q&A Session Summary Question: Changes in Guidance Range - The CFO explained that the guidance range was adjusted due to better-than-expected portfolio credit trends and same-store rent growth [19][20] Question: Impact of Stabilizing Competition - Management clarified that stabilization in competition has led to a slower decrease in cap rates, which is beneficial for earnings but does not change their investment strategy [22][23] Question: Acquisition Trends - Management noted that the strong start to the year in acquisitions was partly due to deal slippage from Q4, and they remain cautious about reading too much into early-year performance [28][29] Question: Tenant Credit Events - Management confirmed that the only notable credit event was with American Signature, which is expected to recover within normal ranges [35][36] Question: Dividend Growth Expectations - The CFO indicated that while the dividend is expected to grow, the decision will ultimately be made by the board, balancing current returns and retained capital [37][38] Question: Cap Rate Stabilization Across Industries - Management confirmed that cap rate stabilization is observed across all industries they invest in, with no significant deviations [30][31] Question: Future Investment Pipeline - Management expressed confidence in the investment pipeline, indicating that their desire to create shareholder growth drives their investment volume rather than the opportunity set [90]

CSP (NasdaqGM:CSPI) Q1 2026 Earnings call February 12, 2026 10:00 AM ET Speaker5Greetings. Welcome to the CSPi's first quarter fiscal year 2026 conference call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to your host, Michael Poly ...

Antero Resources (NYSE: AR) 2 2026 Guidance 2026 Guidance & Hedge Position Legal Disclaimer This presentation includes "forward-looking statements." Such forward-looking statements are subject to a number of risks and uncertainties, many of which are not under AR's control. All statements, except for statements of historical fact, made in this presentation regarding activities, events or developments AR expects, believes or anticipates will or may occur in the future, such as those regarding our financial s ...

2025 FOURTH QUARTER AND FULL YEAR EARNINGS Delivering For Customers AND Investors February 12, 2026 1 Forward-Looking Statements This presentation and the oral remarks made in connection with it contain statements regarding PG&E Corporation's and Pacific Gas and Electric Company's (the "Utility") future performance, including expectations, objectives, and forecasts about operating results (including 2026 non-GAAP core earnings), debt and equity issuances, refinancing activity, rate base growth, capital expe ...