Agnico Eagle Mines Limited (NYSE:AEM) Denver Gold Forum Americas September 17, 2024 11:00 AM ET Company Participants Ammar Al-Joundi - President and Chief Executive Officer Conference Call Participants Raj Roy - BMO Capital Markets Raj Roy [Starts Abruptly] follow a slightly different format for this it's going to be half presentation, half fireside chat and to speak to us today on Agnico we have President and Chief Executive Officer Ammar Al-Joundi. Ammar it's great to have you here. Ammar Al-Joundi Alrigh ...

Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) Cantor Global Healthcare Conference September 17, 2024 9:10 AM ET Company Participants Susie Lisa - SVP, IR Manisha Pai - Executive Director, IR Conference Call Participants Olivia Brayer - Cantor Fitzgerald Olivia Brayer Joining us this morning at our Cantor Global Healthcare Conference. Really excited to have another year of it. My name is Olivia Brayer. I'm a senior Biotech Analyst here at Cantor. And we're really excited to have the Vertex IR team with u ...

Colgate-Palmolive Company (NYSE:CL) JPMorgan 15th Annual U.S. All Stars Conference September 17, 2024 6:00 AM ET Company Participants Maria Paula Capuzzo - President, Africa/Eurasia John Faucher - Chief Investor Relations Officer and EVP, M&A Conference Call Participants Andrea Teixeira - JP Morgan Andrea Teixeira Good morning, everyone. I'm Andrea Teixeira, I lead the coverage for U.S. Household and Personal Care, including Beauty, including Colgate, as well as beverages for JPMorgan Equity Research. It's ...

Snowflake Inc. (NYSE:SNOW) Goldman Sachs Communacopia + Technology Conference September 12, 2024 ET Company Participants Mike Scarpelli - CFO Conference Call Participants Kash Rangan - Goldman Sachs Kash Rangan If we have such a large gathering on the last day of a four-day conference, it has to be the company. Mike Scarpelli I don't know, but I think it's you, Kash, that they all want to see. I'm just jealous. Kash Rangan And if it's not just the company, it's Scarpelli. Your last name is like, people don' ...

Northrop Grumman Corporation Conference Call Summary Company Overview - **Company**: Northrop Grumman Corporation (NYSE:NOC) - **Date**: September 12, 2024 - **Participants**: Kathy Warden (President & CEO), Kristine Liwag (Morgan Stanley Analyst) Key Points Financial Performance - Northrop Grumman has achieved high single-digit growth in the first half of the year and projects a 5% growth at the midpoint for the year [3][3] - The company has maintained a 5% annual growth rate since 2019 [3][3] - Backlog has increased to $83 billion, representing a 30% increase since 2019 [3][3] - Projected free cash flow growth of over 15% compound annual growth through 2026 [3][3] - A 10% increase in dividends has been implemented, consistent with the average increase over the last decade [3][3] - Plans to repurchase $2.5 billion in shares this year [3][3] Investment Strategy - The company aims to normalize capital expenditures while continuing to invest in growth opportunities both domestically and internationally [4][4] Defense Budget Environment - Anticipation of a continuing resolution for the Fiscal Year 2025 defense budget, with bipartisan support expected for defense spending above the President's budget requests [5][6] - Upward pressure on defense budgets is driven by the threat environment and inflation impacting real expenditure requirements [7][7] International Opportunities - International sales have historically been in the 12% to 15% margin range, with a focus on expanding the international portfolio [9][9] - Key international programs include air and missile defense systems and tactical weapons like the AARGM-ER [10][10] Portfolio Resilience - 75% of Northrop Grumman's portfolio supports prioritized missions beyond the B-21, Sentinel, and F-35 programs, indicating a diverse and resilient business model [12][12] - The company has a strong microelectronics capability, producing advanced microchips for national security applications [13][13] B-21 Program Insights - The B-21 program consists of development, low-rate initial production, and full-rate production phases, with expectations for profitability in future production lots [19][19] - The program is viewed as a model by the government, with strong performance anticipated to continue [18][18] Next Generation Programs - Northrop Grumman is not bidding as a prime for the Air Force's Next Generation Air Dominance program but is engaged as a supplier [21][21] - The Navy's next-generation program is still moving forward, with Northrop Grumman being one of three bidders [23][23] Sentinel Program Update - The Sentinel program is undergoing restructuring due to a Nunn-McCurdy breach related to cost estimate updates, but the company continues to execute on the program [26][26][28][28] Defense Systems Growth - The defense systems segment is expected to be one of the fastest-growing segments in 2025, driven by Sentinel and increased demand for missiles and munitions [30][30] Space Segment Performance - The space segment is expected to return to growth in 2026, with underlying business growth despite recent challenges [34][34] Margin Expansion Opportunities - All segments have potential for margin expansion, with defense systems and mission systems expected to contribute significantly in the near term [36][36] Mission Systems Challenges - Mission systems have faced margin pressures due to supply chain disruptions and a shift towards lower-margin development work, but improvements are expected as programs transition to fixed-price contracts [40][40][42][42] Free Cash Flow and Capital Deployment - The company aims for greater than 15% compound annual growth in free cash flow, driven by top-line growth, margin expansion, and normalizing capital investments [43][43] - Capital deployment priorities include investing in growth opportunities, maintaining a competitive dividend, and share repurchases [48][48][49][49] Strategic Focus - The company emphasizes the importance of technology advancement and mission impact, aiming to support global security and strengthen allies [51][51][53][53] Conclusion - Northrop Grumman is positioned for sustainable growth with a strong backlog, diverse portfolio, and strategic focus on both domestic and international opportunities, while navigating challenges in the defense budget environment and supply chain disruptions.

Delta Air Lines, Inc. (NYSE:DAL) Morgan Stanley's 12th Annual Laguna Conference September 12, 2024 10:00 AM ET Company Participants Glen Hauenstein - President Dan Janki - CFO. Conference Call Participants Ravi Shanker - Morgan Stanley Ravi Shanker Excellent. Good morning, everyone, and welcome to Day 2 of the 12th Annual Laguna Conference. Again, another long track of airlines and transportation content here in this room. So get comfortable again. I'm very happy to kick off today's festivities with our top ...

Lockheed Martin Corporation (NYSE:LMT) Morgan Stanley 12th Annual Laguna Conference September 12, 2024 3:15 PM ET Company Participants Jim Taiclet - Chairman, President & CEO Jay Malave - CFO Conference Call Participants Kristine Liwag - Morgan Stanley Kristine Liwag Hello. Good afternoon, everyone. I'm Kristine Liwag, Morgan Stanley's Aerospace and Defense Analyst. Very excited to host our next panel, Lockheed Martin. I'm pleased to have Jim Taiclet, Chairman and President and CEO of Lockheed; and Jay Mala ...

United Airlines Holdings, Inc. (NASDAQ:UAL) Morgan Stanley's 12th Annual Laguna Conference September 12, 2024 3:50 PM ET Company Participants Mike Leskinen - CFO Conference Call Participants Ravi Shanker - Morgan Stanley Great. Hopefully everybody had a great lunch. And for dessert, we have a threefer of continuous airlines content for you, starting with United Airlines. And happy to welcome back to Laguna, CFO, Mike Leskinen. Mike, thanks so much for being here. Mike Leskinen Ravi, thanks for having me. Qu ...

Summary of Ford Motor Company Conference Call Company Overview - **Company**: Ford Motor Company (NYSE:F) - **Event**: Morgan Stanley's 12th Annual Laguna Conference Call - **Date**: September 12, 2024 - **Key Participant**: Navin Kumar, Chief Financial Officer of Ford Pro Key Points Leadership Changes - Ted Cannis, CEO of Ford Pro, announced retirement after 35 years at Ford, emphasizing his contributions to the company and the foundation he set for future growth [3][4] Ford Pro Overview - Ford Pro focuses on commercial customers, prioritizing total cost of ownership and vehicle uptime [4] - The company is a market leader in commercial vehicles in North America and Europe, with a diverse vehicle lineup [4] - Integration of hardware, software, and cloud applications is enhancing customer productivity and vehicle uptime, leading to improved bottom-line results for customers [5] Software and Services Growth - Ford Pro has over 600,000 paid software subscriptions, growing 40% year-over-year in the first half of the year [8] - Average revenue per user (ARPU) is approximately $7 to $8 per month, contributing to a growing software revenue stream [9] - The company is expanding its product offerings, including video telematics and fleet management software, which are enhancing customer efficiency [11] Electric Vehicle (EV) Adoption - Commercial customers are adopting EVs faster than non-commercial customers, driven by sustainability targets and regulations [20] - Year-to-date sales of the E-Transit reached over 8,000 units, representing about 7.7% of the Transit population [21] - E-Transit sales volume increased by 76% year-over-year, with significant adoption among government fleets [22] Challenges and Strategies - Charging infrastructure remains a challenge for larger corporate customers, leading to a more cautious adoption pace [23] - Ford is enhancing its EV offerings and partnerships to facilitate electrification in commercial fleets [27] - The company is committed to investing in electric vehicles while maintaining profitability in its traditional segments [34] Financial Performance - Ford Pro's EBIT for the first half of the year was $5.6 billion, exceeding Ford's total company EBIT of $5.5 billion [33] - Concerns were raised about the sustainability of profits from Ford Pro funding loss-making EVs [33] Market Position and Competitive Advantage - Ford Pro maintains a competitive edge through deep customer relationships, a flexible vehicle lineup, and a strong dealer network [41] - The integration of software and services creates a data and intelligence moat, enhancing customer loyalty and operational efficiency [18][42] Future Outlook - Ford Pro is focused on expanding its software ecosystem and enhancing customer productivity through advanced telematics and managed maintenance solutions [13][30] - The company is preparing for the launch of a next-generation electric van in 2026, indicating ongoing innovation in its product lineup [29] Conclusion - Ford Pro is positioned as a leader in the commercial vehicle market, with a strong focus on software and services to drive future growth and customer loyalty. The company is navigating challenges in EV adoption while maintaining robust financial performance and strategic investments in electrification and technology.

Warner Bros. Discovery, Inc. (NASDAQ:WBD) Goldman Sachs Communacopia + Technology Conference September 12, 2024 1:10 PM ET Company Participants David Zaslav - President & Chief Executive Officer Conference Call Participants Mike Ng - Goldman Sachs Mike Ng Thank you, everybody. Welcome to the Warner Bros. Discovery fireside chat at the Goldman Sachs Communacopia and Technology Conference. I have the privilege of introducing David Zaslav, who is the President and CEO of Warner Bros. Discovery. David has been ...