RBC Bearings (NYSE:RBC) Q2 2026 Earnings Call October 31, 2025 11:00 AM ET Speaker0Good morning, and thank you for joining us for RBC Bearings' fiscal second quarter 2026 earnings call. I'm Josh Carroll with the Investor Relations team. With me on today's call are Dr. Michael Hartnett, Chairman, President, and Chief Executive Officer; Daniel Bergeron, Director, Vice President, and Chief Operating Officer; and Rob Sullivan, Vice President and Chief Financial Officer. As a reminder, some of the statements mad ...

Standard Motor Products (NYSE:SMP) Q3 2025 Earnings Call October 31, 2025 11:00 AM ET Speaker1Good day, everyone, and welcome to the Standard Motor Products third quarter 2025 earnings call. At this time, all participants are in a listen-only mode. Later, you will have the opportunity to ask questions during the question and answer session. You may register to ask a question at any time by pressing the star and one on your telephone keypad. You may withdraw yourself from the queue by pressing star two. Plea ...

Dominion Energy (NYSE:D) Q3 2025 Earnings Call October 31, 2025 11:00 AM ET Speaker2Good morning, everyone. Welcome to the Dominion Energy Q3 2025 earnings conference call. At this time, each of your lines is in a listen-only mode. At the conclusion of today's presentation, we will open the floor for questions. Instructions will be given for the procedure to follow if you would like to ask a question at that time. I would now like to turn the call over to Mr. David McFarland, Vice President, Investor Relati ...

SB Financial Group (NasdaqCM:SBFG) Q3 2025 Earnings Call October 31, 2025 11:00 AM ET Speaker2Good morning, everyone, and welcome to the SB Financial Group Third Quarter 2025 Conference Call and Webcast. I would like to inform you that this conference call is being recorded and that all participants are in a listen-only mode. We will begin with remarks by management and then open the conference up to the investment community for questions and answers. I would now like to turn the conference call over to Sar ...

Financial Data and Key Metrics Changes - Baytex Energy Corp. reported adjusted funds flow of CAD 422 million, or CAD 0.55 per basic share, with net income for the quarter at CAD 32 million [5] - The company generated CAD 143 million in free cash flow after CAD 270 million in exploration and development expenditures, and reduced net debt by CAD 50 million to CAD 2.2 billion [5][6] - The company expects to generate approximately CAD 300 million in free cash flow for 2025, a decrease from the previous forecast of CAD 400 million due to lower commodity prices [6] Business Line Data and Key Metrics Changes - Pembina Dubernet achieved record production, averaging just over 10,000 BOE per day, driven by strong well performance [3] - Heavy oil production grew by 5% quarter over quarter, averaging 47,300 BOE per day, while Eagleford production remained steady at 82,800 BOE per day, with a 3% increase [8] Market Data and Key Metrics Changes - Commodity prices remained soft, with WTI averaging approximately CAD 65 per barrel during the third quarter [4] Company Strategy and Development Direction - The company is focused on capital discipline and operational execution, with 100% of free cash flow directed to debt repayment after funding dividends [5][11] - Baytex aims to accelerate full commercialization of the Pembina Dubernet asset, targeting 18 to 20 wells per year by 2027 and ramping production to 20,000 BOE per day by 2029 [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to create value across commodity price cycles, highlighting strong operational execution and cash flow generation [11] - The company remains focused on maximizing value and consistent operational execution despite speculation regarding U.S. Eagleford assets [12] Other Important Information - The company has significant financial liquidity with over CAD 1.3 billion in undrawn credit capacity and no maturing notes until April 2030 [5] Q&A Session Summary Question: Regarding the CAD 24 million acquisitions in Q3 - The acquisitions were focused on undeveloped land in the Ardmore area and Peace River Oil Sands, with no material production coming from these transactions [14] Question: On heavy oil production growth - The growth in heavy oil production is attributed to steady execution of the 2025 plan and improved performance across all assets [15] Question: Expectations for asset performance over the next three to five years - Future performance will depend on commodity pricing, with a conservative plan expected if prices remain low, while higher prices would allow for more aggressive growth [18] Question: Details on Dubernet well performance and issues - An isolated casing issue was encountered with one well, but management believes it will be resolved for future programs [21]

Financial Data and Key Metrics Changes - For the third quarter, RevPAR was $181, representing a 6% decline over the prior year, or down 5% excluding the Royal Palm South Beach, which suspended operations for renovation [18] - Total hotel revenues were $585 million, and hotel-adjusted EBITDA came in at $141 million, translating into a hotel-adjusted EBITDA margin of 24.1% [18] - Adjusted EBITDA was $130 million, and adjusted FFO per share was $0.35 [19] Business Line Data and Key Metrics Changes - RevPAR declined 6%, with a notable drop in group demand impacting overall performance [11] - The Bonnet Creek complex in Orlando delivered nearly 3% RevPAR growth, achieving its highest third-quarter RevPAR and GOP in history [11] - Key West's Casa Marina's RevPAR index reached 110, up nearly 800 basis points year-over-year, driven by strong group demand [12] Market Data and Key Metrics Changes - In New York, RevPAR rose nearly 4%, with significant share gains across all segments [12] - San Francisco's JW Marriott Union Square delivered RevPAR growth of nearly 14%, supported by strong group and transient demand [12] - The Caribe Hilton in Puerto Rico saw Q3 RevPAR increase nearly 12%, driven by leisure demand from a local residency event [13] Company Strategy and Development Direction - The company is focused on transforming into an owner of high-quality, iconic hotels with compelling growth profiles, emphasizing capital recycling and operational excellence [5] - A strategy to divest 15 non-core hotels and concentrate ownership across 20 high-quality assets is in place, which accounts for 90% of the portfolio's value [9] - The company has invested approximately $1.4 billion in core hotels since 2018, upgrading nearly 8,000 guest rooms [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strategic investments made, anticipating stronger performance during the re-acceleration of the lodging cycle in 2026 [16] - The company expects a rebound in group demand and leisure transient strength, projecting mid-single-digit RevPAR growth for Q4 [12][16] - Management noted that macroeconomic uncertainties persist, particularly affecting lower-end consumers, but sees a foundation forming for future growth [17] Other Important Information - The company declared a fourth-quarter cash dividend of $0.25 per share, translating to an annualized yield of approximately 9% [20] - The company does not expect to declare a top-off dividend for 2025, preserving over $50 million for strategic initiatives [21] - Full-year RevPAR growth is now expected to be down around 2%, reflecting weaker-than-expected third-quarter results and continued softness in leisure demand [21] Q&A Session Summary Question: Expense performance in light of lower 4Q RevPAR outlook - Management discussed aggressive asset management and cost reduction strategies, including staffing adjustments and procurement initiatives to offset lower revenue expectations [23][24] Question: Dividend strategy and cash retention - Management clarified that the decision to maintain a $0.25 dividend was to reflect a disciplined capital allocation strategy, emphasizing the importance of reinvesting in strategic initiatives [27][30] Question: Group demand outlook for 2026 - Management indicated that group pace for 2026 is expected to be flat, with strong performance anticipated in specific markets like Bonnet Creek and Boston [31][32] Question: Impact of government shutdown on demand - Management noted that the government shutdown has impacted both group and transient demand, but expressed optimism for a quick recovery once resolved [46][48] Question: Capital allocation and potential share buybacks - Management stated that while share buybacks are a consideration, the priority remains on paying down debt and reinvesting in the portfolio [55]

Cautionary Statement This presentation contains certain information that may constitute forward-looking information under applicable U.S. securities legislation, including but not limited to information about costs applicable to sales, general and administrative expenses; production volumes; current expectations on the timing, extent and success of exploration; development and metallurgical sampling activities, the timing and success of mining operations and the optimization of mine plans. This forward-look ...

Financial Data and Key Metrics Changes - Consolidated revenues for the third quarter were $210 million, down 9.7% compared to the prior year quarter [5] - Operating income decreased by $10.1 million to $22.7 million compared to the prior year quarter [5] - Consolidated adjusted EBITDA was $40.4 million, a decrease of $11.9 million from the third quarter of fiscal 2024 [5] - Net earnings for the quarter were $16.2 million, or $0.52 per share, impacted by a non-recurring gain on a property insurance settlement of $3 million [5][6] - Excluding the gain, net earnings were $13.2 million, or $0.42 per share, compared to $24.8 million, or $0.78 per share in the prior year [6] Business Line Data and Key Metrics Changes Theater Division - Total revenue for the theater division was $119.9 million, a decrease of approximately 16% compared to the prior year [6] - Comparable theater admission revenue decreased by 15.8%, and attendance decreased by 18.7% compared to the fiscal third quarter 2024 [7] - Adjusted EBITDA for the theater division was $22.1 million, a 33% decrease over the prior year quarter [10] Hotels and Resorts Division - Total revenues before cost reimbursements were $80.3 million, a 1.7% increase compared to the prior year [10] - RevPAR for comparable owned hotels decreased by 1.5%, with an average occupancy rate of 78.4% [10][11] - Adjusted EBITDA for hotels was essentially flat compared to the prior year quarter [14] Market Data and Key Metrics Changes - U.S. box office receipts decreased by 12% during the fiscal 2025 third quarter compared to the previous year, indicating a trailing performance relative to the industry [7] - Comparable competitive hotels experienced a RevPAR decrease of 6.7%, indicating that the company's hotels outperformed the competitive set by 5.2 percentage points [12] Company Strategy and Development Direction - The company plans to continue pursuing growth investments while returning capital to shareholders through dividends and share repurchases [17][32] - Capital expenditures for fiscal 2025 are expected to be between $75 to $85 million, with a significant decrease anticipated in 2026 [15][32] - The company is focused on optimizing pricing strategies to capture premium during peak periods while maintaining value-oriented options for price-sensitive customers [24] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a mixed quarter with solid results in hotels but challenges in theaters due to a less concentrated film slate [4][18] - The company remains optimistic about the upcoming film slate and expects continued growth in admission per caps [25][49] - There is an increased level of economic uncertainty, but the company is prepared to react and adjust quickly if needed [30] Other Important Information - The company repurchased approximately 600,000 shares for $9.1 million during the third quarter, totaling over 1 million shares repurchased this year [16] - The board approved a 4 million share increase in the current repurchase authorization, bringing it to 4.7 million shares [32] - The company celebrated its 90th anniversary, emphasizing its entrepreneurial legacy [33] Q&A Session Summary Question: On the hotel side, what is the situation with rate growth in three hotels? - Management indicated that the lack of rate growth was due to market dynamics, with two hotels facing persistent supply issues and one experiencing recent demand softening [36][37] Question: Is the $50 million to $55 million CapEx primarily maintenance? - Management confirmed that while it includes some ROI investments, it is primarily maintenance and ROI capital [38] Question: How does the company view M&A opportunities? - The company is comfortable with its current leverage and has capacity for M&A if attractive opportunities arise [40][41] Question: Have there been changes in consumer behavior regarding concessions? - Management noted no significant changes in consumer buying patterns, with consistent basket sizes and increased merchandise sales [42][43] Question: How does the company view the M&A market in the current macro environment? - Management observed a sluggish transaction volume but noted a potential increase in activity as interest rates decrease [44][45] Question: What are the expectations for admission per cap growth? - Management expects growth to continue, driven by strategic pricing moves implemented in the third quarter [46][47] Question: What growth opportunities does the company see for theaters and hotels? - Management highlighted the strong film slate for 2026 and the benefits of recent investments in hotel renovations [49][51]

Financial Performance - Third quarter 2025 earnings were $3.5 billion, or $1.82 per diluted share[13] - Adjusted earnings for the third quarter 2025 were $3.6 billion, or $1.85 per share[13] - Cash flow from operations excluding working capital was $9.9 billion[13] - The company returned $6 billion cash to shareholders through dividends of $3.4 billion and share repurchases of $2.6 billion[11,13] Production and Operations - Worldwide production exceeded 4 million barrels of oil equivalent per day (MMBOED)[11] - Total capital expenditure was $4.4 billion, all of which was organic capex[13] - Upstream earnings for 3Q25 were $3.302 billion, while Downstream earnings were $1.137 billion[42] Strategic Initiatives - Hess integration is on track[11] - First hydrogen production at ACES (Advanced Clean Energy and Storage hydrogen storage project in Delta, Utah)[11,80] Outlook - Fourth quarter 2025 upstream turnarounds and downtime are expected to impact production by approximately 125 thousand barrels of oil equivalent per day (MBOED)[37] - Downstream turnarounds and downtime are projected to reduce after-tax earnings by $400 million to $500 million[37] - Share repurchases are planned in the range of $2.5 billion to $3.0 billion for the fourth quarter of 2025[37]

Financial Data and Key Metrics Changes - The company reported a quorum with approximately 52% of the voting power represented at the annual meeting, indicating strong shareholder engagement [6][7] - The preliminary vote report showed that the nominees for election to the board were duly elected, and proposals one through five and seven were approved [12][15] Business Line Data and Key Metrics Changes - The company proposed to approve the issuance of common shares in excess of 379,785 shares, which is 19.99% of the shares outstanding as of June 2025, indicating potential growth in equity financing [10] - The approval of the 2025 equity incentive plan suggests a focus on aligning employee incentives with company performance [11] Market Data and Key Metrics Changes - The company is establishing an equity line of credit with CM Capital Master Fund, LP, which may provide additional liquidity for future operations [10] Company Strategy and Development Direction - The company aims to increase its authorized common stock to 400,000 shares, which may facilitate future capital raises and strategic initiatives [11] - The adjournment of the meeting regarding proposal six indicates ongoing discussions about shareholder interests and capital structure [11] Management's Comments on Operating Environment and Future Outlook - Management expressed a commitment to addressing shareholder questions and maintaining transparency, although no specific comments on the operating environment or future outlook were provided during the meeting [15] Other Important Information - The meeting was conducted virtually, allowing for broader participation from shareholders, which reflects the company's commitment to inclusivity [2][3] - The final vote results will be reported in a Form 8-K to be filed within four business days, ensuring compliance with SEC requirements [13] Q&A Session Summary Question: Were there any questions from shareholders? - There were no questions submitted by shareholders during the meeting, indicating either satisfaction with the information provided or a lack of engagement [15]