Financial Data and Key Metrics Changes - In Q4 2024, net earnings attributable to shareholders from continuing operations were $108 million or $0.53 per share, while for the full year, net earnings were $301 million or $1.48 per share, reflecting an increase due to higher gold prices and sales volumes [21][22] - Adjusted net earnings for Q4 were $128 million or $0.62 per share, with full-year adjusted net earnings at $321 million or $1.57 per share, impacted by foreign exchange losses and unrealized gains on derivatives [22][23] - Free cash flow in Q4 was $75 million, totaling $176 million excluding capital investment in the Skouries project, while for the full year, free cash flow was $7 million or $342 million excluding Skouries capex [23][24] - Total cash costs for Q4 were $944 per ounce sold, with all-in sustaining costs (AISC) at $1,226 per ounce sold; for the full year, total cash costs were $940 per ounce sold and AISC was $1,285 per ounce sold [25] Business Line Data and Key Metrics Changes - At the Lamaque Complex, record production of 196,538 ounces was achieved, contributing to a total gold production of 520,293 ounces for the year, a 7% increase from 2023 [7][9] - Olympias produced 15,923 ounces in Q4, with total cash costs of $1,463 per ounce sold, lower production attributed to planned equipment downtime and lower gold grades [41] - Klada had a strong quarter with production of 56,483 ounces and total cash costs of $978 per ounce sold, benefiting from the operation of the new North ADR facility [43] - Efemcukuru produced 19,451 ounces at total cash costs of $76 per ounce sold, achieving annual production guidance for the tenth consecutive year [46] Market Data and Key Metrics Changes - Average realized gold prices increased from $1,944 per ounce to $2,405 per ounce, significantly impacting revenue and cash flow [24] - The company reported a total liquidity of $1.1 billion at year-end, including $857 million in cash and cash equivalents [30] Company Strategy and Development Direction - The company is focused on advancing the Skouries project, with a revised capital cost of $1.06 billion and expected first gold production in Q1 2026 [33] - Continued investment in high-return growth projects is emphasized, with a commitment to maintaining a strong financial position while advancing construction [31][50] - The company aims to optimize operations across its assets, with a disciplined approach to capital management and cost control in a high gold price environment [51] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving production targets and emphasized the importance of safety and operational efficiency [12][50] - The company is optimistic about the future of the Lamaque Complex, with ongoing drilling and resource conversion efforts [78][79] - Management acknowledged challenges in the labor market but reported progress in recruitment efforts for the Skouries project [56][60] Other Important Information - The company received a silver award at the 2024 European Mine Safety Awards for its innovative training program [14] - An amended technical report for the Lamaque Complex was filed, removing a preliminary economic assessment due to regulatory feedback [16][17] Q&A Session Summary Question: Update on Skouries labor market and hiring needs - Management reported good progress towards a target workforce of 1,300, focusing on concrete workers and actively recruiting both locally and outside Greece [56][58] Question: Clarification on the removal of the preliminary assessment in the technical report - Management explained that the British Columbia Securities Commission required the removal of the PEA due to the use of technical parameters that should not have been applied to inferred resources [71][72]

Compañía de Minas Buenaventura S.A.A. (NYSE:BVN) Q4 2024 Earnings Conference Call February 21, 2025 10:00 AM ET Company Participants Sebastián Valencia - Head, Investor Relations Leandro Garcia - Chief Executive Officer Renzo Macher - Vice President, Projects Juan Carlos Ortiz - Vice President, Operations Daniel Dominguez - Chief Financial Officer Aldo Massa - Vice President, Business Development & Commercial Conference Call Participants Carlos De Alba - Morgan Stanley Cesar Perez-Novoa - BTG Pactual Tanya ...

Financial Data and Key Metrics Changes - The company reported record annual and fourth quarter earnings, with fourth quarter revenue increasing by 38% year-over-year to $1.9 billion and full year revenue reaching $7 billion, a 35% increase compared to 2023 [13][14] - Earnings per share for the fourth quarter were $4.09, up 60% from the previous year, while full year earnings per share were $14.60, compared to $9.01 in 2023, marking an over 60% increase [19][20] - Operating cash flow for 2024 was $849 million, with free cash flow reaching $1.176 billion [10][22] Business Line Data and Key Metrics Changes - Mechanical segment revenue increased by 40% for the full year, driven by acquisitions and organic growth, while electrical segment revenue rose by 19% [14] - Same store revenue for the full year increased by 23%, amounting to $1.2 billion [14] - Gross profit for the fourth quarter was $434 million, with a gross profit margin of 23.2%, up from 20.6% in the same quarter of 2023 [15] Market Data and Key Metrics Changes - The backlog at the end of the year reached an all-time high of $6 billion, with strong demand across various sectors, particularly technology [9][26] - The industrial sector accounted for over 60% of the company's volume in 2024, with technology representing 33% of revenue, up from 21% the previous year [28] - Institutional markets, including education and healthcare, represented 24% of revenue, while the commercial sector accounted for about 16% [29] Company Strategy and Development Direction - The company is focusing on selecting projects with good margins and working conditions, emphasizing the importance of a skilled workforce [27] - There is a strong emphasis on modular construction, which accounted for 17% of revenue, with expectations for gradual growth in 2025 [40][41] - The company aims to continue investing in operations and share repurchases, reflecting a commitment to rewarding shareholders [11][24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about maintaining strong gross profit margins in 2025, citing good project selection and execution [38][39] - The demand for data centers remains robust, with no signs of a slowdown, and the company has more booked backlog for 2026 than ever before [60][61] - The company is committed to ongoing recruitment and training to meet demand, ensuring a steady supply of skilled labor [99] Other Important Information - The company announced a quarterly dividend increase of five cents to forty cents per share, reflecting strong cash flow [11] - Capital expenditures for 2024 were $111 million, representing over 1.5% of revenue, with plans to maintain similar levels in 2025 [24][49] Q&A Session Summary Question: What gives confidence in sustaining elevated margin levels in 2025? - Management indicated that confidence stems from good project selection, strong customer relationships, and effective execution [38] Question: How is the modular business expected to grow in 2025? - The modular business is anticipated to grow gradually, with a focus on productivity and automation [41][44] Question: What is the outlook for capital expenditures in 2025? - Capital expenditures are expected to remain at similar levels as a percentage of revenue, with ongoing investments in operations [49] Question: Can you provide insights on the demand from technology customers? - Demand from technology customers, particularly for data centers, remains strong, with no signs of a slowdown [56][58] Question: How does the company approach project selection? - The company prioritizes projects that are good for its workforce, ensuring favorable working conditions and relationships with general contractors [155][158]

Boise Cascade Company, Inc. (NYSE:BCC) Q4 2024 Earnings Conference Call February 21, 2025 11:00 AM ET Company Participants Chris Forrey - VP, Finance & IR Nathan Jorgensen - CEO & Director Kelly Hibbs - SVP, CFO, Principal Financial & Accounting Officer and Treasurer Jeff Strom - COO Conference Call Participants Kurt Yinger - D.A. Davidson Susan Maklari - Goldman Sachs Mike Roxland - Truist Securities George Staphos - Bank of America Merrill Lynch Ketan Mamtora - BMO Capital Markets Operator Good morning. M ...

Financial Data and Key Metrics Changes - Sales for Q4 2024 were $329 million, a decrease of approximately 14% compared to the prior year, with sales volume down about 16% due to delayed ramp-up following a planned turnaround [12][13] - Adjusted EBITDA for Q4 2024 was $10 million, down $5 million year-over-year, primarily due to plant turnaround timing, partially offset by favorable sales mix and insurance claim proceeds [13] - Adjusted earnings per share increased by $0.19 to $0.09, influenced by $9.7 million in carbon capture tax credits, reducing the effective tax rate to 3.1% for the full year 2024 [13][14] - Free cash flow for Q4 2024 was $30 million, up $8 million from the prior year, with cash flow from operations increasing by $4 million to $64 million [14] Business Line Data and Key Metrics Changes - The plant nutrients business showed strong performance, with ammonium sulfate prices in the corn belt up 15% year-over-year, while nitrogen pricing declined by 8% [22] - Nylon business faced persistent global oversupply, impacting pricing and spreads, with North American demand remaining stable but competitive behavior affecting spreads [26][28] - Chemical intermediates, particularly acetone, maintained healthy prices amid balanced global supply and demand, although demand for acetone in MMA markets remained soft [31] Market Data and Key Metrics Changes - The market for ammonium sulfate is robust, with a strong order book sold out into the second quarter of 2025, supported by rising grain and nitrogen fertilizer prices [22][36] - Natural gas and sulfur prices are expected to increase significantly year-over-year, impacting raw material costs and pricing strategies [34][35] - The competitive landscape in the nylon market is influenced by increased imports from Asia and stable domestic supply, leading to a slower recovery in pricing [28][85] Company Strategy and Development Direction - The company is focused on strategic growth priorities, including capital investments in expanding granular ammonium sulfate capacity and maintaining prudent debt leverage levels [8][17] - The company aims to improve through-cycle profitability by optimizing regional and product sales mix and promoting differentiated product offerings [40][41] - The company is pursuing carbon capture tax credits as a significant value driver, with expectations of continued growth in this area [10][20] Management's Comments on Operating Environment and Future Outlook - Management acknowledged operational performance did not meet expectations but highlighted resilience and strong cash flow performance [6][7] - The outlook for 2025 anticipates meaningful year-over-year earnings improvement, supported by operational excellence and strong commercial performance [39] - The macroeconomic environment remains favorable for the industries served, with expectations of strong sulfur premiums and a balanced acetone supply-demand environment [41] Other Important Information - The company received $5.3 million in insurance proceeds in Q4 2024 related to the 2019 PES QME supplier shutdown, totaling approximately $39 million in aggregated insurance proceeds since the event [9] - The company is recognized for its carbon capture efforts, claiming initial 45Q tax credits of $9.7 million for the 2018 and 2019 tax years [10][20] Q&A Session Summary Question: What is the maximum conversion level for granular production? - Management indicated a target conversion of 75% for the SUSPANE program, with no expectation to reach 100% due to market dynamics [46] Question: Is the phenol market still problematic for acetone production? - Management confirmed that phenol operating rates are around 65%, and the company is targeting higher rates due to strong integration into the caprolactam value chain [49] Question: What is the expected carbon capture output for 2025? - Management suggested a run rate of approximately $5 million for carbon capture credits, which could escalate with inflation adjustments [52] Question: Can you elaborate on the capital spending plans for 2025? - Management outlined a capital expenditure range of $140 to $160 million, with a significant portion directed towards growth projects and sustaining operations [62] Question: How are natural gas costs impacting competitiveness in the fertilizer market? - Management noted that energy costs are crucial for nitrogen producers, influencing global pricing dynamics and competitiveness [70] Question: What is the outlook for the broader agricultural portfolio beyond ammonium sulfate? - Management acknowledged challenges in the ag chemical space, particularly due to low-price competition and imports, contrasting with positive trends in dry fertilizers [92]

Financial Data and Key Metrics Changes - Organic sales grew by 2.6%, with acquisition sales increasing by 10.2%, leading to adjusted earnings per share growth of 7.5% in the quarter [8][13][24] - Gross profit margin was 49.3%, down from 50.2% year-over-year, impacted by facility closures which added $2.3 million in expenses [17][24] - Operating cash flow increased to $39.6 million from $36.1 million year-over-year, while free cash flow improved significantly to $32.5 million from a negative $13.5 million [25] Business Line Data and Key Metrics Changes - The Americas and Asia region reported organic sales growth of 4.3%, while Europe and Australia experienced a slight organic decline of 0.8% [8][13] - The I7500 industrial label printer was launched, designed for high volume and high mix labeling, expected to enhance efficiency for customers [9][10][11] Market Data and Key Metrics Changes - The Americas and Asia region's total sales reached $133.8 million, with organic growth of 4.3% and acquisitions contributing 7.6% [34] - In Asia, organic sales growth was 11.3%, driven by strong performance in Japan and India, while China saw a decline of 3.5% [36] Company Strategy and Development Direction - The company is focusing on integrating operations post-acquisition of Gravitech and enhancing product development through increased R&D investment, which rose by 11.2% [12][21] - Strategic actions include facility closures in Beijing and Buffalo to streamline operations and improve efficiency [14][15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about organic sales growth in the Americas and Asia, despite challenges in Europe and Australia due to economic conditions [8][34] - The company is cautious about the geopolitical and trade environment but remains focused on internal growth and product innovation [42][84] Other Important Information - The company announced its 39th consecutive year of annual dividend increases, reflecting a commitment to returning value to shareholders [28] - Full-year fiscal 2025 adjusted diluted EPS guidance was raised to a range of $4.45 to $4.70 per share, indicating confidence in performance despite external challenges [30] Q&A Session Summary Question: Impact of potential tariffs with Mexico and Canada - Management indicated the ability to mitigate tariff impacts by shifting production and emphasized concerns about broader economic slowdowns rather than direct impacts on Brady [45][48] Question: Facility closures and cost savings - Management anticipates that restructuring actions will lead to improved efficiency and a better run rate in the future, with most changes expected to be completed within the fiscal year [51][54] Question: Performance of the I7500 printer and potential cannibalization - Management expressed optimism about the I7500's revenue potential, noting its unique market position and potential for significant ROI for customers [57][60] Question: FX headwinds and guidance adjustments - Management acknowledged FX as a headwind but noted strong performance in the Americas and Asia offsetting some of the negative impacts [63][64] Question: Economic conditions in Australia and Europe - Management highlighted challenges in Australia due to economic ties with China and expressed caution regarding the European market, particularly due to energy price issues in Germany [67][70]

Financial Data and Key Metrics Changes - The company reported a combined revenue increase of 8% in Q4 2024, with adjusted EBITDA growing by 4% from $111.8 million to $116 million [14][15] - For the full year, revenue from continuing operations grew by 7%, and adjusted EBITDA increased by 14%, reaching $510.4 million with a 9.8% adjusted EBITDA margin compared to 9.2% in 2023 [15][24] - The diluted loss per common share from continuing operations was $0.19 for Q4, compared to earnings of $0.12 in the same quarter last year [23] Business Line Data and Key Metrics Changes - The critical illness recovery hospital division saw a 6% increase in revenue and a 10% increase in adjusted EBITDA, with an adjusted EBITDA margin of 10.5% for Q4 [15][16] - The inpatient rehab hospital division experienced a 13% revenue increase, but adjusted EBITDA declined by 6%, with a margin of 21.2% [18] - The outpatient rehab division reported a 7% revenue increase, 4% increase in patient volume, and 18% increase in adjusted EBITDA, with net revenue per visit rising from $100 to $102 [20][21] Market Data and Key Metrics Changes - The company added 94 inpatient rehabilitation beds in Q4 and plans to add 481 additional beds in 2025 and 2026 [8][12] - The occupancy rate for the critical illness recovery hospital division increased from 66% to 67% year-over-year [16] - The average daily census for the entire rehab division increased by 3%, while the occupancy rate was 81%, down from 85% the previous year [19] Company Strategy and Development Direction - The company completed the spin-off of Concentra, which is now reflected as discontinued operations [5] - The company plans to continue expanding its inpatient rehab division with multiple new facilities scheduled to open through 2026 [12] - The company is focusing on optimizing resources by closing or consolidating underperforming outpatient clinics [13] Management's Comments on Operating Environment and Future Outlook - Management noted that nursing agency rates have stabilized and utilization has returned to pre-COVID levels, with a 15% reduction in nursing sign-on incentive bonus dollars [17][27] - The company expects revenue for 2025 to be in the range of $5.4 billion to $5.6 billion, with adjusted EBITDA projected between $520 million and $540 million [36] - Management acknowledged confusion in the market regarding the impact of the Concentra spin-off on consensus estimates [41] Other Important Information - The company did not repurchase shares in the last quarter but continues to evaluate stock repurchases and debt reduction opportunities [25][35] - A cash dividend of $0.0625 per share has been declared, payable on March 13, 2025 [24] Q&A Session Summary Question: Clarification on 2025 metrics - Management confirmed that there is confusion in the market regarding consensus estimates and emphasized the importance of excluding Concentra's numbers [40][41] Question: Development activity and startup costs - Management indicated that the increase in inpatient rehab beds will dampen margins in 2025 but expects significant EBITDA growth in 2026 and 2027 [47] Question: Post-separation leverage targets - Management expects to maintain leverage around 3 to 3.1 times for 2025, with a reduction anticipated in 2026 and beyond [57] Question: Inpatient rehab margins - Management attributed lower margins to startup losses and a referral source impacted by Hurricane Helene, which has since returned to normal [59] Question: Outpatient rehab growth drivers - Management highlighted increased net revenue per visit and improved clinical productivity as key drivers for expected growth in outpatient rehab EBITDA [78]

RE/MAX Holdings, Inc. (RMAX) Q4 2024 Earnings Conference Call February 21, 2025 8:30 AM ET Company Participants Andy Schulz - Senior Vice President, Investor Relations Erik Carlson - Chief Executive Officer Karri Callahan - Chief Financial Officer Conference Call Participants Anthony Paolone - JPMorgan Nick McAndrew - Zelman Ronald Camden - Morgan Stanley John Campbell - Stephens Tommy McJoynt - KBW Krista Good morning, and welcome to the RE/MAX Holdings Fourth Quarter 2024 Earnings Conference Call and Webc ...

Financial Data and Key Metrics Changes - In Q4 2024, Ryerson reported net sales of $1.01 billion, a decrease of 10.6% compared to Q3 2024 [27] - The average selling price (ASP) was $2,254 per ton, down 3% quarter over quarter [28] - Gross margin expanded by 110 basis points to 19% due to $25 million in LIFO income, which was $7 million greater than the previous quarter [28] - Net loss attributable to Ryerson was $4.3 million or $0.13 per diluted share, an improvement from a net loss of $6.6 million in the prior quarter [31] - For the full year 2024, net sales were $4.6 billion, down from $5.1 billion in 2023, primarily due to a 10% decrease in average selling prices [31][32] Business Line Data and Key Metrics Changes - Ryerson's Q4 sales volume was 447,000 tons, a decrease of 7.8% quarter over quarter, slightly better than expectations [13] - North American shipments decreased by 8.5%, in line with normal seasonality [13] - For the full year 2024, Ryerson's sales volume was approximately 1.9 million tons, roughly equivalent to 2023 [14] Market Data and Key Metrics Changes - North American industry volumes decreased by 7.1% quarter over quarter, while Ryerson's North American volume was down 1% year over year [15] - December 2024 prices were 18% lower for carbon, 29% lower for stainless steel, and 8% lower for aluminum compared to December 2023 [32] Company Strategy and Development Direction - Ryerson is transitioning from an investment cycle to an optimization cycle, focusing on operational efficiency and customer experience [21][22] - The company plans to reduce CapEx to the range of $50 to $55 million in 2025 to operationalize existing assets [44] - Ryerson aims to generate higher and less volatile earnings through future business cycles as investments operationalize [8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2025, citing improvements in macro manufacturing conditions and increased sales quote and order activity since mid-January [9][10] - The company expects Q1 2025 volumes to increase by 11% to 13% sequentially compared to Q4 2024 [17] - Management acknowledged the challenges of a contracting environment in 2024 but noted market share gains in North America [15] Other Important Information - Ryerson generated $92 million of cash flow from operations in Q4 2024 and ended the period with $468 million of total debt [24] - The company returned $6 million in dividends during Q4 2024 and repurchased 2.5 million shares for approximately $51 million in the full year [25] Q&A Session Summary Question: How is the company thinking about CapEx for 2025? - Management plans to dial back CapEx to the $50 to $55 million range to focus on operationalizing existing assets [44] Question: Can you provide updates on University Park's progress? - Bookings at University Park are up by 20% from their bottom, and the facility is improving in productivity and service levels [52] Question: How did core unit gross margins trend through Q4 and into Q1? - Transactional margins are starting to expand as the market improves, with expectations for favorable resets in contract pricing as lagging prices catch up [58][59] Question: How is the company managing tariffs and their impact? - Management noted potential currency headwinds but emphasized that the majority of revenue is generated in the US, which mitigates some risks [61] Question: What is the status of the new ERP system? - The ERP conversion is progressing well, with improved service levels and operational normalization at service centers that have transitioned to SAP [81]

Financial Data and Key Metrics Changes - Full-year sales and adjusted EPS were in line with the company's outlook, despite greater-than-expected foreign currency headwinds [9] - Free cash flow for the year was $132 million, consistent with expectations [9] - Net debt decreased by $94 million for the year, improving the company's financial position [10][32] - Gross profit for Q4 was $156 million, a decrease of 9% compared to the prior year, but full-year gross margins expanded by 70 basis points [26][27] Business Line Data and Key Metrics Changes - Reported sales in Q4 decreased by 8%, with comparable sales down 6% excluding foreign exchange impacts [24] - In the Americas segment, sales declined by 12%, with comparable sales down 8% [28] - The international segment saw comparable sales decline by 3%, though technology accessories experienced growth [30] Market Data and Key Metrics Changes - The overall demand environment remained soft, with discretionary spending constrained [22] - Sales trends in Q4 were better than the first half of the year, indicating some recovery [22] - The company anticipates that sales in 2025 will be flat but improving throughout the year [19] Company Strategy and Development Direction - The company is focusing on restoring sales growth through new product development, accretive acquisitions, and brand building [15] - A $60 million multiyear cost reduction program was implemented, with an expanded target of $100 million in total savings by the end of 2026 [12][13] - The company is committed to investments in leading brands and has maintained or grown market share in many categories [17] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging operating environment and the need for additional cost savings due to volume declines and uncertainties [22][35] - The outlook for 2025 includes expectations for comparable sales to decline by 1% to 5%, with a more consistent demand environment anticipated as the year progresses [35] - Management expressed confidence in the company's ability to navigate tariffs and foreign exchange impacts through a balanced supply chain [78] Other Important Information - The company refinanced its bank credit facilities, extending maturity dates to 2029 [11] - Free cash flow is expected to normalize in 2025, with a range of $105 million to $115 million anticipated [38] - The company returned $15 million to shareholders through share repurchases and $28 million for dividends [34] Q&A Session Summary Question: What is different this time regarding sales trajectory? - Management indicated that growth will primarily come from share gains and emphasized the need to expand into adjacent categories [46][49] Question: Update on gaming partnerships? - Management reported strong performance in gaming for 2024, driven by new product introductions and international expansion, particularly in Japan [51][53] Question: Retailers' inventory positions for back-to-school? - Management anticipates that retailers will be conservative with inventory, similar to the previous year [57] Question: Timing of cost savings? - Management expects $25 million in savings for the current year, with $40 million anticipated for the next year [61] Question: M&A focus? - Management is looking for low-risk, highly accretive M&A opportunities, focusing on near-adjacent categories [62][63] Question: Changes in Brazil's market outlook? - Management noted modestly improving trends in Brazil but acknowledged competitive pricing pressures [70] Question: Currency impact on sales outlook? - Management clarified that comparable sales exclude foreign exchange impacts, which are expected to be a significant headwind [75] Question: Tariff scenario planning? - Management emphasized a balanced supply chain and proactive pricing strategies to mitigate tariff impacts [78] Question: Acquisition pipeline? - Management is focused on synergistic acquisitions that align with strategic goals while maintaining a disciplined approach to leverage [82][93]