Financial Data and Key Metrics Changes - In Q3 2025, the company generated nearly $100 million in free cash flow, with a cash balance exceeding $560 million, allowing for funding of the Thompson Creek Restart project and returning $32 million to shareholders through buybacks and dividends [4][19] - Adjusted net earnings for Q3 were $66 million, or $0.33 per share, benefiting from strong production and elevated metal prices [16] - Consolidated all-in sustaining costs on a byproduct basis were $1,652 per ounce in Q3, with expectations to remain near the low end of guidance ranges for both Mount Milligan and Öksüt in 2025 [17][19] Business Line Data and Key Metrics Changes - Mount Milligan produced over 32,500 ounces of gold and 13.4 million pounds of copper in Q3, with all-in sustaining costs increasing to $1,461 per ounce, 14% higher than the previous quarter [12][13] - Öksüt produced 49,000 ounces of gold in Q3, with all-in sustaining costs at $1,473 per ounce, 16% lower than the previous quarter, reaffirming production guidance for 2025 [13][14] - The Molybdenum Business Unit sold approximately 3.1 million pounds of molybdenum at an average price of $24.42 per pound [17] Market Data and Key Metrics Changes - The average realized price for gold was $3,178 per ounce and for copper was $3.73 per pound in Q3, reflecting the impact of existing streaming arrangements [16] - The company holds a strong financial position with total liquidity exceeding $960 million, including $85 million in equity investments [19] Company Strategy and Development Direction - The company is focused on a self-funded growth strategy, advancing projects like the Mount Milligan Pre-Feasibility Study and the Goldfield Project, which are expected to enhance long-term production capabilities [5][20] - Key investments include $114 million for a second tailings storage facility and $36 million for upgrades to increase process plant throughput [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving production guidance for the remainder of 2025 and highlighted the potential for strong production in Q1 2026 due to higher grades at Öksüt [28] - The company is monitoring the favorable environment for U.S.-based mining and the potential for strategic deals related to molybdenum, a critical mineral [31][32] Other Important Information - The Mount Milligan PFS extended the mine life to 2045, with significant increases in proven and probable reserves to 4.4 million ounces of gold and 1.7 billion pounds of copper [7][9] - Sustainability initiatives include a renewable diesel pilot project aimed at reducing greenhouse gas emissions and community support programs for First Nations [10][11] Q&A Session Summary Question: Concerns about gold recovery at Mount Milligan - Management acknowledged lower recovery rates due to a higher ratio of pyrite to chalcopyrite than modeled, impacting Q3 performance, but expects to meet guidance by adjusting material processing [23][24] Question: Future production expectations at Öksüt - Management is confident in strong production going into 2026, supported by a life-of-mine optimization study to exploit accumulated inventories in heap leaching [28][29] Question: Potential for strategic deals with the U.S. government regarding molybdenum - Management noted the favorable environment for U.S. mining and is monitoring potential strategic opportunities, although no immediate funding needs exist [31][32] Question: Impact of optimization study on permitting for Öksüt - Management indicated that while modifications for residual leaching would be necessary, the study primarily focuses on managing accumulated inventories without requiring extensive new permitting [38] Question: Recovery improvements in later mine life - Management expects to enhance recovery rates through better solution management and potential modifications to permitting, with low capital requirements for significant returns [47][48]

Financial Data and Key Metrics Changes - Year-to-date net debt is $21 million, representing just under half a turn of leverage on a trailing twelve-month EBITDA basis, indicating a healthy financial position for the company [1] - The company closed the sale of the East West Jones property, resulting in over $22 million in cash after commissions and taxes, which will be used to pay down debt and for corporate purposes [1] - The backlog at the end of the quarter stood at $679 million, with approximately $160 million in new awards and change orders added during the quarter [1] Segment Results and Key Metrics Changes - Marine revenues increased by approximately 2% year-over-year and 6% sequentially to $143 million, with adjusted EBITDA growing over 50% to $18 million, reflecting a 12% margin compared to 7% in Q3 2024 [2] - Concrete revenues decreased by 5% year-over-year but increased by 17% sequentially to $82 million, with adjusted EBITDA showing a loss of $4 million compared to a profit of $4 million in Q3 2024 [2][3] - Weather issues impacted chargeability in the Concrete business, resulting in a contribution EBITDA margin of 2% for the quarter [3] Company Strategy and Development Direction - The company is optimistic about finishing the year strong and is excited about growth opportunities in 2026 and beyond, emphasizing the importance of shareholder confidence and employee performance [4] - The company has a robust pipeline with over $1 billion in projects awaiting award decisions, which has remained consistent throughout the year [7] - The company is focusing on expanding its bonding capacity to bid on larger projects, facilitating growth in the coming years [32] Management Comments on Operating Environment and Future Outlook - Management has not observed any significant movement on major projects due to policy changes, indicating stability in the operating environment [13][14] - The deregulation and tax benefits are expected to positively impact commercial clients, enhancing the outlook for the company [15] - Management remains confident in the profitability of the Concrete business despite recent losses, anticipating a more favorable mix in the backlog moving into the fourth quarter [12] Other Important Information - The company has increased its full-year 2025 guidance for revenue to $825 million to $860 million, adjusted EBITDA to $44 million to $46 million, and adjusted EPS to $0.18 to $0.22 [3] - The East West Jones property sale will contribute $23 million in cash, which has already been received, enhancing the company's cash position [22][23] Q&A Session Summary Question: Can you discuss the pipeline and opportunity size? - Management noted that the pipeline has been consistent, with a strong outlook for 2026 and ongoing opportunities for the current year [6][7] Question: Is the Deschutes Estuary project included in the pipeline? - The Deschutes Estuary project is not included in the pipeline as it is in a limbo status until a contract is finalized [8] Question: What is the current status of the data center opportunities? - Data centers represent about 27% of the concrete business revenue for Q3, with steady bidding activity [9] Question: Will there be a more profitable mix in the backlog for concrete? - Management expects concrete to remain in a good place, with confidence in profitability despite recent challenges [12] Question: Have there been any impacts from policy changes? - No significant impacts have been observed from policy changes, with some movement in the private sector due to uncertainties [13][14] Question: What is the outlook for cash flow in the fourth quarter? - The company anticipates good cash flow from the East West Jones sale and has not seen a slowdown in cash collection activities [22][23] Question: How has the size of data center projects changed? - There has been an increase in the size of data center project opportunities compared to two or three years ago, with larger projects now in the mix [33]

CTO Realty Growth (NYSE:CTO) Q3 2025 Earnings Call October 29, 2025 09:00 AM ET Speaker6Ladies and gentlemen, thank you for standing by. Welcome to CTO Realty Growth's third quarter 2025 earnings call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you would need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw yo ...

Financial Data and Key Metrics Changes - Total revenue for Q3 increased to $1.55 billion, reflecting growth in environmental services and a diversified customer base [20][21] - Adjusted EBITDA rose 6% to $320 million, with a consolidated adjusted EBITDA margin expanding to 20.7%, driven by pricing initiatives and cost reduction efforts [20][21] - Net income grew modestly year over year, delivering earnings per share of $2.21 [23] Business Line Data and Key Metrics Changes - Environmental Services (ES) segment revenue increased by 3%, with adjusted EBITDA margin growing for the 14th consecutive quarter [5][6] - Technical services within ES saw a 12% revenue growth, while Safety-Kleen Environmental services rose 8% [8][20] - Field services revenue declined by 11% due to the absence of medium to large response projects [8][9] Market Data and Key Metrics Changes - Incineration utilization was high at 92%, with landfill volumes up 40% from a year ago [7][20] - PFAS-related sales are expected to generate $100 to $120 million in revenue this year, up 20% to 25% from the previous year [10][11] - The company anticipates that spending constraints in industrial services will loosen as economic conditions improve [18] Company Strategy and Development Direction - The company is focused on margin growth and productivity enhancements, with plans for significant internal investments exceeding $500 million over the next several years [16][17] - A new state-of-the-art processing plant (SDA unit) is planned, expected to generate annual EBITDA of $30 million to $40 million upon completion [15] - The company remains active in evaluating M&A opportunities while maintaining a disciplined approach to capital allocation [16][80] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth, citing strong momentum in waste collection and disposal assets despite current macroeconomic challenges [5][18] - The company expects to navigate current economic turbulence and anticipates a recovery in industrial services and field services in the coming quarters [29] - Management highlighted the importance of ongoing cost management and operational efficiency to mitigate rising healthcare costs [33][40] Other Important Information - The company reported a record level of free cash flow in Q3, with cash and short-term marketable securities totaling $850 million [24][25] - SG&A expenses as a percentage of revenue increased to 12.2%, reflecting higher healthcare costs and professional fees [22] - The company has raised its full-year adjusted free cash flow guidance to a midpoint of $475 million, representing over 30% growth from 2024 [28] Q&A Session Summary Question: What were the main factors behind the $15 million guidance reduction? - The reduction was primarily due to shortfalls in industrial services ($7 million) and field services ($4 million), along with elevated healthcare costs impacting the overall company by about $6 million [33][34] Question: What is the outlook for EBITDA growth in 2026? - Management expects to target a 5% EBITDA growth based on cost-cutting initiatives and volume growth in waste businesses, despite not anticipating a rebound in industrial turnarounds until spring [41][42] Question: What is the company's M&A outlook? - The company is actively looking at both larger and smaller deals, maintaining a disciplined approach to ensure good returns on shareholder investments [44][80] Question: What is the expected range for SKSS EBITDA this year? - Management expressed high confidence in achieving the $140 million EBITDA mark for SKSS, with a potential range of a few million on either side [72][73] Question: How does the SDA unit investment relate to M&A strategy? - The SDA unit investment does not reflect a change in M&A appetite; it has been a planned investment for years, and the company remains open to various capital allocation opportunities [79][80]

Financial Data and Key Metrics Changes - Adjusted EBITDA for the first nine months of 2025 grew by 9%, reaching $165 million, despite challenges from rising oil chemical raw material prices and higher startup costs related to the new Pasadena facility [3][4] - Third quarter adjusted EBITDA was $56 million, a 6% increase year-on-year [4][8] - Adjusted net income for the third quarter was $10.9 million, down 54% from $23.7 million in the prior year, primarily due to a higher effective tax rate and increased depreciation [5][7] Business Line Data and Key Metrics Changes - Specialty Products adjusted EBITDA increased significantly, driven by favorable order timing within the pharmaceutical business, with net sales rising 68% year-on-year [4][12] - Polymers net sales decreased by 4% to $143.9 million, although sales volume increased by 8% [11][12] - Surfactants net sales were $422.4 million, a 10% increase, but adjusted EBITDA decreased by 14% due to higher startup costs and raw material price inflation [10][11] Market Data and Key Metrics Changes - North America rigid polyol and commodity PA volumes both grew by double digits, while European rigid polyol volumes were impacted by macroeconomic uncertainties [5][11] - The company experienced double-digit volume growth in the crop productivity business and mid-single-digit growth in the oil field end market, but faced lower demand in global commodity consumer products [4][5] Company Strategy and Development Direction - The company remains focused on gradually recovering margins while balancing volumes and margins [4][16] - The new Pasadena facility is fully operational and expected to contribute fully by 2026, enhancing production capabilities [15][16] - The company is analyzing opportunities to optimize its global footprint and asset base, including the planned sale of its site in the Philippines [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about delivering full-year adjusted EBITDA growth and positive free cash flow in 2025 despite ongoing market uncertainties [16] - The company aims to maintain a competitive balance between volumes and margins, particularly in the surfactants business [22][24] Other Important Information - Free cash flow was positive at $40 million during the quarter, driven by reduced working capital and disciplined capital spending [5][12] - The Board declared a quarterly cash dividend of $0.395 per share, marking a 2.6% increase [6] Q&A Session Summary Question: Recovery of oil chemicals cost in surfactants - Management noted that coconut oil prices have increased by 70% compared to 2024, but prices are now coming down, and they aim to recover margins by 2026 [21] Question: Pricing challenges with lower raw material costs - Management emphasized the importance of balancing volumes and margins and stated they will remain competitive in the market [22] Question: Long-term margin goals for surfactants - Management believes that surfactants can achieve healthy double-digit EBITDA margins as they grow in functional markets [24] Question: Pent-up demand in commercial roofing and insulation - Management acknowledged pent-up demand for renovations in the construction sector and noted that lower interest rates could stimulate activity [25][26] Question: Margin recovery expectations in polymers - Management indicated that while margins are currently down, they expect improvements as demand recovers [28] Question: Future asset optimization actions - Management committed to a balanced approach between top-line growth and asset rationalization, with potential future announcements regarding asset sales [30]

Dana (NYSE:DAN) Q3 2025 Earnings Call October 29, 2025 09:00 AM ET Speaker0Good morning and welcome to Dana Incorporated's third quarter 2025 financial webcast and conference call. My name is Regina and I will be your conference facilitator. Please be advised that our meeting today, both the speaker's remarks and Q&A session, will be recorded for replay purposes. For those participants who would like to access the call from the webcast, please reference the URL on our website and sign in as a guest. There w ...

OppFi (NYSE:OPFI) Q3 2025 Earnings Call October 29, 2025 09:00 AM ET Speaker3Good morning and welcome to OppFi's third quarter 2025 earnings conference call. All participants are in a listen-only mode. As a reminder, this conference call is being recorded. Following management's presentation, a question and answer session will be held. For those listening by dial-in, you will be prompted to enter the queue after the prepared remarks. I am pleased to introduce your host, Mike Gallentine, Head of Investor Rel ...

Financial Data and Key Metrics Changes - ProPetro generated total revenue of $294 million, a decrease of 10% compared to the prior quarter [29] - Net loss totaled $2 million or $0.02 loss per diluted share, compared to a net loss of $7 million or $0.07 loss per diluted share for the second quarter of 2025 [29] - Adjusted EBITDA totaled $35 million, representing 12% of revenue, and decreased 29% compared to the prior quarter [29] - Free cash flow for the completions business was $25 million [29] Business Line Data and Key Metrics Changes - The completions business continues to generate sustainable free cash flow despite a decline in activity and related revenue [30] - Capital expenditures incurred were $98 million, with approximately $79 million supporting ProPWR orders [30] - The company anticipates full-year 2025 capital expenditures incurred to be between $270 million and $290 million, down from the previous range [32] Market Data and Key Metrics Changes - Approximately 70 full-time frac fleets are currently operating in the Permian, down from 90 to 100 fleets at the beginning of the year, indicating depressed activity levels [14] - The company expects the challenging operating environment to persist into 2026 due to tariffs and OPEC production increases [15][26] Company Strategy and Development Direction - ProPetro is focusing on capital light investments and the development of its ProPWR segment, which is expected to drive future growth [15][20] - The company has secured contracts for seven frac fleets, with 75% of the fleet consisting of next-generation gas-burning equipment [20] - ProPetro aims to deepen existing relationships and expand its reach to new partners in the power generation market, targeting at least 220 megawatts contracted by the end of the year [23] Management's Comments on Operating Environment and Future Outlook - Management believes the current market conditions present valuable opportunities, and the company is well-positioned to navigate the market [19] - The company expects to maintain 10 to 11 active fleets in the fourth quarter, with a sequential improvement anticipated in the ProPWR segment [26][27] - Management remains confident in the strategy and future of ProPetro, emphasizing the importance of a strong balance sheet and disciplined capital allocation [38] Other Important Information - ProPetro has executed a letter of intent for a $350 million leasing facility to support growth in the ProPWR business [24][34] - The company plans to reach a total of 750 megawatts delivered by year-end 2028, with a focus on long-term take-or-pay contracts [24][33] Q&A Session Summary Question: Details on the 60 megawatts data center contract - The contract involves reciprocating engines and battery energy storage systems, with potential for future capacity expansion [49] Question: Future funding structures and liquidity runway - The company prioritizes organic free cash flow for funding, with the leasing facility providing flexible capital as needed [58][60] Question: Contract term preferences in the current environment - The company evaluates each deal on a case-by-case basis, considering both long-term and shorter-term contracts based on market conditions [75] Question: Equipment cost differential for data centers versus Permian microgrids - The average cost of equipment is about $1.1 million per megawatt, with similar economics across both sectors [78][95] Question: Deployment of megawatts across different markets - The current distribution of contracted megawatts is expected to remain similar in the near term, with potential shifts as more data center contracts are pursued [84]

Financial Data and Key Metrics Changes - Total net sales for Q3 2025 were $175.3 million, a decrease of $4.2 million or 2.3% from Q3 2024 [16] - Adjusted EBITDA was $49.5 million, an increase of $6.3 million or 14.6% from Q3 2024, with an adjusted EBITDA margin of 28.2%, up approximately 410 basis points from the previous year [19] - Free cash flow in the quarter was $59.2 million, $8.1 million lower than Q3 2024, primarily due to unfavorable working capital and a one-time cash contribution related to the pension plan settlement [29] Business Line Data and Key Metrics Changes - Software solutions net sales grew by 10.3% year-over-year, accounting for approximately 52% of total sales in the quarter [5][16] - Capital markets software solution segment net sales were $59 million, an increase of $5.7 million or 10.7% from the previous year, driven by ActiveDisclosure, which saw a 26% sales growth [20][21] - Net sales in the capital markets compliance and communications management segment decreased by $6.3 million or 9.9% from Q3 2024, primarily due to lower transactional revenue [22] Market Data and Key Metrics Changes - Event-driven transactional revenue declined by $4.4 million year-over-year, primarily due to lower volume for foreign issuer transactions on U.S. exchanges, partially offset by stronger U.S. IPO volume [17][23] - The government shutdown has impacted capital markets deal activity, delaying many planned transactions [12][13] Company Strategy and Development Direction - The company continues to focus on transforming into a software-centric business, aiming to derive approximately 60% of total sales from software solutions by 2028 [5] - The launch of new products like Venue and ArcFlex is part of the strategy to modernize and expand offerings in the marketplace [10][11] - The company is preparing its 2026 operating plan and extending its long-range plan through 2030, focusing on growing its software solutions portfolio and operational transformation [35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to capture latent demand once market activity normalizes post-government shutdown [13][35] - The outlook for Q4 2025 anticipates consolidated net sales in the range of $150 million to $160 million, reflecting a reduction compared to the previous year due to lower print and distribution sales [31] - The company expects capital markets transactional revenue to be temporarily soft due to the government shutdown, estimating net sales in this segment to be between $30 million to $40 million [32] Other Important Information - The company completed the termination of its primary defined benefit pension plan, resulting in a non-cash pre-tax settlement charge of $82.8 million [14][15] - The company repurchased approximately 659,000 shares of common stock during Q3 for $35.5 million, with $114.5 million remaining on its current stock repurchase authorization [30] Q&A Session Summary Question: Impact of government shutdown on Q4 margins - Management indicated that the margin impact of lower transactional revenue has been contemplated in their guidance, expecting a 300 basis point increase in margins compared to last year [38][39] Question: SEC reporting frequency changes - The company is monitoring developments related to the proposal to reduce corporate reporting frequency, noting that most of its 10-Qs are on ActiveDisclosure, which operates as a subscription business [46][47] Question: Resurgence of SPAC IPOs and DFIN's participation - Management acknowledged a decline in market share in SPAC deals due to increased competition and the nature of the deals, but emphasized participation in quality SPAC and D-SPAC deals [49][50] Question: Venue performance and product impact - Management noted that the growth in Venue is primarily driven by sales execution, with expectations for more significant impacts from the new product in future quarters [60][62] Question: Capital allocation strategy - The company maintains a focus on financial flexibility, prioritizing strategic transformation and being opportunistic with share repurchases while considering organic and inorganic investments [64]

Centene (NYSE:CNC) Q3 2025 Earnings Call October 29, 2025 09:00 AM ET Speaker5Good day, and welcome to the Centene Corporation 2025 third quarter financial results 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. To ask a question, you may press star then one on your telephone keypad, and to withdraw your questio ...