Financial Data and Key Metrics Changes - National Fuel Gas Company reported a 66% increase in adjusted operating results compared to the previous year, driven by higher natural gas prices and lower per unit operating costs [17] - The company narrowed its earnings guidance for fiscal 2025 to a range of $6.8 to $6.95 per share, reflecting positive momentum across the company [17][18] - For fiscal 2026, the company anticipates earnings per share in the range of $8 to $8.5, representing a 20% increase from fiscal 2025 at the midpoint [19] Business Line Data and Key Metrics Changes - Production at Seneca's Eastern Development Area increased by 16% year-over-year, with expectations for full-year production to rise approximately 8% compared to fiscal 2024 [5][6] - The company raised its production guidance for fiscal 2025 to a range of 420 Bcf to 425 Bcf, an 8% increase at the midpoint year-over-year [31] - For fiscal 2026, production is expected to grow by 6% at the midpoint, with capital expenditures projected to decrease by 4% [33] Market Data and Key Metrics Changes - The company noted that U.S. LNG demand recently exceeded 16 Bcf per day, with gas-fired power generation reaching record seasonal peaks [36] - Despite increased U.S. gas production, storage levels have remained near the five-year average, indicating resilient structural demand [36] Company Strategy and Development Direction - National Fuel is focused on organic growth, with ongoing investments in system modernization and pipeline expansion projects [8][11] - The company is well-positioned to participate in the anticipated infrastructure build-out in Pennsylvania, with significant investments announced in the state [12] - The company plans to file a rate case for its regulated subsidiaries in fiscal 2026, aiming to enhance revenue from its utility business [22][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the natural gas industry's growth, citing high demand domestically and abroad [14] - The company highlighted the importance of maintaining balance sheet flexibility while exploring growth opportunities [43] - Management acknowledged the potential for larger-scale projects in the future, contingent on permitting reforms [82] Other Important Information - The company raised its dividend for the 55th consecutive year to an annual rate of $2.14 per share, reflecting strong results and confidence in long-term outlook [11] - The company is evaluating the timing of a rate case for its Supply Corporation, with no projected incremental revenue until early fiscal 2027 [22] Q&A Session Summary Question: On the buyback pause and capital allocation - Management indicated that the decision to pause the buyback program was driven by capital allocation priorities, focusing on balance sheet flexibility and growth opportunities [43][44] Question: Impact of cash taxes in 2026 and beyond - Management expects cash tax rates to be in the high single digits for the current year, moving to low to mid single digits next year due to recent tax law changes [45][46] Question: Tioga pathway project spending cadence - Construction for the Tioga pathway project is set to begin in spring, with the bulk of spending occurring in summer [49] Question: Industry trends on service cost inflation - Management noted that they are not seeing significant inflationary pressure on service costs, with expectations for costs to remain stable [51][52] Question: Supply agreements with new egress in Northeast Pennsylvania - Management expressed excitement about opportunities arising from new egress projects, emphasizing the company's strong position due to deep inventory and credit rating [56][57] Question: NESE and Constitution pipeline projects - Management highlighted the positive implications of the NESE project for existing firm transportation and potential demand growth, while also acknowledging challenges with the Constitution project [66][67] Question: Well productivity gains in fiscal 2026 guidance - Management indicated that current guidance reflects ongoing improvements in well productivity, with potential for further gains as engineering efforts continue [70][72]

Genworth Financial (GNW) Q2 2025 Earnings Call July 31, 2025 09:00 AM ET Company ParticipantsChristine Jewell - Head - Investor RelationsThomas McInerney - President, CEO & DirectorJerome Upton - Executive VP & CFORyan Krueger - Managing DirectorGregg Karawan - EVP & General CounselPeter Enderlin - Portfolio ManagerJosh Esterov - Head of US Insurance ResearchColin Devine - PrincipalOperatorGood morning, ladies and gentlemen, and welcome to Genworth Financial's second quarter twenty twenty five earnings conf ...

Financial Data and Key Metrics Changes - The company reported a record adjusted EBITDA margin of 21.8%, up 100 basis points year over year [7][12] - Adjusted EPS grew by mid-teens percentage compared to the previous year [7] - Revenue growth was strong at 6% in the quarter, driven primarily by outperformance in Measurement and Control Solutions (MCS) [12][19] - Year-to-date free cash flow decreased by $61 million year over year, mainly due to outsourced water projects and timing of tax payments [13] Business Line Data and Key Metrics Changes - **Measurement and Control Solutions (MCS)**: Orders grew 12% organically, with revenue up 10% driven by energy metering demand [14] - **Water Infrastructure**: Revenue grew 4%, with demand led by treatment solutions, although orders declined by 2% due to funding delays in the UK and Canada [15] - **Applied Water**: Orders rose 4% for the sixth consecutive quarter, with revenue increasing by 5% [16] - **Water Solutions and Services**: Orders increased by 5%, with revenue growth also at 5% [17] Market Data and Key Metrics Changes - Demand for products and solutions remains resilient, particularly in smart metering, which saw double-digit growth [8] - The backlog remains strong across all segments, except MCS, which is being normalized [12] - The company noted ongoing economic challenges in China, with orders down approximately 18% year over year [54] Company Strategy and Development Direction - The company is focused on executing its transformation plan laid out at the Investor Day, which includes simplifying operations and enhancing portfolio for growth [10][22] - Recent acquisitions in advanced treatment are aimed at strengthening the growth engine and enhancing capabilities [26] - The company is committed to mitigating tariff impacts through pricing actions and supply chain adjustments [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering strong performance for the remainder of 2025, despite macro uncertainties [20][22] - The company raised its full-year revenue guidance to $8.9 billion to $9.0 billion, reflecting 4% to 5% total growth [19] - Management acknowledged potential impacts from tariffs and FX movements but emphasized strong demand and backlog execution [20] Other Important Information - The company has made significant progress in its simplification initiatives, which have improved productivity and customer responsiveness [9][10] - The integration of Evoqua is ahead of schedule, with strong traction on cost and revenue synergies [22][23] Q&A Session Summary Question: Update on MCS order outlook and destocking - Management noted resilient demand across the board, with expectations for MCS to return to positive book-to-bill by year-end [34] Question: Progress on simplification initiatives - Management reported tracking ahead of the timeline for simplification, with improved decision-making and customer metrics [36] Question: Applied Water segment performance and eightytwenty impact - Management highlighted strong orders and revenue growth, with eightytwenty helping to focus on growth while simplifying operations [48] Question: Municipal utility funding concerns - Management expressed confidence that Congress will appropriate funds to maintain healthy state revolving fund levels, despite concerns [90] Question: MCS legacy energy business margin drag - Management indicated that legacy projects would pressure margins in the near term but expect sequential improvement in Q4 [106]

Financial Data and Key Metrics Changes - For Q2 2025, the company reported adjusted earnings per share of $0.88, an increase of over 11% compared to $0.79 in the prior year period [6] - Total comparable funeral revenue increased by over $15 million, or about 3%, compared to the prior year quarter [6] - Funeral gross profit increased by about $15 million, with the gross profit percentage rising by 20 basis points [8] Business Line Data and Key Metrics Changes - Comparable core funeral revenues increased by $8 million, or about 2%, driven by a 3.3% growth in core average revenue per service [7] - Comparable cemetery revenue increased by $2 million, or almost 1%, with core revenue up by about $1 million [10] - Preneed funeral sales production decreased by $29 million, or about 9%, primarily due to a transition to a new preneed insurance provider [9] Market Data and Key Metrics Changes - The company anticipates comparable core preneed sales production growth in 2025, despite a decrease in the first half of the year [9] - Cemetery gross profit decreased by $4 million, with the gross profit percentage declining by 110 basis points [12] - The company expects preneed cemetery sales production to grow at low to mid single-digit percentages over the prior year's six-month period [13] Company Strategy and Development Direction - The company confirmed its normalized earnings per share guidance range of $3.7 to $4 for 2025 and raised its cash flow outlook due to stronger working capital trends [12] - The company plans to invest $100 million in capital expenditures for existing locations, cemetery development, and new builds [19] - The acquisition pipeline remains optimistic, with an anticipated investment target of $75 million to $125 million for 2025 [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving revenue and margin growth for both funeral and cemetery segments for the remainder of 2025 [12] - The company noted that cash taxes will revert to a more normalized level in 2025 compared to 2024, following a tax accounting method change [24] - Management highlighted the importance of their team in navigating challenges and providing exceptional service to customers [16][25] Other Important Information - The company returned $239 million of capital to shareholders in Q2 2025 through dividends and share repurchases [21] - Adjusted operating cash flow for the quarter was $168 million, with a significant increase in cash taxes impacting the overall cash flow [17][19] - The company ended the quarter with liquidity of about $1.4 billion, consisting of cash on hand and available credit [25] Q&A Session Summary Question: What drove the dip in the recognition rate in the current quarter? - Management attributed the dip to normal volatility in cemetery production and expects the recognition rate to improve in the second half of the year [28][30] Question: What are the expectations for the cremation rate moving forward? - Management indicated that the pace of increase in the cremation rate may moderate, with expectations adjusted to 50 to 80 basis points [32][34] Question: How will cash flow and tax benefits from the federal bill affect long-term cash taxes? - Management expects a $30 million benefit from cash taxes this year, with ongoing benefits from capital improvements [36][41] Question: What are the expectations for funeral volumes in the back half of the year? - Management noted that the third quarter will be a tougher comparison for funeral volumes, while cemetery revenues are expected to be strong [44] Question: What is the financial benefit of the shift in life insurance partner? - Management expects incremental benefits from the type of insurance products sold, with potential for a couple of points increase in production [54][56] Question: What is the outlook for preneed sales production growth? - Management expects low to mid single-digit growth in preneed sales production for both funeral and cemetery segments in the second half of the year [62][64]

DT Midstream (DTM) Q2 2025 Earnings Call July 31, 2025 09:00 AM ET Company ParticipantsTodd Lohrmann - Director of Investor RelationsDavid Slater - President & CEOJeff Jewell - EVP & CFOMichael Blum - Managing DirectorManav Gupta - Executive DirectorJean Ann Salisbury - Managing DirectorJohn Mackay - VP - Equity ResearchKeith Stanley - DirectorSpiro Dounis - DirectorRobert Mosca - VP- Midstream & Natural Gas Utilities Equity ResearchZack Van Everen - Director - Infrastructure ResearchConference Call Partici ...

Financial Data and Key Metrics Changes - The company reported a record second quarter with revenue of $1.1 billion, operating income of $159 million, adjusted EBITDA of $206 million, and adjusted EPS of $2.56, reflecting a 14% year-over-year growth in adjusted EPS [10][11] - Constant currency operating income growth year-over-year was 13%, indicating strong business performance despite macro uncertainties [9][11] - Consolidated operating margins expanded by more than 112 basis points compared to the prior year, with expectations for continued margin expansion in the second half of the year [11][12] Business Line Data and Key Metrics Changes - The Money Transfer segment led with constant currency operating income growth of 33%, driven by increased transaction volumes and higher principal amounts per transaction [10][15] - The EFT segment saw revenue growth of 6%, with operating income and adjusted EBITDA remaining in line with prior year results, attributed to tough comparisons from the previous year's strong performance [14] - Epay revenue grew by 5%, with operating income increasing by 17% and EBITDA by 15%, primarily due to growth in digital channel sales [14] Market Data and Key Metrics Changes - The company noted that the major currencies strengthened against the dollar, impacting reported results, but adjustments were made to normalize the impact of currency fluctuations [13] - Digital transactions in the Money Transfer segment grew by 29%, reflecting ongoing consumer demand for digital products [15][25] Company Strategy and Development Direction - The acquisition of CoreCard is a strategic move to expand into the digital payments processing space, targeting a total addressable market exceeding $10 billion with attractive operating margins [4][29] - The company aims to leverage its REN platform and the CoreCard acquisition to enhance its digital offerings and expand its addressable market [29][32] - The strategic focus includes targeting large addressable markets in global payments and foreign exchange, with a shift from legacy cash-based business lines to digital offerings [33][48] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining a growth trajectory, reaffirming an earnings growth expectation of 12% to 16% for 2025 [16][54] - The company is optimistic about the impact of recent acquisitions and partnerships, which are expected to contribute to growth in future quarters [8][29] - Management acknowledged potential challenges from macroeconomic factors but emphasized the resilience and adaptability of the business model [11][25] Other Important Information - The company repurchased $247 million of its shares during the quarter, which had a marginal benefit on adjusted EPS due to the timing of the repurchases [11][12] - The Money Transfer segment's revenue is subject to a new 1% remittance tax, affecting only 27% of its revenue, which is expected to have a limited overall impact [24] Q&A Session Summary Question: Insights on CoreCard acquisition and potential revenue concentration risks - Management acknowledged the risk associated with the Apple partnership but expressed confidence in the ability to cross-sell CoreCard's platform to other banks and fintechs globally [56][57] Question: Growth deceleration in EFT segment - Management clarified that the deceleration was due to tough comparisons from the previous year's strong performance and expressed optimism for recovery in Q3 [60][62] Question: Revenue expectations from the new U.S. bank partnership - Management indicated that revenue from the partnership is already being realized and is expected to accelerate, with significant potential for cross-selling [67][68] Question: Unit economics and margins related to the U.S. deal - Management characterized the deal as high margin due to its software nature, emphasizing its importance as a reference customer for future sales [79][80] Question: Performance in Money Transfer segment for July - Management reported a significant uptick in transaction volumes in July compared to June, indicating strong growth across digital and retail channels [81][82] Question: Impact of FX fluctuations on Money Transfer margins - Management confirmed that FX fluctuations contributed positively to margins, supporting the 33% year-over-year growth in operating income [89][90]

KKR (KKR) Q2 2025 Earnings Call July 31, 2025 09:00 AM ET Company ParticipantsCraig Larson - Partner & Head - IRRobert Lewin - CFOScott Nuttall - Co-CEOCraig Siegenthaler - Managing DirectorAlex Blostein - Managing DirectorSteven Chubak - Managing DirectorBen Budish - DirectorMichael Cyprys - Managing DirectorBrian Bedell - DirectorBrian Mckenna - Director - Equity ResearchKyle Voigt - Managing DirectorConference Call ParticipantsGlenn Schorr - Senior MD & Senior Research AnalystJohn Barnidge - MD & Senior ...

Financial Data and Key Metrics Changes - AbbVie reported adjusted earnings per share of $2.97, which is $0.11 above the guidance midpoint [6] - Total net revenues were $15.4 billion, exceeding expectations by over $400 million, reflecting a 6.5% operational growth [7][36] - The company raised its full-year revenue guidance to $60.5 billion, an increase of $800 million, and adjusted EPS guidance to between $11.88 and $12.08 [8][37] Business Line Data and Key Metrics Changes - Immunology revenues exceeded $7.6 billion, with SKYRIZI global sales at $4.4 billion, up 61.8% operationally [10][11] - RINVOQ global sales reached $2 billion, up 41.2% operationally, with strong uptake in IBD [12][13] - Neuroscience revenues were approximately $2.7 billion, up 24% operationally, driven by Vraylar and UBRELVY [20] - Oncology revenues were nearly $1.7 billion, with IMBRUVICA sales down 9.5% and VENCLEXTA sales up 8.3% [16][17] - Aesthetics revenues were nearly $1.3 billion, down 8% operationally, impacted by economic challenges [18] Market Data and Key Metrics Changes - SKYRIZI continues to capture robust market share in psoriatic disease, leading in the US across all lines of therapy [10][11] - HUMIRA global sales were over $1.1 billion, down 58.2% due to biosimilar competition [15] - The aesthetics market is performing below historical levels, with economic challenges affecting consumer sentiment [18][19] Company Strategy and Development Direction - AbbVie is focused on advancing its pipeline and strategic transactions to support long-term growth, with over 30 business development transactions executed since last year [9] - The company is enhancing its immunology pipeline with innovative therapies and technologies, including the acquisition of Capstan Therapeutics [26][27] - AbbVie aims to leverage its global aesthetics commercial footprint to sell obesity drugs in the future [72][73] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong outlook for 2025 and beyond, driven by the performance of SKYRIZI and RINVOQ [10][41] - The company is well-positioned to manage potential impacts from tariffs and is investing in US manufacturing capacity [56] - Management highlighted the importance of external innovation and strategic investments to drive growth in the next decade [66] Other Important Information - AbbVie announced impressive Phase III results for RINVOQ in alopecia areata, indicating significant commercial potential [24][97] - The company is actively working to stabilize and grow the dermal filler market amid economic challenges [99] Q&A Session Summary Question: Impact of Stellara biosimilar on SKYRIZI and RINVOQ - Management noted that while there may be some impact, the core momentum for SKYRIZI and RINVOQ is driven by outstanding data and breadth of indications [44][46] Question: Confidence in SKYRIZI and RINVOQ long-term guidance - Management indicated strong performance and momentum, with updates to long-term guidance expected at appropriate times [52][54] Question: Commercial opportunity for alopecia areata - Management highlighted that the new indications for RINVOQ could add approximately $2 billion to peak year sales, with significant potential for momentum [97] Question: Impact of GLP-1s on aesthetics - Management stated that the overall effect is net neutral, with some potential tailwinds for dermal fillers due to patient concerns about facial aesthetics [90]

Financial Data and Key Metrics Changes - Earnings per share (EPS) for Q2 2025 were $1.48, up from $1.42 in Q2 2024, while year-to-date EPS was $2.53, compared to $2.37 in the same period of 2024 [5][11] - The company expects to achieve the top half of its initial EPS guidance range for 2025, now narrowed to $5.7 to $5.75 per share [6][17] - Total debt to capital ratio was 58%, within the target of less than 60% [18] Business Line Data and Key Metrics Changes - The company invested $1.3 billion in capital projects year-to-date, reflecting strong execution by teams [6][20] - Operating and maintenance costs increased by $0.17 per share, primarily due to employee-related expenses and technology costs [10][11] Market Data and Key Metrics Changes - Revenue increases were driven by authorized rate increases and organic customer growth, with a revenue increase of $0.50 per share year-over-year [9][11] - Weather had an unfavorable impact estimated at $0.06 per share due to wet conditions in 2025 [10] Company Strategy and Development Direction - The company aims for long-term earnings and dividend growth of 7% to 9%, supported by a capital growth plan focused on water and wastewater infrastructure [8][18] - The company is pursuing acquisitions to expand its customer base, with 87,000 customer connections under agreement totaling over $500 million [7][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving consistent EPS growth within the 7% to 9% range through 2029 and beyond [18] - The company noted strong customer usage and regulatory execution as key drivers of performance in 2025 [17][53] Other Important Information - The company has several active rate cases in progress across multiple jurisdictions, including West Virginia and California, seeking significant revenue increases [12][15] - A decoupling bill related to water utilities has passed out of the California Senate and is awaiting action in the Assembly [16][44] Q&A Session Summary Question: How is the company managing stakeholder relationships in Pennsylvania ahead of the next rate case? - Management has been actively engaging with stakeholders and providing excellent customer service to maintain positive relationships [25][26] Question: Is the company considering forward equity issuance for 2026 needs? - The company is evaluating all options but plans to issue equity in 2026 [27][28] Question: What is the earnings potential of the Nexus acquisition compared to municipal M&A? - The Nexus acquisition is seen as a strategic opportunity to expand the customer base in existing states, with no expected negative impact on profitability [31][32][35] Question: What is the landscape for fair market value deals in Pennsylvania? - The company anticipates more fair market value deals and is actively managing a pipeline of acquisitions [37][41] Question: Can you elaborate on the decoupling bill in California? - The bill aims to facilitate full decoupling for California water utilities, pending further legislative approval [43][46]

Brookfield Infrastructure Partners (BIP) Q2 2025 Earnings Call July 31, 2025 09:00 AM ET Company ParticipantsDavid Krant - CFO & Managing Partner - InfrastructureBrian Baker - Operating Partner - InfrastructureSam Pollock - CEOCherilyn Radbourne - MD - Equity ResearchDevin Dodge - Director - Equity ResearchDave Joynt - Managing Partner - InfrastructureMaurice Choy - Director - Canadian Energy InfrastructureFrederic Bastien - MD & Head of Industrial ResearchRobert Hope - MD - Equity ResearchConference Call P ...