Crane Company (CR) Q1 2025 Earnings Call April 29, 2025 10:00 AM ET Company Participants Allison Poliniak-Cusic - Vice President - IRMax Mitchell - Chairman, President & CEOAlejandro Alcala - Executive VP & COORichard Maue - Executive VP & CFODamian Karas - Executive DirectorScott Deuschle - Director - Aerospace & Defense Equity ResearchJeffrey Sprague - Founder and Managing PartnerNathan Jones - Managing DirectorJordan Lyonnais - Equity Research AssociateJustin Ages - Director - Equity ResearchTony Bancrof ...

Transocean (RIG) Q1 2025 Earnings Call April 29, 2025 10:00 AM ET Company Participants Alison Johnson - Director-Investor RelationsJeremy Thigpen - CEO & Executive DirectorKeelan Adamson - President and Chief Operating OfficerThaddeus Vayda - EVP & CFOEddie Kim - Vice President - Equity ResearchRoddie Mackenzie - Executive VP & Chief Commercial OfficerArun Jayaram - Vice PresidentFredrik Stene - Head of ResearchNoel Parks - Managing Director - Energy Research Operator Good day, everyone, and welcome to the ...

Waste Management (WM) Q1 2025 Earnings Call April 29, 2025 10:00 AM ET Company Participants Edward Egl - Vice President of Investor RelationsJames Fish - President and Chief Executive OfficerJohn Morris - Executive VP & COODevina Rankin - Executive VP & CFOKevin Chiang - Director - Institutional Equity ResearchRafael Carrasco - Senior VP, Enterprise Strategy & PresidentTyler Brown - Financial AdvisorTara Hemmer - Senior VP & Chief Sustainability OfficerSabahat Khan - Managing DirectorTobey Sommer - Managing ...

Financial Data and Key Metrics Changes - Sysco reported sales of $19.6 billion, an increase of 1.1% on a reported basis and 1.8% excluding the divestiture of Mexico [9][34] - Adjusted operating income was $773 million, down 3.3% year-over-year, while adjusted EPS remained flat at $0.96 [9][34] - Gross profit was $3.6 billion, down 0.8%, with a gross margin of 18.3% [37][41] Business Line Data and Key Metrics Changes - The USFS national sales business experienced flat volume growth and 2.3% sales growth, both below expectations [11] - Local business volume declined by 3.5%, a step down from Q2 performance [11] - The Sigma segment achieved 9.5% sales growth, driven by strong customer wins [12] Market Data and Key Metrics Changes - Foot traffic to restaurants decreased by 3.1% overall, with January down 1.3%, February down 5.7%, and March down 2.3% [5] - The International segment posted double-digit profit growth for the sixth consecutive quarter, with local volume increasing by 4.5% [22][36] Company Strategy and Development Direction - Sysco is focused on improving local business performance through hiring and retention of sales consultants, with a target of 4% growth in headcount by the end of Q4 [56][64] - The company is expanding fulfillment capacity with new facilities in key markets, including a new distribution center in Tampa [19][31] - A pilot program for cash and carry stores, called Sysco To Go, is being introduced to capture the growing market segment [29][31] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment with Q3 performance due to adverse weather and declining consumer confidence, but noted stronger performance in April compared to March [7][9] - The company is cautiously optimistic about Q4, expecting improved volume performance and continued momentum from cost-saving initiatives [46][51] - Management highlighted the importance of maintaining a strong balance sheet to navigate uncertain macroeconomic conditions [28][42] Other Important Information - Sysco's tariff management task force is actively working to mitigate the impact of tariffs on costs and supply chain [25][27] - The company has repurchased $700 million in shares and paid out $752 million in dividends year-to-date, with a 6% increase in the quarterly cash dividend [33][34] Q&A Session Summary Question: Local business sales headcount investments and their impact - Sysco expects to end the year with approximately 4% growth in sales consultant headcount, with strong performance from new hiring cohorts [56][58] Question: Local restaurant industry performance compared to national - National restaurants faced a tough quarter, with local performance consistent with industry trends, but certain sectors like food service management remained stable [68][70] Question: Clarification on local case growth and EPS guidance - Sysco's local case growth was consistent with market performance, and the company is confident in its guidance despite recent challenges [79][81]

Financial Data and Key Metrics Changes - Nucor generated EBITDA of $696 million and earned $0.77 of adjusted EPS in Q1 2025, despite lower results compared to prior quarters [7] - Net earnings were $156 million or $0.67 per share, including pretax charges of $29 million related to facility closures [19] - The company incurred $170 million in pre-operating and startup costs during the quarter [20] Business Line Data and Key Metrics Changes - The steel mill segment generated adjusted pretax earnings of $241 million, increasing approximately 43% from the prior quarter, with a volume increase of 14% [20] - The bar mill group saw shipments rise 21% compared to the prior quarter and 20% year over year [20] - The steel products segment generated adjusted pretax earnings of $37 million, with backlog growth of nearly 25% across all downstream products [22] Market Data and Key Metrics Changes - Backlogs rose over 30% in the steel mill segments and nearly 25% in steel products [15] - The company noted steady to improving demand for steel among customers engaged in rebuilding American industry [16] - The structural backlog is at the highest levels in Nucor's history, indicating strong future demand [76] Company Strategy and Development Direction - Nucor is focused on long-term growth plans, reinvesting nearly $860 million into the company, with two-thirds allocated to projects commencing operations in the next two years [7] - The company is advancing its "expand beyond" strategy and driving key acquisitions to strengthen and diversify its earnings profile [8] - Nucor aims to maintain a strong investment-grade credit quality and has raised $1 billion in senior notes to pre-fund upcoming debt maturities [26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing a robust order book and healthy demand across various sectors, including advanced manufacturing and infrastructure projects [16][78] - The company is well-positioned to capture domestic steel demand growth, with expectations for earnings to be meaningfully higher in Q2 2025 compared to Q1 [31] - Management acknowledged macroeconomic uncertainties but emphasized Nucor's strong capabilities and financial strength to navigate these challenges [17] Other Important Information - Nucor's greenhouse gas emission intensity is among the lowest in the global steel industry, and the company is advancing cleaner energy sources [18] - The company has made several acquisitions since 2022 to expand its construction products capabilities, establishing four distinct platforms with higher growth potential [24] Q&A Session Summary Question: Can you provide clarity on the magnitude of startup costs for 2025? - Management indicated that startup costs for the balance of the year would be similar to previous quarters, around $160 million to $170 million [36] Question: What are the expected utilization rates for the Brandenburg mill by year-end 2025? - Management expressed confidence in achieving EBITDA positive run rates by summer and highlighted significant production achievements [39] Question: Can you provide guidance on the second quarter outlook? - Management refrained from providing specific quantitative guidance but acknowledged strong order entry rates and backlogs [50] Question: How is Nucor mitigating tariff impacts on raw materials? - Management emphasized a diversified raw material supply strategy and noted that the impact of tariffs on raw materials is minimal [54] Question: What is the impact of Section 232 on downstream products? - Management noted that the extension of Section 232 is having a positive impact, with imports dropping below 20% for the first time in years [64] Question: Can you clarify the adjusted EPS compared to guidance? - The beat in adjusted EPS was driven primarily by volume increases in the steel segment, particularly in bar and sheet products [87] Question: What contributed to the gross margin squeeze? - Management identified higher energy costs and increased scrap costs as contributing factors to the margin squeeze [90] Question: Is there any speculation for tariffs included in the $3 billion CapEx? - Management confirmed that the CapEx does not include any speculation for tariffs [94]

Tenet Healthcare (THC) Q1 2025 Earnings Call April 29, 2025 10:00 AM ET Company Participants William McDowell - Vice President - Investor RelationsSaum Sutaria - Chairman of The Board & CEOSun Park - Executive VP & CFOCraig Hettenbach - Executive DirectorMeghan Holtz - VP, Healthcare Services Equity ResearchBen Hendrix - Vice PresidentWhit Mayo - Senior Managing DirectorBenjamin Rossi - Equity Research AssociateA.J. Rice - Managing DirectorAndrew Mok - DirectorJoshua Raskin - Partner - Managed Care & Provid ...

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share of $2.71 for the first quarter, which was $0.23 higher than guidance, driven by better revenue and favorable timing of expenses [10][21] - Yields grew by 5.6% in constant currency compared to the first quarter of 2024, exceeding initial guidance by 60 basis points [21] - Adjusted EBITDA margin was 35%, which is 360 basis points better than the previous year [22] Business Line Data and Key Metrics Changes - Bookings for 2025 are outpacing last year, with the best wave season in the company's history [10][11] - Onboard spending and pre-cruise purchases have exceeded prior years, driven by increased participation in onboard activities [11][12] - The Caribbean represents 57% of the company's deployment for the year, with 49% of capacity in the second quarter [22][23] Market Data and Key Metrics Changes - The company is seeing strong demand across all commercial channels, particularly in direct-to-consumer channels [11] - Europe is expected to account for 15% of capacity for the year, while Alaska will account for 6% [23] - Consumer sentiment around leisure vacations remains positive, with 70% of surveyed consumers intending to spend the same or more on leisure travel over the next twelve months [12][13] Company Strategy and Development Direction - The company aims for a 20% compound annual growth rate in adjusted earnings per share through 2027, focusing on moderate capacity and yield growth along with strong cost control [16][24] - Investments are being made in new ships and exclusive destinations to enhance guest experiences and drive loyalty [18][19] - The company is focused on maintaining price integrity while optimizing revenue through a global yield management platform [64] Management's Comments on Operating Environment and Future Outlook - Management acknowledges heightened macroeconomic uncertainty but remains confident in the company's ability to deliver strong financial performance [6][7] - The company is well-positioned to capitalize on the growing $2 trillion vacation market, with a strong balance sheet and cash flow generation [7][15] - Recent booking trends and disciplined cost management are expected to support another year of strong earnings growth [15][28] Other Important Information - The company ended the quarter with $4.5 billion in liquidity and received an investment-grade credit rating upgrade from S&P Global Ratings [30][31] - Share repurchase programs are ongoing, with $1 billion authorized for repurchases, and the company has repurchased 1 million shares [31][32] Q&A Session Summary Question: Drivers of better than planned performance in Q1 - Management noted strong close-in demand and the ability to raise pricing during this period, alongside high-quality customer spending [38][39] Question: Areas of guidance expansion due to macro backdrop - Management expanded guidance ranges to account for broader external factors while maintaining confidence in long-term growth strategies [46][48] Question: Pricing strategy for new ships and potential headwinds - New ships entering service later in the year may create a temporary headwind due to lower average passenger cruise days [54][56] Question: Onboard spending and close-in pricing outlook - Management remains optimistic about consumer spending and has not seen significant changes in cancellation rates or customer behavior [60][62] Question: Capital allocation and share repurchase strategy - The company is focused on maintaining a strong balance sheet while also returning capital to shareholders through dividends and share repurchases [92][94]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q1 2025 was $2.4 billion with a distribution coverage ratio of 1.7 times and retained DCF of $842 million [6][14] - Net income attributable to common unitholders was $1.4 billion or $0.64 per common unit, compared to $0.66 per common unit in Q1 2024 [14] - Distribution declared was $0.0535 per common unit, a 3.9% increase from Q1 2024 [15] - Total debt principal outstanding was approximately $31.9 billion with a weighted average cost of debt of 4.7% [17] Business Line Data and Key Metrics Changes - The company moved 13.2 million barrels of oil equivalent per day and 2 million barrels per day of liquid hydrocarbon exports [6] - PDH facilities experienced downtime; PDH1 was down for 63 days due to unplanned maintenance, but both PDH plants are now operational [6][7] - Total capital investments in Q1 2025 were $1.1 billion, including $964 million for growth capital projects [16] Market Data and Key Metrics Changes - The company noted a strong demand for U.S. hydrocarbons globally, particularly from China and India, despite tariff uncertainties [8][10] - LPG exports have not been significantly disrupted, with 85% to 90% of LPG exports contracted [22][60] Company Strategy and Development Direction - The company plans to bring online two gas processing plants in the Permian and several other projects throughout 2025 [7][16] - The focus remains on increasing capacity to gather, process, transport, and export hydrocarbons, with a significant backlog of wells expected to be connected [12][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term outlook for U.S. energy production and exports, citing supportive policies from the current administration [12] - The company anticipates continued growth in the Permian Basin, with expectations of connecting a similar number of wells in 2025 as in 2024 [39] Other Important Information - The company has returned approximately $58 billion to unitholders since its IPO in 1998 through distributions and buybacks [16] - The expected range of growth capital expenditures for 2025 is $4 billion to $4.5 billion, with sustaining capital expenditures around $525 million [16] Q&A Session Summary Question: Current U.S. LPG rerouting and competitive landscape - Management indicated that trade flows are balancing, with no disruptions in exports, and highlighted their capital-efficient expansion plans [22][23] Question: Incremental EBITDA from upcoming projects - Management confirmed that many projects are expected to be fully contracted upon coming online, leading to a rapid ramp-up in EBITDA [26][32] Question: Impact of recent market price volatility on buybacks - Management discussed their strategy for excess distributable cash flow and indicated a significant increase in cash flow expected in 2026 [53] Question: Outlook for the petchem and refined product segment - Management noted that both PDH plants are running well and expressed optimism for the segment's performance for the remainder of the year [42][44] Question: Global demand and tariff impacts - Management acknowledged a demand slowdown internationally but emphasized that pricing would adjust to clear the market [61] Question: CapEx plans in light of potential demand slowdown - Management stated that current projects are well contracted and unlikely to slow down despite tariff concerns [70] Question: Update on major capital projects - Management confirmed that major capital projects are progressing well and are expected to come online ahead of schedule [81]

Clarivate (CLVT) Q1 2025 Earnings Call April 29, 2025 09:00 AM ET Company Participants Mark Donohue - VP - Investor RelationsMatti Shem Tov - CEOJonathan Collins - Executive VP & CFODavid Paige - AVP - Equity Research Conference Call Participants Greg Parrish - AnalystNone - AnalystGeorge Tong - Sr. Research Analyst - Equity ResearchSurinder Thind - Senior VP & Equity Analyst Operator Thank you for joining. And ladies and gentlemen, my name is Karen. I'll be your conference operator. At this time, I'd like ...

UFP Industries (UFPI) Q1 2025 Earnings Call April 29, 2025 09:00 AM ET Company Participants Stanley Elliott - Director - Investor RelationsWill Schwartz - CEOMichael Cole - CFO & TreasurerKetan Mamtora - Director - Building Products Equity ResearchJay McCanless - SVP - Equity Research Conference Call Participants Kurt Yinger - Associate Vice President, Research AnalystReuben Garner - Equity Research Analyst Operator Good day, and welcome to the Q1 twenty twenty five UFP Industries, Inc. Earnings Conference ...