Kadant (NYSE:KAI) Q4 2025 Earnings call February 19, 2026 11:00 AM ET Company ParticipantsGary Prestopino - Managing DirectorJeff Powell - President and CEOMichael McKenney - EVP and CFOConference Call ParticipantsKurt Yinger - SVP and Research AnalystRoss Sparenblek - Equity Research AnalystWalter Liptak - Industry AnalystOperatorDay, and thank you for standing by. Welcome to the Kadant Fourth Quarter 2025 Earnings Conference Call. At this time, all participants are on listen-only mode. After the speaker's ...

Farmland Partners (NYSE:FPI) Q4 2025 Earnings call February 19, 2026 11:00 AM ET Company ParticipantsChristine Garrison - General CounselLuca Fabbri - President and CEOPaul Pittman - Executive ChairmanSusan Landi - CFOConference Call ParticipantsCraig Cassera - AnalystStephen Massocca - Senior Research AnalystTelsey Hyde - AnalystOperatorLadies and gentlemen, thank you for standing by. Hello, and welcome to Farmland Partners Incorporated Fourth Quarter and Fiscal Year 2025 Earnings Conference Call. All line ...

PoolCorp (NasdaqGS:POOL) Q4 2025 Earnings call February 19, 2026 11:00 AM ET Company ParticipantsDavid MacGregor - CEO, President and Director of ResearchEthan Roberts - Research AssociateGarik Shmois - Managing DirectorMelanie Hart - CFOPete Arvan - CEORyan Merkel - Co-Group Head–IndustrialsConference Call ParticipantsDaniel Hultberg - Associate AnalystDavid Manthey - Senior Research AnalystSusan Maklari - Senior Equity Research AnalystOperatorGood day, and welcome to the Pool Corporation Fourth Quarter 20 ...

Teck Resources (NYSE:TECK) Q4 2025 Earnings call February 19, 2026 11:00 AM ET Company ParticipantsCrystal Prystai - CFOEmma Chapman - VP of Investor RelationsJonathan Price - CEOKarla Mills - SVP, Project DevelopmentLiam Fitzpatrick - Director of Equity ResearchMyles Allsop - Managing Director and Head of European Mining ResearchNone - Company RepresentativeOperatorLadies and gentlemen, thank you for standing by. Welcome to Teck's Q4 2025 Earnings Release Conference Call. At this time, all participants are ...

Teekay Tankers (NYSE:TNK) Q4 2025 Earnings call February 19, 2026 11:00 AM ET Company ParticipantsBrody Speers - CFOChristian Waldegrave - Director of ResearchEdward Lee - Director of Investor RelationsJonathan Chappell - Senior Managing DirectorKen Hoexter - Managing DirectorKenneth Hvid - President and CEOConference Call ParticipantsOmar Nokta - Managing Director and Equity AnalystOperatorWelcome to the Teekay Group, a fourth quarter and fiscal 2025 earnings results conference call. During the call, all p ...

Coeur Mining (NYSE:CDE) Q4 2025 Earnings call February 19, 2026 11:00 AM ET Company ParticipantsAoife McGrath - SVP of ExplorationBrian MacArthur - Managing DirectorJosh Wolfson - Managing Director and Head of Global Mining ResearchMick Routledge - EVP and COOMitchell Krebs - President and CEOTom Whelan - CFOWayne Lam - Director of Mining ResearchConference Call ParticipantsJoseph Reagor - Managing Director and Senior Research AnalystOperatorGood day, and welcome to the Coeur Mining fourth quarter 2025 fina ...

Taseko Mines (NYSEAM:TGB) Q4 2025 Earnings call February 19, 2026 11:00 AM ET Company ParticipantsBrian Bergot - VP of Investor RelationsBryce Hamming - CFODalton Baretto - Managing Director of Equity ResearchRichard Tremblay - COOStuart McDonald - CEOConference Call ParticipantsNone - AnalystOperatorLadies and gentlemen, thank you for standing by. My name is Jericho, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Taseko Mines 2025 Q4 Earnings Conference Ca ...

Financial Data and Key Metrics Changes - For the full year 2025, net income totaled $264 million, or $4.37 per diluted share, compared to $223 million and $3.91 in 2024, representing a year-over-year increase of approximately 18.4% in net income and 11.8% in EPS [6][10] - Adjusted net income for the fourth quarter was $90 million, or $1.48 per diluted share, compared with $78 million and $1.35 in the same period in 2024, indicating a 15.4% increase in adjusted net income and 9.6% in adjusted EPS [9][10] - Capital expenditures totaled $760 million for the year, with O&M expenses up approximately 5% over 2024, slightly above the 4% CAGR guidance [6][11] Business Line Data and Key Metrics Changes - The company completed $760 million worth of capital investment projects during 2025, with $170 million dedicated to serving a growing customer base [16] - The company added about 23,000 new residential customers each year, which helps spread costs more efficiently and maintain affordability [17] Market Data and Key Metrics Changes - The company delivered over 3 billion cubic feet of gas to customers during Winter Storm Fern, with over 80% of the gas supply shielded from temporary price increases due to strategic investments [4][5] - The Texas Railroad Commission approved a $14.4 million revenue increase, a 9.8% return on equity, and a 59.9% equity ratio [14] Company Strategy and Development Direction - The company is focused on disciplined execution of its capital plan to support growth while ensuring affordability, safety, and reliability [16] - The introduction of non-GAAP adjustments to financial reports aims to provide a clearer view of performance within the Texas regulatory model [6][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting or surpassing EPS guidance for the 12th consecutive year, with long-term adjusted net income growth expected at 7%-9% and adjusted EPS growth at 5%-7% [5][10] - The company anticipates a $12 million variance in adjusted net income due to the impact of Texas House Bill 4384, which will be reflected in future financial reports [9] Other Important Information - The company has broken ground on a project to serve an advanced manufacturing plant outside of El Paso, expected to be in service by the third quarter of this year [17] - The company is also supporting proposed legislation in Kansas to allow for more efficient recovery of capital investments [15] Q&A Session Summary Question: Inquiry about non-GAAP adjustments and their impact on capital structure - Management explained that the timing of the adjustments was influenced by the finalization of Texas legislation and that it does not significantly affect capital market plans initially [25][27] Question: Competitive landscape regarding growth opportunities - Management highlighted the importance of having a competitive advantage in serving facilities and noted that regulatory transparency often serves as a tiebreaker against midstream providers [28][30] Question: Potential benefits from proposed Kansas legislation - Management indicated that the proposed bill would expand the types of capital included in filings, potentially increasing customer impact from $0.80 to $1.35 per month [36][39] Question: Guidance assumptions regarding Texas rate case outcomes - Management confirmed that the guidance for adjusted EPS levels incorporates the latest Texas rate case outcome [45] Question: Cash component of regulatory adjustments - Management clarified that while the accrual and deferral do not directly translate to cash, they will lead to larger cash flow items once included in future filings [46]

Financial Data and Key Metrics Changes - Distributable Earnings for Q4 2025 were reported at $4.6 million, or $0.28 per share, with an adjusted figure of $0.31 per share when accounting for the rights offering dilution [4][16] - The full year 2025 distributable earnings were $1.21 per share, with a run rate annual dividend of $1.12 per share, representing a 93% payout ratio [16][19] - The weighted average all-in yield was 7.92%, and the weighted average risk rating improved to 2.8 [8] Business Line Data and Key Metrics Changes - The company invested in three new loans totaling $101.3 million during Q4 2025, including a $37.3 million loan for student housing, a $37 million hotel loan, and a $27 million industrial property loan [5] - Total commitments as of December 31, 2025, were $724.5 million across 24 floating-rate first mortgage loans, with a year-over-year increase of $83 million, or approximately 13% [8] Market Data and Key Metrics Changes - Market conditions improved in Q4 2025, with two 25 basis point rate cuts bringing the target Fed funds rate to 350-375 basis points, leading to increased financing activity [11] - Office transaction volume increased by 25% year-over-year, indicating a recovery in the market [12] Company Strategy and Development Direction - The company aims to capitalize on middle-market lending opportunities with enhanced liquidity following the rights offering and a focus on disciplined capital deployment [9] - The strategy includes diversifying investments beyond multifamily and industrial sectors to include medical office, necessity-based retail, and hospitality [13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about transaction activity continuing to increase in 2026, driven by recovering acquisition and refinancing volumes [12] - The company expects first quarter distributable earnings to be in the range of $0.22 to $0.24 per share, reflecting temporary impacts from the rights offering [18] Other Important Information - The company ended Q4 2025 with $123 million in cash and extended the maturities of two secured financing facilities, increasing the maximum size of one facility by $125 million [19][20] - The CECL reserve remains modest at 130 basis points of total loan commitments, down 20 basis points from the previous quarter [19] Q&A Session Summary Question: How is the company finding pockets of inefficiency in the current competitive environment? - Management noted that while multifamily remains liquid, they are focusing on sectors like storage, industrial, and medical office for better risk-adjusted returns [22][25] Question: Does the $0.22-$0.24 distributable EPS guidance assume full deployment of the raised capital? - Management clarified that the guidance does not assume full deployment by the end of Q1, as some loans are still in the pipeline [31] Question: Is the current dividend secure through the end of 2026? - Management confirmed commitment to the $0.28 per quarter dividend, despite temporary earnings drag from the rights offering [35] Question: What is the expected portfolio size by year-end? - Management anticipates reaching close to $1 billion in total loan portfolio size by year-end, depending on repayments and new originations [36]

Financial Data and Key Metrics Changes - Teekay Tankers reported GAAP net income of $120 million, or $3.47 per share, and adjusted net income of $97 million, or $2.80 per share in Q4 2025 [3] - For the full year, GAAP net income was $351 million, or $10.15 per share, and adjusted net income was $241 million, or $6.96 per share, with realized gains on vessel sales totaling $100 million [4] - The company generated approximately $112 million in free cash flow from operations, ending the quarter with a cash position of $853 million and no debt [4][18] Business Line Data and Key Metrics Changes - Spot tanker rates during Q4 2025 were the second highest for the fourth quarter in the last 15 years, with rates for VLCC, Suezmax, and Aframax fleets secured at $79,800, $56,900, and $51,400 per day respectively [6][4] - The company executed a fleet renewal strategy, acquiring three Aframaxes for $142 million and selling two older Suezmaxes for gross proceeds of $73 million [5] Market Data and Key Metrics Changes - Global seaborne oil trade volumes were near record highs in Q4 2025 due to OPEC+ supply unwinding and increased oil production from non-OPEC+ countries [7] - Sanctions against Russia, Iran, and Venezuela have shifted trade volumes towards compliant tankers, increasing tanker ton mile demand [9][10] - Venezuelan oil exports are expected to recover to around 800,000 barrels per day, benefiting mid-sized tankers [44] Company Strategy and Development Direction - The company aims to maximize shareholder value through exposure to the strong spot market and continues to renew its fleet by investing in modern vessels while selling older tonnage [19] - Teekay Tankers has a strong balance sheet with no debt and a significant cash position, allowing for quick transactions in a dynamic market [18] Management's Comments on Operating Environment and Future Outlook - Management noted that the tanker market remains strong, with positive underlying demand fundamentals projected to increase by 1.1 million barrels per day in 2026 [13] - The company anticipates continued strength in the tanker market due to geopolitical factors and the shift of oil trade to compliant fleets [9][10] Other Important Information - The company declared a regular fixed dividend of $0.25 per share [6] - Teekay Tankers has made significant progress in fleet renewal, acquiring six vessels for $300 million and selling 14 vessels for $500 million, booking estimated gains of approximately $145 million [16] Q&A Session Summary Question: Impact of bareboat charters on P&L - Management confirmed that during the period before full ownership, the company will only receive the bareboat rate without additional operational expenses [22] Question: General and Administrative (G&A) run rate - Management indicated that the G&A run rate should approximate the last few quarters, around $46 million annually [24] Question: Cash position and urgency to invest - Management expressed a cautious approach to investing the cash, preferring smaller acquisitions rather than major ones due to high asset values [32] Question: Dividend expectations for Q1 - Management stated that special dividends are typically discussed at the March board meeting, with announcements made during the May earnings release [36] Question: Outlook for Venezuelan oil exports - Management noted that Venezuelan crude exports are recovering and could reach normal levels soon, with potential increases in production depending on foreign investments [44]