Coda Octopus Group (NasdaqCM:CODA) Q4 2025 Earnings call January 29, 2026 10:00 AM ET Speaker6Good morning, and welcome to Coda Octopus Group's fiscal year 2025 earnings conference call. My name is Shamali, and I will be your operator today. Before this call, Coda Octopus issued its financial results for the fiscal year ended October 31, 2025, including a press release, a copy of which will be furnished in a report filed with the SEC and will be available in the investor relations section of the company's w ...

A. O. Smith (NYSE:AOS) Q4 2025 Earnings call January 29, 2026 10:00 AM ET Speaker2Hello, and thank you for standing by. Welcome to A. O. Smith Corporation Fourth Quarter 2025 Earnings Conference 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 will need to press Star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your ...

Waste Management (NYSE:WM) Q4 2025 Earnings call January 29, 2026 10:00 AM ET Speaker12Good day, and thank you for standing by. Welcome to the WM fourth quarter 2025 earnings conference call. At this time, all participants are on 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 will need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your que ...

Tractor Supply (NasdaqGS:TSCO) Q4 2025 Earnings call January 29, 2026 10:00 AM ET Speaker4Good morning, ladies and gentlemen, and welcome to Tractor Supply Company's conference call to discuss fourth quarter and fiscal year 2025 results. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session, and instructions will follow at that time. We ask that all participants limit themselves to one question and return to the queue for additional questions. Please ...

Financial Data and Key Metrics Changes - In 2025, the company achieved approximately 37% year-over-year adjusted EBITDA growth in North America, with adjusted EBITDA for the fourth quarter reaching $560 million [23][26] - The full year 2025 net sales for the standalone International Paper are projected to exceed $15 billion, with approximately $2.3 billion of adjusted EBITDA expected to accelerate rapidly over the next 24 months [14] - The company expanded adjusted EBITDA margin by 230 basis points in 2025, despite facing $958 million in accelerated depreciation due to footprint optimization and higher depreciation related to the DS Smith acquisition [25] Business Line Data and Key Metrics Changes - North America saw significant progress with a $510 million run rate cost benefit achieved through the 80/20 plan, while EMEA is in the early stages of transformation with 20 site closures impacting approximately 1,400 roles [23][24] - The standalone EMEA Packaging business is projected to have full year 2025 net sales of approximately $8.5 billion and adjusted EBITDA of around $800 million [17] Market Data and Key Metrics Changes - North America is characterized by a high degree of supply integration and steady demand growth, while EMEA has more localized dynamics with relatively higher demand growth [11] - The company expects to outperform the industry in both regions, with North America projected to grow 3-4 percentage points above the underlying market [23][41] Company Strategy and Development Direction - The company plans to create two publicly traded, scaled regional packaging solution leaders in North America and EMEA, aiming to maximize long-term value for shareholders [5][10] - The 80/20 performance system will continue to guide the company's operations, focusing on simplifying, segmenting, resourcing, and growing to drive sustainable value creation [6][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the trajectory for 2026, projecting enterprise net sales of $24.1 billion to $24.9 billion and adjusted EBITDA of $3.5 billion to $3.7 billion [41] - The company anticipates that the separation will enable both businesses to accelerate progress toward maximizing long-term profitable growth through greater speed, agility, and differentiation [10][43] Other Important Information - The separation of the EMEA Packaging business is expected to be completed within 12-15 months, with plans for the new company to be listed on both the London and New York Stock Exchanges [20] - The company plans to invest approximately $400 million in EMEA throughout 2026 to fund ongoing transformation and 80/20 implementation [22] Q&A Session Summary Question: Can you provide details on the Free Cash Flow guidance? - The Free Cash Flow guidance of $300 million to $500 million does not include price impacts, and a price letter has been sent to customers [46][47] Question: How should we think about corporate costs relative to the guidance? - The guidance includes corporate costs, and there will not be a significant overall increase in corporate costs post-separation [58][61] Question: Why is the separation process expected to take 12-15 months? - The timeline is due to the accounting complexities involved in the separation, which is primarily an accounting exercise [64][66] Question: What confidence does the company have in achieving the second half targets for 2026? - The company has confidence due to actions already taken and the expectation that costs will normalize, leading to improved performance [70][72] Question: Can you discuss the relative profitability of new wins versus lost business? - The company has maintained pricing discipline and is confident that the new volume wins are of high quality and profitability [81][83]

Financial Data and Key Metrics Changes - Revenue for the December quarter increased year-over-year to $505 million, supported by nearly 11% same-store sales growth [10][11] - Gross profit was $160 million, down from the prior year due to margin pressure, with gross margins over 400 basis points below historical levels [11][12] - Reported net loss per share was $0.36, or $0.21 on an adjusted basis, with adjusted EBITDA at $15.5 million [13][15] - The company maintained a strong balance sheet with nearly $165 million in cash and improved current ratio and total liabilities to tangible net worth ratio [14] Business Line Data and Key Metrics Changes - Same-store sales performance was supported by premium brand offerings and a shift to larger products, despite unit volume declining by low- to mid-single digits [6][10] - Higher-margin businesses, such as marinas, finance and insurance, and super yacht services, contributed positively to consolidated gross profit [11][12] Market Data and Key Metrics Changes - Market conditions remained challenging with elevated promotional activity and cautious retail behavior affecting demand patterns [5][6] - The company noted that the fiberglass segment continued to be under pressure, impacting overall sales [38] Company Strategy and Development Direction - The company aims to reduce inventory levels, achieving a reduction of nearly $170 million year-over-year, and expects inventory levels to normalize in the second half of the fiscal year [7][15] - The strategy includes acquiring complementary, less cyclical, higher-margin operations to build a more durable business model [7][8] - The company remains focused on maintaining appropriate inventory levels and delivering a high-quality customer experience [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the upcoming spring selling season, noting early positive sentiment from boat shows [9][18] - The outlook for Fiscal 2026 remains balanced due to ongoing uncertainty in the broader consumer and macroeconomic environment [9][15] - Management expects retail margin pressure to persist through the end of the fiscal second quarter, with potential for margin recovery in the second half of the year [15][17] Other Important Information - The company reaffirmed its guidance for Fiscal 2026, expecting adjusted EBITDA in the range of $110 million to $125 million and adjusted net income between $0.40 and $0.95 per diluted share [15][16] - Customer deposits remained flat year-over-year, indicating solid business trends despite market uncertainties [14][49] Q&A Session Summary Question: What are the assumptions regarding the discounting environment as the selling season progresses? - Management expects the promotional environment to remain active during the winter, with potential for margin recovery in the spring as inventory levels normalize [21][22] Question: What is the target for inventory levels by the end of Fiscal 2026? - The goal is to achieve inventory turns above two times, requiring a reduction in inventory dollars compared to the previous year [23] Question: Can you clarify the same-store sales growth and unit volume changes? - Same-store sales grew nearly 11% despite a mid-single digit decline in unit volumes, driven by a significant increase in average unit selling prices [28][29] Question: How is demand across various income groups and price points? - Demand at the premium end is performing better, while the lower end remains more challenged, with overall trends being affected by market uncertainties [38][40] Question: What is the outlook for gross margins in the second half of the fiscal year? - Management anticipates less pressure on gross margins in the back half of the year, with opportunities for consolidation margin expansion [47] Question: What is the status of customer deposits? - Customer deposits have stabilized year-over-year, reflecting solid business trends without significant one-time impacts [49] Question: What is the current state of acquisition targets and valuations? - The acquisition pipeline remains robust, but many potential targets are facing earnings challenges, complicating valuation discussions [68][70]

Valero Energy (NYSE:VLO) Q4 2025 Earnings call January 29, 2026 10:00 AM ET Speaker0Greetings and welcome to Valero Energy Corp's fourth quarter 2025 earnings call. At this time, all participants are on a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone requires operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Brian Donovan, ...

Financial Data and Key Metrics Changes - The company achieved basic adjusted earnings of $4.45 per share for fiscal year 2025, marking a successful year for shareholder value [2] - The board approved a dividend increase of 5.1%, bringing the annualized rate to $3.30 per share, continuing a 23-year streak of annual dividend increases [17] Business Line Data and Key Metrics Changes - Fiscal year 2025 saw investments of $922 million, with nearly 90% allocated to utilities, enhancing system reliability and safety [16] - The company reported growth across all segments, driven by infrastructure investments [15] Market Data and Key Metrics Changes - The Missouri Public Service Commission approved a $210 million revenue increase following a positive conclusion to a rate case [4] - New legislation in Missouri established a future test year for rate-setting, allowing utilities to set rates based on projected costs [17] Company Strategy and Development Direction - The company is focused on operational excellence, regulatory engagement, financial discipline, and strategic growth, with a commitment to delivering reliable natural gas service [18] - The pending acquisition of Piedmont Natural Gas Tennessee business is expected to enhance Spire's scale and diversify its utility portfolio [3][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term fundamentals of the business and the ability to deliver strong operational and financial performance [18] - The company remains focused on maintaining customer affordability while executing its capital plan efficiently [21] Other Important Information - The company successfully concluded an annual budget process in Alabama, reinforcing its commitment to constructive regulatory outcomes [4] - The transition planning for the acquisition of Piedmont Natural Gas is well underway, with an 18-month transition service agreement in place [20] Q&A Session Summary Question: Current status of the acquisition of Piedmont Natural Gas Tennessee business - The acquisition is progressing well, with the Hart-Scott-Rodino review complete and awaiting approval from the Tennessee Public Utility Commission [20] Question: Company's business priorities for shareholders in fiscal year 2026 - The priorities include delivering safe and reliable natural gas service, executing the capital plan efficiently, maintaining customer affordability, achieving constructive regulatory outcomes, and successfully closing the Tennessee acquisition [21]

Financial Data and Key Metrics Changes - The company reported net income of $108.8 million or $1.08 per diluted share in Q4 2025, compared to $71.4 million or $0.69 per diluted share in Q3 2025 [15] - Net interest income decreased by $0.4 million or 0.2% to $206.4 million compared to the prior quarter, and decreased by $7.9 million or 3.7% compared to Q4 2024 [15][16] - Non-interest income was $106.6 million, an increase of $62.9 million from the prior quarter, driven by a gain on sale of $62.7 million associated with divestitures [17] - Non-interest expense was $166.7 million for Q4 2025, an increase of $8.8 million from the prior quarter [17] - The fully tax-equivalent net interest margin was 3.38% for Q4 2025, compared to 3.36% in Q3 2025 and 3.20% in Q4 2024 [16][22] Business Line Data and Key Metrics Changes - Loans decreased by $632.8 million in Q4 2025, including $62.8 million of continued amortization of the indirect portfolio and $72.5 million in loans moving to held for sale [19] - Total deposits decreased by $516.7 million to $22.1 billion as of December 31, 2025, driven by the sale of $641.6 million of deposits in the Arizona and Kansas transaction [19] - Criticized loans decreased by $112.3 million or 9.6% in Q4 2025, and non-performing assets decreased by $47.3 million or 26% [9][18] Market Data and Key Metrics Changes - The ratio of loans held for investment to deposits was 68.8% at the end of Q4 2025, compared to 70.1% at the end of Q3 2025 and 77.5% at the end of December 2024 [20] - The company maintained a proactive approach to credit, with net charge-offs for the full year of 2025 at 24 basis points of average loans, in line with long-term expectations [18] Company Strategy and Development Direction - The company has focused on improving core profitability, optimizing the balance sheet, and refocusing capital investment in geographies with strong market share and growth potential [6][10] - Strategic actions included branch divestitures in Arizona, Kansas, and Nebraska, outsourcing the consumer credit card product, and discontinuing originations and indirect lending [6][10] - A new, flatter organizational structure was implemented to enhance decision-making and support organic growth [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for organic growth following the restructuring of the banking organization and the addition of new team members in growth markets [32][54] - The company anticipates a slight decline in total loans for 2026, with expectations for modest growth in the latter half of the year [24][25] - Management highlighted the importance of maintaining disciplined credit management while pursuing profitable growth opportunities [56] Other Important Information - The company declared a dividend of $0.47 per common share, equating to a 5.7% annualized yield based on the average closing price during Q4 2025 [22] - The share repurchase authorization was increased to $300 million, with approximately $180 million of capacity remaining under the program [21] Q&A Session Summary Question: Loan balances and production outlook - Management noted that a significant portion of the decline in loan balances was due to payoffs of criticized loans, which is viewed positively [31] - There was improved loan production in December, and management is optimistic about the reorganization's impact on growth [32] Question: Margin expectations - Management expects net interest margin to improve sequentially, with a target of north of 3.5% by the end of 2026 [34] Question: Reinvestment rates on new loans and securities - New loan production is currently in the low- to mid-6% range, while securities have seen a slight decrease in reinvestment rates [38] Question: Buyback activity and capital management - Management plans to continue executing share buybacks, with a focus on approaching peer median capital levels [39] Question: Credit quality and criticized loans - Management is optimistic about continued improvement in credit quality, with proactive management strategies in place [40] Question: Expense guidance and seasonality - Management anticipates flat to slightly lower expenses in 2026, with a focus on maintaining discipline across controllable expenses [44][46] Question: Market opportunities in Colorado - Management expressed confidence in the current branch network and team in Colorado, with potential for future expansion [61][62]

Liberty Energy (NYSE:LBRT) Q4 2025 Earnings call January 29, 2026 09:30 AM ET Company ParticipantsAnjali Voria - VP of Investor RelationsDaniel Kutz - VP of Equity ResearchDerek Podhaizer - DirectorEddie Kim - VP of Equity ResearchJeffrey LeBlanc - AssociateJosh Silverstein - Managing DirectorKeith Mackey - Director and Global Equity Research, Oil and Gas ServicesMarc Bianchi - Managing DirectorMichael Stock - CFORon Gusek - CEOStephen Gengaro - Managing DirectorConference Call ParticipantsCaitlin Donohue - ...