Financial Data and Key Metrics Changes - For the full year 2025, the company reported revenue of $10.4 billion, adjusted operating income of just over $1 billion, and adjusted earnings per share (EPS) of $10.79 [8][20] - In Q4 2025, consolidated sales were nearly $2.7 billion, an increase of $91 million, or 3.5% from the same quarter last year, with an adjusted operating income margin of 8.4% [19][24] - Adjusted EPS for Q4 was $2.26, contributing to a full-year adjusted EPS of $10.79, slightly above the midpoint of guidance [20][21] Business Line Data and Key Metrics Changes - The access segment achieved Q4 sales of $1.2 billion, roughly equal to last year, with an adjusted operating income margin of 8.8% [22][11] - The vocational segment reported Q4 sales of $922 million, with an adjusted operating income margin of 16.2%, reflecting improved pricing [23][14] - The transport segment saw sales increase to $567 million in Q4, with delivery vehicle revenue growing by 13% sequentially [23][16] Market Data and Key Metrics Changes - The company noted strong demand in the access segment driven by non-residential construction, although some sectors remain soft [12][11] - The vocational segment's backlog of over $6.6 billion provides visibility for future revenue, with expectations for continued growth in fire apparatus and airport products [16][14] - The transport segment is expected to grow with increased NGDV shipments and new defense contracts, although defense vehicle revenue is anticipated to be lower in 2026 [17][24] Company Strategy and Development Direction - The company is focusing on innovation, showcasing technologies at CES that include robotics, AI, and electrification to enhance safety and productivity [4][6] - Strategic investments are being made to improve production throughput and reduce lead times, with a capital investment of about $150 million planned [14][9] - The company aims to achieve an adjusted EPS range of $18-$22 per share by 2028, supported by strong long-term growth opportunities [29] Management's Comments on Operating Environment and Future Outlook - Management anticipates a continuation of recent economic conditions, with expected lower capital investments from industrial customers in 2026 [10][25] - The company expects Q1 2026 to be the lowest quarter of the year due to seasonal factors and the impact of pricing actions in the access segment [25][26] - Management remains optimistic about the second half of 2026, expecting improved performance across segments as economic conditions stabilize [26][29] Other Important Information - The company plans to invest approximately $200 million in capital expenditures and expects free cash flow of approximately $550-$650 million [27] - A quarterly dividend of $0.57 per share was announced, reflecting confidence in long-term cash flow generation [27] Q&A Session Summary Question: Access guidance and disconnect with competitors - Management acknowledged a balanced approach to 2026, noting strong demand from mega projects but pressure in private non-residential construction [33][36] Question: Transport margins and pricing dynamics - Management indicated that transport margins are expected to improve in the second half of 2026, with pricing for new contracts anticipated to enhance margins [40][41] Question: Telematics data and market health - Management reported healthy utilization rates in both U.S. and European markets, with a strong used equipment market [46][48] Question: First Quarter versus Fourth Quarter earnings acceleration - Management expects Q1 2026 earnings to be about half of last year due to lower sales in the access segment and adverse price costs [50][51] Question: Access segment ordering dynamics - Management noted that strong sales in Q4 were influenced by pricing pull forward, and they expect normalization in 2026 [70][71] Question: NGDV revenue expectations - Management confirmed that they are on track to meet production milestones for NGDV, with expectations for increased revenue in the second half of 2026 [62][64]

Liberty Energy (NYSE:LBRT) Q4 2025 Earnings call January 29, 2026 09:30 AM ET Company ParticipantsAnjali Voria - VP of Investor RelationsDan 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 - Eq ...

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] Business Line Data and Key Metrics Changes - Loans decreased by $632.8 million in Q4 2025, including $62.8 million from the indirect portfolio and $72.5 million in loans moving to held for sale due to branch sales [19] - Total deposits decreased by $516.7 million to $22.1 billion as of December 31, 2025, primarily driven by the sale of $641.6 million of deposits in the Arizona and Kansas transaction [19] Market Data and Key Metrics Changes - The ratio of loans held for investment to deposits was 68.8% at the end of Q4 2025, down from 70.1% at the end of Q3 2025 [20] - The company maintained a proactive approach to credit, with criticized loans decreasing by $112.3 million or 9.6% in Q4 2025 [9] Company Strategy and Development Direction - The company is refocusing capital investment and optimizing its balance sheet by exiting markets with lower growth potential and enhancing its presence in high-potential areas [6][10] - A new, flatter organizational structure is being implemented to improve decision-making and support organic growth [12] - The company plans to continue share repurchases as a priority for capital allocation, with an increased authorization of $300 million [21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for organic growth in 2026, driven by a redesigned banking organization and improved credit culture [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 practices to enhance long-term shareholder value [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 Common Equity Tier 1 capital ratio ended Q4 2025 at 14.38%, an increase of 48 basis points from the prior quarter [22] 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 is confidence in improved loan production due to a reorganization of the banking structure and increased focus on organic 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: Credit quality and criticized loans - Management indicated that criticized loans have stabilized and are expected to continue trending down, although variability is inherent in credit [41][52] Question: Expense guidance - Management anticipates flat to slightly lower expenses in 2026, with a focus on maintaining discipline across controllable expenses [26][45] Question: Market expansion and hiring - The company is confident in its current footprint and plans to continue hiring in growth markets like Colorado [61][62]

Oshkosh (NYSE:OSK) Q4 2025 Earnings call January 29, 2026 09:30 AM ET Company ParticipantsJohn Pfeifer - President and CEOMatt Field - EVP and CFOPat Davidson - Senior Vice President of Investor RelationsConference Call ParticipantsAngel Castillo - AnalystChad Dillard - AnalystChristian Zylstra - AnalystJamie Cook - AnalystJerry Revich - AnalystKyle Menges - AnalystMig Dobre - AnalystSteven Fisher - AnalystTim Thein - AnalystOperatorGreetings and welcome to the Oshkosh Corporation Fourth Quarter and Full Ye ...

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, marking the 23rd consecutive year of 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 reliability and safety [16] - The company reported growth across all segments, driven by infrastructure investments [15] Market Data and Key Metrics Changes - The regulatory environment improved, with a $210 million revenue increase approved by the Missouri Public Service Commission [4] - New legislation in Missouri established a future test year for rate-setting, allowing for more effective planning and investment [17] Company Strategy and Development Direction - The company is focused on operational excellence, regulatory engagement, financial discipline, and strategic growth [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 committed to delivering safe and reliable natural gas service while maintaining customer affordability [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, 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 financing 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 [12] - 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 [12][13] - 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 [14] - Non-interest expense increased by $8.8 million to $166.7 million, including costs related to branch closures and severance [14] Business Line Data and Key Metrics Changes - Loans decreased by $632.8 million in Q4 2025, including $62.8 million from the indirect portfolio and $72.5 million from loans moving to held for sale [16] - Total deposits decreased by $516.7 million to $22.1 billion, primarily due to the sale of deposits in the Arizona and Kansas transaction [16] - Criticized loans decreased by $112.3 million or 9.6%, while non-performing assets decreased by $47.3 million or 26% [6][15] Market Data and Key Metrics Changes - The ratio of loans held for investment to deposits was 68.8% at the end of Q4 2025, down from 70.1% in the prior quarter [17] - The company maintained a proactive approach to credit, resulting in improved credit quality metrics in Q4 2025 [5][6] Company Strategy and Development Direction - The company is refocusing capital investment and optimizing its balance sheet by exiting markets with lower growth potential and enhancing its presence in high-growth areas [4][8] - A new, flatter organizational structure is being implemented to improve decision-making and support organic growth [9][10] - The company plans to continue share repurchases as a priority for capital allocation, with an increased authorization of $300 million [5][18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for organic growth due to recent organizational changes and improved credit culture [27][28] - The company anticipates a slight decline in loans in the first half of 2026, with modest growth expected in the latter half [20][22] - The net interest margin is expected to improve sequentially, driven by a favorable rate environment and loan repricing dynamics [21][22] Other Important Information - The company declared a dividend of $0.47 per common share, equating to a 5.7% annualized yield [19] - Regulatory capital ratios improved, with the Common Equity Tier 1 capital ratio ending at 14.38% [19] Q&A Session Summary Question: Loan balances and production outlook - Management noted that the decline in loan balances was primarily due to payoffs of criticized loans, which is viewed positively, and indicated improved loan production in December [25][26] Question: Margin expectations - Management expects net interest margin to improve sequentially, with a target of over 3.5% by the end of 2026 [29][30] Question: Reinvestment rates on new loans and securities - Current reinvestment rates for new loans are in the low- to mid-6% range, while securities have seen a slight decrease in rates [33] Question: Buyback activity and capital management - The company plans to continue active buyback activity, aligning capital levels with peer averages [34][35] Question: Credit quality and criticized loans - Management expressed confidence in continued improvement in credit quality, although predicting specific reductions in criticized loans remains challenging [36] Question: Expense guidance and management - The company anticipates flat to slightly lower expenses in 2026, with a focus on maintaining discipline across controllable expenses [40][41] Question: Market opportunities and growth strategy - Management highlighted Colorado as a key growth market, with plans to expand branch locations and enhance customer relationships [56][57]

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, which is the 23rd consecutive year of dividend increases [18] Business Line Data and Key Metrics Changes - Fiscal year 2025 saw the company invest $922 million, with nearly 90% allocated to utilities, enhancing system reliability and safety [17] - The company reported growth across all segments, driven by infrastructure investments [16] Market Data and Key Metrics Changes - Natural gas remains the most affordable energy source for heating, water heating, and cooking, with electricity being 2-3 times more expensive [18] - The regulatory environment improved with new legislation in Missouri establishing a future test year for rate-setting, allowing for better planning and investment [18] Company Strategy and Development Direction - The company is focused on operational excellence, regulatory engagement, financial discipline, and strategic growth, with a commitment to delivering safe and reliable natural gas service [19] - The pending acquisition of Piedmont Natural Gas Tennessee business is expected to enhance the company's scale and diversify its utility portfolio [3][16] 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 [19] - The company is committed to maintaining a strong balance sheet to support growth strategies and long-term shareholder value [19] Other Important Information - The Missouri Public Service Commission approved a $210 million revenue increase as a result of a rate case settlement [4] - The company successfully concluded an annual budget process in Alabama, reinforcing its regulatory engagement [4] Q&A Session All Questions and Answers Question: What is the current status of the acquisition of the Piedmont Natural Gas Tennessee business from Duke? - The acquisition is progressing well, with the Hart-Scott-Rodino review complete and awaiting approval from the Tennessee Public Utility Commission [21] Question: What are the 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 financing and closing the Tennessee acquisition [22]

Financial Data and Key Metrics Changes - For the full year 2025, the company reported revenue of $10.4 billion, adjusted operating income of just over $1 billion, and adjusted earnings per share (EPS) of $10.79 [8][9] - In Q4 2025, consolidated sales were nearly $2.7 billion, an increase of $91 million, or 3.5% from the same quarter last year [18] - Adjusted operating income for Q4 was $226 million, down about $20 million from the prior year, leading to an adjusted operating margin of 8.4%, down 100 basis points from last year [18][19] Business Line Data and Key Metrics Changes - The access segment achieved Q4 revenue of $1.2 billion, roughly equal to last year, with a book-to-bill ratio of 1.5 [11] - The vocational segment delivered full-year revenue of more than $3.7 billion, up nearly 13%, with an adjusted operating income margin of 15.8% [13] - The transport segment saw sales increase to $567 million in Q4, with delivery vehicle revenue growing by 13% sequentially compared to Q3 2025 [21][22] Market Data and Key Metrics Changes - The company noted that while there is underlying strength in data centers and infrastructure, many other construction sectors remain soft, leading to expectations of revenue decline in the first half of 2026 compared to 2025 [12] - The backlog for the access segment is $1.3 billion, which is considered reasonable in the current environment [11] - The vocational segment backlog exceeds $6.6 billion, providing excellent visibility for future revenue [16] Company Strategy and Development Direction - The company showcased its vision for the future at CES, focusing on robotics, autonomy, AI, connectivity, and electrification [4][5] - The strategy includes shifting from providing equipment that enables jobs at height to offering equipment that executes jobs autonomously [5] - The company plans to continue investing in innovation and expanding U.S. manufacturing while maintaining a strong focus on long-term profitable growth [26] Management's Comments on Operating Environment and Future Outlook - Management anticipates a continuation of recent economic conditions, with expected lower capital investments from industrial customers, particularly in access equipment and refuse businesses [10] - The outlook for 2026 includes an estimated adjusted EPS in the range of $11.50, reflecting strong performance in the vocational segment but weaker market conditions in the access segment [10][24] - Management expressed confidence in long-term growth opportunities driven by innovative products and strong business fundamentals [27] Other Important Information - The company announced a quarterly dividend of $0.57 per share, reflecting confidence in long-term cash flow generation [26] - Share repurchases in 2025 totaled $278 million, more than double the prior year, benefiting adjusted EPS in Q4 by $0.06 compared to Q4 2024 [19] Q&A Session Summary Question: Access guidance and disconnect with competitors - Management acknowledged a balanced approach to 2026, noting strong demand from mega projects but pressure in private non-residential construction [31][32] Question: Transport margins and pricing - Management indicated that transport margins are expected to improve as new pricing contracts are implemented and production increases [33] Question: Telematics data and equipment health - Management reported healthy utilization rates for equipment in both the U.S. and European markets, with a strong used market [34] Question: First Quarter versus Fourth Quarter earnings - Management expects Q1 adjusted EPS to be about half of last year, primarily due to lower sales in the access segment [36] Question: Pricing and cost dynamics - Management discussed ongoing cost reduction initiatives and the impact of tariffs on pricing strategies for 2026 [48][49] Question: Vocational segment backlog and revenue expectations - Management confirmed a healthy backlog in the vocational segment, particularly in fire and airport products, despite some pressure in refuse and recycling [50][51]

Liberty Energy (NYSE:LBRT) Q4 2025 Earnings call January 29, 2026 09:30 AM ET Speaker10Welcome to the Liberty Energy Earnings 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. Please note, this event is being recorded. I would now like to turn the conference over to Anndara Vuria, Vice President of Investor Relati ...

Financial Data and Key Metrics Changes - The company reported earnings per share of $0.95 and net income of $29.5 million, achieving a run rate on average assets of 1.19%, exceeding the targeted 1% [10] - Net interest income (NII) increased by 10.2%, while revenue, excluding notable items, rose by 8.8% [5] - Non-interest expense, excluding notable items, decreased by 0.7% [5] - The annualized pre-tax, pre-provision return on assets (ROA) increased to 1.7% from 1.63% [10] Business Line Data and Key Metrics Changes - Loan origination increased by approximately $500 million, or 37% year-over-year, with loan and swap fees rising by 57% during the same period [6] - The company achieved 20% ownership of Argent Financial and restructured mortgage delivery [5] - Non-interest income for Q4 was reported at $16.7 million, declining to $16.3 million when excluding notable items [14] Market Data and Key Metrics Changes - The company added over 10 production bankers in Houston and Dallas-Fort Worth, indicating a strategic focus on market disruption [7] - Total past dues at year-end were 0.96% of total loans, reflecting no change from the prior quarter [8] - Non-performing assets declined from 1.07% at year-end, showing an approximately $7 million reduction [8] Company Strategy and Development Direction - The company is focused on "Optimize Origin," aiming for a top quartile ROA and leveraging market disruptions from recent M&A activity [3][4] - The strategy includes investing approximately $10 million in new bankers and banking teams throughout the year to drive growth [7] - The company plans to intensify focus on client delivery models for additional revenue growth in 2026 [6] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing significant momentum and a strong earnings profile as they enter 2026 [17] - The company anticipates loan growth to be more weighted to the second half of the year, targeting mid to high single-digit growth for loans and deposits [12][11] - Management emphasized the importance of maintaining discipline in growth to ensure profitability and ROA targets [54] Other Important Information - The tangible book value grew sequentially to $35.04, marking the 13th consecutive quarter of growth [15] - The company redeemed approximately $145 million in subordinated debt and repurchased about $16 million worth of common stock while maintaining strong capital ratios [16] Q&A Session Summary Question: What is the target for new producer hires this year? - Management indicated that the $10 million budget allows for hiring additional producers beyond the initial 10, with ongoing strategic conversations in various markets [21][22] Question: How does the net interest margin outlook look for the upcoming quarters? - Management noted that while there may be slight margin compression in Q1 due to timing differences, they expect net interest margin to stabilize in the 3.70%-3.80% range by Q4 [13][33] Question: What types of lenders are being targeted for new hires? - The focus is on C&I-focused lenders, treasury management officers, and private bankers, with a consistent opportunity for hiring expected throughout the year [39][41] Question: How does the company plan to manage expenses with new hires? - Management is committed to reducing expenses while bringing in new hires, ensuring that the impact on profitability is neutralized [42][43] Question: What is the company's approach to loan growth and credit quality? - Management is focused on improving credit quality by shifting towards better-performing loans and managing non-performing assets effectively [73]