Weyerhaeuser Company (NYSE:WY) Q4 2025 Earnings call January 30, 2026 10:00 AM ET Company ParticipantsAndy Taylor - VP of Investor RelationsDavid Wold - CFODevin Stockfish - CEOGeorge Staphos - Managing DirectorHamir Patel - Executive DirectorKetan Mamtora - DirectorMatthew McKellar - VPNico Piccini - Equity Research AssociateConference Call ParticipantsAnthony Pettinari - Research AnalystCharles Barone - AnalystHong Zhang - Equity Research AnalystKurt Yinger - SVP and Research AnalystMark Weintraub - Senio ...

Financial Data and Key Metrics Changes - The company generated full-year Adjusted EBITDA of $2.4 billion, down from $2.6 billion in 2024, reflecting lower ownership in three businesses following partial sales [17] - Adjusted EFO for the year was $1.2 billion, including $161 million of net gains during the year [17] - Excluding tax credits and the impact of acquisitions and dispositions, Adjusted EBITDA was $2.1 billion, compared to $2 billion in the prior year [17] Business Line Data and Key Metrics Changes - The industrial segment generated full-year Adjusted EBITDA of $1.3 billion, up from $1.2 billion last year, with a 10% increase excluding acquisitions and dispositions [18] - The business services segment generated full-year Adjusted EBITDA of $823 million, down from $832 million last year, but increased approximately 5% on a same-store basis [19] - The infrastructure services segment generated full-year Adjusted EBITDA of $436 million, down from $606 million last year, impacted by the sale of operations and lower terminal deliveries [20] Market Data and Key Metrics Changes - North America is benefiting from easing rates, steady consumer spending, and resilient labor markets, although growth remains challenging in certain end markets [10] - In Europe, conditions are more challenging with slower activity in cyclical and industrial end markets, but early signs of improvement are noted due to fiscal spending and stabilizing energy prices [11] Company Strategy and Development Direction - The company is close to completing a corporate reorganization to become a single, newly listed corporation, which is expected to improve trading liquidity and attract global investors [5] - The strategy focuses on operational excellence and capitalizing on de-globalization and AI trends to reshape supply chains and enhance business performance [7][8] - The company aims to continue compounding value for shareholders through capital recycling, growth acquisitions, and stock repurchases [4] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the market backdrop, noting that the trading price is 50% higher than a year ago but still at a discount to NAV [8] - The company is well-positioned with capital and capabilities to build value in 2026, with a strong pipeline of new commercial opportunities [9][15] Other Important Information - The company ended the year with approximately $2.6 billion of pro forma liquidity at the corporate level, providing significant flexibility for growth and capital allocation [21] - The company has repurchased approximately $235 million of its units and shares, remaining committed to completing its $250 million buyback program [21] Q&A Session Summary Question: Regarding Clarios' performance and tax credits - Management indicated that Clarios is generating significant free cash flow, and the 45X tax credits will enhance cash for reinvestment, with various options for shareholder returns being considered [23][24] Question: On Scientific Games' earnings trajectory - Management expressed cautious optimism about Scientific Games, noting a strong market position and a robust pipeline, but emphasized that earnings growth may take time to materialize [26][27] Question: On the balance between reducing leverage and pursuing growth - Management stated that growing EBITDA will naturally reduce leverage, and the focus remains on growth while managing debt levels effectively [28][29] Question: Update on CDK operations - Management reported strong renewal activity and a focus on stabilizing churn through technology adoption, with a positive long-term outlook for the business [42][44] Question: On monetization environment and deployment pacing - Management noted a strong environment for monetizations and indicated that 2026 is expected to be an active year for acquisitions, continuing the momentum from 2025 [45][46]

Seacoast Banking of Florida (NasdaqGS:SBCF) Q4 2025 Earnings call January 30, 2026 10:00 AM ET Company ParticipantsCharles Shaffer - Chairman, President, and CEODavid Bishop - DirectorDavid Feaster - Managing DirectorMichael Young - EVP and Chief Strategy OfficerTracey Dexter - EVP and CFOWoody Lay - VPConference Call ParticipantsRussell Gunther - Managing Director and Equity Research AnalystStephen Scouten - Managing Director and Senior Research AnalystOperatorWelcome to Seacoast Banking Corporation's Four ...

Orchid Island Capital (NYSE:ORC) Q4 2025 Earnings call January 30, 2026 10:00 AM ET Company ParticipantsHunter Haas - CFO and CIOJerry Sintes - ControllerMelissa Alfonso - Head of Investor RelationsMikhail Goberman - VP of Equity ResearchRobert Cauley - Chairman and CEOOperatorday, and thank you for standing by. Welcome to the Orchid Island Capital 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 questio ...

Financial Data and Key Metrics Changes - Consolidated freight revenue increased by 7.8% or approximately $19.5 million to $270.6 million [6] - Consolidated adjusted operating income shrank by 39.4% to $10.9 million due to margin compression in several segments [7] - Net indebtedness increased by $76.9 million to $296.6 million, yielding an adjusted leverage ratio of approximately 2.3 times and a debt-to-capital ratio of 42.3% [7] - Average age of tractors increased to 24 months from 20 months year-over-year [8] - Adjusted return on average invested capital was 5.6% compared to 8.1% in the prior year [8] Business Segment Data and Key Metrics Changes - The expedited segment reported an adjusted operating ratio of 97.2%, which did not meet expectations due to external challenges including a U.S. government shutdown [8] - Dedicated segment achieved a 92.2 adjusted operating ratio, the best for any quarter during the year, with a fleet growth of 90 average tractors or approximately 6.3% [9] - Managed freight saw significant revenue improvement due to the Star Logistics Solutions acquisition, but margins were compressed due to rising costs [10] - Warehousing segment experienced a 4.6% increase in freight revenue but a decline in adjusted operating income due to startup costs and operational inefficiencies [11] Market Data and Key Metrics Changes - The freight market is evolving towards equilibrium, with spot rates rising meaningfully and increased bid activity from shippers [3] - Bids in January were up 33% compared to the fourth quarter, indicating heightened interest from shippers [23] - Concerns about capacity and increased cargo theft have influenced shippers' demand for high-value programs [24] Company Strategy and Development Direction - The company aims to reduce balance sheet leverage and improve return on capital through fleet optimization and targeted rate increases [5] - Focus on growing high-service niches within the dedicated segment while reducing exposure to commoditized freight [9] - The acquisition of Star Logistics Solutions is expected to be accretive to earnings in the first half of 2026, diversifying the business mix [6] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about improving freight fundamentals and the ability to capture operating leverage in 2026 [12] - The first quarter is expected to be impacted by seasonality and extreme weather, but improvements are anticipated later in the year [12] - Management highlighted the importance of rate increases to improve margins and expressed optimism about ongoing conversations with customers [16][54] Other Important Information - The company has deferred some trades and moved a group of assets to held-for-sale status to improve operations and balance sheet [4] - The strategic focus for 2026 includes integrating the Star acquisition and preparing for new business opportunities [34] Q&A Session Summary Question: What are the expectations for price increases in the expedited segment? - Management indicated that the average price increase is around 3.5% for the first three weeks of January, with optimism about ongoing conversations with customers [15][16] Question: How is the warehousing segment performing? - Revenue is up, but profit is down due to startup costs; management expects improvement in the coming quarters [25][30] Question: What is the outlook for managed freight revenue? - Revenue is expected to be flat to up on a sequential basis, with growth anticipated in the third and fourth quarters [64] Question: How will the company respond to potential demand recovery in 2026? - The strategy will focus on reclaiming profits lost over the past four years and ensuring rates are acceptable before increasing capacity [95][96] Question: What percentage of the customer book renews in each quarter? - Approximately 40% of customers renew in the second quarter, with 60% expected to take multiple rate increases [99][100]

Financial Data and Key Metrics Changes - In Q4 2025, the company reported a net income of $103.4 million, translating to $0.62 per share, an increase from $0.53 in Q3 [6] - The book value at the end of Q4 was $7.54, up from $7.33 at the end of Q3 [7] - The total return for Q4 was 7.8%, compared to 6.7% in Q3 [7] Business Line Data and Key Metrics Changes - The average mortgage-backed securities (MBS) portfolio was $9.5 billion in Q4, compared to $7.7 billion in Q3, reflecting a growth of approximately 27% [8] - The leverage for Q4 remained stable at 7.4%, consistent with Q3 [8] - Liquidity at the end of Q4 was 57.7%, slightly up from 57.1% in Q3 [8] Market Data and Key Metrics Changes - Prepayment speeds increased to 15.7% in Q4 from 10.1% in Q3 [9] - The treasury curve showed low volatility throughout the quarter, with interest rates remaining steady [10][11] - The spread of current coupon mortgages to the ten-year Treasury tightened to about 80 basis points [12][13] Company Strategy and Development Direction - The company focused on acquiring agency specified pools with call protection, targeting par to slight premiums [23][56] - A strategic shift towards higher coupon MBS was noted, with a focus on production and premium coupons [26] - The company aims to maintain a flat duration profile to manage interest rate risk effectively [33] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for further mortgage tightening, driven by GSE activity and favorable market conditions [39][41] - The company anticipates that prepayment speeds may moderate, which would improve carry [37] - Management highlighted the importance of maintaining a low expense ratio, which currently stands at 1.7% [44] Other Important Information - The company paid dividends of $0.36 during the quarter, maintaining the same rate for the past two years [7] - The average repo rate decreased from 4.33% at the beginning of the quarter to 3.98% by quarter end [20] - The weighted average current price of the portfolio at year-end was $102.5, reflecting a strategic shift in coupon allocation [61] Q&A Session Summary Question: Current book value update - Management indicated that the current book value is slightly up, inclusive of the dividend accrual, reflecting a 1.6% increase [51][53] Question: Thoughts on prepayments - Management noted that the portfolio is targeted at par to slight premiums, focusing on modest prepayments without overpaying for protection [56][58] Question: Capacity for further expense reduction - Management stated that most expense increases were due to management fees, with non-management expenses rising only modestly, indicating potential for further reduction [70][72]

Financial Data and Key Metrics Changes - The company achieved a record-breaking top-line growth with a 32% increase in diluted earnings per share for the quarter, driven by strategic initiatives [2] - Net sales for the second quarter of fiscal 2026 increased by 4.6% to $314.8 million, compared to $301.1 million in the same quarter of fiscal 2025 [9] - Gross profit increased by $6.9 million, or 13.2%, to $59.2 million, with gross profit margin rising to 18.8% of net sales from 17.4% in the prior year [11][12] - Net income for the second quarter was $18 million, or $1.53 per diluted share, compared to $13.6 million, or $1.16 per diluted share for the same quarter last year [13] Business Line Data and Key Metrics Changes - The weighted average sales price per pound increased by 15.8%, while sales volume decreased by 9.7% [9] - Sales volume in the consumer distribution channel decreased by 8.4%, primarily due to a 7.9% decline in private brand sales [10] - The contract manufacturing channel saw a significant decline of 26.5% in sales volume, attributed to reduced granola volume processed [11] Market Data and Key Metrics Changes - The snack nut and trail mix category was down 4% in pounds but up 3% in dollars, indicating a price increase of 8% for snack nuts [21] - The recipe nut category experienced a 2% increase in pounds and a 14% increase in dollars, driven by seasonal demand and higher prices [23] - The bar category grew by 6% in pounds and dollars, indicating a rebound in the market [24] Company Strategy and Development Direction - The company is focused on accelerating its snack and energy bar business, particularly in the protein-forward segment [4] - Strategic investments are being made to enhance operational efficiency and expand production capacity [4] - The long-range plan emphasizes growth in private brand business and innovation in product offerings [19] Management's Comments on Operating Environment and Future Outlook - Management acknowledged headwinds from shifting consumer behavior and elevated retail prices impacting overall sales volume [3] - There is cautious optimism for the second half of fiscal 2026, driven by recent commercial momentum and new business secured with important customers [25] - The company remains committed to navigating challenges in the economic environment while focusing on long-term shareholder value [25] Other Important Information - A special dividend of $1 per share was distributed, reflecting the company's strong financial position [4] - The total value of inventories increased by 14.4% year-over-year, primarily due to higher commodity acquisition costs [14][15] Q&A Session Questions and Answers Question: Where do you stand on the equipment delivery and quality assurance? - The company confirmed that 85% of the new equipment is on-site or in transit, with installation and production expected to begin in July 2026 [30][31] Question: How quickly can pricing adjustments be passed through to retailers? - The company typically undergoes a 6-month price review with retailers, followed by a 60-90 day timeline to implement price changes [33]

Financial Data and Key Metrics Changes - The company reported earnings of $29.5 million, or $1.20 per share, with a return on assets (ROA) of almost 3% for the fourth quarter of 2025 [4] - Net interest income increased to approximately $31 million from $26 million in the previous year [18] - The net interest margin improved to 328 basis points from 290 basis points year-over-year [18] Business Line Data and Key Metrics Changes - The company grew checking accounts by over 23% during the year, with a total increase of about $116 million [6][9] - Closed loans in the Primis Mortgage segment increased to approximately $1.2 billion, a 50% increase over 2024 [14] - The average earning assets increased by 13% annualized in the fourth quarter [17] Market Data and Key Metrics Changes - Non-interest-bearing deposits ended the year at $554 million, or 16% of total deposits, up from 14% the previous year [18] - The company anticipates mortgage warehouse balances to average $500 million across 2026, with seasonal peaks expected [28] Company Strategy and Development Direction - The company aims for a 1% ROA goal for 2026, with expectations for further margin expansion [24][38] - The focus remains on growing core deposits and improving the mix of earning assets, with a strategy to leverage existing resources for growth [15][16] - The company is committed to maintaining a community-style banking approach, enhancing customer loyalty and deposit retention [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving growth targets, citing a strong pipeline and operational leverage as key drivers [12][16] - The company noted that the vast majority of operational noise from previous quarters is behind them, with expectations for a smoother first half of 2026 [42] - Management highlighted the importance of new customer acquisition and the positive impact on deposit balances over time [51][53] Other Important Information - The company completed a sale-leaseback transaction that allowed for repositioning and entering 2026 with momentum [24] - The core bank's cost of deposits remains attractive at 159 basis points, down from the previous quarter [20] Q&A Session Summary Question: What are the expectations for warehouse balances in 2026? - Management anticipates mortgage warehouse balances to average $500 million across the year, with seasonal fluctuations [28] Question: How should we think about overall loan growth in 2026? - The core bank is targeting approximately $100 million in loan growth, with a focus on C&I and owner-occupied loans [32] Question: What is the target sustainable ROA for 2026? - The target remains at 1% ROA for the full year, with expectations for improvement in the second half [38]

Financial Data and Key Metrics Changes - The company reported earnings of $29.5 million, or $1.20 per share, with a return on assets (ROA) of almost 3% for the fourth quarter of 2025 [4] - The net interest income increased to approximately $31 million from $26 million in the previous year [18] - The net interest margin improved to 328 basis points from 290 basis points year-over-year [18] Business Line Data and Key Metrics Changes - The company grew checking accounts by over 23% during the year, with a total increase of about $116 million [6][9] - The loan portfolio saw significant growth, with gross loans held for investment increasing approximately 10% annualized from September 30 to December 31 [17] - Primis Mortgage closed loans increased to approximately $1.2 billion, a 50% increase over 2024 [14] Market Data and Key Metrics Changes - Non-interest-bearing deposits ended the year at $554 million, or 16% of total deposits, compared to 14% at the end of 2024 [18] - The company anticipates mortgage warehouse balances to average $500 million across 2026, with seasonal peaks expected [28] Company Strategy and Development Direction - The company aims for a sustainable ROA of 1% for the full year 2026, with expectations for margin expansion [39] - The focus remains on growing the core bank with good deposits and integrated lines of business, avoiding reliance on investor commercial real estate [15][54] - The company plans to continue hiring in the mortgage sector but with a more incremental approach to avoid large upfront expenses [56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving goals for 2026, citing substantial momentum and opportunities for growth [5][24] - The company has controlled operating expenses and expects to maintain a core expense range of $23 million to $24 million in 2026 [24] - Management noted that the majority of noise from previous quarters is behind them, with expectations for improved margins and reduced expenses [43] Other Important Information - The company completed a sale-leaseback transaction that allowed for repositioning and entering 2026 with momentum [24] - The company has maintained 90% of digital deposit balances despite a decrease in rates, reflecting customer loyalty [11] Q&A Session Summary Question: What are the expectations for warehouse balances in 2026? - Management anticipates mortgage warehouse balances to average $500 million across the year, with seasonal peaks expected [28] Question: How should we think about overall loan growth in 2026? - The core bank is expected to grow loans by about $100 million, or 5% to 7%, with additional growth from Panacea and Warehouse [32] Question: What is the target sustainable ROA for 2026? - The target remains a 1% ROA for the full year, with expectations for improvement in the second half [39] Question: Is there still noise in the quarterly expenses? - Most of the noise is expected to be behind the company, with only minor impacts anticipated in the first quarter [43] Question: How will mortgage banking impact expenses? - Mortgage banking expenses are expected to scale with revenue, with a pre-tax contribution of 50 to 60 basis points anticipated [34]

Financial Data and Key Metrics Changes - The company achieved a record-breaking top-line growth with a 32% increase in diluted earnings per share for the quarter, driven by strategic initiatives [2] - Net sales for the second quarter of fiscal 2026 increased by 4.6% to $314.8 million, compared to $301.1 million in the second quarter of fiscal 2025 [9] - Gross profit increased by $6.9 million, or 13.2%, to $59.2 million, with gross profit margin rising to 18.8% of net sales from 17.4% in the prior year [11][12] - Net income for the second quarter of fiscal 2026 was $18 million, or $1.53 per diluted share, compared to $13.6 million, or $1.16 per diluted share for the same quarter last year [13] Business Line Data and Key Metrics Changes - The consumer distribution channel saw an 8.4% decline in sales volume, primarily due to a 7.9% decline in private brand sales [10] - Sales volume in the contract manufacturing channel decreased by 26.5%, attributed to reduced granola volume processed [11] - The recipe nut category experienced a 2% increase in pounds and a 14% increase in dollars, driven by seasonal impacts and higher prices [23] Market Data and Key Metrics Changes - The snack nut and trail mix category was down 4% in pounds but up 3% in dollars, with snack nut prices rising by 8% [21] - The Orchard Valley Harvest brand saw a 42% decline in pound shipments due to lost distribution at a national specialty retailer [22] - The bar category grew by 6% in pounds and dollars, driven by branded player growth, while private label bar shipments were down 12% [24] Company Strategy and Development Direction - The company is focused on accelerating its snack and energy bar business, particularly in the protein-forward segment [4] - Strategic investments are being made to enhance operational efficiency and expand production capacity [4] - The long-range plan emphasizes growth in private brand business and innovation in product offerings [19] Management's Comments on Operating Environment and Future Outlook - Management acknowledged headwinds from shifting consumer behavior and elevated retail prices impacting overall sales volume [3] - There is cautious optimism for the second half of fiscal 2026, driven by recent commercial momentum and new business secured with important customers [25] - The company remains committed to creating long-term shareholder value through strategic initiatives and operational excellence [25] Other Important Information - A special dividend of $1 per share was distributed, reflecting the company's strong financial position [4] - The total value of inventories increased by 14.4% year-over-year, primarily due to higher commodity acquisition costs [14][15] Q&A Session Questions and Answers Question: Where do you stand on the equipment delivery and quality assurance? - The company confirmed that 85% of the new equipment is on-site or in transit, with installation and production expected to begin in July 2026 [30][31] Question: How quickly can pricing adjustments be passed through due to higher nut costs? - The company typically has a 6-month price review cycle with a 60-90 day timeline to implement price changes [33]