Summary of Emerson Electric FY Conference Call (February 17, 2026) Company Overview - **Company**: Emerson Electric (NYSE: EMR) - **Key Executives**: Lal Karsanbhai (President and CEO), Mike Baughman (CFO) Key Industry Insights - **Order Intake**: Strong end to the calendar year with trailing 3-month orders at 9% and trailing 12-month orders at 6% [3][4] - **Backlog**: Increased by 9% in the quarter, indicating confidence in executing the company's plan [3] - **Growth Vectors**: Significant strength in power generation, LNG, semiconductor growth, life sciences, and aerospace and defense [3][14] - **Geographic Growth**: Concentrated in the United States, Arabian Peninsula, Brazil, Japan, and Southeast Asia [3] Financial Performance - **Power Generation**: Ovation business up 74% in the quarter; total power business up 20% [14] - **MRO Orders**: Mid-single-digit range, supportive of ongoing business growth [4][12] - **Software Renewal Impact**: 2% drag from software renewal dynamic in the first half, underlying growth expected at 4%-6% [12][13] - **ACV Growth**: Grew 9% in the first quarter; expected high single-digit growth in the second quarter [38] Market Challenges - **China and Europe**: No expected recovery in China; weak market conditions in Europe [6] - **Automotive Sector**: Weakness noted in the U.S. automotive market, reflecting a global trend [18] - **Chemical Industry**: Bulk chemicals facing overcapacity issues, expected to take 6-12 months to correct [18][25] Strategic Focus - **Investment in LNG**: Over 50% of global LNG installations run by DeltaV; significant growth opportunities in this sector [28][29] - **AI Integration**: Emerson's software is designed to integrate AI applications, focusing on deep domain expertise and mission-critical applications [30][31][33] - **Pricing Power**: 2.5 points of pricing power expected; ability to manage price increases effectively [44][46] Future Outlook - **Capital Deployment**: Focus on returning cash to shareholders through dividends and share repurchases; potential for bolt-on acquisitions in key verticals [61][62] - **Profitability Improvement**: Expected 240 basis points of margin improvement; confidence in achieving 40% operating leverage in the future [55][58] Additional Insights - **Customer Demand**: Strong demand for AI applications embedded in existing software offerings [33][34] - **Market Positioning**: Emerson's technology positioned well to serve heavily regulated industries, providing a competitive advantage [31][32] - **Innovation**: Continuous innovation in test and measurement and other verticals to maintain market leadership [22][24] This summary encapsulates the key points discussed during the conference call, highlighting Emerson Electric's performance, market conditions, strategic focus, and future outlook.

Itron (NasdaqGS:ITRI) Q4 2025 Earnings call February 17, 2026 10:00 AM ET Company ParticipantsDavis Sunderland - VP and Senior Research AssociateJoan Hooper - SVP and CFOPaul Vincent - VP of Investor RelationsTom Deitrich - President and CEOConference Call ParticipantsChip Moore - Equity Research AnalystJeff Osborne - Equity Research AnalystJoseph Osha - Equity Research AnalystMark Strouse - Equity Research AnalystNoah Kaye - Equity Research AnalystScott Graham - Equity Research AnalystOperatorPlease note t ...

Financial Data and Key Metrics Changes - For Q4 2025, the company reported earnings per share of $0.68, while for the full year, earnings per share reached $1.28, marking the fifth consecutive year of profitability [3][11] - Net revenue for Q4 2025 totaled $49.4 million, with adjusted EBITDA at $28.9 million and net income at $12.5 million [11] - Full year net revenue amounted to $158.1 million, adjusted EBITDA reached $81.7 million, and net income was $21.2 million, translating into earnings per share of $1.02 [11][12] - The fleet loan-to-value ratio stood at 43%, reflecting a conservative leverage profile [5][12] Business Line Data and Key Metrics Changes - The company achieved a daily time charter equivalent of approximately $26,600 in Q4 2025, while the full year average was approximately $21,000 per day [7][12] - Fleet utilization exceeded 96%, demonstrating strong operational efficiency despite a busy drydocking schedule [7] Market Data and Key Metrics Changes - The Baltic Capesize Index averaged approximately $21,300 per day in 2025, with a strong recovery in the second half of the year driven by iron ore and coal restocking in China [17][18] - Capesize demand in early 2026 started strong, with the BCI averaging 22,000, supported by increased bauxite exports and high iron ore cargo activity [18][19] Company Strategy and Development Direction - The company focuses exclusively on larger bulkers, specifically Capesizes and Newcastlemaxes, positioning itself favorably in a constrained supply environment [4][19] - Significant progress has been made in fleet renewal, with orders for three high-specification eco new buildings totaling approximately $226 million [4][10] - The capital allocation priorities include returning capital to investors, modernizing the fleet, and preserving financial strength [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the positive trend for charter rates due to limited vessel supply and increased ton-mile demand [21] - The company anticipates a constructive demand outlook for Capesize trade, with expectations of continued growth in bauxite trade and resilient iron ore production [18][19] Other Important Information - The company declared total dividends of $0.43 per share in 2025, including $0.20 for Q4 [6] - Approximately $80 million is expected to be deployed for new building investments in 2026, with financing secured on attractive terms [12][15] Q&A Session Summary Question: Market strategy regarding long-term time charters versus spot market - Management indicated that 35% of fleet days are already under long-term contracts, with plans to increase this as market conditions improve [26] Question: Balancing inflated asset values with attractive rate environment - Management is focusing on securing new buildings at high-quality shipyards while considering the disposal of older assets to manage fleet composition [28] Question: Expectations for operational off-hire days in 2026 - Management expects operational off-hire days to be consistent with or slightly lower than 2025 due to a softer dry dock schedule [36] Question: Limited shipyard availability and order book - Management clarified that while global shipbuilding capacity is high, the order book for Capesize vessels is limited due to demand from other ship types [38][40] Question: Dividend policy in light of new builds - Management does not expect the dividend policy to be affected by new building expenditures, as cash flow from operations will remain sufficient [44] Question: Contracting strategy for new builds - Management is considering long-term contracts for new builds but aims to avoid below-market rates to maintain operating cash flow [48]

Vulcan Materials Company (NYSE:VMC) Q4 2025 Earnings call February 17, 2026 10:00 AM ET Company ParticipantsAdam Thalhimer - Director of ResearchAngel Castillo - Executive Director and Head of US Machinery and Construction Equity ResearchAsher Sohnen - Equity Research Senior AssociateBrian Brophy - DirectorDavid MacGregor - PresidentGarik Shmois - Managing DirectorIvan Yi - DirectorKathryn Thompson - Founding Partner and CEOMark Warren - VP of Investor RelationsMary Andrews Carlisle - Senior VP and CFOMicha ...

Financial Data and Key Metrics Changes - The partnership achieved record adjusted EBITDA of $706 million in Q4 2025, excluding approximately $60 million of one-time transaction expenses, reflecting ongoing operational strength and contributions from the Parkland acquisition [5][6] - Full year 2025 adjusted EBITDA reached a record $2.12 billion, a 36% increase over the prior year, driven by solid growth in the base business and contributions from acquisitions [6][16] - The trailing twelve-month coverage ratio finished at a strong 1.9x, indicating robust cash flow relative to distributions [6] Business Line Data and Key Metrics Changes - In the fuel distribution segment, adjusted EBITDA was $391 million in Q4 2025, up from $238 million in Q3 and $192 million in Q4 2024, with a 44% increase in distributed gallons compared to the previous quarter [9][10] - The pipeline system segment reported adjusted EBITDA of $187 million in Q4, consistent with the previous year, while throughput remained stable at 1.4 million barrels per day [12] - The terminal segment's adjusted EBITDA was $87 million in Q4, up from $76 million in Q3 and $61 million in Q4 2024, benefiting from the Parkland acquisition [13] - The new refining segment generated adjusted EBITDA of $41 million in Q4, reflecting improved performance following the Parkland transaction [14] Market Data and Key Metrics Changes - The U.S. fuel distribution market showed flat to slightly declining demand, but the company outperformed these trends due to effective capital deployment [26] - Canadian refined product demand has been slightly up, with strong margins in regulated markets, indicating a favorable environment for growth [28] - The Caribbean market demonstrated strong demand, particularly in jurisdictions like Guyana, which has experienced significant GDP growth [30] Company Strategy and Development Direction - The company aims for a multi-year annual distribution growth rate of at least 5%, supported by a strong financial position and disciplined capital allocation [6][21] - The integration of Parkland and TanQuid is expected to enhance operational scale and synergies, contributing to future growth [15][19] - The company is positioned as both a defensive play and an attractive growth opportunity within the midstream sector, focusing on value-creating growth through acquisitions and capital projects [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the legacy Sunoco business and the expected strong performance of all segments in 2026 [17][18] - The company anticipates continued strong cash flow growth and a solid credit profile, with a focus on maintaining a healthy balance sheet while pursuing growth opportunities [18][19] - Management highlighted the importance of adapting to market complexities and regulatory changes, which could benefit the company in the long term [47] Other Important Information - The company declared a distribution of $0.9317 per common unit, marking a 1.25% increase over the prior quarter and the fifth consecutive quarterly distribution increase [5] - The company expects minimal corporate income taxes for at least five years, which will support distribution growth for both Sunoco and SunC unitholders [42][43] Q&A Session Summary Question: How is demand trending across your footprint pro forma Parkland? - Management noted that U.S. demand has been flat, but the company has outperformed due to effective capital deployment, while Canadian demand has been slightly up, and Caribbean markets show strong demand [26][28][30] Question: Can you walk us through the pro forma terminaling portfolio post-integration of Parkland and TanQuid? - Management indicated that critical infrastructure supports the fuel distribution business across various geographies, with opportunities for growth through capital projects and M&A [32][33] Question: Where do you see the greatest opportunity for bolt-on M&A? - Management stated that opportunities exist across all segments and geographies, emphasizing a disciplined approach to capital allocation and project selection [52][53] Question: How do you feel about your synergy target with Parkland? - Management expressed confidence in exceeding synergy targets, with a focus on delivering synergies quickly and maintaining a strong base business [57][58]

Watsco (NYSE:WSO) Q4 2025 Earnings call February 17, 2026 10:00 AM ET Company ParticipantsA.J. Nahmad - PresidentAaron Nahmad - PresidentAlbert Nahmad - Chairman and CEOBarry Logan - EVPChris Snyder - Executive DirectorMike Francis - Equity Research AssociatePaul Johnston - COORick Gomez - CFOSteve Tusa - Managing DirectorConference Call ParticipantsDavid Manthey - Senior Research AnalystJeff Hammond - Managing Director and Equity Research AnalystPatrick Baumann - AnalystTommy Moll - Equity Research Analyst ...

Eagle Point Credit Company (NYSE:ECC) Q4 2025 Earnings call February 17, 2026 10:00 AM ET Company ParticipantsChristopher Nolan - SVP of Equity ResearchDarren Dougherty - Managing DirectorErik Zwick - Managing Director of Equity ResearchKenneth Onorio - CFO and COOThomas Majewski - CEOTimothy D'Agostino - Senior Research AssociateConference Call ParticipantsGaurav Mehta - Managing Director and Senior Equity Research AnalystMickey Schleien - Managing Director and Senior AnalystOperatorLadies and gentlemen, t ...

Summary of The Coca-Cola Company Conference Call Company Overview - **Company**: The Coca-Cola Company (NYSE: KO) - **Event**: 2026 Conference held on February 17, 2026 - **Key Speakers**: Henrique Braun (CEO-elect), John Murphy (CFO) Core Industry Insights - Coca-Cola is positioned strongly within the global consumer staples environment, leveraging a powerful brand portfolio and a scalable system that ensures consistent organic sales growth and resilience across economic cycles [1][2] - The company emphasizes its belief in the beverage industry as a long-term investment opportunity, highlighting vast potential for consumer and customer value creation [5] Financial Performance - Coca-Cola achieved a significant milestone with an EPS of $3, marking a sustainable growth trajectory in both top-line and bottom-line performance [4] - The company generated over $80 billion in free cash flow since 2017, with a return on invested capital nearly double that of its consumer packaged goods peers [29] Strategic Priorities - **Enduring Strengths**: Coca-Cola identifies three key beliefs that will guide its future: 1. The beverage industry is the best sector to be in, with vast opportunities ahead [5] 2. The ability to build billion-dollar brands sustainably, increasing from 30 to 32 such brands recently [6] 3. An unparalleled system of collaboration with bottlers, enhancing operational efficiency and market reach [7][10] - **New Principles for Growth**: The company plans to focus on: 1. Becoming more consumer-centric, enhancing engagement through insights and innovation [12] 2. Integrating digital strategies into all aspects of operations to amplify existing strengths [12][23] 3. Fostering local intimacy while maintaining global scalability in marketing efforts [13][14] Innovation and Brand Development - Coca-Cola has streamlined its brand portfolio from over 400 to less than 170 brands, improving innovation success rates [19] - The company aims to leverage insights from local markets to accelerate innovation and brand development, focusing on building multi-billion dollar brands [21] Operational Efficiency - Coca-Cola is committed to margin expansion while investing in brand and market growth, emphasizing gross margin discipline and a future-ready supply chain [32][33] - The company is transitioning to an asset-light model, enhancing collaboration with partners to optimize resource allocation [34][36] Digital Transformation - Digital initiatives are seen as a "superpower" for Coca-Cola, with plans to leverage data for competitive advantage and improve consumer engagement [23][24] - The company is focused on integrating digital platforms into marketing strategies, exemplified by its approach to the FIFA World Cup campaign [14][18] Future Outlook - Coca-Cola expects high single-digit EPS growth supported by currency tailwinds and continued investment in brands and markets [27] - The company is optimistic about its long-term growth algorithm and the strength of its ecosystem, aiming to optimize capital structure and maximize shareholder returns [41] Conclusion - Coca-Cola is poised for continued growth, driven by a strong operational model, strategic focus on consumer engagement, and a commitment to innovation and digital transformation [42]

Eagle Point Credit Company (NYSE:ECC) Q4 2025 Earnings call February 17, 2026 10:00 AM ET Company ParticipantsChristopher Nolan - SVP of Equity ResearchDarren Dougherty - Managing DirectorErik Zwick - Managing Director of Equity ResearchKenneth Onorio - CFO and COOThomas Majewski - CEOTimothy D'Agostino - Senior Research AssociateConference Call ParticipantsGaurav Mehta - Managing Director and Senior Equity Research AnalystMickey Schleien - Managing Director and Senior AnalystOperatorLadies and gentlemen, t ...

Watsco (NYSE:WSO) Q4 2025 Earnings call February 17, 2026 10:00 AM ET Company ParticipantsA.J. Nahmad - PresidentAaron Nahmad - PresidentAlbert Nahmad - Chairman and CEOBarry Logan - EVPChris Snyder - Executive DirectorMike Francis - Equity Research AssociatePaul Johnston - COORick Gomez - CFOSteve Tusa - Managing DirectorConference Call ParticipantsDavid Manthey - Senior Research AnalystJeff Hammond - Managing Director and Equity Research AnalystPatrick Baumann - AnalystTommy Moll - Equity Research Analyst ...