Group 1 - Olivier Gavalda has been appointed as the Chief Executive Officer of Crédit Agricole S.A., effective after the General Shareholders' Meeting on May 14, 2025 [2] - The transition in the General Management of Crédit Agricole S.A. will be organized in the coming months [2] Group 2 - Olivier Gavalda has a long history with Crédit Agricole, having joined in 1988 and held various positions, including Regional Director and Chief Executive Officer of different divisions [3] - He has been the Deputy Chief Executive Officer of Crédit Agricole S.A. in charge of Universal Bank since November 2022 [3] - Gavalda holds a master's degree in Econometrics and a post-graduate diploma in organisation/computing from Arts et Métiers [4]

Core Insights - The Zacks Building Products - Miscellaneous industry is experiencing challenges due to a tough real estate market and inflation affecting consumer sentiment, but increased government infrastructure spending is providing support [1] - Companies like Arcosa, Armstrong World Industries, Frontdoor, Construction Partners, and Latham Group are positioned to benefit from operational excellence, diversification strategies, and higher infrastructure investments [1] Industry Overview - The industry consists of manufacturers, designers, and distributors of home improvement and building products, including ceiling systems, doors, windows, and infrastructure rehabilitation solutions [2] - Companies also provide equipment rental services to a diverse customer base, including construction firms, utilities, and government entities [2] Current Trends - Rising costs due to inflation in transportation, materials, and labor are compressing margins and affecting operating performance, with companies attempting to recover costs through price increases [3] - The industry's outlook is closely linked to the U.S. housing and renovation markets, which are currently under pressure from inflation and a challenging real estate environment [4] Government Infrastructure Spending - Strong global trends in infrastructure modernization and U.S. government initiatives to rebuild roads and bridges are expected to benefit industry players [5] - Improving residential construction markets are anticipated to drive growth, with builders cautiously optimistic for 2025 due to shifting demand towards new homes [5] Operational Strategies - Industry participants are implementing cost-saving initiatives, investing in new products, and pursuing strategic acquisitions to enhance profitability and market access [6] - Companies are focusing on operational excellence and digital solutions to boost revenues [6] Industry Performance - The Zacks Building Products - Miscellaneous industry ranks 160 out of over 250 Zacks industries, indicating it is in the bottom 36% with bleak near-term prospects [7] - Aggregate earnings estimates for the industry have been revised downward, reflecting a loss of confidence in earnings growth potential [8] Stock Performance - The industry has outperformed the S&P 500 Composite and the broader Zacks Construction sector over the past year, with a rally of 47.6% compared to the S&P 500's 31.5% increase [10] - The industry is currently trading at a forward P/E of 17.4X, lower than the S&P 500's 21.7X and the sector's 17.8X [11] Notable Companies - **Arcosa**: Focused on infrastructure-related products, with a strong performance expected in 2024 due to infrastructure spending [13] [14] - **Armstrong World Industries**: Thriving through innovative products and strategic acquisitions, with a recent acquisition expected to bolster its market position [15] [16] [17] - **Construction Partners**: Benefiting from solid demand for infrastructure services and recent acquisitions to expand operations [18] [19] - **Frontdoor**: Focused on boosting demand through brand investment and technology infrastructure [19] [20] - **Latham Group**: Gaining from improved cost structures and recent acquisitions to enhance margins and sales growth [21] [22]

Financial Data and Key Metrics Changes - The third quarter consolidated revenues increased by 14% year-over-year, while adjusted EBITDA grew by 39%, with a margin expansion of 330 basis points to 18.4% after normalizing for the divestiture of steel components [13][10][12] - Free cash flow for the quarter was $107 million, driven by strong operating cash flow of $135 million, up $91 million from the prior period [26][8] - The company ended the quarter with a net debt to adjusted EBITDA ratio of 1.2x, which is projected to be 3.4x pro forma for the recent acquisition of Stavola [28] Business Line Data and Key Metrics Changes - In the Construction Products segment, revenues were roughly flat year-over-year, but adjusted segment EBITDA increased by 21% due to recent acquisitions and higher unit profitability [17][18] - The Engineered Structures segment saw a 26% increase in revenues, driven by higher wind tower volumes and the addition of the Ameron business, with adjusted segment EBITDA growing by 74% [21][22] - The Transportation Products segment was impacted by the divestiture of the steel components business, recognizing revenues of $14 million and an adjusted EBITDA loss of $1 million [23] Market Data and Key Metrics Changes - The aggregates business experienced strong pricing momentum, with average organic pricing up low-double-digits from the prior year, although total volumes were roughly flat year-over-year [19] - The backlog for utility wind and related structures was $1.3 billion, with expectations to deliver 20% of this backlog during the remainder of the year and about half in 2025 [22] Company Strategy and Development Direction - The company completed the divestiture of its steel components business and acquired Stavola, which expands its aggregates footprint into lower volatility infrastructure markets [9][10] - The strategic transformation aims to build a simpler, more focused, and less cyclical company, with the Construction segment now representing two-thirds of adjusted EBITDA [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about 2025, citing strong demand across various sectors, although some uncertainty exists due to upcoming elections and interest rate fluctuations [45][34] - The outlook for construction products is enhanced by favorable multiyear market fundamentals, including increased infrastructure spending and a shortage of housing availability [34] Other Important Information - The company adjusted its full-year CapEx guidance to $180 million to $195 million, reflecting a focus on completing large growth projects [27] - The integration of the Stavola acquisition is progressing well, with expectations for operational synergies and cross-selling opportunities [60][88] Q&A Session Summary Question: Thoughts on 2025 demand outlook for Construction Products - Management is optimistic about 2025, noting strong tailwinds but also acknowledging uncertainty due to elections and interest rates [42][45] Question: Free cash flow outlook - Free cash flow generation is expected to remain strong, with a focus on working capital management [46][49] Question: Margin expansion in Construction Products - The company is prioritizing pricing over volume, which is contributing to margin expansion [50][52] Question: Synergies from Stavola acquisition - Early indications suggest potential for operational improvements and cross-selling opportunities [58][88] Question: Impact of weather on Construction Products - Weather events had some impact, but overall operations were not severely affected [61] Question: Recovery from delays in the fourth quarter - Management is confident about a solid fourth quarter, with demand for products remaining strong [64][66] Question: Wind tower order timing and customer inquiries - Discussions with customers indicate increased demand for wind tower deliveries in 2026 and beyond, with expectations for orders in 2025 [68][70] Question: Engineered Structures growth expectations for 2025 - Solid revenue growth is expected in the wind business for 2025, driven by a strong backlog [78][80] Question: Barge capacity and order trends - The company is fully booked for tank barges in 2025, with flexibility to ramp up production as demand increases [82][84]

Revenue and Financial Performance - Revenues for the three and nine months ended September 30, 2024 increased by 8.2% to $640.4 million and 10.3% to $1,903.7 million, respectively, compared to the same periods in 2023[79]. - Operating profit for the three months ended September 30, 2024 decreased by $14.6 million to $33.8 million, primarily due to the loss on the sale of the steel components business[79]. - Operating profit decreased by 30.2% to $33.8 million for the three months ended September 30, 2024, primarily due to a $23.0 million loss on the sale of the steel components business[90]. - Operating profit for the nine months ended September 30, 2024, decreased by 4.9% to $154.4 million, primarily due to a $21.8 million gain on land sale in the prior year[90]. - Revenues from the Engineered Structures segment increased by 25.6% to $279.4 million for the three months ended September 30, 2024, driven by higher volumes in utility structures and wind towers[82]. - Total revenues for the Construction Products segment increased by 1.4% to $265.9 million for the three months ended September 30, 2024, with organic revenues slightly down[96]. Backlog and Orders - The backlog for Engineered Structures as of September 30, 2024 was $1,264.6 million, with approximately 20% expected to be delivered during 2024[81]. - Approximately 32% of the unsatisfied performance obligations for inland barges in the Transportation Products segment are expected to be delivered during 2024[81]. - The backlog for utility, wind, and related structures was $1,264.6 million as of September 30, 2024, with approximately 20% expected to be delivered during 2024[103]. - The company received $75 million in orders for tank and hopper barges during the third quarter of 2024, indicating a recovery in the barge business[76]. Expenses and Costs - Selling, general, and administrative expenses increased by 34.4% for the three months ended September 30, 2024, as a percentage of revenues, these expenses were 12.9%[79]. - Selling, general, and administrative expenses rose by 11.1% to $28.0 million for the three months ended September 30, 2024, due to costs from recent acquisitions[97]. - Selling, general, and administrative expenses increased by 54.5% for the three months ended September 30, 2024, primarily due to costs from the acquired Ameron business[101]. - Corporate overhead costs increased by 70.1% to $25.0 million for the three months ended September 30, 2024, mainly due to higher acquisition and divestiture-related expenses[109]. - Cost of revenues decreased by 4.4% to $200.0 million for the three months ended September 30, 2024, as a result of lower organic volumes and operational improvements[97]. Tax and Compliance - The effective tax rate for the three months ended September 30, 2024 was 13.1%, down from 17.4% in the same period of 2023[79]. - The effective tax rate for the three months ended September 30, 2024, was 13.1%, down from 17.4% in the same period of 2023, primarily due to AMP tax credits[94]. - The company is in compliance with all financial covenants related to its revolving credit facility as of September 30, 2024[113]. Acquisitions and Divestitures - The company completed the acquisition of Stavola Holding Corporation for $1.2 billion in cash, funded by a $700 million secured term loan and $600 million of senior notes[78]. - The company recognized a loss of $23 million on the sale of its steel components business, which was completed in August 2024[78]. - The company recognized a $23.0 million loss on the sale of the steel components business during the three months ended September 30, 2024[105]. Cash Flow and Capital Expenditures - Cash provided by operating activities was $253.8 million for the nine months ended September 30, 2024, compared to $198.8 million for the same period in 2023[111]. - Net cash required by investing activities was $250.6 million for the nine months ended September 30, 2024, compared to $131.5 million for the same period in 2023[112]. - Proceeds from the sale of businesses amounted to $86.4 million during the nine months ended September 30, 2024, compared to $2.0 million for the same period in 2023[112]. - Capital expenditures for the nine months ended September 30, 2024, were $136.4 million, with full-year expectations of approximately $180 to $195 million[112]. Financing and Debt - The company increased its revolving credit facility from $500.0 million to $600.0 million in August 2023, and further to $700.0 million in August 2024[113]. - As of September 30, 2024, the company had $240.0 million of outstanding loans under its revolving credit facility, an increase of $80.0 million during the nine months ended September 30, 2024[113]. - The company issued $600.0 million of 6.875% senior notes in August 2024, maturing in August 2032[114]. - The new secured term loan facility amounts to $700.0 million, funded on October 1, 2024, with a maturity date of October 1, 2031[114]. - The interest rate for the term loan is based on SOFR plus 2.25% per year[114]. - The company anticipates that existing cash, available liquidity, and cash flow from operations will be sufficient to fund necessary capital expenditures and operating cash requirements for the foreseeable future[114]. - The company plans to make mandatory prepayments from excess cash flow starting with the fiscal year ending December 31, 2025[114]. Dividends and Share Repurchase - A quarterly cash dividend of $0.05 per share was declared in September 2024, scheduled for payment on October 31, 2024[115]. - The company has a remaining authorization of $36.2 million under its share repurchase program as of September 30, 2024[115].

THIRD QUARTER 2024 EARNINGS CONFERENCE CALL MOVING INFRASTRUCTURE FORWARD | OCTOBER 31, 2024 ARCOSA FORWARD LOOKING STATEMENTS Some statements in this release, which are not historical facts, are "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995. Forwardlooking statements include statements about Arcosa's estimates, expectations, beliefs, intentions or strategies for the future. Arcosa uses the words "anticipates," "assumes," "believes," "estimates," "expects," ...

Company Performance - Arcosa reported quarterly earnings of $0.91 per share, exceeding the Zacks Consensus Estimate of $0.78 per share, and showing an increase from $0.73 per share a year ago, representing an earnings surprise of 16.67% [1] - The company posted revenues of $640.4 million for the quarter ended September 2024, which missed the Zacks Consensus Estimate by 7.36%, compared to $591.7 million in the same quarter last year [2] - Over the last four quarters, Arcosa has surpassed consensus EPS estimates four times and topped consensus revenue estimates three times [2] Stock Outlook - Arcosa shares have increased approximately 14.1% since the beginning of the year, while the S&P 500 has gained 22.3% [3] - The current consensus EPS estimate for the upcoming quarter is $1.13 on revenues of $729.4 million, and for the current fiscal year, it is $3.57 on revenues of $2.68 billion [7] - The estimate revisions trend for Arcosa is currently favorable, leading to a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] Industry Context - The Building Products - Miscellaneous industry, to which Arcosa belongs, is currently ranked in the bottom 29% of over 250 Zacks industries, suggesting potential challenges ahead [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact stock performance [5]

Financial Performance - Revenues for Q3 2024 were $640.4 million, an 8% increase from $591.7 million in Q3 2023[3] - Adjusted EBITDA for Q3 2024 increased by 28% to $114.0 million, with an adjusted EBITDA margin of 17.8%, up 270 basis points from the prior year[3] - Free cash flow for Q3 2024 was $107.2 million, a significant increase from $1.7 million in the prior year[3] - Adjusted net income for Q3 2024 was $44.6 million, a 24% increase from $35.9 million in Q3 2023[3] - Revenues for the three months ended September 30, 2024, increased to $640.4 million, up 8.5% from $591.7 million in the same period of 2023[25] - Net income for the nine months ended September 30, 2024, was $101.4 million, a decrease of 23.2% compared to $132.1 million for the same period in 2023[30] - Operating profit for the three months ended September 30, 2024, was $33.8 million, down 30.2% from $48.4 million in the prior year[27] - Net income for the three months ended September 30, 2024, was $16.6 million, a decrease of 53% from $35.5 million in the same period of 2023[32] - Adjusted net income for the nine months ended September 30, 2024, was $125.3 million, slightly up from $124.9 million in 2023[32] Segment Performance - Revenues for the Construction Products segment increased by 1% to $265.9 million, while adjusted segment EBITDA rose by 21% to $71.0 million[12] - Revenues for the Engineered Structures segment increased by 26% to $279.4 million, with adjusted segment EBITDA growing by 74% to $44.3 million[13] - Construction Products revenues for the three months ended September 30, 2024, were $265.9 million, a slight increase from $262.1 million in the same period of 2023[38] - Total revenues for the Transportation Products segment were $95.1 million for the three months ended September 30, 2024, down from $107.1 million in the same period of 2023[38] - Adjusted Segment EBITDA for Construction Products was $71.0 million for the three months ended September 30, 2024, compared to $58.7 million in the prior year, reflecting a margin increase to 26.7% from 22.4%[38] - Adjusted Segment EBITDA Margin for Transportation Products was 12.2% for the three months ended September 30, 2024, compared to 17.0% in the prior year[40] - The company reported an operating profit of $32.6 million for the Engineered Structures segment for the three months ended September 30, 2024, up from $18.7 million in the same period of 2023[38] Acquisition and Debt - The company completed the $1.2 billion acquisition of Stavola on October 1, 2024, enhancing its portfolio[5] - The company reported a pro forma net debt to adjusted EBITDA ratio of 3.4x following the Stavola acquisition[18] - The company completed the acquisition of Stavola for $1.2 billion, funded through a combination of debt instruments[43] - Net Debt as of September 30, 2024, was $491.9 million, with a Net Debt to Adjusted EBITDA ratio of 1.2, indicating a strong leverage position[43] Cash Flow and Assets - Cash and cash equivalents increased significantly to $756.8 million as of September 30, 2024, compared to $104.8 million at the end of 2023[28] - Total current assets rose to $1,559.7 million as of September 30, 2024, from $912.0 million at the end of 2023[28] - Cash provided by operating activities for the nine months ended September 30, 2024, was $253.8 million, compared to $198.8 million in the same period of 2023[42] - Free Cash Flow for the three months ended September 30, 2024, was $107.2 million, significantly up from $1.7 million in the same period of 2023, resulting in a Free Cash Flow Conversion of 646%[42] Expenses and Impairments - Interest expense for the three months ended September 30, 2024, was $15.8 million, significantly higher than $6.7 million in the same period of 2023[25] - Interest expense for the three months ended September 30, 2024, was $12.0 million, compared to $5.0 million in the same period of 2023[35] - The company recognized a loss of $23.0 million on the sale of its steel components business during the three months ended September 30, 2024[26] - The company reported an impairment charge of $5.8 million related to divestitures during the nine months ended September 30, 2024[38] - The loss on the sale of business contributed $23.0 million to the Adjusted EBITDA for the nine months ended September 30, 2024[44] Guidance - The company raised its full year 2024 adjusted EBITDA guidance to a range of $435 million to $450 million, up from the previous range of $420 million to $440 million[10] - The company provided full-year 2024 revenue guidance of $2,560.0 million to $2,630.0 million[35]

Growth investors focus on stocks that are seeing above-average financial growth, as this feature helps these securities garner the market's attention and deliver solid returns. However, it isn't easy to find a great growth stock.By their very nature, these stocks carry above-average risk and volatility. Moreover, if a company's growth story is over or nearing its end, betting on it could lead to significant loss.However, the task of finding cutting-edge growth stocks is made easy with the help of the Zacks ...

While "the trend is your friend" when it comes to short-term investing or trading, timing entries into the trend is a key determinant of success. And increasing the odds of success by making sure the sustainability of a trend isn't easy. The trend often reverses before exiting the trade, leading to a short-term capital loss for investors. So, for a profitable trade, one should confirm factors such as sound fundamentals, positive earnings estimate revisions, etc. that could keep the momentum in the stock ali ...

WASHINGTON, Oct. 21, 2024 (GLOBE NEWSWIRE) -- American Citizens Abroad (ACA) has joined parties opposing actions which would narrow the ability of U.S. citizens living overseas to vote. In Pennsylvania, steps have been taken by state officials to make it easier for voters overseas to vote. Plaintiffs in the lawsuit would narrow voter registration rules as they apply to U.S. citizens living overseas. ACA favors rules and actions that make it easier for U.S. citizens living overseas to exercise their legal ri ...