Financial Performance - Revenues for the three and nine months ended September 30, 2025 increased by 24.6% to $797.8 million and by 13.8% to $2,166.7 million, respectively, compared to the same periods in 2024[106]. - Operating profit for the three and nine months ended September 30, 2025 increased by $78.5 million to $112.3 million and by $108.5 million to $262.9 million, respectively, with all segments contributing to the increase[106]. - Net income for the three and nine months ended September 30, 2025 was $73.0 million and $156.3 million, respectively, compared to $16.6 million and $101.4 million for the same periods in 2024[106]. - Operating profit increased 232.2% and 70.3% for the three and nine months ended September 30, 2025, respectively, with a 95.8% and 53.5% increase when excluding the divested steel components business[116]. - Revenues for Construction Products increased by 50.5% to $351.6 million for the three months ended September 30, 2025, driven by the acquisition of Stavola[122]. Backlog and Orders - The backlog for utility and related structures as of September 30, 2025 was $461.5 million, up 11% year to date, providing good production visibility for 2025 and into 2026[100]. - The company received new wind tower orders of $1.1 billion following the Inflation Reduction Act, with a remaining backlog for wind towers of $526.3 million as of September 30, 2025[100]. - The backlog for inland barges as of September 30, 2025 was $325.9 million, up 16% year to date, indicating future pent-up replacement demand[101]. - The backlog for utility and related structures was $461.5 million as of September 30, 2025, with 43% expected to be recognized during 2025[131]. - The backlog for wind towers was $526.3 million as of September 30, 2025, with 18% expected to be recognized during 2025[132]. - As of September 30, 2025, the backlog for inland barges was $325.9 million, up from $244.7 million a year earlier, with an expectation to recognize 30% of this backlog in 2025[137]. Expenses and Costs - Selling, general, and administrative expenses decreased as a percentage of revenues to 10.3% for the three months and 10.6% for the nine months ended September 30, 2025, compared to 12.9% and 12.1% for the same periods in 2024[106]. - Operating costs increased by 13.0% and 8.8% for the three and nine months ended September 30, 2025, respectively[115]. - Cost of revenues increased 42.2% for Construction Products due to the acquisition of Stavola, with a decrease in cost of revenues as a percentage of revenues to 73.4%[123]. - Depreciation, depletion, and amortization expense increased 38.4% primarily due to the acquisition of Stavola[123]. - Selling, general, and administrative expenses decreased by 31.1% for the nine months ended September 30, 2025, driven by the steel components divestiture[141]. - Cost of revenues for the nine months ended September 30, 2025, decreased by 2.5% due to the divestiture of the steel components business[141]. Acquisitions and Financing - The company completed the acquisition of Stavola Holding Corporation for $1.2 billion in cash, enhancing its Construction Products segment[102]. - Interest expense for the three and nine months ended September 30, 2025 totaled $27.1 million and $83.9 million, respectively, reflecting an increase due to additional debt from the Stavola acquisition[106]. - The Company entered into a $698.3 million 2025 Refinancing Term Loan to satisfy the outstanding balance under the 2024 Term Loan, with a maturity date of October 1, 2031[151]. - The Company issued $600.0 million of 6.875% 2024 Notes maturing in August 2032, and $400.0 million of 4.375% senior unsecured notes maturing in April 2029[152]. - The interest rate for the 2025 Refinancing Term Loan is based on SOFR plus 2.00% per year, or an alternate base rate plus 1.00% per year[151]. Shareholder Returns and Liquidity - A quarterly cash dividend of $0.05 per share was declared in September 2025, scheduled for payment on October 31, 2025[154]. - The Board authorized a $50.0 million share repurchase program effective January 1, 2025, with no shares repurchased as of September 30, 2025[155]. - The Company believes 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[153]. - The company had no outstanding loans under its revolving credit facility as of September 30, 2025, leaving $700.0 million available for borrowing[148]. Tax and Market Risks - The effective tax rate for the three and nine months ended September 30, 2025 was 16.2% and 16.0%, respectively, compared to 13.1% and 15.2% for the same periods in 2024[106]. - The terms of the Senior Notes limit the Company's ability to create liens on assets and enter into certain transactions[152]. - The Company faces various risks that could impact future performance, including market conditions, competition, and changes in regulations[157]. - There has been no material change in market risks since December 31, 2024, as noted in the 2024 Annual Report[159].

Core Insights - The article discusses the importance of enabling Javascript and cookies in browsers to prevent access issues [1] Group 1 - The article highlights that users may face blocks if ad-blockers are enabled, suggesting the need to disable them for proper access [1]

Financial Data and Key Metrics Changes - Q3 2025 was a record quarter for the company, with revenue increasing by 27% and adjusted EBITDA growing by 51%, both excluding the impact of the divested steel components business [4] - The adjusted EBITDA margin reached a record 21.8%, representing a 340 basis points improvement year-over-year [4] - The company ended the quarter with a leverage ratio of 2.4 times, ahead of its plan to return to a target range of 2 to 2.5 within 18 months of the Stavola acquisition [5][15] Business Line Data and Key Metrics Changes - In the Construction Products segment, Q3 revenues increased by 46% and adjusted segment EBITDA rose by 62%, with margins expanding by 300 basis points to 29.7% [8] - The aggregates business saw freight adjusted revenues increase by 28% and adjusted cash gross profit increase by 38%, with total volumes up by 18% [9] - Engineered Structures segment revenues increased by 11%, with adjusted segment EBITDA rising by 29% and margins expanding by 240 basis points to 18.3% [11] - The Transportation Products segment reported a 22% increase in inland barge revenues and a 36% increase in adjusted segment EBITDA, with margins improving by 190 basis points [12] Market Data and Key Metrics Changes - The barge backlog increased by 16% year-to-date, with production visibility extending well into the second half of 2026 [7][13] - The company anticipates a 32% year-over-year growth in adjusted EBITDA for 2025, reflecting strong contributions from the Stavola acquisition and double-digit organic expansion [7][17] Company Strategy and Development Direction - The company is focused on capital allocation to drive growth while maintaining a healthy balance sheet, with plans for potential M&A opportunities and organic investments [8][24] - The strategic alignment around businesses with durable demand fundamentals is expected to create a resilient platform for long-term growth [16] - The company is optimistic about infrastructure demand, particularly in Texas and the New York/New Jersey markets, which are expected to support future growth [17][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the U.S. power market and the anticipated demand for utility structures and wind towers [20][21] - The company expects modest volume growth in Q4, assuming normal weather conditions, and is optimistic about a potential recovery in single-family housing in 2026 [19][24] - Management highlighted the importance of maintaining a flexible balance sheet to capitalize on growth opportunities while reducing leverage [46][48] Other Important Information - The company achieved a significant increase in operating cash flow, which was $161 million, up 19% year-over-year [14] - Free cash flow for the quarter was $134 million, reflecting a 25% increase year-over-year [14] Q&A Session Summary Question: Can you provide more details on the adjustments to full-year revenue and EBITDA guidance? - Management indicated that the adjustments reflect strong year-to-date performance and expectations for a good Q4, with slight revenue adjustments due to organic volume performance [30] Question: What is the outlook for the construction business regarding production downtime? - Management believes that production downtime issues are largely behind them and that they are continuously improving operations [32] Question: Can you discuss the margin outlook for engineered structures? - Management noted strong performance in both wind tower and utility structures, with ongoing improvements in capacity and demand [34][35] Question: What is the pricing outlook for aggregates as we head into 2026? - Management expressed optimism about pricing, supported by recovering volume growth and favorable infrastructure demand [41][42] Question: How will capital allocation be balanced between debt reduction and growth initiatives? - Management plans to focus on both debt reduction and pursuing bolt-on acquisitions, while also investing in organic growth opportunities [46][48] Question: What is the outlook for wind orders and production schedules? - Management is optimistic about additional wind orders and is working closely with customers to accommodate their needs [56][68]

Q3 2025 Performance Highlights - Adjusted EBITDA grew 51% outpacing revenue growth of 27%[9] - Record consolidated Adjusted EBITDA Margin of 21.8%, up 340 basis points[9] - Aggregates pricing up 9% and volume increase of 18% leading to 17% cash unit profitability gain[9] - Q3 operating cash flow up 19% and Free Cash Flow up 25%[9] Strategic Transformation - Construction Products Adjusted EBITDA decreased from 56% in 2018 to 34% in Q3 2025, while Engineered Structures increased from 33% to 38% and Transportation Products decreased from 29% to 10%[15] Q3 2025 Consolidated Results - Revenues increased by 27% from $626.8 million to $797.8 million[19] - Adjusted EBITDA increased by 53% from $114.0 million to $174.2 million[19] - Net income increased by 340% from $16.6 million to $73.0 million[19] 2025 Outlook - Revenue is projected to increase by 16% to a range of $2.86 billion to $2.91 billion[9, 37] - Adjusted EBITDA is projected to increase by 32% to a range of $575 million to $585 million[9, 38] - Adjusted EBITDA Margin expansion of 240 basis points[9]

Core Points - Crédit Agricole S.A. has completed its share repurchase program, which started on 1 October 2025 and ended on 30 October 2025 [2] - A total of 22,886,191 shares were repurchased at an aggregate cost of 374,414,014 euros [2] - The purpose of the repurchase was to offset the dilutive effect of a capital increase reserved for employees, with the repurchased shares set to be cancelled [3] - The transaction resulted in a decrease of 9 basis points in Crédit Agricole S.A.'s CET1 ratio and a decrease of 6 basis points for the Crédit Agricole group [3] - The execution of the existing liquidity agreement with Kepler Cheuvreux was temporarily suspended during the share repurchase program and will now resume [4]

Core Insights - Arcosa reported revenue of $797.8 million for the quarter ended September 2025, reflecting a year-over-year increase of 24.6% and surpassing the Zacks Consensus Estimate by 2.68% [1] - The company's EPS for the quarter was $1.56, which is an increase from $0.91 in the same quarter last year, resulting in an EPS surprise of 17.29% over the consensus estimate of $1.33 [1] Revenue Breakdown - Construction Products revenue reached $387.5 million, exceeding the average estimate of $386.36 million by analysts, marking a year-over-year increase of 45.7% [4] - Transportation Products generated $99.3 million in revenue, surpassing the average estimate of $93.74 million, with a year-over-year growth of 4.4% [4] - Engineered Structures revenue was reported at $311 million, above the average estimate of $296.88 million, reflecting an 11.3% increase year over year [4] Stock Performance - Over the past month, Arcosa's shares have returned +0.6%, while the Zacks S&P 500 composite has seen a +3.6% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Core Insights - Arcosa (ACA) reported quarterly earnings of $1.56 per share, exceeding the Zacks Consensus Estimate of $1.33 per share, and showing a significant increase from $0.91 per share a year ago [1][2] - The company achieved revenues of $797.8 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 2.68% and up from $640.4 million year-over-year [3] Earnings Performance - The earnings surprise for the quarter was +17.29%, and the company has surpassed consensus EPS estimates three times over the last four quarters [2] - In the previous quarter, Arcosa had an earnings surprise of +20.95%, with actual earnings of $1.27 per share compared to an expected $1.05 [2] Revenue Insights - Arcosa's revenue growth reflects a strong performance, having topped consensus revenue estimates two times in the last four quarters [3] - The current consensus EPS estimate for the upcoming quarter is $0.90 on revenues of $727.15 million, while for the current fiscal year, it is $3.99 on revenues of $2.87 billion [8] Market Performance - Arcosa shares have underperformed the market, losing about 3.7% since the beginning of the year, compared to a 17.2% gain in the S&P 500 [4] - The Zacks Industry Rank for Building Products - Miscellaneous places it in the bottom 37% of over 250 Zacks industries, indicating potential challenges ahead [9] Future Outlook - The earnings outlook will be crucial for investors, as it includes current consensus expectations and any recent changes in those expectations [5] - The estimate revisions trend for Arcosa was mixed prior to the earnings release, resulting in a Zacks Rank 3 (Hold), suggesting the stock is expected to perform in line with the market [7]

Financial Performance - Revenues for Q3 2025 reached $797.8 million, a 25% increase from $640.4 million in Q3 2024[3] - Net income surged to $73.0 million, up 340% from $16.6 million in the prior year[3] - Adjusted EBITDA increased by 53% to $174.2 million, with an Adjusted EBITDA margin expansion of 400 basis points to 21.8%[3][4] - Gross profit for Q3 2025 was $191.9 million, up 40.5% from $136.7 million in Q3 2024[26] - Net income for Q3 2025 was $73.0 million, compared to $16.6 million in Q3 2024, representing a 338.6% increase[26] - Adjusted net income for Q3 2025 was $77.3 million, significantly higher than $44.6 million in Q3 2024[31] - Operating profit for Q3 2025 was $112.3 million, a substantial increase from $33.8 million in Q3 2024[26] - Net income for the nine months ended September 30, 2025, was $156.3 million, up from $101.4 million in 2024, representing a 54.1% increase[34] Revenue Guidance - Full year 2025 revenue guidance is set between $2.86 billion and $2.91 billion, with Adjusted EBITDA guidance between $575 million and $585 million[10][9] - The company provided full-year 2025 revenue guidance between $2,860.0 million and $2,910.0 million[34] Segment Performance - The construction products segment reported a 46% revenue increase to $387.5 million, driven by the acquisition of Stavola[15] - Construction Products segment revenues for the three months ended September 30, 2025, were $387.5 million, up from $265.9 million in 2024, marking a 45.7% increase[36] - Engineered Structures segment revenues increased to $311.0 million for the three months ended September 30, 2025, compared to $279.4 million in 2024, a growth of 11.3%[36] - Transportation Products segment revenues for the three months ended September 30, 2025, were $99.3 million, slightly up from $95.1 million in 2024, a 2.2% increase[36] - Aggregates revenues for Q3 2025 reached $218.1 million, a 28% increase from $170.6 million in Q3 2024[38] - Freight-Adjusted Revenues for Construction Products in Q3 2025 were $352.3 million, up 45% from $243.2 million in Q3 2024[39] Cash Flow and Debt - Operating cash flow for Q3 was $160.6 million, an increase of 19% compared to the prior period[19] - Free Cash Flow for Q3 2025 was $134.0 million, a 25% increase from $107.2 million in Q3 2024[41] - The company ended Q3 with a Net Debt to Adjusted EBITDA ratio of 2.4x, improved from 2.8x at the end of Q2 2025[8][19] - Net Debt as of September 30, 2025, was $1,379.4 million, with a Net Debt to Adjusted EBITDA ratio of 2.4[42] Asset Management - Total current assets increased to $1,172.2 million as of September 30, 2025, compared to $954.0 million at the end of 2024[28] - Cash and cash equivalents rose to $220.0 million at the end of Q3 2025, up from $187.3 million at the end of 2024[28] - The backlog for utility and related structures was $461.5 million as of September 30, 2025, compared to $418.3 million a year earlier[27] Capital Expenditures - Capital expenditures for the nine months ended September 30, 2025, were $101.4 million, down from $136.4 million in the same period of 2024[29] Orders and Backlog - The barge business experienced a 22% revenue increase, with a backlog up 16% year-to-date, totaling $325.9 million[19] - The company received new wind tower orders totaling approximately $117 million, enhancing visibility for 2026 and 2027[7] Segment Challenges - Steel Components Adjusted EBITDA for Q3 2025 was $(1.3) million, a decline from $8.0 million in Q3 2024, indicating challenges in this segment[43] - Stavola Adjusted EBITDA for Q3 2025 was $44.5 million, consistent with the previous year, reflecting stable performance in this segment[43] Adjusted Metrics - For the three months ended September 30, 2025, diluted EPS increased to $1.48 from $0.34 in 2024, while adjusted diluted EPS rose to $1.56 from $0.91[32] - Adjusted EBITDA for the three months ended September 30, 2025, was $174.2 million, compared to $114.0 million in 2024, reflecting a 53% increase[36] - Adjusted EBITDA margin for the three months ended September 30, 2025, improved to 21.8% from 17.8% in 2024[34] - The adjusted segment EBITDA margin for Construction Products was 29.7% for the three months ended September 30, 2025, compared to 26.7% in 2024[36] Volume and Pricing - The aggregates business saw total volumes increase by 18% and pricing rise by 9%, leading to a 17% growth in Adjusted Cash Gross Profit per Ton[6][15] - Aggregates shipments increased to 9.9 tons in Q3 2025, compared to 8.4 tons in Q3 2024, indicating a growth in volume[38] - The Aggregates Freight-Adjusted Average Sales Price rose to $18.27 per ton in Q3 2025, up from $16.79 per ton in Q3 2024[38]

Core Insights - Arcosa, Inc. reported a significant increase in revenues for the third quarter of 2025, reaching $797.8 million, which represents a 25% increase compared to $640.4 million in the same period of 2024 [1] Financial Performance - Revenues for the third quarter of 2025 were $797.8 million, up from $640.4 million in 2024, indicating a 25% growth [1] - When excluding the impact of divested businesses, revenues for the third quarter of 2025 were $797.8 million compared to $626.8 million in 2024 [1]

Core Viewpoint - Crédit Agricole S.A. has announced the redemption of its outstanding USD Undated Deeply Subordinated Additional Tier 1 Fixed Rate Resettable Notes, with a total nominal amount of USD 457,689,000 remaining after a previous tender offer [2][3]. Group 1: Redemption Details - The redemption will take effect on December 23, 2025, and will include the outstanding nominal amount along with any accrued interest [2][4]. - The issuer previously repurchased USD 792,311,000 of the Notes through a tender offer conducted on September 2, 2025 [3]. Group 2: Terms and Conditions - On the redemption date, the redemption amount will be due and payable, and the Notes will cease to bear interest unless the redemption amount is improperly withheld [4]. - Holders of the Notes will receive formal notice of the redemption in accordance with the terms and conditions outlined in the original prospectus [4].