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Rithm Capital (RITM) - 2025 Q1 - Quarterly Report
2025-05-02 10:49
Financial Performance - The book value per common share decreased to $12.39 as of March 31, 2025, from $12.56 as of December 31, 2024, primarily due to a net income of $36.5 million and a dividend of $132.5 million for the three months ended March 31, 2025 [397]. - For the three months ended March 31, 2025, net income attributable to common stockholders was $36.5 million, a decrease of $226.7 million or approximately 86% compared to the prior quarter [509]. - Servicing revenue, net decreased by $1.1 billion to $28.9 million, primarily due to a $1.1 billion decrease in the fair value of the MSRs portfolio [512]. - Asset management revenues for the three months ended March 31, 2025, were $87.7 million, primarily driven by management fees and incentive income [499]. - Asset management revenues decreased by $171.2 million in Q1 2025 compared to the prior quarter, primarily due to the timing of incentive income crystallizations [524]. Economic Environment - The U.S. economy contracted by an annualized 0.3% in the first quarter of 2025, influenced by a surge in imports ahead of tariff impositions [399]. - The unemployment rate increased slightly to 4.2% in March 2025 from 4.1% in December 2024, with average payroll growth at 152,000 jobs per month in Q1 2025 [402]. - The nominal 10-year Treasury yield fell to 4.23% at the end of March 2025 from 4.58% in December 2024, reflecting lower real yields from Treasury Inflation Protected Securities (TIPS) [401]. - The 12-month increase in the overall Consumer Price Index (CPI) was 2.4% in March 2025, down from 2.9% in December 2024, signaling progress towards lower inflation [400]. - The overall economic outlook is uncertain due to changes in policies related to global trade, despite signs of labor market stability [399]. Company Operations - Rithm Capital's investment strategy includes exploring acquisitions and dispositions of assets, financing transactions, and other value-creating opportunities [395]. - The company operates through segments including Origination and Servicing, Investment Portfolio, Residential Transitional Lending, and Asset Management [407]. - The company has several wholly-owned subsidiaries providing various services in the mortgage and real estate sectors, enhancing its operational capabilities [440]. - The company has a multi-channel residential lending platform, providing a competitive advantage in originating both purchase and refinance loans across different market conditions [410]. Mortgage and Servicing Portfolio - As of March 31, 2025, Newrez serviced over 3.7 million customers with an aggregated unpaid principal balance (UPB) of approximately $786.6 billion, compared to $778.4 billion as of December 31, 2024 [410]. - The total servicing portfolio reached $844.9 billion UPB as of March 31, 2025, an increase of $1.0 billion from December 31, 2024 [412]. - The performing loan servicing division serviced $516.8 billion UPB of loans, while the special servicing division serviced $269.7 billion UPB of loans as of March 31, 2025 [412]. - The total UPB of MSRs and MSR financing receivables as of March 31, 2025, is $591.1 billion, with a carrying value of $10.1 billion [430]. - The delinquency rate for GSE loans is 0.3%, while the non-agency loans have a delinquency rate of 2.3% [432]. Financing and Liquidity - As of March 31, 2025, Rithm Capital had approximately $1.3 billion of available liquidity at NRM and Newrez, with $0.8 billion in excess of new regulatory liquidity requirements [541]. - Total outstanding debt obligations amounted to $32.5 billion as of March 31, 2025, including secured financing agreements and unsecured notes [545]. - Rithm Capital has margin exposure on $16.8 billion of secured financing agreements, which could significantly impact liquidity if collateral values decline [546]. - The total borrowing capacity under secured financing arrangements was $25.5 billion, with $11.6 billion of available financing [557]. - The company expects its cash on hand, cash flow from operations, and ability to refinance secured financing agreements to meet liquidity needs for the next 12 months [559]. Dividends and Shareholder Returns - Preferred dividends declared for the quarter ended March 31, 2025, were $27.3 million [567]. - Common dividends declared for the three months ended March 31, 2025, were $132.5 million [571]. Loan Origination and Performance - The origination business funded $11.8 billion in mortgages for the three months ended March 31, 2025, down from $17.3 billion in the prior quarter [418]. - Funded loan origination volume for Q1 2025 was $11.8 billion, down from $17.3 billion in the prior quarter, with refinance volume at 27.0%, down from 28.9% [519]. - Gain on originated residential mortgage loans as a percentage of pull through adjusted lock volume increased to 1.23% in Q1 2025, compared to 1.14% in the prior quarter [519]. - Refinance originations comprised 27.0% of funded loans for the three months ended March 31, 2025, down from 28.9% in the prior quarter due to lower refinance activity as interest rates remained elevated [417].
nVent(NVT) - 2025 Q1 - Quarterly Results
2025-05-02 10:47
Financial Performance - Reported sales in Q1 2025 totaled $809 million, representing an 11% increase year-over-year, with organic sales growth of 2%[4] - Earnings per diluted share (EPS) from continuing operations were $0.52, up 2%, while adjusted EPS was $0.67, reflecting a 10% increase[5] - Operating income for Q1 2025 was $130 million, down 1% from $132 million in Q1 2024, but adjusted operating income increased by 4% to $162 million[6] - The company reported a net income from continuing operations of $87 million for Q1 2025, compared to $85 million in Q1 2024[21] - Net income from continuing operations for Q1 2025 was $87.0 million, slightly up from $85.2 million in Q1 2024, reflecting a growth of 2.1%[25] - Total net sales for Q1 2025 reached $809.3 million, an increase of 10.5% compared to $732.1 million in Q1 2024[28] - Adjusted operating income for Q1 2025 was $162.2 million, up from $155.9 million in Q1 2024, indicating a growth of 4.0%[28] - The company’s total reportable segment income for Q1 2025 was $189.3 million, compared to $180.0 million in Q1 2024, indicating a growth of 5.0%[28] Cash Flow and Investments - Net cash provided by operating activities was $64 million, a 31% increase compared to $49 million in Q1 2024, with free cash flow of $44 million, up 32%[7] - Cash and cash equivalents at the end of Q1 2025 were $1,343.0 million, significantly higher than $201.4 million at the end of Q1 2024[25] - The company reported net cash provided by operating activities of continuing operations at $63.9 million for Q1 2025, compared to $48.6 million in Q1 2024, a growth of 31.7%[25] - The net cash provided by investing activities for Q1 2025 was $1,567.4 million, a significant increase from $(15.8) million in Q1 2024[25] - Free cash flow for Q1 2025 was reported at $44.4 million, up from $33.6 million in Q1 2024[40] Guidance and Projections - The company raised its full-year 2025 sales guidance to a growth range of 19% to 21%, up from the previous guidance of 8% to 10%[12] - Full-year 2025 adjusted EPS is now expected to be between $3.03 and $3.13, an increase from the prior guidance of $2.98 to $3.08[12] - The second quarter 2025 is projected to see reported sales growth of 22% to 24% and organic sales growth of 4% to 6%[13] - For Q2 2025, nVent forecasts organic net sales growth between 4% to 6%, with total net sales growth projected at 22% to 24%[38] - The full year 2025 organic net sales growth is expected to be between 5% to 7%, with total net sales growth estimated at 19% to 21%[38] Segment Performance - The return on sales for the Systems Protection segment was 20.5% in Q1 2025, down from 21.6% in Q1 2024[28] - The Systems Protection segment experienced a total net sales growth of 15.5% in Q1 2025, driven by a 16.2% contribution from acquisitions[37] - The Electrical Connections segment achieved an organic net sales growth of 3.9% in Q1 2025[37] - nVent reported a Q1 2025 organic net sales growth of 1.6%, with total net sales growth at 10.5% due to acquisitions[37] Acquisitions and Strategic Moves - The acquisition of Avail Electrical Products Group is expected to strengthen the company's position in high-growth infrastructure sectors, including power utilities and data centers[4] - nVent's total net sales growth for the year is influenced by a projected 14% contribution from acquisitions[38] Capital Expenditures - Capital expenditures for Q1 2025 were $21.1 million, up from $15.3 million in Q1 2024, reflecting an increase of 37.9%[25] - Capital expenditures for Q1 2025 amounted to $21.1 million, compared to $15.3 million in Q1 2024[40] Currency Impact - Currency effects negatively impacted organic net sales growth by 0.9% in Q1 2025[37] Dividends - Cash dividends of $0.20 per share were approved, payable on May 9, 2025[14]
Interface(TILE) - 2026 Q1 - Quarterly Results
2025-05-02 10:46
FOR IMMEDIATE RELEASE Media Contact: Christine Needles Global Corporate Communications Christine.Needles@interface.com +1 404-491-4660 Investor Contact: Bruce Hausmann Chief Financial Officer Bruce.Hausmann@interface.com +1 770-437-6802 Interface Reports First Quarter 2025 Results Delivered strong quarter; One Interface strategy continues to drive results ATLANTA – May 2, 2025 – Interface, Inc. (Nasdaq: TILE), a worldwide commercial flooring company and global leader in sustainability, today announced resul ...
Cinemark(CNK) - 2025 Q1 - Quarterly Report
2025-05-02 10:45
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | Commission | Exact Name of Registrant as Specified in its Charter, | State of | I.R.S. Employer | | --- | --- | --- | --- | | File Number | Principal Executive Office Address and Telephone Number | ...
Cinemark(CNK) - 2025 Q1 - Quarterly Results
2025-05-02 10:40
Exhibit 99.1 CINEMARK HOLDINGS, INC. REPORTS FIRST QUARTER 2025 RESULTS Cinemark delivered Total Revenue of $541 million, Net Loss of $(39) million, and Adjusted EBITDA of $36 million, with a 6.7% Adjusted EBITDA Margin North American industry box office momentum accelerated in April, nearly doubling year-over-year, leading into a blockbuster summer film slate Plano, TX, May 2, 2025 – Cinemark Holdings, Inc. (NYSE: CNK), one of the largest and most influential theatrical exhibition companies in the world, t ...
Terex (TEX) - 2025 Q1 - Quarterly Results
2025-05-02 10:36
Financial Performance - Terex reported Q1 2025 sales of $1.2 billion, with an operating margin of 5.6% and adjusted operating margin of 9.1%[5]. - The company achieved EPS of $0.31 and adjusted EPS of $0.83, compared to $1.60 and $1.74 in Q1 2024 respectively[6]. - Net sales for Q1 2025 were $1,229 million, a decrease of 4.9% compared to $1,292 million in Q1 2024[30]. - Gross profit for Q1 2025 was $230 million, representing a gross margin of 18.7%, down from 23.0% in Q1 2024[35]. - Operating profit decreased to $69 million in Q1 2025, with an operating margin of 5.6%, compared to $158 million and 12.2% in Q1 2024[30]. - Net income for Q1 2025 was $21 million, a significant decline from $109 million in Q1 2024, resulting in earnings per share of $0.32 compared to $1.62[30]. - Adjusted EBITDA for the three months ended March 31, 2025, was $128 million, with an adjusted EBITDA margin of 10.4%[40]. - The company's ROIC as of March 31, 2025, was 15.0%, indicating effective capital utilization[42]. - Operating profit as adjusted for the three months ended March 31, 2025, was $111 million, compared to $97 million in the previous quarter[44]. - The company reported an EBITDA margin of 8.7% for the three months ended March 31, 2025[40]. Sales and Bookings - Bookings increased by 5.3% sequentially to $1.5 billion, resulting in a book-to-bill ratio of 124%, led by Aerials at 144%[6]. - Net sales in the Aerials segment were $450 million, down 27.8% year-over-year, while Materials Processing saw net sales of $382 million, down 26.5%[11]. - Environmental Solutions Group contributed approximately one-third of Q1 sales, with net sales of $399 million, reflecting a 10.5% increase on a pro forma basis compared to Q1 2024[11]. - The Aerials segment saw net sales drop to $450 million in Q1 2025 from $623 million in Q1 2024, with an operating profit of only $2 million[30]. Financial Outlook - Terex maintains its full-year adjusted EPS outlook of $4.70 to $5.10 for 2025[5]. - The company expects full-year net sales between $5.3 billion and $5.5 billion, with an EBITDA of approximately $660 million[12]. - The company anticipates organic sales to decline by 8%-12% compared to 2024, with segment net sales outlooks indicating low to high single-digit changes across various segments[12]. - The company expects a free cash flow of $325 million for the year ending December 31, 2025, based on an outlook of $445 million in net cash provided by operating activities[34]. Liquidity and Capital Structure - As of March 31, 2025, Terex reported liquidity of $1.1 billion and returned $43 million to shareholders through dividends and share repurchases[11]. - Total assets increased to $5,840 million as of March 31, 2025, up from $5,730 million at the end of 2024[26]. - Cash and cash equivalents decreased to $298 million at the end of Q1 2025, down from $388 million at the beginning of the period[27]. - Total debt was $2,586 million as of March 31, 2025, with cash and cash equivalents of $298 million[44]. - Stockholders' equity as adjusted was $1,957 million as of March 31, 2025, compared to $1,908 million as of December 31, 2024[46]. Tax and Other Considerations - The effective tax rate for Q1 2025 was 20.3%, compared to 20.5% in Q1 2024[35]. - The annualized effective tax rate as adjusted for March 31, 2025, was 17.5%, up from 15.6% in the previous quarter[44]. - Terex is closely monitoring geopolitical and macroeconomic factors, including potential tariff impacts, while positioning itself as a more US-centric company[3]. Operational Strategy - The company plans to continue focusing on operational improvements and capital investments to drive future growth[42]. - The company reported a net cash used in operating activities of $21 million for Q1 2025, compared to $34 million used in Q1 2024[27].
Xenia Hotels & Resorts(XHR) - 2025 Q1 - Quarterly Results
2025-05-02 10:31
May 2, 2025 Date: XENIA HOTELS & RESORTS REPORTS FIRST QUARTER 2025 RESULTS Orlando, FL – May 2, 2025 – Xenia Hotels & Resorts, Inc. (NYSE: XHR) ("Xenia" or the "Company") today announced results for the quarter ended March 31, 2025. First Quarter 2025 Highlights "Our portfolio performance in the first quarter exceeded expectations and led to nearly 12% growth in Adjusted EBITDAre and nearly 16% growth in Adjusted FFO per share, as compared to the same period in 2024," said Marcel Verbaas, Chair and Chief E ...
Apollo Management(APO) - 2025 Q1 - Quarterly Results
2025-05-02 10:31
APOLLO Apollo Global Management, Inc. First Quarter 2025 Earnings First Quarter 2025 Financial Highlights | | 1Q'25 | Per Share | LTM 1Q'25 | Per Share | | --- | --- | --- | --- | --- | | GAAP Financial Measures ($ in millions, except per share amounts) | | | | | | Net Income Attributable to Apollo Global Management, Inc. Common Stockholders | $418 | $0.68 | | | | Segment and Non-GAAP Financial Measures ($ in millions, except per share amounts) | | | | | | Fee Related Earnings ("FRE") | $559 | $0.91 | $2,16 ...
Genworth(GNW) - 2025 Q1 - Quarterly Report
2025-05-02 10:31
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-32195 GENWORTH FINANCIAL, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of inc ...
AdvanSix(ASIX) - 2025 Q1 - Quarterly Results
2025-05-02 10:31
Financial Performance - 1Q25 sales reached $378 million, a 12% increase compared to the prior year, driven by a 7% increase in volume and 4% favorable market-based pricing [2][5][8]. - Net income for 1Q25 was $23.3 million, an increase of $40.7 million year-over-year, with adjusted earnings per share of $0.93, up $1.49 from the previous year [5][11]. - Adjusted EBITDA for the quarter was $51.6 million, a significant increase of $51.0 million compared to the prior year, with an adjusted EBITDA margin of 13.7%, up 1,350 basis points [5][10]. - Total sales for Q1 2025 reached $377.791 million, a 12.1% increase from $336.829 million in Q1 2024 [25]. - Net income for Q1 2025 was $23.344 million, compared to a net loss of $17.396 million in Q1 2024, marking a significant turnaround [25]. - Adjusted EBITDA for Q1 2025 was $51.626 million, with an adjusted EBITDA margin of 13.7%, up from 0.2% in Q1 2024 [30]. - Basic earnings per share (EPS) for Q1 2025 was $0.87, compared to a loss per share of $(0.65) in Q1 2024 [31]. Cash Flow and Capital Expenditures - Cash flow from operations improved to $11.4 million, an increase of $47.6 million year-over-year, while free cash flow was ($22.6) million, an improvement of $49.0 million [5][11]. - Capital expenditures for 1Q25 were $34.1 million, a decrease of $1.3 million compared to the prior year, with expectations for total capital expenditures of $145 to $155 million in 2025 [5][15]. - The company reported a free cash flow of $(22.619) million for Q1 2025, an improvement from $(71.590) million in Q1 2024 [28]. - Cash and cash equivalents decreased to $8.344 million at the end of Q1 2025, down from $19.564 million at the end of Q4 2024 [27]. Assets and Liabilities - Total current assets increased to $418.182 million as of March 31, 2025, compared to $387.116 million at December 31, 2024 [24]. - Total liabilities rose to $831.606 million as of March 31, 2025, up from $820.270 million at December 31, 2024 [24]. Strategic Focus and Market Conditions - The company anticipates a pre-tax income impact of plant turnarounds to be $25 to $30 million in 2025, down from approximately $58 million in 2024 [15]. - Strong demand for sulfur nutrition and tight North American ammonium sulfate supply are expected to support sulfur premiums at or near the high end of historical ranges [15]. - The company is focused on disciplined cost and cash management while maintaining investments for sustainable long-term performance [13]. - The company continues to leverage its competitive position in nylon to navigate a protracted downturn in the cycle due to global oversupply conditions [15]. Dividends and Investments - A quarterly cash dividend of $0.16 per share was declared, payable on May 27, 2025 [14]. - The company plans to invest approximately $25-$30 million in sulfuric acid operations for FY 2025 [34]. - The company experienced an unfavorable impact of approximately $17 million to pre-tax income due to maintenance during a planned plant turnaround [36].