Key Takeaways Westlake reported a Q4 net loss of $544M as sales fell 10.9% year over year.WLK's adjusted loss of 25 cents beat estimates despite lower prices and higher costs.WLK targets improved PEM EBITDA and expects HIP boost from ACI acquisition.Westlake Corporation (WLK) reported a loss of $544 million or $4.22 per share for the fourth quarter of 2025. This compares to a profit of $7 million or 6 cents per share in the year-ago quarter.Barring one-time items, adjusted loss per share came in at 25 cents ...

Core Insights - Pan American Silver Corp. (PAAS) achieved record revenues of $3.62 billion in 2025, a 28.4% increase from 2024, with Q4 revenues reaching $1.18 billion driven by higher metal prices and silver production [1][9] Production Performance - The company produced 22.8 million ounces of silver in 2025, an 8% increase from 2024, with a record 7.3 million ounces produced in Q4 2025 [2][9] - Gold production for 2025 was 742.2 thousand ounces, aligning with company guidance, and Q4 production was 197.8 thousand ounces [2] Strategic Developments - The acquisition of MAG Silver in early September positioned PAAS as a leading global silver producer, enhancing its silver reserve base with a 44% stake in the Juanicipio project [3] Future Outlook - For 2026, gold production is expected to be between 700 million and 750 million ounces, indicating a 2% year-over-year dip, while silver production is projected to rise to 25-27 million ounces, suggesting a 14% increase at the mid-point [4] Peer Comparisons - Avino Silver & Gold Mines Ltd. reported a 9% increase in silver-equivalent production in Q4 2025, while First Majestic Silver Corp. achieved a 37% year-over-year increase in AgEq ounces produced in the same quarter [5][6] Stock Performance and Valuation - PAAS shares increased by 168.8% over the past year, compared to the industry's growth of 233.5% and the Basic Materials sector's rise of 52.7% [8] - The current forward 12-month price-to-earnings multiple for PAAS is 16.62X, below the industry average of 21.21X [11] Earnings Estimates - The consensus estimate for 2026 earnings is $3.86 per share, reflecting a 51.9% year-over-year increase, with a 4.9% upward revision over the past 60 days [13]

Key Takeaways First Majestic shares surged 128% in 3 months, nearing a $27.90 52-week high.AG posted record Q4 output and 266% jump in cash flow to $250.4 million.First Majestic expanded via the Gatos Silver deal but trades at 68.34X forward P/E.Shares of First Majestic Silver Corp. (AG) have been showing impressive gains of late, trading close to its 52-week high of $27.90. The stock closed at $27.55 on Friday, 1.3% below the highest point. Shares of the precious metals mining company have surged 128.4% in ...

Key Takeaways CC reported a wider Q4 net loss as sales fell 2% and EBITDA slipped 24% year over year. Chemours saw 14% sales growth in Thermal & Specialized Solutions on strong refrigerant pricing. CC expects 3-5% sequential sales growth in Q1, with 2026 EBITDA guided at $800-$900 million. The Chemours Company (CC) reported a net loss of $47 million or 31 cents per share for the fourth quarter of 2025. This compares unfavorably with the year-ago quarter's net loss of $11 million or 8 cents.Barring one-time ...

Core Insights - Century Aluminum Company (CENX) reported earnings of 2 cents per share for Q4 2025, missing the Zacks Consensus Estimate of $1.25 and down from 47 cents in the prior year [1][6] Group 1: Revenues and Shipments - CENX reported net sales of $633.7 million, a 0.4% increase year over year, but below the Zacks Consensus Estimate of $737.9 million [2][6] - Primary aluminum shipments were 140,257 tons, representing a decline of approximately 16% year over year [2][6] Group 2: Financials - At the end of Q4 2025, CENX had cash and cash equivalents of $134.2 million, down 11.4% from the previous quarter [3] - Net cash provided by operating activities for the twelve months ended December 31, 2025, was $183.6 million [3] Group 3: Q1 Outlook - The company forecasts Q1 2026 adjusted EBITDA to be in the range of $215 million to $235 million, driven by increased metal pricing and regional premiums, but offset by higher energy costs in the U.S. due to Winter Storm Fern [4][6] Group 4: Stock Performance - Shares of Century Aluminum have increased by 183.8% over the past year, compared to the industry's growth of 45.7% [5][6] Group 5: Zacks Rank - CENX currently holds a Zacks Rank of 1 (Strong Buy) [8]

Core Insights - Newmont Corporation (NEM) reported fourth-quarter 2025 earnings of $1.19 per share, a decrease from $1.24 in the same quarter last year, but adjusted earnings rose to $2.52 per share from $1.40, exceeding the Zacks Consensus Estimate of $2.03 [1][8] Financial Performance - Revenues for the fourth quarter reached $6,818 million, a 20.6% increase from $5,652 million in the prior-year quarter, surpassing the Zacks Consensus Estimate of $6,056 million, driven by higher realized gold prices [2][8] - The company's cash and cash equivalents stood at $7,647 million, up 111.3% year over year, while long-term debt decreased by 32.3% to $5,115 million [5][8] Operational Highlights - Attributable gold production for the fourth quarter was 1.45 million ounces, a 2% increase from the previous quarter but down 23.7% year over year, exceeding the estimate of 1.42 million ounces [3][8] - Average realized gold prices increased by 59.5% year over year to $4,216 per ounce, surpassing the estimate of $3,560 per ounce [3][8] Cost Analysis - Costs applicable to sales (CAS) for gold were $1,166 per ounce, a 6.4% increase year over year, but below the estimate of $1,175 per ounce [4] - All-in-sustaining costs (AISC) for gold rose by 10.7% year over year to $1,620 per ounce, higher than the estimate of $1,531 per ounce [4] Future Outlook - Newmont anticipates gold production for 2026 to be approximately 5.26 million ounces, with projected total CAS for gold at $1,055 per ounce and AISC at $1,680 per ounce [6] - General and Administrative expenses for 2026 are expected to be around $375 million, with reclamation and remediation accretion projected at $385 million and exploration expenses at $525 million [6] Stock Performance - Newmont's shares have increased by 176.6% over the past year, outperforming the industry average rise of 144.4% [7][8]

Core Insights - CF Industries Holdings, Inc. reported fourth-quarter 2025 earnings of $2.59 per share, an increase from $1.89 in the same quarter last year, with adjusted earnings at $2.99 per share, surpassing the Zacks Consensus Estimate of $2.50 [1][8] - Net sales rose approximately 22.8% year over year to $1,872 million, exceeding the Zacks Consensus Estimate of $1,788.1 million [1][8] Sales Performance - Average selling prices increased due to strong global nitrogen demand and supply disruptions from geopolitical issues, although sales volumes were lower year over year due to decreased granular urea and ammonium nitrate sales [2] - Net sales in the Ammonia segment increased 23.8% to $708 million, surpassing the estimate of $524.2 million, with adjusted gross margin per ton rising due to higher average selling prices and reduced maintenance costs [3] - Sales in the Granular Urea segment rose 6.9% year over year to $372 million, missing the estimate of $402.8 million, with adjusted gross margin per ton increasing due to higher average selling prices [4] - Sales in the UAN segment increased around 51.6% year over year to $564 million, beating the estimate of $531.7 million, with adjusted gross margin per ton rising due to higher average selling prices [5] - Sales in the AN segment declined around 19.8% year over year to $81 million, missing the estimate of $100.9 million, although adjusted gross margin per ton increased due to higher average selling prices [6] Financial Overview - As of December 31, 2025, cash and cash equivalents were $1.98 billion, up 22.8% year over year, while long-term debt increased to $3,215 million, up 8.2% year over year [7] - Net cash provided by operating activities was $539 million in the reported quarter, up nearly 28.3% year over year [7] - The company repurchased 4.1 million shares for $340 million in the fourth quarter and 16.6 million shares for $1.34 billion during 2025 [7] Market Outlook - The global nitrogen outlook remains positive in the near term, supported by strong demand and tight supply, with India and Brazil being the largest importers of urea [8] - Supply constraints from disrupted Russian exports and gas shortages in Trinidad and Iran are affecting production, while North American ammonia supply is expected to be healthy [9] Stock Performance - Shares of CF Industries have gained 19.4% in the past year, compared to the 16.7% growth of the industry [10]

Core Insights - Reliance, Inc. reported profits of $116.5 million or $2.22 per share for Q4 2025, an increase from $105.3 million or $1.93 per share in the same quarter last year, but fell short of the Zacks Consensus Estimate of $2.80 per share [1] - The company achieved net sales of $3,498.6 million, reflecting a year-over-year increase of approximately 11.9%, surpassing the Zacks Consensus Estimate of $3,382.4 million [1] Segment Performance - Shipments increased by 5.8% year-over-year to 1,528.7 thousand tons, exceeding the estimate of 1,522.5 thousand tons, with the average selling price per ton rising 5.6% to $2,292, above the estimate of $2,271 [2] - Demand for non-residential construction, Reliance's largest end market, strengthened compared to Q4 2024, with expectations for continued healthy demand through Q1 2026 due to investments in data centers and public infrastructure [3] - The broader manufacturing market saw improved demand year-over-year, driven by growth in military, industrial machinery, and construction machinery sectors, with expectations for continued strength in Q1 [4] - Aerospace demand increased compared to the prior-year quarter, with expectations for consistent commercial aerospace demand in Q1 due to build-rate increases [5] - Demand for automotive toll processing services remained flat year-over-year, with steady performance expected in Q1, influenced by North American trade policy [6] - The semiconductor market experienced soft demand relative to Q4 2024, with elevated inventory levels impacting activity, and these headwinds are expected to persist into Q1 [7] Financial Position - As of December 31, 2025, Reliance held $216.6 million in cash and cash equivalents, with total outstanding debt of $1.43 billion, including $277 million borrowed under a $1.5 billion revolving credit facility [8] - The company generated $276.1 million in operating cash flow during Q4, demonstrating strong cash flow generation across various market conditions [8] - Reliance repurchased approximately 716,000 shares of common stock in Q4 at an average price of $279.30 per share, totaling $200.1 million [9] Outlook - Reliance anticipates healthy demand across diverse end markets in Q1, projecting a 5% to 7% increase in tons sold from the prior quarter [12] - The average selling price per ton is expected to rise by 3% to 5% sequentially, with a modest improvement in FIFO gross profit margin anticipated [13] - The company forecasts adjusted earnings per share in the range of $4.50 to $4.70 for Q1, accounting for an estimated LIFO expense of $25 million [13] Stock Performance - Reliance's shares have gained 11.2% over the past year, compared to the industry growth of 44.8% [14]

Core Insights - Nutrien Ltd. reported a significant profit increase to $580 million or $1.18 per share for Q4 2025, up from $118 million or 23 cents in the same quarter last year [1] - Adjusted earnings per share, excluding one-time items, were 83 cents, an increase from 31 cents year-over-year, although it fell short of the Zacks Consensus Estimate of 87 cents [1] - Sales rose approximately 5% year-over-year to $5,340 million, surpassing the Zacks Consensus Estimate of $5,207.3 million [1] Segment Performance - The Nutrien Ag Solutions (Retail) segment experienced a 1% decline in sales year-over-year, totaling $3,144 million, attributed to lower sales volumes and reduced demand for phosphate, yet it exceeded the estimate of $2,883.3 million [2] - The Potash division saw a 37% year-over-year increase in sales, reaching $736 million, although it missed the estimate of $857.9 million due to lower sales volumes [3] - The Nitrogen segment reported sales of $1,093 million, an 11% increase year-over-year, beating the estimate of $657.6 million, despite a decline in sales volumes due to facility shutdowns [4] - The Phosphate segment generated sales of $483 million, up around 17% year-over-year, exceeding the estimate of $288.1 million [4] Financial Overview - At the end of the quarter, Nutrien had cash and cash equivalents of $701 million, down approximately 18% year-over-year, while long-term debt increased by 5.3% to $9,350 million [5] - Cash provided from operating activities was reported at $2,977 million for the quarter [5] Future Outlook - The company projects retail adjusted EBITDA for 2026 to be between $1.75 billion and $1.95 billion, indicating high-single digit growth in proprietary products gross margins and mid-single digit increases in North American crop nutrient sales volumes [6] - Expected potash sales volumes are projected to be between 14.1 million and 14.8 million tons, while nitrogen sales volumes are forecasted at 9.2 million to 9.7 million tons [7] - Capital expenditures are anticipated to be between $2 billion and $2.1 billion, including $400 million for growth investments [8]

Core Insights - Kinross Gold Corporation (KGC) reported a profit of $906.5 million or 75 cents per share for the fourth quarter of 2025, a significant increase from $275.6 million or 22 cents per share in the same quarter last year [1][8] - Adjusted earnings were 67 cents per share, up from 20 cents in the prior-year quarter, surpassing the Zacks Consensus Estimate of 55 cents [1][8] Revenue Performance - Revenues rose approximately 43% year over year to $2,023 million in the fourth quarter, exceeding the Zacks Consensus Estimate of $1,874.4 million, driven by a higher average realized gold price [2][8] Operational Performance - The company produced 483,582 gold equivalent ounces in the reported quarter, a decrease of 3.5% year over year, but this figure surpassed the estimate of 452,757 gold equivalent ounces [3] - Average realized gold prices were $4,144 per ounce, up 56% from the previous year, and also beat the estimate of $4,080 per ounce [3] Cost Analysis - The production cost of sales per gold equivalent ounce was $1,297, an increase of 18.1% from the prior-year quarter, which was above the estimate of $1,218 [4] - All-in sustaining cost per gold equivalent ounce sold rose nearly 21% year over year to $1,825, also above the estimate of $1,823 [4] - Margin per gold equivalent ounce sold was $2,847 in the quarter, up from $1,565 in the prior-year quarter [4] Financial Position - Cash and cash equivalents were $1,742.3 million at the end of the quarter, reflecting an increase of around 185% year over year [5] - Long-term debt was $738.2 million at the end of the quarter, a decline of 40.3% [5] Future Outlook - Kinross expects to produce 2 million gold equivalent ounces (+/- 5%) on an attributable basis in 2026, with a production cost of sales per gold equivalent ounce of $1,360 (+/- 5%) and an all-in sustaining cost of $1,730 (+/- 5%) per ounce sold [6] - Annual production is estimated to remain stable at approximately 2 million attributable Au equivalent ounces (+/- 5%) in 2027 and 2028 [6] Stock Performance - Kinross' shares have surged 205.1% in the past year, compared to a 133.4% rise in the industry [7]