Everus Construction (NYSE:ECG) Q4 2025 Earnings call February 25, 2026 10:30 AM ET Speaker7Hello, thank you for standing by. My name is Regina, I will be your conference operator today. At this time, I would like to welcome everyone to the Everest Group, Ltd. Fourth Quarter 2025 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply pre ...

Chatham Lodging Trust (NYSE:CLDT) Q4 2025 Earnings call February 25, 2026 10:30 AM ET Speaker6Good morning, ladies and gentlemen, welcome to the Chatham Lodging Trust Fourth Quarter 2025 Financial Results Conference Call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call require immediate assistance, please press star zero for the operator. I would now like to turn the conference call over to Chris Da ...

Financial Data and Key Metrics Changes - Full-year Adjusted EBITDA was $634 million, with Adjusted net income at $7.56 per share, indicating a strong performance for the year [3][13] - Fourth quarter Adjusted EBITDA was $113 million, and Adjusted net income was $60 million, or $1.17 per share [13] - Liquidity improved by 49% to approximately $915 million, with shares outstanding reduced by 10% [7][19] Business Line Data and Key Metrics Changes - The refining segment generated $88 million of Adjusted EBITDA in the fourth quarter, down from $135 million in the third quarter [13][14] - Logistics segment Adjusted EBITDA was $30 million in the fourth quarter, compared to $37 million in the third quarter, with full-year logistics Adjusted EBITDA reaching a record $126 million [17] - Retail achieved a record $86 million in Adjusted EBITDA for the full year, up from $76 million in 2024 [18] Market Data and Key Metrics Changes - Combined refining index averaged $13.13 per barrel in the fourth quarter, down approximately $1.60 from the prior quarter [14] - Hawaii throughput averaged 84,000 barrels per day, approximately 4% above the prior three-year average [4] - Fourth quarter throughput in Hawaii was strong at 87,000 barrels per day, while Washington throughput was 37,000 barrels per day [10] Company Strategy and Development Direction - The company aims to improve mid-cycle earnings contribution through targeted high-return projects and maintain disciplined capital allocation [8] - Focus on safe startup and operational stability of the Hawaii renewables unit, with expectations for steady-state performance [6][8] - Strategy includes enhancing logistics integration, increasing distillate yield, and lowering cost structure to strengthen durability [8] Management's Comments on Operating Environment and Future Outlook - Management expressed a constructive medium-term economic outlook, citing improvements in policy backdrop [7] - The company is positioned to expand earnings power and drive long-term shareholder value, despite cyclical refining markets [8] - Management emphasized the importance of operational reliability and safety as foundational to financial success [4] Other Important Information - The company executed a successful turnaround in Montana and restored Wyoming operations ahead of schedule [4][10] - Cash from operations for the full year was $568 million, with significant cash generation supporting liquidity [19] - The company plans to monetize excess RIN inventory and is progressing on the redevelopment of Hawaii land [19][31] Q&A Session Summary Question: Capital allocation and share repurchases - Management indicated a flexible approach to capital allocation, considering both share repurchases and internal growth opportunities [23] Question: Q4 capture rates and outlook - Management explained that lower capture rates in the Rockies were due to coker downtime and a regional power outage impacting Wyoming [24][25] Question: External growth opportunities - Management discussed potential for retail integration and small acquisitions, emphasizing a disciplined approach to growth [28] Question: Sensitivity to WCS differential - Management noted that every dollar of WCS differential is worth around $15 million to $16 million annually, with favorable conditions expected [35][36]

Centuri (NYSE:CTRI) Q4 2025 Earnings call February 25, 2026 10:00 AM ET Company ParticipantsChris Brown - President and CEOChris Ellinghaus - Managing DirectorGregory Izenstark - Chief Financial OfficerJoseph O'Dea - Managing DirectorManish Somaiya - Managing Director and Senior EquityNate Tetlow - Vice President of Investor RelationsConference Call ParticipantsAvi Jaroslawicz - Director and Equity Research AnalystJustin Hauke - Senior Research AnalystSangita Jain - Senior Equity Research AnalystSherif El-S ...

Financial Data and Key Metrics Changes - In 2025, the company generated net sales of $3 billion, flat compared to 2024, with adjusted EBITDA of $83 million, resulting in a 2.8% adjusted EBITDA margin [14][26] - The net loss for Q4 2025 was $8.6 million, or $1.08 per share, primarily due to higher net interest expense and M&A-related expenses [21][27] - Adjusted net income for the full year was $7.8 million, or $0.97 per diluted share [27] Business Line Data and Key Metrics Changes - Specialty products net sales in Q4 2025 were $505 million, up over 4% year-over-year, driven by higher volumes and the addition of Disdero [22] - Structural products net sales were $211 million in Q4 2025, down 7% year-over-year, primarily due to lower pricing for lumber and panels [23] - Specialty gross margin was 18.1%, slightly down from 18.4% in the previous year, while structural gross margin was 10%, down from 10.8% [22][23] Market Data and Key Metrics Changes - The multifamily channel grew volumes by 19% in 2025, contributing significantly to the company's sales despite a challenging market [9][14] - Single-family housing starts were down 7% year-over-year in 2025, impacting overall market conditions [4] - Average lumber prices decreased by 12% and panel prices by 20% in Q4 2025 compared to the previous year [24] Company Strategy and Development Direction - The company is focused on profitable sales growth strategies, targeting both single and multi-family end markets with product and service expansions [4][8] - The acquisition of Disdero Lumber Co. is expected to enhance specialty product sales and strengthen the company's presence in the Western U.S. [12][13] - The company is investing in digital transformation and AI initiatives to improve operational efficiency and customer service [10][11] Management's Comments on Operating Environment and Future Outlook - Management views current market pressures as temporary, citing a persistent housing shortage and potential government policies that could stimulate recovery [16][18] - The company remains committed to its multifamily channel, anticipating long-term growth due to affordability challenges in housing [9][17] - Management expressed optimism about the potential for government proposals to boost the housing market [18] Other Important Information - The company generated operating cash flow of $62 million and free cash flow of $56 million in Q4 2025, reflecting effective working capital management [30] - Liquidity at the end of the year was $726 million, including $386 million in cash and cash equivalents [13][29] - The company completed $38 million in share repurchases in 2025, demonstrating a commitment to returning capital to shareholders [13][32] Q&A Session Summary Question: What were the primary drivers of the sequential improvement in specialty products gross margin? - Management indicated that part of the improvement was due to one-time rebate-related true-ups with a vendor, and the rest was attributed to maintaining pricing discipline in a challenging market [34] Question: Is EWP pricing stabilizing, and what is the broader pricing outlook? - Management agreed that EWP pricing has stabilized and expressed confidence in maintaining solid margins despite competitive pricing pressures [39] Question: What are the incremental costs associated with the AI focus versus traditional e-commerce platforms? - Management stated that incremental costs are currently unknown but expected to be immaterial compared to traditional e-commerce costs [73] Question: How is the company approaching M&A to complement Disdero? - The company is evaluating potential targets to grow its specialty product mix and support geographic expansion, with a pipeline of opportunities being nurtured [81]

Financial Data and Key Metrics Changes - Total revenues increased by 15.3% to over $1 billion, compared to $872.7 million in the previous year, marking an all-time high [10] - Adjusted EPS rose by 23.6% to $0.68, exceeding previous guidance by $0.04 [12] - Adjusted EBITDA was $214 million, up 17% from $182.9 million, with an improved margin on total revenues [13] Business Line Data and Key Metrics Changes - Leasing revenues increased by 13.6%, driven by strong activity in New York and Texas across retail, office, and industrial sectors [11] - Management and servicing revenues grew by 12% to over $1.24 billion, with a goal of exceeding $2 billion by 2029 [6] - Capital markets saw a 19.2% increase, reflecting significant activity in office, retail, and multifamily sectors [11] Market Data and Key Metrics Changes - Investment sales volumes increased by 50% in the fourth quarter, compared to 21% industry growth in the U.S. and 15% in Europe [7] - For the full year, investment sales volumes were up 56%, compared to 20% for overall U.S. volumes and 12% for Europe [7] - Debt origination volumes increased by 12%, with a 67% rise in 2025 origination volumes compared to a 43% increase in U.S. industry originations [7] Company Strategy and Development Direction - The company is focused on leveraging AI and digital infrastructure to enhance service offerings and drive growth [8] - Newmark aims to continue its international expansion and increase market share across nearly all business lines [7] - The strategy includes investing in talent and technology to improve efficiency and margin enhancement [8] Management's Comments on Operating Environment and Future Outlook - Management expects double-digit growth in both top and bottom lines for the third consecutive year in 2026, with record total revenues and Adjusted EPS [9] - The favorable macroeconomic backdrop for commercial real estate is anticipated to support continued growth [9] - Management highlighted the importance of AI as an accelerant for business opportunities and margin enhancement [20] Other Important Information - The company ended 2025 with $229.1 million in cash and cash equivalents and a net leverage of 0.8x [14] - Adjusted free cash flow increased by 38.4% for the year to $268.9 million [14] - The board of directors increased the share repurchase authorization to $400 million [13] Q&A Session Summary Question: AI's impact on office needs and staffing - Management noted that it is early to fully understand AI's impact, but it is seen as an accelerant for business opportunities [19][20] Question: Debt maturities and refinancing expectations - Management indicated that $2 trillion of debt is coming due over the next three years, with significant activity expected in the market [27][28] Question: Risks of property-level data becoming public - Management acknowledged that while some data is confidential, there are opportunities to use proprietary data to create value for clients [32][33] Question: Competitive landscape for talent - Management stated that recruiting remains strong, with a focus on providing a less crowded environment for brokers to thrive [64]

BKV (NYSE:BKV) Q4 2025 Earnings call February 25, 2026 10:00 AM ET Company ParticipantsBetty Jiang - Managing Director of US Integrateds and E&Ps Equities ResearchChris Kalnin - CEODavid Tameron - CFOEric Jacobsen - President of UpstreamJacob Roberts - DirectorJonathan Mardini - Equity Research AssociateMichael Furrow - VP of PEP ResearchMichael Hall - VP of Investor RelationsMichael Scialla - Managing DirectorPhu Pham - Equity Research AssociateScott Gruber - Director of Oilfield Services and Equipment Res ...

Federal Signal (NYSE:FSS) Q4 2025 Earnings call February 25, 2026 10:00 AM ET Company ParticipantsFelix Boeschen - Vice President of Corporate Strategy and Investor RelationsIan Hudson - SVP and CFOJennifer Sherman - President and CEOSteve Barger - Managing Director for Equity ResearchConference Call ParticipantsChris Moore - Senior Research AnalystGreg Burns - Senior Equity Research AnalystMike Shlisky - Managing Director and Senior Equity Research AnalystRoss Sparenblek - Research AnalystTim Thein - Manag ...

Euroseas (NasdaqCM:ESEA) Q4 2025 Earnings call February 25, 2026 10:00 AM ET Company ParticipantsAnastasios Aslidis - CFOAristides J. Pittas - Chairman and CEOCliment Molins - Head of Shipping ResearchConference Call ParticipantsMark Reichman - Senior Research Analyst, Natural ResourcesPoe Fratt - Research AnalystTate Sullivan - Managing Director and Senior Research AnalystOperatorThank you for standing by, ladies and gentlemen, and welcome to the Euroseas conference call on the fourth quarter 2025 financia ...

Centuri (NYSE:CTRI) Q4 2025 Earnings call February 25, 2026 10:00 AM ET Company ParticipantsChris Brown - President and CEOChris Ellinghaus - Managing DirectorGregory Izenstark - CFOJoseph O'Dea - Managing DirectorManish Somaiya - Managing Director and Senior EquityNate Tetlow - Vice President of Investor RelationsConference Call ParticipantsAvi Jaroslawicz - Director and Equity Research AnalystJustin Hauke - Senior Research AnalystSangita Jain - Senior Equity Research AnalystSherif El-Sabbahy - Vice Presid ...