Financial Data and Key Metrics Changes - The company reported a net income of $169 million for the fourth quarter, resulting in an annualized return on equity of 13% [5] - For the full year, net income reached $738 million, with a return on equity of 14.3% [6] - Book value per share increased to $23.47, reflecting a 13% year-over-year growth [6] - Insurance in force grew to over $303 billion, marking a 3% increase from the previous year [7] - The in-force premium yield remained stable at 38 basis points for the quarter [14] Business Line Data and Key Metrics Changes - The company wrote $17 billion in new business during the fourth quarter and $60 billion for the full year, an 8% increase from the prior year [8] - The average credit score at origination for the insurance portfolio was 748, indicating solid credit quality [8] Market Data and Key Metrics Changes - The consensus mortgage origination forecasts suggest that the size of the mortgage insurance market in 2026 will be similar to that of 2025, with elevated mortgage rates expected [8] - Annual persistency remained stable at 85% throughout 2025, aligning with expectations [7] Company Strategy and Development Direction - The company aims to maintain a strong, well-diversified insurance portfolio while focusing on disciplined risk management and capital management strategies [9][10] - The reinsurance program was strengthened with a $250 million excess of loss transaction and a 40% quota share transaction covering most of the 2027 new insurance written [10] - The company is committed to enhancing housing affordability and actively participates in industry discussions to support responsible policy changes [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position and ability to execute business strategies in 2026 and beyond, despite challenges in housing affordability [20] - The company noted that while there is potential for increased refinance volume if mortgage rates decrease, this could lead to lower persistency [8][58] Other Important Information - The company paid a quarterly common stock dividend of $33 million and repurchased 6.8 million shares for $189 million in the fourth quarter [17] - For the full year, the company returned $915 million to shareholders, representing a 124% payout ratio of the year's net income [17] Q&A Session Summary Question: Price competition in the industry - Management noted that premiums remained stable and they were able to find value without major adjustments in premiums [25][26] Question: Potential reduction in FHA premiums - Management indicated that while affordability discussions are ongoing, there is no imminent indication of a reduction in FHA premiums [27] Question: Credit trends by region - Management reported no significant geographic movement in new delinquencies, with no areas of concern identified [30][32] Question: Reserve release comparison - Management explained that reserve releases are based on the comparison of initial estimates to current best estimates, with recent quarters showing different drivers for reserve development [33][36] Question: Composition of new delinquencies - Management stated that there has been no significant divergence in cure activity based on vintage, with recent vintages performing better than pre-COVID levels [40][42] Question: Improving returns on capital - Management emphasized the importance of a robust reinsurance program to enhance returns on equity, especially in a challenging market environment [46][47] Question: In-force premium yield decline - Management clarified that the slight decline in in-force premium yield was within the margin of flat and attributed it to increased business written due to refinance activity [54][55] Question: Default rate expectations - Management suggested that while there may be modestly higher delinquency rates in newer vintages, the overall impact on default rates is expected to be limited [60][62]

Hubbell (NYSE:HUBB) Q4 2025 Earnings call February 03, 2026 10:00 AM ET Company ParticipantsDan Innamorato - VP of Investor RelationsGerben Bakker - Chairman, President and CEOJoe Capozzoli - CFOConference Call ParticipantsAlexander Virgo - AnalystBrett Linzey - Managing Director and AnalystChad Dillard - AnalystChris Snyder - AnalystJeffrey Sprague - AnalystJohn O'Dea - AnalystJulian Mitchell - AnalystNigel Coe - AnalystScott Graham - AnalystStephen Tusa - AnalystTommy Moll - AnalystOperatorGood day, and t ...

Financial Data and Key Metrics Changes - Adjusted EBITDA for the first quarter was $27 million on sales of $343.8 million, representing a 7% increase in adjusted EBITDA compared to the prior year [5] - Gross margin improved by 200 basis points to 27.9% versus the prior year, driven by early savings from Project Apollo and improved product mix [5][12] - Net sales declined by 5.2% to $343.8 million, primarily due to a decline in the bakery business [5][11] Business Line Data and Key Metrics Changes - Food service segment net sales declined by $19.7 million, or 8.3%, to $219.2 million, with $18 million of the decline attributed to the lower-margin bakery business [11] - Handheld sales in the food service segment declined approximately $5 million, while soft pretzel sales increased by $3.6 million, or about 6.9% [11] - Retail segment net sales increased by $1.2 million, or 2.6%, to $45.9 million, driven by a $1.8 million increase in handheld volume [11] Market Data and Key Metrics Changes - The company experienced a dip in dollar sales in mid-November coinciding with a pause in SNAP benefits, impacting frozen novelties the most [6] - Dippin' Dots sales were up approximately 4% in the first quarter, fueled by retail growth and theater expansion [9] - The company anticipates incremental distribution gains across regional and national customers in fiscal 2026 [9] Company Strategy and Development Direction - The company is focused on higher-margin opportunities and operational excellence as part of its strategic direction [41] - Project Apollo is expected to deliver $20 million in run-rate operating income once fully implemented, with significant progress already made [7][29] - The company is committed to returning cash to shareholders, having completed a $42 million share repurchase and announced a new $50 million repurchase authorization [7][18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the theater performance for the balance of fiscal 2026, despite a disappointing box office performance in the first quarter [10] - The company expects to achieve low single-digit growth for the entire year, factoring in the impact of SKU rationalization [25][26] - Management believes commodity pricing will be more favorable this year compared to the previous year, which faced significant headwinds [32] Other Important Information - Operating expenses increased by $95.4 million, including non-recurring plant closure costs [14] - The effective tax rate was 27%, with reported earnings per diluted share at $0.05 compared to $0.26 last year [17] - The company generated approximately $36 million in operating cash flow and invested $19 million in capital expenditures during the quarter [17] Q&A Session Summary Question: Sales and SKU Rationalization Impact - Analyst inquired about the full-year sales expectations considering the SKU rationalization impact of about 3 percentage points [19] Response - Management indicated that despite the SKU rationalization, they expect low single-digit growth for the year, supported by new business and innovation [25][26] Question: Project Apollo Cost Savings - Analyst asked about the $20 million annual run rate for Project Apollo and what needs to happen to achieve it [28] Response - Management believes they will reach the $20 million run rate starting in Q2, with most of the work related to plant consolidation already completed [29] Question: Commodity Environment and Gross Margin - Analyst requested an update on commodity costs and their impact on gross margin moving forward [31] Response - Management noted that commodity pricing is expected to be more favorable this year, contributing to gross margin improvements [32]

Pfizer (NYSE:PFE) Q4 2025 Earnings call February 03, 2026 10:00 AM ET Company ParticipantsAamir Malik - Chief U.S. Commercial Officer and EVPAlbert Bourla - Chairman and CEOAlexandre de Germay - Chief International Commercial Officer and EVPChris Boshoff - Chief Scientific OfficerDave Denton - CFOFrancesca DeMartino - Chief Investor Relations Officer and SVPConference Call ParticipantsAkash Tewari - AnalystAlex Hammond - AnalystAsad Haider - AnalystChris Schott - AnalystCourtney Breen - AnalystDave Risinger ...

New Jersey Resources (NYSE:NJR) Q1 2026 Earnings call February 03, 2026 10:00 AM ET Company ParticipantsAdam Prior - Director of Investor RelationsChris Ellinghaus - Managing DirectorEli Jossen - VP of Equity ResearcHGabriel Moreen - Managing DirectorRoberto Bel - SVP and CFOStephen D. Westhoven - President and CEOConference Call ParticipantsJamieson Ward - VP and Equity Research AnalystTravis Miller - Senior Equity Analyst,OperatorGood morning, ladies and gentlemen, and thank you for standing by. My name i ...

Financial Data and Key Metrics Changes - The company reported a record EBITDA of $2.7 billion for Q4 2025, surpassing the previous record of $2.6 billion in Q4 2024 [4] - Net income attributable to common unit holders was $1.6 billion, or $0.75 per common unit on a fully diluted basis for Q4 2025 [11] - Adjusted cash flow from operations grew 5% to $2.4 billion in Q4 2025, leading to a record $8.7 billion for the full year [11][12] - The distribution declared for Q4 2025 was $0.55 per common unit, a 2.8% increase from Q4 2024 [11] Business Line Data and Key Metrics Changes - The company experienced weaker pay market margins in 2025, with RGP and PGP spreads dropping from $0.14 per pound in Q4 2024 to $0.03 per pound in Q4 2025 [5] - The company has fully contracted its ethane export terminals and processing trains, with expectations for modest growth in 2026 and double-digit growth in 2027 as assets ramp up [6][17] Market Data and Key Metrics Changes - Crude oil prices averaged about $12 per barrel lower than in 2024, impacting pricing and spreads [4] - The company loaded between 350 and 360 million barrels across 744 ships in 2025, with expectations to export near 1.5 million barrels a day of NGLs by next year [7][8] Company Strategy and Development Direction - The company aims for modest adjusted EBITDA and cash flow growth in 2026, with a target of 10% growth in 2027 [17] - The partnership with ExxonMobil is seen as a significant opportunity, with plans to expand the Bahia pipeline to 1 million barrels per day [14][68] - The company is focusing on long-term agreements with producers and petrochemical customers to support growth in various segments [15] Management's Comments on Operating Environment and Future Outlook - Management noted that the current operating environment is shaped by new market realities, including lower crude oil prices and weaker commodity-sensitive business performance [4][5] - The management expressed confidence in the company's ability to navigate challenges and highlighted strong customer relationships as a key driver of future success [11] Other Important Information - The company repurchased approximately $50 million of its common units in Q4 2025, totaling about $300 million for the year [12] - Total capital investments were $1.3 billion in Q4 2025, with $1 billion allocated for growth capital projects [13] Q&A Session Summary Question: Can you walk us through the 2026 growth outlook? - Management indicated that growth in 2026 is expected to be at the lower end of the 3%-5% range, with modest cash flow and EBITDA growth anticipated [26][28] Question: Can you expand on the NGL export cadence and earnings contribution? - Management explained that the ramp-up of earnings from the Matrix River expansion will continue into 2026, with full utilization expected by the second quarter [30] Question: How does EPD benefit from changes in Waha prices? - Management stated that the company benefits from both low and high Waha prices through gas transport capacity and storage assets [32] Question: What are producer customers saying about their plans for 2026? - Management reported that Midland volumes are outperforming expectations, with a record number of well connects and significant growth anticipated in the Delaware Basin [35] Question: Can you discuss the partnership with Exxon and future opportunities? - Management expressed optimism about the partnership with Exxon, highlighting multiple areas for collaboration and potential growth [68] Question: What is the outlook for the Haynesville Acadian expansion? - Management confirmed that the expansion is driven by a mix of private and public producers, enhancing the gathering system's capacity [82]

Financial Data and Key Metrics Changes - For the full year 2025, the company recorded revenues of $62.6 billion, a 2% operational decline from $63.6 billion in 2024. Excluding COVID-19 products, operational revenue growth was 6% [27] - Adjusted gross margins for the full year expanded to 76%, aligning with expectations [27] - Full year diluted EPS was $1.36, down from $1.41 in the previous year, while adjusted diluted EPS increased to $3.22 from $3.11, exceeding expectations [27][32] - In Q4 2025, revenues were $17.6 billion, a 3% operational decline year-over-year, primarily due to a 40% decline in COVID product revenues [28] Business Line Data and Key Metrics Changes - Recently launched and acquired products generated $10.2 billion in revenues for 2025, growing approximately 14% operationally [28] - Non-COVID product performance in Q4 was solid, with a 9% operational growth compared to the same period last year, driven by products like Abrysvo, Eliquis, Prevnar, and the Vyndaqel family [28][29] Market Data and Key Metrics Changes - The company anticipates a significant market opportunity in obesity treatments, targeting a $150 billion market with its differentiated Metsera pipeline portfolio [9] - The company captured 83% of new CGRP writer volume in Q4, maintaining leadership in new patient starts [8] Company Strategy and Development Direction - The company aims for industry-leading growth as key products lose patent or regulatory exclusivity in the coming years, focusing on maximizing the value of in-line product portfolios and accelerating pipeline development [5] - Strategic acquisitions, including Seagen, Metsera, and Biohaven, are expected to have transformative potential for the company [5] - The company is scaling artificial intelligence across R&D, manufacturing, and commercial operations to improve productivity and accelerate innovation [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to execute and deliver growth despite challenges, including the lowest COVID-19 season on record [4] - The company is focused on investing in key assets and managing upcoming loss of exclusivity (LOE) headwinds, with growth expected to be driven by an advancing R&D pipeline and business development initiatives [36] Other Important Information - The company returned $9.8 billion to shareholders via dividends in 2025 and invested $10.4 billion in internal R&D [35] - The company expects total revenues for 2026 to be in the range of $59.5 billion to $62.5 billion, with adjusted diluted EPS between $2.80 and $3.00 [36] Q&A Session Summary Question: Can you elaborate on the tolerability seen in the VESPER-3 data? - Management indicated that the tolerability data will be shared at the ADA conference, but initial observations showed no significant increase in discontinuations or severe adverse events when switching to a higher dose [41][42] Question: What role do you see for the drug with the current weight loss profile in the market? - Management believes the drug's efficacy combined with a lower medication burden through monthly dosing will resonate well with patients and providers, enhancing its commercial potential [47] Question: Did the placebo arm in VESPER-3 gain or lose weight? - The placebo arm remained stable, showing no significant weight gain or loss [62] Question: What are the expectations for the upcoming Phase III studies? - Management expressed confidence in the ongoing studies, highlighting the promising data from previous trials and the potential for differentiation in the market [80]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported FFO as adjusted of $0.47 per share and AFFO of $0.40 per share, with total same-store cash NOI growth of 3.9% [15] - For the full year 2025, FFO as adjusted was $1.84 per share and AFFO was $1.69 per share, with total same-store cash NOI growth of 4% [16] - The company ended the year with a net debt to adjusted EBITDA ratio of 5.2x and $2.4 billion in liquidity [19] Business Line Data and Key Metrics Changes - Outpatient medical segment represented over 50% of portfolio income, achieving 3.9% same-store growth and 91% total occupancy [3][16] - The lab segment ended the year with 1.5% same-store growth and total occupancy of 77%, impacted by the recent Gateway acquisition [17] - Senior housing segment reported 12.6% same-store growth, with 16.7% growth in Q4, driven by favorable supply and demand fundamentals [18] Market Data and Key Metrics Changes - The outpatient sector is benefiting from a shift in care delivery to lower-cost outpatient settings, supported by policy changes from CMS [4] - The Bay Area led all life science markets in Q4 2025 in absorption and leasing activity, with significant tenant demand [8] Company Strategy and Development Direction - The company is focused on strengthening its portfolio through strategic acquisitions, including the Gateway acquisition and the formation of a pure-play senior housing REIT, Janus Living [10][11] - The company plans to recycle capital through $1 billion or more in asset sales and recapitalizations in 2026 [21] - The company aims to leverage its strong market position and relationships to capture demand as the life science sector recovers [6] Management's Comments on Operating Environment and Future Outlook - Management noted an improvement in capital raising and M&A activity, indicating early signs of a recovery in the life science sector [5] - The company expects FFOs adjusted to range from $1.70 to $1.74 per share for 2026, with total same-store NOI growth forecasted between -1% to +1% [19] - Management highlighted the importance of maintaining a strong balance sheet and disciplined capital allocation to pursue strategic investments [19] Other Important Information - The company has $360 million of additional relationship-driven acquisitions in its senior housing pipeline, expected to close in Q1 2026 [12] - The company filed a confidential S-11 with the SEC for the Janus Living IPO, with expectations to close the offering in the first half of 2026 [13] Q&A Session Summary Question: Can you discuss the Gateway acquisition and its complement to the existing portfolio? - Management expressed excitement about the Gateway acquisition, viewing it as an opportunity rather than just taking on vacancy, and highlighted the strategic fit within their existing footprint [25][26] Question: What is the outlook for lab segment occupancy throughout the year? - Management indicated that total occupancy should improve by year-end 2026, contingent on continued positive trends in capital markets [28][30] Question: Can you provide details on the lab leasing activity under execution or LOI? - Management noted that the current pipeline is significantly improved compared to the previous year, with a shift towards new leasing [34][35] Question: What is the impact of lab occupancy losses on 2026 FFO? - Management clarified that the $0.12 impact on earnings is due to various factors, including occupancy losses and higher refinancing costs [41][42] Question: How is the company addressing the 2026 expirations for life science? - Management stated that a substantial majority of expirations are in South San Francisco, where they have strong tenant relationships, and they are optimistic about capturing renewals [61][62]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q1 2026 was $27 million on sales of $343.8 million, representing a 7% increase in adjusted EBITDA compared to the prior year [5] - Gross margin improved by 200 basis points to 27.9% versus the prior year, driven by early Apollo savings and improved product mix [5][12] - Net sales declined by 5.2% to $343.8 million, primarily due to a decline in the bakery business [5][11] Business Line Data and Key Metrics Changes - Food service segment net sales declined by $19.7 million, or 8.3%, to $219.2 million, with $18 million of the decline attributed to the lower-margin bakery business [11] - Handheld sales in the food service segment declined approximately $5 million, while soft pretzel sales increased by $3.6 million, or about 6.9% [11] - Retail segment net sales increased by $1.2 million, or 2.6%, to $45.9 million, driven by a $1.8 million increase in handheld volume [11] Market Data and Key Metrics Changes - Sales in the quarter were impacted by the government shutdown and the pause in SNAP benefits, with a noted dip in dollar sales in mid-November [6] - Dippin' Dots sales increased approximately 4% in Q1, fueled by retail growth and theater expansion [9] - The company saw improved theater trends in January, primarily from the success of the Avatar movie [10] Company Strategy and Development Direction - The company is focused on higher-margin opportunities and operational excellence as part of its transformation initiatives under Project Apollo [5][38] - A new $50 million share repurchase authorization was announced, demonstrating confidence in the business and commitment to returning cash to shareholders [7] - The innovation pipeline remains robust, with several new products set to launch in Q2 [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about achieving low single-digit growth for the full year despite a 3% impact from SKU rationalization [22] - The company anticipates achieving a $20 million annual run rate in cost savings from Project Apollo by Q2 [25][26] - Commodity pricing is expected to be more favorable this year compared to the previous year, which faced significant headwinds [29] Other Important Information - The effective tax rate was 27%, and on a reported basis, earnings per diluted share was $0.05 compared to $0.26 last year [15] - The company generated approximately $36 million in operating cash flow and invested $19 million in capital expenditures during the quarter [15] Q&A Session Summary Question: Sales and Project Apollo - Inquiry about the full-year sales expectations considering SKU rationalization and underlying growth objectives [17] - Management indicated that they expect low single-digit growth for the year despite the SKU impact [22] Question: Cost Savings from Project Apollo - Follow-up on the $20 million annual run rate for cost savings and the timeline for achieving it [25] - Management confirmed that they expect to reach the full run rate in Q2 [26] Question: Commodity Environment and Gross Margin - Question regarding the current commodity environment and its impact on gross margin [27] - Management noted that commodity pricing is expected to be more favorable this year, contributing to gross margin improvements [29]

Hubbell (NYSE:HUBB) Q4 2025 Earnings call February 03, 2026 10:00 AM ET Speaker2Good day, and thank you for standing by. Welcome to the fourth quarter 2025 Hubbell Incorporated Earnings Conference Call. At this time, all participants are in listen-only mode. After the speaker's presentation, there'll be a question and answer session. To ask a question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw y ...