Earnings Call Transcripts
Access detailed transcripts and key takeaways from company earnings calls
All Earnings Calls
"Cousins Properties" Second Quarter 2025 Earnings Call - Sun Belt Office Rebound, Accretive Uptown Dallas Buy
Cousins delivered a quietly impressive quarter that pushes back against the narrative that office REITs cannot grow. Q2 FFO came in at $0.70, a penny above consensus, same-property cash NOI rose, leas...
- Q2 FFO of $0.70 beat consensus by $0.01; company raised 2025 FFO guidance to $2.79–$2.85, midpoint $2.82, a 4.8% increase over 2024.
- Same-property performance: GAAP NOI up 3.2% year over year in Q2, cash NOI up 1.2% in the quarter and 1.6% year to date on a cash basis.
- Leasing momentum strong: 334,000 square feet completed in Q2, with 80% of that volume new or expansion leases and a weighted average lease term of 7.9 years.
- +12 more takeaways
Scorpio Tankers Second Quarter 2025 Earnings Call - Built Liquidity and Structural Tightness Point to Sustained Rate Strength
Scorpio Tankers closed Q2 with powerful cash generation and an intentionally conservative balance sheet. Adjusted EBITDA hit $144.5 million, adjusted net income $67.8 million, and operating cash flow ...
- Q2 adjusted EBITDA was $144.5 million, adjusted net income was $67.8 million, or $1.41 per diluted share.
- Operating cash flow excluding working capital changes exceeded $130 million in Q2 and about $240 million year to date.
- Total liquidity is about $1.4 billion, including $472 million cash and roughly $834 million of undrawn revolvers, plus the DHT stake.
- +15 more takeaways
Patria Investments Q2 2025 Earnings Call - Lifts 2025 Fundraising Target on Strong Organic Flows and Strategic REIT Acquisitions
Patria used the second quarter to prove a point — diversify and scale, and the dollars follow. Q2 showed robust organic flows, disciplined expense control, and opportunistic M&A that together prompted...
- Raised full-year 2025 fundraising guidance to $6.3–$6.6 billion, up 5%–10% from the original $6.0 billion target.
- Q2 2025 fundraising was $1.3 billion; H1 2025 total fundraising reached approximately $4.5 billion (about 75% of original 2025 target).
- Fee-related earnings (FRE) in Q2 were $46.1 million, up 8% sequentially and 17% year over year; FRE per share was $0.29.
- +16 more takeaways
Casella Waste Systems Q2 2025 Earnings Call - Acquisitions Lift Revenue, Mid Atlantic Integration Temporarily Squeezes Margins
Casella posted a loud top-line quarter, driven mostly by dealmaking. Q2 revenue jumped 23.4% to $465.3 million, with roughly $67 million coming from acquisitions and healthy organic pricing contributi...
- Revenue of $465.3 million in Q2, up 23.4% year over year, driven by $67.1 million of acquisition-related contribution and $21 million (5.6%) organic growth.
- Adjusted EBITDA was $109.5 million, up 19.5% year over year, but adjusted EBITDA margin slipped to 23.5%, down roughly 75 basis points versus last year.
- Acquisitions diluted margin performance by about 85 basis points; same-store legacy operations expanded margins by roughly 10 basis points and the broader legacy footprint showed over 100 basis points of margin improvement.
- +14 more takeaways
Hayward Holdings Q2 2025 Earnings Call - Record Margins, Tariff Shock Absorbed, Leverage Falls to 2.1x
Hayward posted a clean quarter: net sales up 5% to about $300m, adjusted EBITDA $88m and adjusted diluted EPS $0.24, while gross margin hit a quarterly record 52.7%. Management credits a mix of operat...
- Net sales +5% year over year to ~ $300m, driven by +5% net price, -2% volume and +2% from the ClorKing acquisition.
- Record consolidated gross profit margin of 52.7%, the tenth consecutive quarter of year over year gross margin expansion.
- Adjusted EBITDA $88m, up 7% year over year; adjusted EBITDA margin 29.5%; adjusted diluted EPS $0.24, up 14%.
- +12 more takeaways
Federated Hermes, Inc. Second Quarter 2025 Earnings Call - Record AUM Led by Money Markets and MDT Equity Flows, Tokenization in Motion
Federated Hermes closed Q2 2025 with record AUM of $846 billion, driven by a surge in money market assets and strong net sales into MDT equity strategies. Management highlighted continued momentum in ...
- Record AUM of $846 billion at end of Q2 2025, led by equity gains and money market inflows.
- Equity assets grew $8.1 billion quarter over quarter, a 10% increase; Q2 equity net sales were $1.8 billion, ~9% organic growth.
- MDT fundamental quant strategies drove strong demand, with $3.8 billion of net sales in Q2, up from $3.3 billion in Q1.
- +16 more takeaways
Harley Davidson Second Quarter 2025 Earnings Call - HDFS minority sale unlocks $1.25B cash, transforms financing model
Harley Davidson used its HDFS carve‑out to crystallize value and buy time. The company sold two 4.9% stakes in Harley Davidson Financial Services to KKR and PIMCO at roughly 1.75x post‑transaction boo...
- HDFS strategic transaction: Harley sold two minority equity stakes in HDFS to KKR and PIMCO, each taking a 4.9% interest, after a multi‑party auction process.
- Valuation and proceeds: The partners valued HDFS equity at about 1.75x post‑transaction book value, implying roughly $500M of equity value and enabling HDFS to distribute approximately $1.25B to Harley Davidson.
- Immediate P&L boost: Harley expects HDFS to contribute an incremental $275M to $300M of operating income in fiscal 2025 from the receivable sales and reserve releases.
- +14 more takeaways
SM Energy Company Q2 2025 Earnings Call - Uinta outperformance drove the quarter, balance sheet now buys optionality
SM Energy leaned into operational proof this quarter. A step-up in Uinta well performance and measurable capital efficiency produced a meaningful production beat and moved volumes earlier in the year....
- Q2 production beat was driven primarily by Uinta Basin outperformance, with wells delivering higher early rates despite shorter laterals.
- Uinta well performance and completion design gains came from combining SM’s technical work with XCL’s former operational execution, producing repeatable uplift and lower well costs.
- Capital efficiency improved in the Uinta, aided by infrastructure work such as the conveyor system referenced on slide 11, with well costs trending down.
- +11 more takeaways
OGE Energy Corp Second Quarter 2025 Earnings Call - On track for top-half guidance as CWIP clears path for faster gas and transmission builds
OGE reported consolidated Q2 EPS of $0.53, with the electric utility core generating $108 million of net income and weather normalized load up 6.5% year to date. Management is confident it will finish...
- Consolidated Q2 2025 EPS was $0.53, consolidated net income $108 million.
- Electric company net income for Q2 was $108 million, down slightly versus the prior year period due to milder weather and higher interest and depreciation on a larger asset base.
- Management expects to deliver consolidated results in the top half of 2025 guidance, and to sustain a consolidated earnings growth target of 5% to 7% based on the midpoint.
- +14 more takeaways
Park Hotels & Resorts Inc. Second Quarter 2025 Earnings Call - Portfolio reshaping and cost cuts offset softer RevPAR, targeting $300 to $400 million in non-core dispositions
Park marketed a game of surgical cleanup this quarter, trading slower top line for a cleaner, higher quality portfolio and tighter expense control. Reported Q2 RevPAR was $196, down 160 basis points, ...
- Q2 reported RevPAR was $196, down 160 basis points year over year, but excluding Hilton Hawaiian Village and Royal Palm South Beach RevPAR would have been up more than 2 percent.
- Total hotel revenues were $645 million, hotel adjusted EBITDA was $191 million and consolidated adjusted EBITDA was $183 million for the quarter; adjusted FFO per share was $0.64, above expectations.
- Management lowered full-year RevPAR guidance to negative 2 percent to flat, but raised adjusted EBITDA midpoint by $2 million to $620 million and raised adjusted FFO per share midpoint to $1.95.
- +12 more takeaways