MGP Ingredients press release ( MGPI ): Q4 Non-GAAP EPS of $0.63 beats by $0.13 . Revenue of $138.3M (-23.5% Y/Y) beats by $5.46M . Adjusted EBITDA decreased 51% to $26.1 million. Capital expenditures of $31.9 million declined 56% from the year-ago level, and were largely in line with the company's expectations. Cash flow from operations increased $19.3 million to record-high level of $121.5 milli...
MGP Ingredients press release ( MGPI ): Q4 Non-GAAP EPS of $0.63 beats by $0.13 . Revenue of $138.3M (-23.5% Y/Y) beats by $5.46M . Adjusted EBITDA decreased 51% to $26.1 million. Capital expenditures of $31.9 million declined 56% from the year-ago level, and were largely in line with the company's expectations. Cash flow from operations increased $19.3 million to record-high level of $121.5 million. Net debt leverage ratio stands at approximately 2.0x as of December 31, 2025. 2026 Financial Guidance The consolidated financial guidance for 2026 includes: Sales are projected to be in the range of $480 million to $500 million consensus is $510.87M. Adjusted EBITDA is expected to be in the range of $90 million to $98 million. Adjusted basic EPS is expected to be in the $1.50 to $1.80 range (consensus is $2.44) , with weighted average basic shares outstanding of approximately 21.4 million, and an effective tax rate of approximately 27%. Full year capital expenditures are expected to be approximately $20 million. More on MGP Ingredients MGP Ingredients Is Not Broken, It's Just Hungover Seeking Alpha’s Quant Rating on MGP Ingredients Historical earnings data for MGP Ingredients Dividend scorecard for MGP Ingredients Financial information for MGP Ingredients
Charles River Laboratories ( CRL ) has signed a definitive agreement to divest certain European assets within its Discovery Services business to IQVIA Holdings ( IQV ) for ~$145M in cash. In addition to the initial proceeds, the transaction includes potential additional payments to Charles River of up to $10M. Charles River will retain other drug discovery capabilities totaling ~40% of its Discove...
Charles River Laboratories ( CRL ) has signed a definitive agreement to divest certain European assets within its Discovery Services business to IQVIA Holdings ( IQV ) for ~$145M in cash. In addition to the initial proceeds, the transaction includes potential additional payments to Charles River of up to $10M. Charles River will retain other drug discovery capabilities totaling ~40% of its Discovery Services revenue in 2025. The transaction is expected to close during the second quarter of 2026, subject to customary closing conditions. Separately, Charles River has signed a definitive agreement to divest its CDMO and Cell Solutions businesses to GI Partners, primarily for future, contingent performance-based payments. It will sell its CDMO sites in Tennessee, Maryland, and the United Kingdom and its Cell Solutions site in California. The businesses generated combined annual revenue of $143M in 2025. This transaction is expected to close during the second quarter of 2026, subject to customary closing conditions. The company is updating its financial guidance for 2026 to reflect the impact of the planned divestitures. The planned divestitures are expected to reduce reported revenue by slightly more than $200M in 2026, including more than a 50-basis-point reduction to organic revenue growth guidance. As a result, 2026 revenue, including divestiture impact, is expected to fall 3.5%-5%, compared to at least flat to +1.5% growth expected previously. The transactions are expected to generate at least 100 basis points of incremental non-GAAP operating margin improvement in 2026 and add around $0.10 to non-GAAP earnings per share for the partial year. Adjusted EPS is now expected in the range of $10.80 - $11.30 vs. $10.70 - $11.20 previously expected. More on IQVIA, Charles River Laboratories Charles River Laboratories International, Inc. (CRL) Q4 2025 Earnings Call Transcript Charles River Laboratories Q4 Review: Approaching A Bottom Charles River Laboratories International...
designer491/iStock via Getty Images Co-authored with Dislocation Capital If traditional bonds are like sedans and common stocks are like sports cars, convertible bonds are more like all-terrain vehicles. Showing versatility, as they can cruise steadily for income when markets are calm, but when conditions shift in their favor, they can adapt to capture upside. A convertible bond is a loan to a com...
designer491/iStock via Getty Images Co-authored with Dislocation Capital If traditional bonds are like sedans and common stocks are like sports cars, convertible bonds are more like all-terrain vehicles. Showing versatility, as they can cruise steadily for income when markets are calm, but when conditions shift in their favor, they can adapt to capture upside. A convertible bond is a loan to a company that pays interest like a regular bond but also gives the issuer an option to convert it into stock if the share price rises. Technology and growth companies tend to prefer them since they allow them to raise capital without dilution and pay a lower interest to issuers who accept lower coupons in exchange for upside potential. Convertible bonds had a breakout year in 2025, with global issuance reaching a record $166.5B, with U.S. companies accounting for nearly three-quarters of the total ( Source ), and our expectation is that this trend will continue into 2026 with large refinancing needs coming up ahead ( Morgan Stanley estimates $1.25T in corporate bond activity tied to maturities, calls, & tenders). A key reason convertibles remain attractive to us is the ability of a single issuance to change character to adapt across market regimes, shifting between being more sensitive to equity moves, credit moves, or behaving like a hybrid that catches the best of both worlds in various environments. This creates opportunities for skilled active managers to reposition portfolios in ways that wouldn’t be possible for purely equity or credit portfolios—making this space more suitable for actively managed CEFs. This adaptability is evidenced by how these assets perform in rising-yield environments: when the 10-year Treasury yield has historically increased by more than 100 basis points, convertible returns have tended to track equities more closely than bonds, avoiding some of the duration-driven drawdowns typical of rate-sensitive credit instruments. Source Calamos Over full ma...
APi Group press release ( APG ): Q4 Non-GAAP EPS of $0.44 beats by $0.03 . Revenue of $2.12B (+14.0% Y/Y) beats by $30M . Reported net revenues increased by 13.8% (11.1% organic) driven by growth in inspection, service, and monitoring revenues, strong growth in project revenues, acquisitions, and pricing improvements. For the full year 2026, the company expects: Net Revenues of $8,400 to $8,600 mi...
APi Group press release ( APG ): Q4 Non-GAAP EPS of $0.44 beats by $0.03 . Revenue of $2.12B (+14.0% Y/Y) beats by $30M . Reported net revenues increased by 13.8% (11.1% organic) driven by growth in inspection, service, and monitoring revenues, strong growth in project revenues, acquisitions, and pricing improvements. For the full year 2026, the company expects: Net Revenues of $8,400 to $8,600 million vs $8.46B consensus Adjusted EBITDA of $1,140 to $1,200 million Adjusted Free Cash Flow Conversion of approximately 115%, based on adjusted net income For the first quarter of 2026, the company expects: Net Revenues of $1,875 to $1,975 million vs $1.89B consensus Adjusted EBITDA of $225 to $235 million More on APi Group APi Group Corporation (APG) Presents at Barclays 43rd Annual Industrial Select Conference Transcript APi Group Corporation (APG) Presents at Citi's Global Industrial Tech & Mobility Conference 2026 Transcript APi Group: An Interesting Safe Player APi Group Q4 2025 Earnings Preview Key deals this week: Pinterest, Enova International, APi Group, Intel and more
(RTTNews) - Thomson Reuters Corp. (TRI), the news tech major, Wednesday announced that it plans to repurchase up to $600 million of its common shares under an amended normal course issuer bid or NCIB and return $605 million to shareholders through a return of capital transaction.
(RTTNews) - Thomson Reuters Corp. (TRI), the news tech major, Wednesday announced that it plans to repurchase up to $600 million of its common shares under an amended normal course issuer bid or NCIB and return $605 million to shareholders through a return of capital transaction.
HNI Corporation press release ( HNI ): Q4 Non-GAAP EPS of $0.83 misses by $0.08 . Revenue of $888.4M (+38.3% Y/Y) beats by $190.89M . The Corporation expects Steelcase synergies of $120 million / non-GAAP diluted EPS accretion of $1.20 Strategic initiatives and expected synergies (KII / Steelcase) support outlook for a fifth straight year of double-digit non-GAAP EPS growth in 2026 with multiple y...
HNI Corporation press release ( HNI ): Q4 Non-GAAP EPS of $0.83 misses by $0.08 . Revenue of $888.4M (+38.3% Y/Y) beats by $190.89M . The Corporation expects Steelcase synergies of $120 million / non-GAAP diluted EPS accretion of $1.20 Strategic initiatives and expected synergies (KII / Steelcase) support outlook for a fifth straight year of double-digit non-GAAP EPS growth in 2026 with multiple years of elevated earnings growth visibility. Outlook Net Sales. For the full year, modest organic revenue growth is expected — with the consolidated Workplace Furnishings businesses expected to grow at a rate in the mid-single digit percentage range and the Residential Building Products segment expected to grow at a rate in the low-single digits. Including Steelcase, full-year consolidated net sales are expected to more than double year-over-year. The Corporation expects first quarter 2026 consolidated net sales to increase by more than 130 percent year-over-year, inclusive of Steelcase revenue. Non-GAAP diluted earnings per share for the full year is expected to grow at a double-digit pace for the fifth consecutive year (EPS estimated growth of 14.21% Y/Y) — with accelerating/double-digit growth in the second half expected to be driven by volume growth, accelerating productivity gains, and increased synergy recognition. In the first quarter of 2026, non-GAAP diluted EPS is expected to decrease slightly from 2025 levels. Temporary first-quarter earnings pressure is expected to be driven by revenue timing and increased investment. More on HNI Corporation HNI Corporation: Execution And Acquisitions In A Choppy Demand Environment HNI Corporation Q4 2025 Earnings Preview Seeking Alpha’s Quant Rating on HNI Corporation Historical earnings data for HNI Corporation Dividend scorecard for HNI Corporation
asbe Nasdaq ( NDAQ ) stock was trading higher as the financial exchange raised its mid-term guidance for revenue in certain units. Shares were +0.63% Wednesday pre-market to $81.62. The medium-term outlook considers a three-to-five-year period and assumes a stable market backdrop. The New York-based company said it now expects its capital access platforms revenue to grow by 6%-10%, compared to the...
asbe Nasdaq ( NDAQ ) stock was trading higher as the financial exchange raised its mid-term guidance for revenue in certain units. Shares were +0.63% Wednesday pre-market to $81.62. The medium-term outlook considers a three-to-five-year period and assumes a stable market backdrop. The New York-based company said it now expects its capital access platforms revenue to grow by 6%-10%, compared to the earlier outlook of a 5%-8% increase. Total solutions revenue growth is estimated to be 9%-12%, against the prior projection of 8%-11%. The raise comes amid an elevated outlook for the capital access platforms division and sustained growth expectations for its financial technology division. Nasdaq maintained its forecast for financial technology revenue growth of 10%-14% and non-GAAP operating expense rise of 5%-8%. Furthermore, the company reaffirmed its 2026 non-GAAP operating expense guidance at $2.455B-$2.535B. "Our increased outlook reflects the durability of Nasdaq's Solutions-led growth, the strength of client demand, and the importance of our mission-critical solutions," said Executive Vice President and CFO Sarah Youngwood. More on Nasdaq Dow Powers Past 50,000 - Momentum Or Market Euphoria? Nasdaq: Continues To Beat Expectations Nasdaq, Inc. 2025 Q4 - Results - Earnings Call Presentation NYSE, Nasdaq operating markets normally despite New York winter storm Insider trades: Microsoft, Walt Disney among notable names this week
TJX press release ( TJX ): Q4 Non-GAAP EPS of $1.43 beats by $0.05 . Revenue of $17.74B (+8.5% Y/Y) beats by $360M . Q4 consolidated comparable sales increased 5%, well above the Company’s plan For the first quarter of Fiscal 2027, the Company is planning consolidated comparable sales to be up 2% to 3%, pretax profit margin to be in the range of 10.3% to 10.4%, and diluted earnings per share to be...
TJX press release ( TJX ): Q4 Non-GAAP EPS of $1.43 beats by $0.05 . Revenue of $17.74B (+8.5% Y/Y) beats by $360M . Q4 consolidated comparable sales increased 5%, well above the Company’s plan For the first quarter of Fiscal 2027, the Company is planning consolidated comparable sales to be up 2% to 3%, pretax profit margin to be in the range of 10.3% to 10.4%, and diluted earnings per share to be in the range of $.97 to $.99 vs $1.02 consensus For the full year Fiscal 2027, the Company is planning consolidated comparable sales to be up 2% to 3%, pretax profit margin to be in the range of 11.7% to 11.8%, and diluted earnings per share to be in the range of $4.93 to $5.02 vs $5.17 consensus More on TJX TJX Companies: Rating Downgrade On Expensive Valuation TJX Q4 2026 Earnings Preview TJ Maxx to open its first store in New York City in more than a decade Seeking Alpha’s Quant Rating on TJX Historical earnings data for TJX
lzf/iStock via Getty Images Rocky Brands (NASDAQ: RCKY ) on Tuesday postmarket reported a revenue and profit beat for the fourth quarter, driven by solid demand for its products during the holiday season, and approved a $7.5M stock buyback. Shares of the outdoor footwear and clothing company are up more than 20% in premarket trading on Wednesday. The company said Q4 results were highlighted by str...
lzf/iStock via Getty Images Rocky Brands (NASDAQ: RCKY ) on Tuesday postmarket reported a revenue and profit beat for the fourth quarter, driven by solid demand for its products during the holiday season, and approved a $7.5M stock buyback. Shares of the outdoor footwear and clothing company are up more than 20% in premarket trading on Wednesday. The company said Q4 results were highlighted by strong demand in its direct-to-consumer channel led by XTRATUF, which delivered nearly triple-digit sales growth online amid higher tariffs and deteriorating U.S. consumer sentiment. Gross margin in Q4 was $57.7M, or 41.3% of net sales. The 20-basis-point decrease in gross margin was primarily attributable to a decrease in wholesale gross margins due to higher tariffs, the company said. Total debt at the end of the quarter was $122.6M, down 4.7% compared to $128.7M for the same period last year. For the three months ended December 31, Rocky Brands reported net income of $6.5M, or $0.86 per share, compared to $4.8M, or $0.64 earnings per share, for the same period last year. Adjusting for special items, the company earned 94 cents per share, blowing past the average analyst consensus by 46 cents. Revenue rose 9.1% to $139.7 M and also topped consensus. More on Rocky Brands Rocky Brands, Inc. (RCKY) Q4 2025 Earnings Call Transcript Rocky Brands: Falling Free Cash Flow Limits Upside For Now Rocky Brands forecasts 6% revenue growth for 2026 while increasing marketing investment Seeking Alpha’s Quant Rating on Rocky Brands Historical earnings data for Rocky Brands
Berkshire Hathaway (NYSE: BRKA) (NYSE: BRKB) has an unmatched history of beating the market over time. From the time Warren Buffett took over as CEO in 1964 through the end of 2025, Berkshire delivered a total return for investors of approximately 6,100,000%. That's not a typo, and it compares with a return of about 45,000% from the S&P 500. Warren Buffett himself cautioned investors a few years a...
Berkshire Hathaway (NYSE: BRKA) (NYSE: BRKB) has an unmatched history of beating the market over time. From the time Warren Buffett took over as CEO in 1964 through the end of 2025, Berkshire delivered a total return for investors of approximately 6,100,000%. That's not a typo, and it compares with a return of about 45,000% from the S&P 500. Warren Buffett himself cautioned investors a few years ago that the long-term returns going forward won't be anything close to what they've been throughout the company's history. In a nutshell, it's easier to produce 20% annualized returns when you have a billion dollars to deploy than when you have a trillion dollars. Image source: The Motley Fool. Continue reading
Earnings Call Insights: Marqeta, Inc. (MQ) Q4 2025 Management View CEO Mike Milotich announced, “Total processing volume, or TPV, was $109 billion in the fourth quarter, crossing the $100 billion threshold in a quarter for the first time in Marqeta's history,” noting a 36% year-over-year increase and marking the third consecutive quarter of accelerating TPV growth. Net revenue for Q4 reached $172 ...
Earnings Call Insights: Marqeta, Inc. (MQ) Q4 2025 Management View CEO Mike Milotich announced, “Total processing volume, or TPV, was $109 billion in the fourth quarter, crossing the $100 billion threshold in a quarter for the first time in Marqeta's history,” noting a 36% year-over-year increase and marking the third consecutive quarter of accelerating TPV growth. Net revenue for Q4 reached $172 million, up 27% year-over-year, and gross profit grew 22% to $120 million. Adjusted EBITDA was $31 million, an 18% margin, doubling year-over-year. Milotich highlighted “significant growth by deepening our existing customer relationships through seamless geographic, use case and value-added service expansion while also successfully onboarding and ramping new customers.” He emphasized the growth in Europe, with TPV in the region up more than twice as fast as the company overall and nearly 40% higher than Marqeta’s annual TPV in 2023. The acquisition of TransactPay was completed in Q3, enabling a comprehensive offering in the U.K. and EU. Expansion of the Uber Pro card program to the U.K. was cited as a key development, leveraging Marqeta’s white label app. Milotich underscored Marqeta’s leadership in lending and Buy Now, Pay Later (BNPL), stating, “Lending, including Buy Now, Pay Later, continues to be one of the most compelling and fastest-growing use cases.” The company signed a new BNPL provider, For Technologies, migrating its established program to Marqeta. The CEO noted, “Value-added services contributed over 7% of our gross profit with 18 of our top 20 customers utilizing at least one of our value-added services.” An enhanced real-time decisioning product using AI and machine learning was launched in Q4, with two customers signed for this capability. Milotich summarized, “Our financial performance in 2025 demonstrates what can be delivered when the business is firing on all cylinders. Our 24% gross profit growth and 26% adjusted EBITDA margin on gross profit has us on...
Trygve Finkelsen/iStock via Getty Images Riot Platforms ( RIOT ) has been one of the Bitcoin ( BTC-USD) miners I have followed closely but kept at arm's length for much of the past market cycle. I have only covered Riot once before here on Seeking Alpha. That was in 2023 , and it came with a Sell rating. My hesitation to own RIOT has not been about the quality of the miner’s assets. Anyone who loo...
Trygve Finkelsen/iStock via Getty Images Riot Platforms ( RIOT ) has been one of the Bitcoin ( BTC-USD) miners I have followed closely but kept at arm's length for much of the past market cycle. I have only covered Riot once before here on Seeking Alpha. That was in 2023 , and it came with a Sell rating. My hesitation to own RIOT has not been about the quality of the miner’s assets. Anyone who looks carefully at what Riot owns (especially in Texas, with the ERCOT interconnection and power agreements) knows that Riot's infrastructure is top-tier. My hesitation to own RIOT in the past has been about management's ability to clearly articulate its strategy to shareholders and to execute on commitments in a timely fashion. RIOT has not been a company with the cleanest execution record, for its scale, in my view. Take, for example, the Rhodium hosting contract inherited through the Whinstone acquisition, in which Riot bought Whinstone in 2021 for $651 million. That turned out to be a huge loss-making deal, which generated a gross loss of ~$15 million in FY24 alone, with nearly six years of term remaining on the contract at the time. Riot spent years in litigation over it before finally paying $185 million last year in April to buy out Rhodium and terminate that contract . That was a nine-figure consequence of poor diligence at acquisition. This was when my skepticism toward management grew. It is worth mentioning that the Whinstone acquisition itself, despite the Rhodium overhang, was genuinely transformative, as it gave Riot the Rockdale infrastructure. The current AI/HPC pivot timing is taking a similar trajectory; there has not been a clear roadmap to clearly articulate HPC/AI milestones to investors. Riot has the power assets and scale to have been one of the earliest movers to capitalize on the HPC/AI opportunity. While peers like Core Scientific ( CORZ ), Hut 8 ( HUT ), TeraWulf ( WULF ), and IREN ( IREN ) have all closed multi-billion-dollar HPC deals in the past t...
Rachata Amnataree/iStock via Getty Images Dear Baron Real Estate Income Fund Shareholder, In 2025, Baron Real Estate Income Fund® (the Fund)( BRIIX ) increased 3.74% (Institutional Shares), outperforming the MSCI US REIT Index (the REIT Index), which increased 1.68%. In the fourth quarter of 2025, the Fund modestly declined 0.40%, outperforming the REIT Index, which declined 1.99%. Annualized perf...
Rachata Amnataree/iStock via Getty Images Dear Baron Real Estate Income Fund Shareholder, In 2025, Baron Real Estate Income Fund® (the Fund)( BRIIX ) increased 3.74% (Institutional Shares), outperforming the MSCI US REIT Index (the REIT Index), which increased 1.68%. In the fourth quarter of 2025, the Fund modestly declined 0.40%, outperforming the REIT Index, which declined 1.99%. Annualized performance (%) for period ended December 31, 2025 Annualized performance (%) for period ended December 31, 2025 Fund Retail Shares 1,2 Fund Institutional Shares 1,2 MSCI US REIT Index 1 S&P 500 Index 1 QTD 3 (0.47) (0.40) (1.99) 2.66 1 Year 3.41 3.74 1.68 17.88 3 Years 11.72 12.04 7.06 23.01 5 Years 5.45 5.74 5.35 14.42 Since Inception (12/29/2017) 8.56 8.80 4.18 14.33 Since Inception (12/29/2017) (Cumulative) 3 92.84 96.38 38.72 191.98 Click to enlarge Performance listed in the above table is net of annual operating expenses. The gross annual expense ratio for the Retail Shares and Institutional Shares as of April 30, 2025 was 1.27% and 0.90%, respectively, but the net annual expense ratio was 1.05% and 0.80% (net of the Adviser’s fee waivers), respectively. The performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor’s shares, when redeemed, may be worth more or less than their original cost The Adviser waives and/or reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2036, unless renewed for another 11-year term and the Fund’s transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted. For performance information current to the most recent month end, visit BaronCapitalGroup.com or call 1-800-99-BARON. Following double-digit annual returns in 2024 (17.36%) ...