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May 5, 2025 4:42 pm

NUBURU Issues Notice and Plan for Resolution of Non-Compliance with NYSE Stockholders’ Equity Rule/Going Concern Qualification

NUBURU Issues Notice and Plan for Resolution of Non-Compliance with NYSE Stockholders’ Equity Rule/Going Concern Qualification

CENTENNIAL, Colo.–(BUSINESS WIRE)–NUBURU, Inc. (“NUBURU” or the “Company”) (NYSE American: BURU) today announced that it received a Notice of Noncompliance (the “Notice”) from NYSE Regulation indicating that the Company was not in compliance with Section 1003(a)(i) of the NYSE American LLC Company Guide (the “Company Guide”), which requires a company to maintain stockholders’ equity of $2.0 million or more if it has reported losses from continuing operations or net losses in two of its three most recent fiscal years. As disclosed in the Company’s most recent Annual Report on Form 10-K (the “10-K”), it has sustained and continues to experience operating losses and negative cash flows from operating activities and there is no assurance that the Company will be able to raise sufficient capital in the future, all of which contributed to the Company having negative stockholders’ equity, raise substantial doubt about the Company’s ability to continue as a going concern, and resulted in the Company’s independent auditor including a going concern qualification in its audit opinion included with the 10-K.

The Notice has no immediate effect on the listing or trading of the Company’s securities and the Company’s common stock will continue to trade on the NYSE American under the symbol “BURU” with the designation of “.BC” to indicate that the Company is not in compliance with the NYSE American’s continued listing standards.

As required by the Company Guide, the Company will submit a detailed plan by May 29, 2025, advising of actions it has taken or will take to regain compliance with the continued listing standards by the compliance deadline of October 29, 2026. If NYSE Regulation determines to accept the plan, the Company will be subject to periodic reviews, including quarterly monitoring for compliance. If the plan is not accepted, or the Company does not make progress under the plan during the plan period, NYSE may commence delisting proceedings. However, the Company is entitled to appeal a staff delisting determination in accordance with the Company Guide.

The Company believes that, upon consummation of certain of the transactions that it has recently announced, it will be able to regain compliance. However, such transactions are subject to regulatory approvals, stockholder approval, and other closing conditions and, as a result, may not be consummated. Even if consummated, such transactions may not achieve the anticipated results or benefits to the Company.

About NUBURU

NUBURU, Inc. was founded in 2015 as a developer and manufacturer of industrial blue laser technology that is transforming the speed and quality of laser-based manufacturing. Under its new management team led by Executive Chairman Alessandro Zamboni, NUBURU is executing a comprehensive growth and diversification strategy, expanding into complementary domains such as defense-tech, security, and operational resilience solutions. NUBURU is leveraging strategic partnerships and acquisitions to accelerate growth in high-value sectors. For more information, visit www.nuburu.net

Forward-Looking Statements

This press release contains certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this press release may be forward-looking statements. Some of these forward-looking statements can be identified by the use of forward-looking words, including “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “plan,” “seek,” “targets,” “projects,” “could,” “would,” “continue,” “forecast” or the negatives of these terms or variations of them or similar expressions. All forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. All forward-looking statements are based upon estimates, forecasts, and assumptions that, while considered reasonable by the Company and its management, are inherently uncertain. Many factors may cause the Company’s actual results to differ materially from current expectations, including but are not limited to: (1) the ability to meet security exchange listing standards; (2) the impact of the previously announced foreclosure, which resulted in the loss of the Company’s patent portfolio; (3) failure to achieve expectations regarding business development and the Company’s announced acquisition strategy; (4) the inability to access sufficient capital to operate or pursue the Company’s strategy; (5) the inability of the Company to grow and manage growth profitably, maintain relationships with customers and suppliers, and retain its management and key employees; (6) changes in applicable laws or regulations; (7) adverse impacts of general economic, business, and competitive factors; (8) volatility in the financial system and markets; (9) the inability to consummate recently announced transactions or realize the anticipated benefits from such transactions; and (10) other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s most recent periodic report on Form 10-K or Form 10-Q and other documents filed with the SEC from time to time. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Company does not give any assurance that it will achieve its expected results. The Company assumes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by applicable law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250505318189/en/

NUBURU, Inc. (NYSE American: BURU)

Investor Relations: [email protected]

Media Contact: [email protected]

Website: www.nuburu.net

KEYWORDS: United States North America Colorado

INDUSTRY KEYWORDS: Professional Services Defense Security Technology Fintech Other Defense Hardware

MEDIA:

May 5, 2025 4:42 pm

New Jersey Resources Reports Fiscal 2025 Second-Quarter Results

New Jersey Resources Reports Fiscal 2025 Second-Quarter Results

WALL, N.J.–(BUSINESS WIRE)–
New Jersey Resources Corporation (NYSE: NJR) today reported financial and operating results for its fiscal 2025 second quarter ended March 31, 2025.

Highlights include:

Fiscal 2025 second-quarter consolidated net income of $204.3 million, or $2.04 per share, compared with net income of $120.8 million, or $1.23 per share, in the second quarter of fiscal 2024
Consolidated net financial earnings (NFE), a non-GAAP financial measure, of $178.3 million, or $1.78 per share, in the second-quarter of fiscal 2025, compared to NFE of $138.6 million, or $1.41 per share, in the second quarter of fiscal 2024
Fiscal 2025 year-to-date net income totaled $335.6 million, or $3.35 per share, compared with $210.2 million, or $2.14 per share, for the same period in fiscal 2024
Fiscal 2025 year-to-date NFE totaled $307.2 million, or $3.07 per share, compared with $211.0 million, or $2.15 per share, for the same period in fiscal 2024

Fiscal 2025 Outlook

Increases fiscal 2025 net financial earnings per share (NFEPS) guidance to a range of $3.15 to $3.30, from $3.05 to $3.20, a $0.10 increase, as a result of outperformance from Energy Services during the winter period
Maintains 7 to 9 percent long-term NFEPS growth target, based off of a target of $2.83 per share for fiscal 2025

Management Commentary

Steve Westhoven, President and CEO of New Jersey Resources, stated, “We continued to execute our strategy to deliver stable growth through our diversified business model. Our second-quarter performance exceeded expectations, largely driven by natural gas price volatility that benefited Energy Services during the winter period. Overall, we believe these results highlight the strength of our complementary portfolio and the value of our physical infrastructure.”

Performance Metrics

	Three Months Ended				Six Months Ended
	March 31,				March 31,
($ in Thousands)		2025		2024		2025		2024
Net income	$	204,287	$	120,812	$	335,606	$	210,223
Basic EPS	$	2.04	$	1.23	$	3.35	$	2.14
Net financial earnings*	$	178,296	$	138,576	$	307,190	$	211,020
Basic net financial earnings per share*	$	1.78	$	1.41	$	3.07	$	2.15
*A reconciliation of net income to NFE for the three and six months ended March 31, 2025 and 2024 is provided in the financial statements below.

Net financial earnings (loss) by business segment

	Three Months Ended						Six Months Ended
	March 31,						March 31,
(Thousands)		2025			2024			2025			2024
New Jersey Natural Gas	$	144,531		$	107,095		$	211,439		$	158,539
Clean Energy Ventures		(3,958	)		(5,616	)		44,172			4,906
Storage and Transportation		2,343			1,981			8,007			5,621
Energy Services		35,301			37,644			43,134			45,475
Home Services and Other		(678	)		384			(63	)		(216	)
Subtotal		177,539			141,488			306,689			214,325
Eliminations		757			(2,912	)		501			(3,305	)
*Total*	$	178,296		$	138,576		$	307,190		$	211,020

Fiscal 2025 NFEPS Guidance:

NJR is raising its fiscal 2025 NFEPS guidance range by $0.10 to a range of $3.15 to $3.30, subject to the risks and uncertainties identified below under “Forward-Looking Statements.” Fiscal 2025 NFEPS guidance is higher than the range implied by our 7 to 9 percent long-term NFEPS growth target as a result of the gain from the sale of NJR’s residential solar portfolio and strong performance from Energy Services.

The following chart represents NJR’s current expected NFE contributions from its business segments for fiscal 2025 (which takes into account the impact of the gain from the sale of NJR’s residential solar portfolio in the first quarter of fiscal 2025):

Segment	Expected fiscal 2025 net financial earnings contribution
New Jersey Natural Gas	65 to 68 percent
Clean Energy Ventures	19 to 22 percent
Storage and Transportation	4 to 6 percent
Energy Services	9 to 11 percent
Home Services and Other	0 to 1 percent

In providing fiscal 2025 NFE guidance, management is aware there could be differences between reported GAAP net income and NFE due to matters such as, but not limited to, the positions of our energy-related derivatives. Management is not able to reasonably estimate the aggregate impact or significance of these items on reported earnings and, therefore, is not able to provide a reconciliation to the corresponding GAAP equivalent for its operating earnings guidance without unreasonable efforts.

New Jersey Natural Gas (NJNG)

NJNG reported second-quarter fiscal 2025 NFE of $144.5 million, compared to NFE of $107.1 million during the same period in fiscal 2024. Fiscal 2025 year-to-date NFE totaled $211.4 million, compared with NFE of $158.5 million for the same period in fiscal 2024. The increase in NFE for both periods was due primarily to higher utility gross margin resulting from NJNG’s recent base rate case settlement, partially offset by higher depreciation expense.

Customers:

At March 31, 2025, NJNG serviced approximately 588,000 customers in New Jersey’s Monmouth, Ocean, Morris, Middlesex, Sussex and Burlington counties, compared to approximately 583,000 customers at September 30, 2024.

Infrastructure Update:

NJNG’s Infrastructure Investment Program (IIP) is a five-year, $150 million accelerated recovery program that began in fiscal 2021. IIP consists of a series of infrastructure projects designed to enhance the safety and reliability of NJNG’s natural gas distribution system. In the first six months of fiscal 2025, NJNG spent $16.1 million under the program on various distribution system reinforcement projects.

Basic Gas Supply Service (BGSS) Incentive Programs:

BGSS incentive programs contributed $10.6 million to utility gross margin during the first six months of fiscal 2025, compared with $13.3 million in the same period in fiscal 2024. This decline was largely due to decreased margins from storage incentives.

For more information on utility gross margin, please see “Non-GAAP Financial Information” below.

Energy-Efficiency Programs:

SAVEGREEN® invested $52.2 million year-to-date in fiscal 2025 in energy-efficiency upgrades for customers’ homes and businesses. NJNG recovered $9.2 million of its outstanding investments during the first six months of fiscal 2025 through its energy efficiency rate.

Clean Energy Ventures (CEV)

CEV reported second-quarter fiscal 2025 net financial loss of $(4.0) million, compared with a net financial loss of $(5.6) million during the same period in fiscal 2024. The improvement from the prior year period was largely due to higher solar electricity sales as well as lower depreciation and amortization expenses during the period, offset by lower residential solar revenue during the period as a result of the sale of the residential solar business.

Fiscal 2025 year-to-date NFE totaled $44.2 million, compared with NFE of $4.9 million for the same period in fiscal 2024. The increase in fiscal 2025 year-to-date NFE was largely due to the gain on sale of its residential solar portfolio, partially offset by the timing of Solar Renewable Energy Certificate (SREC) sales for the period.

Solar Investment Update:

During the first six months of fiscal 2025, CEV placed 2 commercial projects into service, adding 10.5 megawatts (MW) to total installed capacity.
As of March 31, 2025, CEV had approximately 399MW of commercial solar capacity in service in New Jersey, New York, Connecticut, Rhode Island, Indiana, and Michigan.
Subsequent to quarter end, CEV placed an additional project into service in New Jersey, adding over 18MW of installed capacity for a total of approximately 417MW currently in service.

Storage and Transportation

Storage and Transportation reported second-quarter fiscal 2025 NFE of $2.3 million, compared with NFE of $2.0 million during the same period in fiscal 2024. Fiscal 2025 year-to-date NFE totaled $8.0 million, compared with NFE of $5.6 million for the same period in fiscal 2024. NFE increased during both periods due to an increase in operating revenues at Leaf River, as well as lower operating and maintenance expense.

On September 30, 2024, Adelphia Gateway, LLC (Adelphia) filed a general Section 4 rate case with the Federal Energy Regulatory Commission (FERC). Adelphia anticipates a resolution by the end of 2025.

Energy Services

Energy Services reported second-quarter fiscal 2025 NFE of $35.3 million, compared with $37.6 million for the same period in fiscal 2024. Fiscal 2025 year-to-date NFE totaled $43.1 million, compared with NFE of $45.5 million for the same period in fiscal 2024. Energy Services was able to take advantage of price volatility and capture additional financial margin over the past two winters. The decrease in NFE for both the fiscal 2025 second quarter and year-to-date periods was due to lower revenues from the Asset Management Agreements (AMAs) signed in December 2020.

Home Services and Other Operations

Home Services and Other Operations reported second-quarter fiscal 2025 net financial loss of $(0.7) million, compared to NFE of $0.4 million for the same period in fiscal 2024. Fiscal 2025 year-to-date net financial loss totaled $(0.1) million, compared with a net financial loss of $(0.2) million for the same period in fiscal 2024. Home Services reported higher installation and service contract revenue for both periods, offset by higher operating and maintenance expenses.

Capital Expenditures and Cash Flows:

NJR is committed to maintaining a strong financial profile:

During the first six months of fiscal 2025, capital expenditures were $287.1 million, including accruals, compared with $232.6 million during the same period of fiscal 2024. The increase in capital expenditures was primarily due to higher expenditures at NJNG and CEV.
During the first six months of fiscal 2025, cash flows from operations were $414.1 million, compared to cash flows from operations of $338.6 million during the same period of fiscal 2024. The increase was due primarily to an increase in base rates at NJNG along with changes in the mix of working capital components.

Forward-Looking Statements:

This earnings release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. NJR cautions readers that the assumptions forming the basis for forward-looking statements include many factors that are beyond NJR’s ability to control or estimate precisely, such as estimates of future market conditions and the behavior of other market participants. Words such as “anticipates,” “estimates,” “expects,” “projects,” “may,” “will,” “intends,” “plans,” “believes,” “should” and similar expressions may identify forward-looking statements and such forward-looking statements are made based upon management’s current expectations, assumptions and beliefs as of this date concerning future developments and their potential effect upon NJR. There can be no assurance that future developments will be in accordance with management’s expectations, assumptions and beliefs or that the effect of future developments on NJR will be those anticipated by management. Forward-looking statements in this earnings release include, but are not limited to, statements regarding NJR’s NFEPS guidance for fiscal 2025, projected NFEPS growth rates and our guidance range, forecasted contributions of business segments to NJR’s NFE for fiscal 2025, impact of the sale of NJR’s residential solar portfolio, infrastructure programs and investments, future decarbonization opportunities including IIP, Energy Efficiency programs, the outcome or timing of Adelphia’s rate case with FERC;and other legal and regulatory expectations, and statements that include other projections, predictions, expectations or beliefs about future events or results or otherwise are not statements of historical fact.

Additional information and factors that could cause actual results to differ materially from NJR’s expectations are contained in NJR’s filings with the SEC, including NJR’s Annual Reports on Form 10-K and subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings, which are available at the SEC’s website, http://www.sec.gov. Information included in this earnings release is representative as of today only and while NJR periodically reassesses material trends and uncertainties affecting NJR’s results of operations and financial condition in connection with its preparation of management’s discussion and analysis of results of operations and financial condition contained in its Quarterly and Annual Reports filed with the SEC, NJR does not, by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of new information, future events or otherwise, except as required by law.

Non-GAAP Financial Information:

This earnings release includes the non-GAAP financial measures NFE/net financial loss, NFE per basic share, financial margin and utility gross margin. A reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found below. As an indicator of NJR’s operating performance, these measures should not be considered an alternative to, or more meaningful than, net income or operating revenues as determined in accordance with GAAP. This information has been provided pursuant to the requirements of SEC Regulation G.

NFE and financial margin exclude unrealized gains or losses on derivative instruments related to NJR’s unregulated subsidiaries and certain realized gains and losses on derivative instruments related to natural gas that has been placed into storage at Energy Services, net of applicable tax adjustments as described below. Financial margin also differs from gross margin as defined on a GAAP basis as it excludes certain operations and maintenance expense and depreciation and amortization as well as the effects of derivatives as discussed above. Volatility associated with the change in value of these financial instruments and physical commodity reported on the income statement in the current period. In order to manage its business, NJR views its results without the impacts of the unrealized gains and losses, and certain realized gains and losses, caused by changes in value of these financial instruments and physical commodity contracts prior to the completion of the planned transaction because it shows changes in value currently instead of when the planned transaction ultimately is settled. An annual estimated effective tax rate is calculated for NFE purposes and any necessary quarterly tax adjustment is applied to NJR Energy Services Company.

NJNG’s utility gross margin is defined as operating revenues less natural gas purchases, sales tax, and regulatory rider expense. This measure differs from gross margin as presented on a GAAP basis as it excludes certain operations and maintenance expense and depreciation and amortization. Utility gross margin may also not be comparable to the definition of gross margin used by others in the natural gas distribution business and other industries. Management believes that utility gross margin provides a meaningful basis for evaluating utility operations since natural gas costs, sales tax and regulatory rider expenses are included in operating revenues and passed through to customers and, therefore, have no effect on utility gross margin.

Management uses these non-GAAP financial measures as supplemental measures to other GAAP results to provide a more complete understanding of NJR’s performance. Management believes these non-GAAP financial measures are more reflective of NJR’s business model, provide transparency to investors and enable period-to-period comparability of financial performance. A reconciliation of all non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found below. For a full discussion of NJR’s non-GAAP financial measures, please see NJR’s most recent Report on Form 10-K, Item 7.

About New Jersey Resources

New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses:

New Jersey Natural Gas, NJR’s principal subsidiary,operates and maintains natural gas transportation and distribution infrastructure to serve customers in New Jersey’s Monmouth, Ocean, Morris, Middlesex, Sussex and Burlington counties.

Clean Energy Ventures invests in, owns and operates solar projects, providing customers with low-carbon solutions.

Energy Services manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services and customized energy solutions to its customers across North America.

Storage and Transportation serves customers from local distributors and producers to electric generators and wholesale marketers through its ownership of Leaf River and the Adelphia Gateway Pipeline, as well as our 50% equity ownership in the Steckman Ridge natural gas storage facility.

Home Services provides service contracts as well as heating, central air conditioning, water heaters, standby generators, solar and other indoor and outdoor comfort products to residential homes throughout New Jersey.

NJR and its over 1,300 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve® and initiatives such as SAVEGREEN®.

For more information about NJR:

www.njresources.com.

Follow us on X.com (Twitter) @NJNaturalGas.

“Like” us on facebook.com/NewJerseyNaturalGas.

NEW JERSEY RESOURCES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three Months Ended

Six Months Ended

March 31,

March 31,

(Thousands, except per share data)

2025

2024

2025

2024

OPERATING REVENUES

Utility

$

618,341

$

462,863

$

951,768

$

755,956

Nonutility

294,686

195,050

449,620

369,167

Total operating revenues

913,027

657,913

1,401,388

1,125,123

OPERATING EXPENSES

Gas purchases

Utility

272,974

204,347

400,654

320,467

Nonutility

151,617

105,018

219,425

164,495

Related parties

1,666

1,799

3,384

3,678

Operation and maintenance

111,041

107,223

199,673

201,662

Regulatory rider expenses

48,501

29,229

70,977

48,418

Depreciation and amortization

47,967

40,075

93,296

80,362

Gain on sale of assets

(688

)

—

(55,547

)

—

Total operating expenses

633,078

487,691

931,862

819,082

OPERATING INCOME

279,949

170,222

469,526

306,041

Other income, net

17,006

15,420

28,623

21,761

Interest expense, net of capitalized interest

32,527

31,621

66,418

63,094

INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES

264,428

154,021

431,731

264,708

Income tax provision

61,593

33,947

98,977

56,883

Equity in earnings of affiliates

1,452

738

2,852

2,398

NET INCOME

$

204,287

$

120,812

$

335,606

$

210,223

EARNINGS PER COMMON SHARE

Basic

$

2.04

$

1.23

$

3.35

$

2.14

Diluted

$

2.02

$

1.22

$

3.33

$

2.13

WEIGHTED AVERAGE SHARES OUTSTANDING

Basic

100,291

98,377

100,073

98,123

Diluted

100,933

99,102

100,705

98,839

RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES

(Unaudited)

Three Months Ended

Six Months Ended

March 31,

March 31,

(Thousands)

2025

2024

2025

2024

NEW JERSEY RESOURCES

A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows:

Net income

$

204,287

$

120,812

$

335,606

$

210,223

Add:

Unrealized (gain) loss on derivative instruments and related transactions

(27,206

)

25,457

(20,838

)

20,057

Tax effect

6,466

(6,049

)

4,953

(4,767

)

Effects of economic hedging related to natural gas inventory

(6,650

)

(2,845

)

(16,177

)

(19,073

)

Tax effect

1,580

676

3,844

4,533

NFE tax adjustment

(181

)

525

(198

)

47

Net financial earnings

$

178,296

$

138,576

$

307,190

$

211,020

Weighted Average Shares Outstanding

Basic

100,291

98,377

100,073

98,123

Diluted

100,933

99,102

100,705

98,839

A reconciliation of basic earnings per share, the closest GAAP financial measure, to basic net financial earnings per share is as follows:

Basic earnings per share

$

2.04

$

1.23

$

3.35

$

2.14

Add:

Unrealized (gain) loss on derivative instruments and related transactions

$

(0.27

)

$

0.25

$

(0.21

)

$

0.20

Tax effect

$

0.06

$

(0.06

)

$

0.05

$

(0.05

)

Effects of economic hedging related to natural gas inventory

$

(0.06

)

$

(0.03

)

$

(0.16

)

$

(0.19

)

Tax effect

$

0.01

$

0.01

$

0.04

$

0.05

NFE tax adjustment

$

—

$

0.01

$

—

$

—

Basic net financial earnings per share

$

1.78

$

1.41

$

3.07

$

2.15

NFE is a measure of earnings based on the elimination of timing differences to effectively match the earnings effects of the economic hedges with the physical sale of natural gas, SRECs and foreign currency contracts. Consequently, to reconcile net income and NFE, current-period unrealized gains and losses on the derivatives are excluded from NFE as a reconciling item. Realized derivative gains and losses are also included in current-period net income. However, NFE includes only realized gains and losses related to natural gas sold out of inventory, effectively matching the full earnings effects of the derivatives with realized margins on physical natural gas flows. NFE also excludes certain transactions associated with equity method investments, including impairment charges, which are non-cash charges, and return of capital in excess of the carrying value of our investment. These are not indicative of the Company’s performance for its ongoing operations. Included in the tax effects are current and deferred income tax expense corresponding with the components of NFE.

RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES (continued)

(Unaudited)

Three Months Ended

Six Months Ended

March 31,

March 31,

(Thousands)

2025

2024

2025

2024

NATURAL GAS DISTRIBUTION

A reconciliation of gross margin, the closest GAAP financial measure, to utility gross margin is as follows:

Operating revenues

$

618,645

$

463,201

$

952,410

$

756,631

Less:

Natural gas purchases

275,298

206,675

405,303

325,119

Operating and maintenance ⁽¹⁾

29,510

29,558

55,519

55,341

Regulatory rider expense

48,501

29,229

70,977

48,418

Depreciation and amortization

35,713

27,464

67,797

54,381

Gross margin

229,623

170,275

352,814

273,372

Add:

Operating and maintenance ⁽¹⁾

29,510

29,558

55,519

55,341

Depreciation and amortization

35,713

27,464

67,797

54,381

Utility gross margin

$

294,846

$

227,297

$

476,130

$

383,094

(1) Excludes selling, general and administrative expenses of $57.8 million and $58.9 million for the six months ended March 31, 2025 and 2024, respectively.

ENERGY SERVICES

A reconciliation of gross margin, the closest GAAP financial measure, to Energy Services’ financial margin is as follows:

Operating revenues

$

246,390

$

144,862

$

332,698

$

244,530

Less:

Natural Gas purchases

151,847

105,634

219,715

165,800

Operation and maintenance ⁽¹⁾

10,866

13,102

12,463

17,791

Depreciation and amortization

62

56

109

113

Gross margin

83,615

26,070

100,411

60,826

Add:

Operation and maintenance ⁽¹⁾

10,866

13,102

12,463

17,791

Depreciation and amortization

62

56

109

113

Unrealized (gain) loss on derivative instruments and related transactions

(27,206

)

29,198

(20,838

)

24,932

Effects of economic hedging related to natural gas inventory

(6,650

)

(2,845

)

(16,177

)

(19,073

)

Financial margin

$

60,687

$

65,581

$

75,968

$

84,589

(1) Excludes selling, general and administrative expenses of $0.6 million and $1.0 million for the six months ended March 31, 2025 and 2024, respectively.

A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows:

Net income

$

61,292

$

17,028

$

71,550

$

40,961

Add:

Unrealized (gain) loss on derivative instruments and related transactions

(27,206

)

29,198

(20,838

)

24,932

Tax effect

6,466

(6,938

)

4,953

(5,925

)

Effects of economic hedging related to natural gas

(6,650

)

(2,845

)

(16,177

)

(19,073

)

Tax effect

1,580

676

3,844

4,533

NFE tax adjustment

(181

)

525

(198

)

47

Net financial earnings

$

35,301

$

37,644

$

43,134

$

45,475

FINANCIAL STATISTICS BY BUSINESS UNIT

(Unaudited)

Three Months Ended

Six Months Ended

March 31,

March 31,

(Thousands, except per share data)

2025

2024

2025

2024

NEW JERSEY RESOURCES

Operating Revenues

Natural Gas Distribution

$

618,645

$

463,201

$

952,410

$

756,631

Clean Energy Ventures

7,967

9,325

34,373

44,620

Energy Services

246,390

144,862

332,698

244,530

Storage and Transportation

25,307

23,042

51,935

46,904

Home Services and Other

15,118

14,905

30,912

29,739

Sub-total

913,427

655,335

1,402,328

1,122,424

Eliminations

(400

)

2,578

(940

)

2,699

Total

$

913,027

$

657,913

$

1,401,388

$

1,125,123

Operating Income (Loss)

Natural Gas Distribution

$

197,876

$

140,279

$

294,982

$

214,454

Clean Energy Ventures

(7,553

)

(7,679

)

56,721

10,644

Energy Services

83,273

25,533

99,801

59,870

Storage and Transportation

5,800

5,910

15,569

13,234

Home Services and Other

(393

)

778

602

570

Sub-total

279,003

164,821

467,675

298,772

Eliminations

946

5,401

1,851

7,269

Total

$

279,949

$

170,222

$

469,526

$

306,041

Equity in Earnings of Affiliates

Storage and Transportation

$

1,161

$

85

$

2,122

$

1,078

Eliminations

291

653

730

1,320

Total

$

1,452

$

738

$

2,852

$

2,398

Net Income (Loss)

Natural Gas Distribution

$

144,531

$

107,095

$

211,439

$

158,539

Clean Energy Ventures

(3,958

)

(5,616

)

44,172

4,906

Energy Services

61,292

17,028

71,550

40,961

Storage and Transportation

2,343

1,981

8,007

5,621

Home Services and Other

(678

)

384

(63

)

(216

)

Sub-total

203,530

120,872

335,105

209,811

Eliminations

757

(60

)

501

412

Total

$

204,287

$

120,812

$

335,606

$

210,223

Net Financial Earnings (Loss)

Natural Gas Distribution

$

144,531

$

107,095

$

211,439

$

158,539

Clean Energy Ventures

(3,958

)

(5,616

)

44,172

4,906

Energy Services

35,301

37,644

43,134

45,475

Storage and Transportation

2,343

1,981

8,007

5,621

Home Services and Other

(678

)

384

(63

)

(216

)

Sub-total

177,539

141,488

306,689

214,325

Eliminations

757

(2,912

)

501

(3,305

)

Total

$

178,296

$

138,576

$

307,190

$

211,020

Throughput (Bcf)

NJNG, Core Customers

35.7

32.9

62.9

56.3

NJNG, Off System/Capacity Management

22.1

37.1

36.5

64.3

Energy Services Fuel Mgmt. and Wholesale Sales

35.2

38.3

63.5

68.4

Total

93.0

108.3

162.9

189.0

Common Stock Data

Yield at March 31,

3.7

%

3.9

%

3.7

%

3.9

%

Market Price at March 31,

$

49.06

$

42.91

$

49.06

$

42.91

Shares Out. at March 31,

100,303

98,745

100,303

98,745

Market Cap. at March 31,

$

4,920,847

$

4,237,144

$

4,920,847

$

4,237,144

Three Months Ended

Six Months Ended

(Unaudited)

March 31,

March 31,

(Thousands, except customer and weather data)

2025

2024

2025

2024

NATURAL GAS DISTRIBUTION

Utility Gross Margin

Operating revenues

$

618,645

$

463,201

$

952,410

$

756,631

Less:

Natural gas purchases

275,298

206,675

405,303

325,119

Operating and maintenance ⁽¹⁾

29,510

29,558

55,519

55,341

Regulatory rider expense

48,501

29,229

70,977

48,418

Depreciation and amortization

35,713

27,464

67,797

54,381

Gross margin

229,623

170,275

352,814

273,372

Add:

Operating and maintenance ⁽¹⁾

29,510

29,558

55,519

55,341

Depreciation and amortization

35,713

27,464

67,797

54,381

Total Utility Gross Margin

$

294,846

$

227,297

$

476,130

$

383,094

(1) Excludes selling, general and administrative expenses of $57.8 million and $58.9 million for the six months ended March 31, 2025 and 2024, respectively.

Utility Gross Margin, Operating Income and Net Income

Residential

$

215,668

$

163,495

$

345,686

$

271,532

Commercial, Industrial & Other

37,108

28,676

60,977

49,507

Firm Transportation

33,908

26,490

57,084

47,254

Total Firm Margin

286,684

218,661

463,747

368,293

Interruptible

800

750

1,774

1,534

Total System Margin

287,484

219,411

465,521

369,827

Basic Gas Supply Service Incentive

7,362

7,886

10,609

13,267

Total Utility Gross Margin

294,846

227,297

476,130

383,094

Operation and maintenance expense

61,257

59,554

113,351

114,259

Depreciation and amortization

35,713

27,464

67,797

54,381

Operating Income

$

197,876

$

140,279

$

294,982

$

214,454

Net Income

$

144,531

$

107,095

$

211,439

$

158,539

Net Financial Earnings

$

144,531

$

107,095

$

211,439

$

158,539

Throughput (Bcf)

Residential

24.0

21.0

38.1

34.9

Commercial, Industrial & Other

4.5

3.9

7.1

6.5

Firm Transportation

5.0

4.7

8.4

8.3

Total Firm Throughput

33.5

29.6

53.6

49.7

Interruptible

2.2

3.3

9.3

6.6

Total System Throughput

35.7

32.9

62.9

56.3

Off System/Capacity Management

22.1

37.1

36.5

64.3

Total Throughput

57.8

70.0

99.4

120.6

Customers

Residential

532,699

525,391

532,699

525,391

Commercial, Industrial & Other

33,291

33,108

33,291

33,108

Firm Transportation

22,060

22,992

22,060

22,992

Total Firm Customers

588,050

581,491

588,050

581,491

Interruptible

88

83

88

83

Total System Customers

588,138

581,574

588,138

581,574

Off System/Capacity Management*

26

26

26

26

Total Customers

588,164

581,600

588,164

581,600

*The number of customers represents those active during the last month of the period.

Degree Days

Actual

2,375

2,135

3,774

3,543

Normal

2,384

2,436

3,907

3,970

Percent of Normal

99.6

%

87.6

%

96.6

%

89.2

%

Three Months Ended

Six Months Ended

(Unaudited)

March 31,

March 31,

(Thousands, except customer, RECs and megawatt)

2025

2024

2025

2024

CLEAN ENERGY VENTURES

Operating Revenues

SREC sales

$

134

$

100

$

17,818

$

26,031

TREC sales

2,554

2,257

5,059

4,660

SREC II sales

312

415

703

662

Solar electricity sales

4,968

3,696

8,923

7,350

Sunlight Advantage

(1

)

2,857

1,870

5,917

Total Operating Revenues

$

7,967

$

9,325

$

34,373

$

44,620

Depreciation and Amortization

$

5,504

$

6,931

$

11,929

$

13,853

Operating (Loss) Income

$

(7,553

)

$

(7,679

)

$

56,721

$

10,644

Income Tax (Benefit) Provision

$

(1,079

)

$

(1,594

)

$

13,062

$

1,537

Net (Loss) Income

$

(3,958

)

$

(5,616

)

$

44,172

$

4,906

Net Financial (Loss) Earnings

$

(3,958

)

$

(5,616

)

$

44,172

$

4,906

Solar Renewable Energy Certificates Generated

50,662

57,635

139,369

151,205

Solar Renewable Energy Certificates Sold

809

714

86,502

123,153

Transition Renewable Energy Certificates Generated

17,244

15,847

34,688

32,552

Solar Renewable Energy Certificates II Generated

3,372

4,693

7,776

7,466

Commercial Solar Megawatts Under Construction

54.8

33.9

54.8

33.9

ENERGY SERVICES

Operating Income

Operating revenues

$

246,390

$

144,862

$

332,698

$

244,530

Less:

Gas purchases

151,847

105,634

219,715

165,800

Operation and maintenance expense

11,208

13,639

13,073

18,747

Depreciation and amortization

62

56

109

113

Operating Income

$

83,273

$

25,533

$

99,801

$

59,870

Net Income

$

61,292

$

17,028

$

71,550

$

40,961

Financial Margin

$

60,687

$

65,581

$

75,968

$

84,589

Net Financial Earnings

$

35,301

$

37,644

$

43,134

$

45,475

Gas Sold and Managed (Bcf)

35.2

38.3

63.5

68.4

STORAGE AND TRANSPORTATION

Operating Revenues

$

25,307

$

23,042

$

51,935

$

46,904

Equity in Earnings of Affiliates

$

1,161

$

85

$

2,122

$

1,078

Operation and Maintenance Expense

$

12,910

$

10,563

$

22,993

$

20,663

Other Income, Net

$

1,933

$

2,473

$

4,325

$

4,761

Interest Expense

$

5,817

$

5,868

$

11,786

$

11,801

Income Tax Provision

$

734

$

619

$

2,223

$

1,651

Net Income

$

2,343

$

1,981

$

8,007

$

5,621

Net Financial Earnings

$

2,343

$

1,981

$

8,007

$

5,621

HOME SERVICES AND OTHER

Operating Revenues

$

15,118

$

14,905

$

30,912

$

29,739

Operating (Loss) Income

$

(393

)

$

778

$

602

$

570

Net (Loss) Income

$

(678

)

$

384

$

(63

)

$

(216

)

Net Financial (Loss) Earnings

$

(678

)

$

384

$

(63

)

$

(216

)

Total Service Contract Customers at March 31

99,121

100,341

99,121

100,341

View source version on businesswire.com: https://www.businesswire.com/news/home/20250502463130/en/

Media Contact:

Mike Kinney

732-938-1031

[email protected]

Investor Contact:

Adam Prior

732-938-1145

[email protected]

KEYWORDS: United States North America New Jersey

INDUSTRY KEYWORDS: Oil/Gas Alternative Energy Energy Other Energy Utilities

MEDIA:

Logo

Posted on May 5, 2025 4:41 pm
Cabot Corp Reports Second Quarter Fiscal 2025 Results

Diluted earnings per share (“EPS”) of $1.69 and Adjusted EPS of $1.90

BOSTON, May 05, 2025 (GLOBE NEWSWIRE) — Cabot Corporation (NYSE: CBT) today announced results for its second quarter of fiscal year 2025.

Key Highlights

Diluted EPS of $
1
.
69
and Adjusted EPS of $1.
9
0
which represents a
7
% increase in Adjusted EPS compared to the same quarter in the prior year

Reinforcement Materials segment EBIT of $131 million; up 1% sequentially; down 12% compared to the same quarter in the prior year

Performance Chemicals segment EBIT of $50 million; up 11% sequentially; up 61% compared to the same quarter in the prior year

Returned $70 million of cash to shareholders in the second quarter through dividends and share repurchases

Increased quarterly dividend by 5% from $0.43 to $0.45 per share

(In millions, except per share amounts) Three Months Ended Six Months Ended

3/31/25

3/31/24

3/31/25

3/31/24

Net sales and other operating revenues $ 936 $ 1,019 $ 1,891 $ 1,977

Net income (loss) attributable to Cabot Corporation $ 94 $ 84 $ 187 $ 134

Net earnings (loss) per share attributable to Cabot Corporation $ 1.69 $ 1.49 $ 3.36 $ 2.37

Less: Certain items after tax per share $ (0.21) $ (0.29) $ (0.30) $ (0.96)

Adjusted EPS $ 1.90 $ 1.78 $ 3.66 $ 3.33

Sean Keohane, Cabot President and Chief Executive Officer commented: “I am pleased with our second quarter financial performance where we delivered Adjusted Earnings Per Share of $1.90 which was up 7% compared to the second quarter of fiscal 2024. Our business segments performed in line with our expectations. Reinforcement Materials delivered EBIT of $131 million, which was down 12% year over year from a weaker global demand environment. EBIT in the Performance Chemicals segment increased by 61% year over year driven by higher volumes, particularly in our fumed metal oxides product line related to construction and semiconductor applications as sales volumes reconnected to underlying demand drivers.”

Keohane continued, “The Cabot team demonstrated operational excellence and agility in a challenging market environment. We remain focused on driving commercial excellence and proactively managing our cost structure. We continue to execute our long-term strategic plan and optimize across our portfolio.”

Financial Detail

For the second quarter of fiscal 2025, net income attributable to Cabot Corporation was $94 million ($1.69 per diluted common share). Net income reflects an after-tax per share charge from certain items of $0.21. Adjusted EPS for the second quarter of fiscal 2025 was $1.90 per share.

Segment Results

Reinforcement Materials
– Second quarter fiscal 2025 EBIT in Reinforcement Materials decreased by $18 million compared to the second quarter of fiscal 2024. The decrease in EBIT was primarily driven by lower volumes due to lower tire demand and contract outcomes in South America.

Global and regional volume changes for Reinforcement Materials for the second quarter of fiscal 2025 as compared to the same quarter of the prior year are set forth in the table below:

Second Quarter
Year-over-Year Change

Global Reinforcement Materials Volumes (7
%)

Asia Pacific (8%)

Europe, Middle East, Africa (1%)

Americas (9%)

Performance Chemicals – Second quarter fiscal 2025 EBIT in Performance Chemicals increased by $19 million compared to the second quarter of fiscal 2024 primarily due to 4% higher volumes and higher gross profit per ton. The higher volumes were driven by our fumed metal oxides product line where sales volumes related to construction and semiconductor applications reconnected to underlying demand drivers. The higher gross profit per ton was primarily due to targeted price increases, cost savings measures and optimization initiatives across the segment.

Cash Performance
– The Company ended the second quarter of fiscal 2025 with a cash balance of $213 million. During the second quarter of fiscal 2025, cash flows from operating activities were a source of $73 million. Capital expenditures for the second quarter of fiscal 2025 were $72 million. Additional uses of cash during the second quarter included $23 million for the payment of dividends and $47 million for share repurchases.

Taxes – During the second quarter of fiscal 2025, the Company recorded a tax expense of $49 million with an effective tax rate of 32%. Our operating tax rate for fiscal 2025 is expected to be in the range of 27% to 29%.

Outlook

Commenting on the outlook for the Company, Keohane said, “The first half of the year developed in line with our expectations when we first set our outlook for the year. Given the uncertain impact of recent tariff policies on customer demand in the second half of the fiscal year, we are revising our Adjusted EPS guidance for fiscal 2025 to be in the range of $7.15 to $7.50. While the direct impact from tariffs is expected to be limited, this outlook reflects our expectations for lower demand as customers adopt a more cautious posture around inventory levels. Our outlook also assumes an expectation that we will maintain margins similar to our second fiscal quarter. We are confident in our ability to successfully adapt and execute in this dynamic environment.”

Keohane continued, “Our outlook for operating cash flow remains strong, which would allow us to continue investing in strategic growth projects and to return robust levels of cash to shareholders while still maintaining liquidity in excess of $1 billion. We announced today an increase in our dividend of 5% and we expect to continue to repurchase shares. I believe Cabot is executing well against our Creating for Tomorrow strategy and our long-term targets to deliver attractive returns to our shareholders.”

Earnings Call

The Company will host a conference call with industry analysts at 8:00 a.m. Eastern time on Tuesday, May 6, 2025. The call can be accessed through Cabot’s investor relations website at http://investor.cabot-corp.com

About Cabot Corporation

Cabot Corporation (NYSE: CBT) is a global specialty chemicals and performance materials company headquartered in Boston, Massachusetts. The company is a leading provider of reinforcing carbons, specialty carbons, battery materials, engineered elastomer composites, inkjet colorants, masterbatches and conductive compounds, fumed metal oxides and aerogel. For more information on Cabot, please visit the company’s website at cabotcorp.com. The Company regularly posts important information on its website and encourages investors and potential investors to consult the Cabot website regularly.

Forward-Looking Statements – This earnings release contains forward-looking statements. All statements that address expectations or projections about the future, including with respect to our expectations for our performance in fiscal year 2025, including our expectations for Adjusted EPS for fiscal 2025, our expectations for capital allocation and operating cash flow for fiscal 2025, our expected operating tax rate for fiscal 2025, our expectation to continue to repurchase shares and our assumptions underlying those expectations are forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties, potentially inaccurate assumptions, and other factors, some of which are beyond our control and difficult to predict. If known or unknown risks materialize, or should underlying assumptions prove inaccurate, our actual results could differ materially from past results and from those expressed or implied by forward-looking statements. Important factors that could cause our results to differ materially from those expressed or implied in the forward-looking statements include, but are not limited to, industry capacity utilization and competition from other specialty chemical companies; safety, health and environmental requirements and related constraints imposed on our business; regulatory and financial risks related to climate change developments; volatility in the price and availability of energy and raw materials, including with respect to the Russian invasion of Ukraine and the U.S.-China trade relationship; a significant adverse change in a customer relationship or the failure of a customer to perform its obligations under agreements with us; failure to achieve growth expectations from new products, applications and technology developments; failure to realize benefits from acquisitions, alliances, or joint ventures or achieve our portfolio management objectives; unanticipated delays in, or increased cost of site development projects; negative or uncertain worldwide or regional economic conditions and market opportunities, including from trade relations, global health matters or geo-political conflicts; litigation or legal proceedings; interest rates, tax rates, currency exchange controls, tariffs and fluctuations in foreign currency rates; and the accuracy of the assumptions we used in establishing reserves for our share of liability for respirator claims. These factors are discussed more fully in the reports we file with the Securities and Exchange Commission (“SEC”), particularly under the heading “Risk Factors” in our annual report on Form 10-K for our fiscal year ended September 30, 2024, which are filed with the SEC at www.sec.gov. We assume no obligation to provide revisions to any forward-looking statements should circumstances change, except as otherwise required by securities and other applicable laws.

Use of Non-GAAP Financial Measures

To supplement Cabot’s consolidated financial statements presented on a generally accepted accounting principle (“GAAP”) basis, the preceding discussion of our results and the accompanying financial tables report Adjusted EPS, Total Segment EBIT, Total Segment EBITDA, Adjusted EBITDA, our operating tax rate, Free Cash Flow and Discretionary Free Cash Flow, all of which are non-GAAP financial measures. These non-GAAP financial measures are not computed in accordance with, or as an alternative to, GAAP, and the definitions of these measures may not be comparable to those used by other companies. Reconciliations of Adjusted EPS to net income (loss) per share attributable to Cabot Corporation, the most directly comparable GAAP financial measure, Total Segment EBIT, Total Segment EBITDA, and Adjusted EBITDA to Income (loss) from operations before income taxes and equity in earnings of affiliated companies, the most directly comparable GAAP financial measure of each such non-GAAP measure, operating tax rate to effective tax rate, the most directly comparable GAAP financial measure and Free Cash Flow and Discretionary Free Cash Flow to Cash flow provided by (used in) operating activities, the most directly comparable GAAP financial measure, are provided in the tables titled “Cabot Corporation Certain Items and Reconciliation of Adjusted EPS and Operating Tax Rate” and “Cabot Corporation Reconciliation of Non-GAAP Financial Measures.”

Management believes these non-GAAP measures provide investors with greater transparency to the information used by Cabot management in its financial and operational decision-making, allow investors to see Cabot’s results through the eyes of management, and better enable Cabot’s investors to understand Cabot’s operating performance and financial condition.

Adjusted EPS. In calculating Adjusted EPS, we exclude from our net income (loss) attributable to Cabot Corporation items of expense and income that management does not consider representative of the Company’s business operations. Accordingly, reporting earnings on an adjusted basis supplements the GAAP measure of performance and provides additional information related to the underlying performance of the business. For example, certain of the items we exclude are items that we are required by GAAP to recognize in one period that relate to activities extending over several periods or relate to single events that management considers to be unusual and infrequent, although not necessarily non-recurring. We refer to these items as “certain items.” Management believes excluding these items facilitates operating performance comparisons from period to period by eliminating differences caused by the existence and timing of certain expense and income items that would not otherwise be apparent on a GAAP basis and evaluates the Company’s operating performance without the impact of these costs or benefits. Management also uses Adjusted EPS as a key measure in evaluating management performance for incentive compensation purposes.

The items of income and expense that we exclude from our calculations of Adjusted EPS but that are included in our GAAP net income (loss) per share, as applicable in a particular reporting period, include, but are not limited to, the following:

Argentina controlled currency devaluation loss related to the foreign exchange loss from government-controlled currency devaluations on our net monetary assets denominated in the Argentine peso and investment losses related to the utilization of government bond programs established for the settlement of certain foreign payables.

Global restructuring activities, which include costs or benefits associated with cost reduction initiatives or plant closures and are primarily related to (i) employee termination costs, (ii) asset impairment charges associated with restructuring actions, (iii) costs to close facilities, including environmental costs and contract termination penalties, and (iv) gains realized on the sale of land or equipment associated with restructured plants or locations.

Legal and environmental matters and reserves, which consist of costs or benefits for matters typically related to former businesses or that are otherwise incurred outside of the ordinary course of business.

Acquisition and integration-related charges, which include transaction costs, redundant costs incurred during the period of integration, and costs associated with transitioning certain management and business processes to Cabot’s processes.

Asset impairment charges, which primarily include charges associated with an impairment of goodwill, other long-lived assets or assets held for sale.

Gains (losses) on sale of a business.

Employee benefit plan settlements, which consist of either charges or benefits associated with the termination of a pension plan or the transfer of a pension plan to a multi-employer plan.

Cabot does not provide an expected GAAP EPS range or reconciliation of the Adjusted EPS range with an expected GAAP EPS range because, without unreasonable effort, we are unable to predict with reasonable certainty the matters we would allocate to “certain items,” including unusual gains and losses, costs associated with future restructurings, acquisition-related expenses and litigation outcomes. These items are uncertain, depend on various factors, and could have a material impact on GAAP EPS in future periods.

Total Segment EBIT. Total Segment EBIT reflects the sum of EBIT from our two reportable segments. In calculating Total Segment EBIT we exclude from our Income (loss) from operations before income taxes and equity in earnings of affiliated companies, certain items and items that, because they are not controlled by the business segments and primarily benefit corporate objectives, are not allocated to our business segments, such as interest expense and other corporate costs, which include unallocated corporate overhead expenses such as certain corporate salaries and headquarter expenses, plus costs related to corporate projects and initiatives.

Total Segment EBITDA. Total Segment EBITDA is equal to Total Segment EBIT (as defined above), but further adjusted for depreciation and amortization.

Adjusted EBITDA. Adjusted EBITDA reflects Total Segment EBITDA and is further adjusted for unallocated corporate costs, which include unallocated corporate overhead expenses such as certain corporate salaries and headquarter expenses, plus costs related to corporate projects and initiatives.

Free Cash Flow. To calculate “Free Cash Flow” we deduct Additions to property, plant and equipment from cash flow provided by (used in) operating activities.

Discretionary Free Cash Flow. To calculate “Discretionary Free Cash Flow” we deduct sustaining and compliance capital expenditures and changes in Net Working Capital from cash flow provided by (used in) operating activities.

Operating Tax Rate. Our “operating tax rate” is calculated based upon management’s forecast of the annual operating tax rate for the fiscal year applied to adjusted pre-tax earnings. The operating tax rate excludes income tax (expense) benefit on certain items, discrete tax items and, on a quarterly basis the timing of losses in certain jurisdictions. The income tax (expense) benefit on certain items is determined using the applicable rates in the taxing jurisdictions in which the certain items occurred and includes both current and deferred income tax (expense) benefit based on the nature of the certain items. Discrete tax items include, but are not limited to, changes in valuation allowance, uncertain tax positions, and other tax items, such as the tax impact of legislative changes and tax accruals on historic earnings due to changes in indefinite reinvestment assertions. Management believes that this non-GAAP financial measure is useful supplemental information because it helps our investors compare our tax rate year to year on a consistent basis and to understand what our tax rate on current operations would be without the impact of these items.

Cabot does not provide a forward-looking reconciliation of the operating tax rate range with an effective tax rate range because, without unreasonable effort, we are unable to predict with reasonable certainty the matters we would allocate to “certain items,” including unusual gains and losses, costs associated with future restructurings, acquisition-related expenses and litigation outcomes. These items are uncertain, depend on various factors, and could have a material impact on the effective tax rate in future periods.

Explanation of Terms Used

Product Mix. The term “product mix” refers to the mix of types and grade of products sold or the mix of geographic regions where products are sold, and the positive or negative impact this has on the revenue or profitability of the business or segment.

Net Working Capital. The term “net working capital” includes accounts receivable, inventory and accounts payable and accrued expenses.

CABOT CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS

Periods ended March 31 Three Months Six Months

Dollars in millions, except per share amounts (unaudited) 2025 2024 2025 2024

Net sales and other operating revenues $ 936 $ 1,019 $ 1,891 $ 1,977

Cost of sales 695 773 1,415 1,513

Gross profit 241 246 476 464

Selling and administrative expenses 64 75 130 142

Research and technical expenses 15 15 29 30

Income (loss) from operations 162 156 317 292

Interest and dividend income 7 8 13 17

Interest expense (19 ) (21 ) (37 ) (43 )

Other income (expense)…… 1 (1 ) 2 (30 )

Income (loss) from operations before income taxes and equity in earnings of affiliated companies 151 142 295 236

(Provision) benefit for income taxes (49 ) (47 ) (90 ) (81 )

Equity in earnings of affiliated companies, net of tax 3 2 4 3

Net income (loss) 105 97 209 158

Net income (loss) attributable to noncontrolling interests, net of tax 11 13 22 24

Net income (loss) attributable to Cabot Corporation $ 94 $ 84 $ 187 $ 134

Weighted-average common shares outstanding

Basic 54.0 55.4 54.2 55.3

Diluted 54.4 55.8 54.7 55.8

Earnings (loss) per common share:

Basic $ 1.71 $ 1.50 $ 3.40 $ 2.39

Diluted $ 1.69 $ 1.49 $ 3.36 $ 2.37

CABOT CORPORATION SUMMARY RESULTS BY SEGMENT

Periods ended March 31 Three Months Six Months

Dollars in millions, except per share amounts (unaudited) 2025 2024 2025 2024

Sales

Reinforcement Materials $ 594 $ 676 $ 1,205 $ 1,317

Performance Chemicals 311 311 622 596

Segment sales 905 987 1,827 1,913

Unallocated and other ^(A) 31 32 64 64

Net sales and other operating revenues $ 936 $ 1,019 $ 1,891 $ 1,977

Segment Earnings Before Interest and Taxes
^(B)

Reinforcement Materials $ 131 $ 149 $ 261 $ 278

Performance Chemicals 50 31 95 65

Total Segment Earnings Before Interest and Taxes 181 180 356 343

Unallocated and Other

Interest expense (19 ) (21 ) (37 ) (43 )

Certain items ^(C) (4 ) (12 ) (10 ) (54 )

Unallocated corporate costs (13 ) (18 ) (26 ) (35 )

General unallocated income (expense) ^(D) 9 15 16 28

Less: Equity in earnings of affiliated companies, net of tax 3 2 4 3

Income (loss) from operations before income taxes and equity in earnings of affiliated companies 151 142 295 236

(Provision) benefit for income taxes (including tax certain items) (49 ) (47 ) (90 ) (81 )

Equity in earnings of affiliated companies, net of tax 3 2 4 3

Net income (loss) 105 97 209 158

Net income (loss) attributable to noncontrolling interests, net of tax 11 13 22 24

Net income (loss) attributable to Cabot Corporation $ 94 $ 84 $ 187 $ 134

Diluted earnings (loss) per share of common stock attributable to Cabot Corporation $ 1.69 $ 1.49 $ 3.36 $ 2.37

Adjusted earnings (loss) per share
^(E) $ 1.90 $ 1.78 $ 3.66 $ 3.33

Diluted weighted average common shares outstanding 54.4 55.8 54.7 55.8

^(A) Unallocated and other reflects external shipping and handling fees, the impact of unearned revenue, and discounting charges for certain Notes receivable.

^(B) Segment EBIT is a measure used by Cabot’s Chief Operating Decision-Maker to measure consolidated operating results, assess segment performance and allocate resources. Segment EBIT includes Equity in earnings of affiliated companies, net of tax, Net income attributable to noncontrolling interests, net of tax, and discounting charges for certain Notes receivable.

^(C) Details of Certain items are presented in the Certain Items and Reconciliation of Adjusted EPS and Operating Tax Rate table.

^(D) General unallocated income (expense) consists of gains (losses) arising from foreign currency transactions, net of other foreign currency risk management activities, Interest and dividend income, the profit or loss related to the corporate adjustment for unearned revenue and unrealized holding gains (losses) for investments. This does not include items of income or expense from the items that are separately treated as Certain items.

^(E) Adjusted EPS is a non-GAAP measure, and a reconciliation of Adjusted EPS to GAAP EPS is presented in the Certain Items and Reconciliation of Adjusted EPS and Operating Tax Rate table.

CABOT CORPORATION CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

March 31, September 30,

Dollars in millions (unaudited) 2025 2024

Current assets:

Cash and cash equivalents $ 213 $ 223

Accounts and notes receivable, net of reserve for doubtful accounts of $5 and $5 739 733

Inventories:

Raw materials 147 150

Finished goods 333 333

Other 61 69

Total inventories 541 552

Prepaid expenses and other current assets 110 97

Total current assets 1,603 1,605

Property, plant and equipment 4,155 4,082

Accumulated Depreciation (2,552 ) (2,548 )

Net property, plant and equipment 1,603 1,534

Goodwill 128 133

Equity affiliates 14 23

Intangible assets, net 55 53

Deferred income taxes 204 216

Other assets 177 172

Total assets $ 3,784 $ 3,736

CABOT CORPORATION CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

March 31, September 30,

Dollars in millions, except share and per share amounts (unaudited) 2025 2024

Current liabilities:

Short-term borrowings $ 190 $ 45

Accounts payable and accrued liabilities 577 676

Income taxes payable 42 43

Current portion of long-term debt 9 8

Total current liabilities 818 772

Long-term debt 1,090 1,087

Deferred income taxes 39 42

Other liabilities 247 245

Stockholders’ equity:

Preferred stock:

Authorized: 2,000,000 shares of $1 par value

Issued and Outstanding: None and none — —

Common stock:

Authorized: 200,000,000 shares of $1 par value Issued: 53,832,031 and 54,430,316 shares Outstanding: 53,700,563 and 54,297,251 shares 54 54

Less cost of 131,468 and 133,065 shares of common treasury stock (3 ) (3 )

Additional paid-in capital — —

Retained earnings 1,803 1,734

Accumulated other comprehensive income (loss) (427 ) (360 )

Total Cabot Corporation stockholders’ equity 1,427 1,425

Noncontrolling interests 163 165

Total stockholders’ equity 1,590 1,590

Total liabilities and stockholders’ equity $ 3,784 $ 3,736

CABOT CORPORATION QUARTERLY RESULTS BY SEGMENT

Fiscal 2024 Fiscal 2025

Dollars in millions,

except per share amounts (unaudited) Dec. Q Mar. Q June Q Sept. Q FY Dec. Q Mar. Q June Q Sept. Q FY

Sales

Reinforcement Materials $ 641 $ 676 $ 649 $ 644 $ 2,610 $ 611 $ 594 $ ― $ ― $ 1,205

Performance Chemicals 285 311 332 322 1,250 311 311 — — 622

Segment sales 926 987 981 966 3,860 922 905 — — 1,827

Unallocated and other^(A) 32 32 35 35 134 33 31 — — 64

Net sales and other operating revenues $ 958 $ 1,019 $ 1,016 $ 1,001 $ 3,994 $ 955 $ 936 $ ― $ ― $ 1,891

Segment Earnings Before Interest and Taxes
^(B)

Reinforcement Materials $ 129 $ 149 $ 136 $ 123 $ 537 $ 130 $ 131 $ ― $ ― $ 261

Performance Chemicals 34 31 55 44 164 45 50 — — 95

Total Segment Earnings Before Interest and Taxes 163 180 191 167 701 175 181 — — 356

Unallocated and Other

Interest expense (22 ) (21 ) (19 ) (19 ) (81 ) (18 ) (19 ) — — (37 )

Certain items^(C) (42 ) (12 ) (2 ) (3 ) (59 ) (6 ) (4 ) — — (10 )

Unallocated corporate costs (17 ) (18 ) (16 ) (17 ) (68 ) (13 ) (13 ) — — (26 )

General unallocated income (expense) ^(D) 13 15 6 8 42 7 9 — — 16

Less: Equity in earnings of affiliated companies, net of tax 1 2 2 1 6 1 3 — — 4

Income (loss) from operations before income taxes and equity in earnings of affiliated companies 94 142 158 135 529 144 151 — — 295

(Provision) benefit for income taxes (including tax certain items) (34 ) (47 ) (40 ) 10 (111 ) (41 ) (49 ) — — (90 )

Equity in earnings of affiliated companies, net of tax 1 2 2 1 6 1 3 — — 4

     Net income (loss) 61 97 120 146 424 104 105 — — 209

Net income (loss) attributable to noncontrolling interests, net of tax 11 13 11 9 44 11 11 — — 22

     Net income (loss) attributable to Cabot Corporation $ 50 $ 84 $ 109 $ 137 $ 380 $ 93 $ 94 $ ― $ ― $ 187

Diluted earnings (loss) per share of common stock attributable to Cabot Corporation $ 0.88 $ 1.49 $ 1.94 $ 2.43 $ 6.72 $ 1.67 $ 1.69 $ — $ — $ 3.36

Adjusted earnings (loss) per share
^(E) $ 1.56 $ 1.78 $ 1.92 $ 1.80 $ 7.06 $ 1.76 $ 1.90 $ — $ — $ 3.66

Diluted weighted average common shares outstanding 55.8 55.8 55.7 55.2 55.7 55.0 54.4 — — 54.7

^(A) Unallocated and other reflects external shipping and handling fees, the impact of unearned revenue, and discounting charges for certain Notes receivable.

^(B) Segment EBIT is a measure used by Cabot’s Chief Operating Decision-Maker to measure consolidated operating results, assess segment performance and allocate resources. Segment EBIT includes Equity in earnings of affiliated companies, net of tax, Net income attributable to noncontrolling interests, net of tax, and discounting charges for certain Notes receivable.

^(C) Details of certain items are presented in the Certain Items and Reconciliation of Adjusted EPS and Operating Tax Rate table.

^(D) General unallocated income (expense) consists of gains (losses) arising from foreign currency transactions, net of other foreign currency risk management activities, Interest and dividend income, the profit or loss related to the corporate adjustment for unearned revenue and unrealized holding gains (losses) for investments. This does not include items of income or expense from the items that are separately treated as Certain items.

^(E) Adjusted EPS is a non-GAAP measure, and a reconciliation of Adjusted EPS to GAAP EPS is presented in the Certain Items and Reconciliation of Adjusted EPS and Operating Tax Rate table.

CABOT CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Periods ended March 31 Three Months Six Months

Dollars in millions (unaudited)

2025 2024 2025 2024

Cash Flows from Operating Activities:

Net income (loss) $           105 $ 97 $          209 $ 158

Adjustments to reconcile net income to cash provided by operating activities:

Depreciation and amortization               38 37              75 78

Other non-cash charges (gains), net               18 22              25 71

Cash dividends received from equity affiliates               — —              12 1

Changes in assets and liabilities:

Changes in net working capital ^(A)              (76 ) 21           (114 ) (25 )

Changes in other assets and liabilities, net              (12 ) (1 )             (10 ) (2 )



Cash provided by (used in) operating activities               73 176            197 281

Cash Flows from Investing Activities:

Additions to property, plant and equipment              (72 ) (43 )           (149 ) (97 )

Cash paid for asset acquisition               — —             (27 ) —

Other investing activities, net                2 2                2 2

Cash provided by (used in) investing activities              (70 )           (41 )           (174 )           (95 )

Cash Flows from Financing Activities:

Change in debt, net               87 (125 )            147 (94 )

Cash dividends paid to common stockholders              (23 ) (23 )             (47 ) (45 )

Other financing activities, net              (47 ) (18 )           (107 ) (56 )



Cash provided by (used in) financing activities               17 (166 )               (7 ) (195 )

Effect of exchange rate changes on cash               10 (7 )             (26 ) (23 )

Increase (decrease) in cash and cash equivalents               30 (38 )             (10 ) (32 )

Cash and cash equivalents at beginning of period             183 244            223 238

Cash and cash equivalents at end of period $           213 $ 206 $          213 $ 206

^(A) Includes Accounts and notes receivable, Inventories, and Accounts payable and accrued liabilities.

CABOT CORPORATION CERTAIN ITEMS AND RECONCILIATION OF ADJUSTED EPS AND OPERATING TAX RATE

TABLE 1: DETAIL OF CERTAIN ITEMS

Periods ended March 31 Three Months Six Months

Dollars in millions, except per share amounts (unaudited) 2025 2024 2025 2024

Certain items before and after income taxes

Legal and environmental matters and reserves $ (1 ) $ (1 ) $ (6 ) $ (1 )

Global restructuring activities (3 ) (3 ) (3 ) (12 )

Argentina controlled currency devaluation and other losses — (8 ) — (41 )

Other certain items — — (1 ) —

Total certain items, pre-tax (4 ) (12 ) (10 ) (54 )

Non-GAAP tax adjustments^(A) (7 ) (4 ) (6 ) —

Total certain items after tax $ (11 ) $ (16 ) $ (16 ) $ (54 )

Total certain items after tax per share $ (0.21 ) $ (0.29 ) $ (0.30 ) $ (0.96 )

TABLE 2: CERTAIN ITEMS STATEMENT OF OPERATIONS LINE ITEM

Periods ended March 31 Three Months Six Months

Dollars in millions, Pre-Tax (unaudited) 2025 2024 2025 2024

Statement of Operations Line Item
^(B)

Cost of sales $ (2 ) $ (3 ) $ (8 ) $ (12 )

Selling and administrative expenses (1 ) (1 ) (1 ) (1 )

Research and technical expenses (1 ) — (1 )

Other income (expense) — (8 ) — (41 )

Total certain items $ (4 ) $ (12 ) $ (10 ) $ (54 )

TABLE 3: RECONCILIATION OF EFFECTIVE TAX RATE TO OPERATING TAX RATE

Three months ended March 31 2025 2024

Dollars in millions (unaudited) (Provision) /
Benefit for
Income Taxes Rate (Provision) /
Benefit for
Income Taxes Rate

Effective Tax Rate $ (49 ) 32 % $ (47 ) 33 %

Less: Non-GAAP tax adjustments^(A) (7 ) (4 )

Operating tax rate^{(C) (D)} $ (42 ) 27 % $ (43 ) 28 %

Six months ended March 31 2025 2024

Dollars in millions (unaudited) (Provision) /
Benefit for
Income Taxes Rate (Provision) /
Benefit for
Income Taxes Rate

Effective Tax Rate $ (90 ) 30 % $ (81 ) 34 %

Less: Non-GAAP tax adjustments^(A) (6 ) —

Operating tax rate^{(C) (D)} $ (84 ) 28 % $ (81 ) 28 %

TABLE 4: RECONCILIATION OF ADJUSTED EPS BY QUARTER FOR FISCAL 2025 and FISCAL 2024

Fiscal 2025
^(E)

Periods ended (unaudited) Dec. Q Mar. Q June Q Sept. Q FY 2025

Reconciliation of Adjusted EPS to GAAP EPS

Net income (loss) per share attributable to Cabot Corporation $ 1.67 $ 1.69 $ — $ — $ 3.36

Less: Certain items after tax per share (0.09 ) (0.21 ) — — (0.30 )

Adjusted earnings (loss) per share $ 1.76 $ 1.90 $ — $ — $ 3.66

Fiscal 2024
^(E)

Periods ended (unaudited) Dec. Q Mar. Q June Q Sept. Q FY 2024

Reconciliation of Adjusted EPS to GAAP EPS

Net income (loss) per share attributable to Cabot Corporation $ 0.88 $ 1.49 $ 1.94 $ 2.43 $ 6.72

Less: Certain items after tax per share (0.68 ) (0.29 ) 0.02 0.63 (0.34 )

Adjusted earnings (loss) per share $ 1.56 $ 1.78 $ 1.92 $ 1.80 $ 7.06

^(A) Non-GAAP tax adjustments are made to arrive at the operating tax provision. It includes the income tax (expense) benefit on certain items, discrete tax items, and, on a quarterly basis the timing of losses in certain jurisdictions. The income tax (expense) benefit on certain items is determined using the applicable rates in the taxing jurisdictions in which the certain items occurred and includes both current and deferred income tax (expense) benefit based on the nature of the certain items. Discrete tax items include, but are not limited to, changes in valuation allowance, uncertain tax positions, and other tax items, such as the tax impact of legislative changes and tax accruals on historic earnings due to changes in indefinite reinvestment assertions.

^(B) This table indicates the line items where certain items are recorded in the Consolidated Statements of Operations.

^(C) The operating tax rate is calculated based upon management’s forecast of the annual operating tax rate for the fiscal year applied to adjusted pre-tax earnings. The operating tax rate excludes income tax (expense) benefit on certain items, discrete tax items and, on a quarterly basis the timing of losses in certain jurisdictions.

^(D) Our operating tax rate for fiscal 2025 is expected to be in the range of 27% to 29%.

^(E) Per share amounts are calculated after tax.

CABOT CORPORATION RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

Fiscal 2025
^(A)

Dec. Q Mar. Q June Q Sept. Q FY 2025

Reconciliation of Adjusted EPS to GAAP EPS

Net income (loss) per share attributable to Cabot Corporation $ 1.67 $ 1.69 $ — $ — $ 3.36

Less: Certain items after tax per share (0.09 ) (0.21 ) — — (0.30 )

Adjusted earnings (loss) per share $ 1.76 $ 1.90 $ — $ — $ 3.66

Fiscal 2024
^(A)

Dec. Q Mar. Q June Q Sept. Q FY 2024

Reconciliation of Adjusted EPS to GAAP EPS

Net income (loss) per share attributable to Cabot Corporation $ 0.88 $ 1.49 $ 1.94 $ 2.43 $ 6.72

Less: Certain items after tax per share (0.68 ) (0.29 ) 0.02 0.63 (0.34 )

Adjusted earnings (loss) per share $ 1.56 $ 1.78 $ 1.92 $ 1.80 $ 7.06

^(A) Per share amounts are calculated after tax.

Dollars in millions Fiscal 2025

Dec. Q Mar. Q June Q Sept. Q FY 2025

Reconciliation of Total Segment EBIT, Total Segment EBITDA and Adjusted EBITDA to Net Income and Segment EBITDA Margin

Net income (loss) attributable to Cabot Corporation $ 93 $ 94 $ — $ — $ 187

Net income (loss) attributable to noncontrolling interests 11 11 — — 22

Equity in earnings of affiliated companies, net of tax (1 ) (3 ) — — (4 )

Provision (benefit) for income taxes 41 49 — — 90

Income (loss) from operations before income taxes and equity in earnings of affiliated companies $ 144 $ 151 $ — $ — $ 295

Interest expense 18 19 — — 37

Certain items 6 4 — — 10

Unallocated corporate costs 13 13 — — 26

General unallocated (income) expense (7 ) (9 ) — — (16 )

Less: Equity in earnings of affiliated companies (1 ) (3 ) — — (4 )

Total Segment EBIT $ 175 $ 181 $ — $ — $ 356

Depreciation and amortization excluding corporate depreciation and amortization 37 38 — — 75

Total Segment EBITDA $ 212 $ 219 $ — $ — $ 431

Less: Unallocated corporate costs before corporate depreciation and amortization 13 13 — — 26

Adjusted EBITDA $ 199 $ 206 $ — $ — $ 405

Dollars in millions Dec. Q Mar. Q June Q Sept. Q FY 2025

Reinforcement Materials EBIT $ 130 $ 131 $ — $ — $ 261

Reinforcement Materials Depreciation and amortization 17 17 — — 34

Reinforcement Materials EBITDA $ 147 $ 148 $ — $ — $ 295

Reinforcement Materials Sales $ 611 $ 594 $ — $ — $ 1,205

Reinforcement Materials EBITDA Margin 24 % 25 % — % — % 24 %

Dollars in millions Dec. Q Mar. Q June Q Sept. Q FY 2025

Performance Chemicals EBIT $ 45 $ 50 $ — $ — $ 95

Performance Chemicals Depreciation and amortization 20 21 — — 41

Performance Chemicals EBITDA $ 65 $ 71 $ — $ — $ 136

Performance Chemicals Sales $ 311 $ 311 $ — $ — $ 622

Performance Chemicals EBITDA Margin 21 % 23 % — % — % 22 %

Dollars in millions Fiscal 2025

Reconciliation of Free Cash Flow and Discretionary Free Cash Flow to Cash provided by (used in) operating activities
Dec. Q Mar. Q June Q Sept. Q FY 2025

Cash provided by (used in) operating activities
^(B) $ 124 $ 73 $ — $ — $ 197

Less: Additions to property, plant and equipment 77 72 — — 149

Free cash flow $ 47 $ 1 $ — $ — $ 48

Plus: Additions to property, plant and equipment 77 72 — — 149

Less: Changes in net working capital ^(C) (38 ) (76 ) — — (114 )

Less: Sustaining and compliance capital expenditures 48 39 — — 87

Discretionary free cash flow $ 114 $ 110 $ — $ — $ 224

^(B) As provided in the Condensed Consolidated Statements of Cash Flows.

^(C) Defined as changes in Accounts and notes receivable, Inventories, and Accounts payable and accrued liabilities as presented on the Condensed Consolidated Statements of Cash Flows.

Investor Contact: Steve Delahunt (617) 342-6255

Posted on May 5, 2025 4:41 pm
ASUR Announces Total Passenger Traffic for April 2025

PR Newswire

Passenger traffic increased year-on-year by 13.5% in Puerto Rico, 4.8% in Colombia and 0.5% in Mexico

MEXICO CITY
, May 5, 2025 /PRNewswire/ — Grupo Aeroportuario del Sureste, S.A.B. de C.V. (NYSE: ASR; BMV: ASUR), ASUR, a leading international airport group with operations in Mexico, the U.S. and Colombia, today announced that passenger traffic for April 2025 reached a total of 6.0 million passengers, representing an increase of 3.8% compared to April 2024.

Passenger traffic presented year-over-year increases of 13.5% in Puerto Rico, 4.8% in Colombia, and 0.5% in Mexico. Passenger traffic growth in Puerto Rico was driven by increases of 29.6% in international traffic and 11.6% in domestic traffic, while Colombia reported increases of 15.6% in international traffic and 2.0% in domestic traffic. In Mexico, a 3.3% decrease in international traffic was partially offset by a 5.1% increase in domestic traffic.

All figures in this statement reflect comparisons between the period from April 1 to 30, 2025 and from April 1 to 30, 2024. Note that last year Holy Week took place during the last week of March 2024, while this year took place in April. Figures excluded transit and general aviation passengers for Mexico and Colombia.

Passenger Traffic Summary

April

% Chg

Year to date

% Chg

2024

2025

2024

2025

Mexico

3,495,197

3,511,745

0.5

14,991,607

14,456,882

(3.6)

Domestic Traffic

1,573,816

1,653,649

5.1

6,188,901

6,234,133

0.7

International Traffic

1,921,381

1,858,096

(3.3)

8,802,706

8,222,749

(6.6)

San Juan, Puerto Rico

1,034,830

1,174,568

13.5

4,296,726

4,783,150

11.3

Domestic Traffic

926,318

1,033,889

11.6

3,862,258

4,261,135

10.3

International Traffic

108,512

140,679

29.6

434,468

522,015

20.2

Colombia

1,278,688

1,340,348

4.8

5,082,918

5,386,702

6.0

Domestic Traffic

1,012,775

1,032,952

2.0

3,976,235

4,111,608

3.4

International Traffic

265,913

307,396

15.6

1,106,683

1,275,094

15.2

Total Traffic

5,808,715

6,026,661

3.8

24,371,251

24,626,734

1.0

Domestic Traffic

3,512,909

3,720,490

5.9

14,027,394

14,606,876

4.1

International Traffic

2,295,806

2,306,171

0.5

10,343,857

10,019,858

(3.1)

Mexico Passenger Traffic

April

% Chg

Year to date

% Chg

2024

2025

2024

2025

Domestic Traffic

1,573,816

1,653,649

5.1

6,188,901

6,234,133

0.7

CUN

Cancun

796,486

835,045

4.8

3,116,167

3,122,813

0.2

CZM

Cozumel

18,631

22,995

23.4

77,134

75,554

(2.0)

HUX

Huatulco

57,383

55,891

(2.6)

233,856

216,020

(7.6)

MID

Merida

263,609

287,801

9.2

1,064,694

1,095,167

2.9

MTT

Minatitlan

12,022

13,069

8.7

40,041

49,405

23.4

OAX

Oaxaca

124,477

133,769

7.5

499,673

524,781

5.0

TAP

Tapachula

52,215

41,372

(20.8)

200,171

170,834

(14.7)

VER

Veracruz

127,889

142,650

11.5

483,618

526,546

8.9

VSA

Villahermosa

121,104

121,057

(0.0)

473,547

453,013

(4.3)

International Traffic

1,921,381

1,858,096

(3.3)

8,802,706

8,222,749

(6.6)

CUN

Cancun

1,796,360

1,739,253

(3.2)

8,206,770

7,636,701

(6.9)

CZM

Cozumel

46,575

33,368

(28.4)

236,805

184,035

(22.3)

HUX

Huatulco

14,550

12,885

(11.4)

94,979

93,311

(1.8)

MID

Merida

31,679

32,524

2.7

130,827

144,275

10.3

MTT

Minatitlan

543

558

2.8

2,135

2,378

11.4

OAX

Oaxaca

17,922

19,800

10.5

74,917

94,435

26.1

TAP

Tapachula

983

3,246

230.2

4,589

8,830

92.4

VER

Veracruz

9,753

12,207

25.2

40,464

45,408

12.2

VSA

Villahermosa

3,016

4,255

41.1

11,220

13,376

19.2

Traffic Total Mexico

3,495,197

3,511,745

0.5

14,991,607

14,456,882

(3.6)

CUN

Cancun

2,592,846

2,574,298

(0.7)

11,322,937

10,759,514

(5.0)

CZM

Cozumel

65,206

56,363

(13.6)

313,939

259,589

(17.3)

HUX

Huatulco

71,933

68,776

(4.4)

328,835

309,331

(5.9)

MID

Merida

295,288

320,325

8.5

1,195,521

1,239,442

3.7

MTT

Minatitlan

12,565

13,627

8.5

42,176

51,783

22.8

OAX

Oaxaca

142,399

153,569

7.8

574,590

619,216

7.8

TAP

Tapachula

53,198

44,618

(16.1)

204,760

179,664

(12.3)

VER

Veracruz

137,642

154,857

12.5

524,082

571,954

9.1

VSA

Villahermosa

124,120

125,312

1.0

484,767

466,389

(3.8)

US Passenger Traffic, San Juan Airport (LMM)

April

%

Chg

Year to date

%

Chg

2024

2025

2024

2025

SJU Total

1,034,830

1,174,568

13.5

4,296,726

4,783,150

11.3

Domestic Traffic

926,318

1,033,889

11.6

3,862,258

4,261,135

10.3

International Traffic

108,512

140,679

29.6

434,468

522,015

20.2

Colombia Passenger Traffic Airplan

April

% Chg

Year to date

%
Chg

2024

2025

2024

2025

Domestic Traffic

1,012,775

1,032,952

2.0

3,976,235

4,111,608

3.4

MDE

Rionegro

757,231

784,536

3.6

2,924,149

3,102,383

6.1

EOH

Medellin

97,065

93,071

(4.1)

400,410

366,513

(8.5)

MTR

Monteria

114,331

110,138

(3.7)

476,168

460,764

(3.2)

APO

Carepa

15,308

15,078

(1.5)

56,909

55,241

(2.9)

UIB

Quibdo

26,406

26,544

0.5

108,108

104,987

(2.9)

CZU

Corozal

2,434

3,585

47.3

10,491

21,720

107.0

International Traffic

265,913

307,396

15.6

1,106,683

1,275,094

15.2

MDE

Rionegro

265,913

307,396

15.6

1,106,683

1,275,094

15.2

EOH

Medellin

MTR

Monteria

–

–

–

–

APO

Carepa

–

–

–

–

UIB

Quibdo

–

–

–

–

CZU

Corozal

–

–

–

–

Traffic Total Colombia

1,278,688

1,340,348

4.8

5,082,918

5,386,702

6.0

MDE

Rionegro

1,023,144

1,091,932

6.7

4,030,832

4,377,477

8.6

EOH

Medellin

97,065

93,071

(4.1)

400,410

366,513

(8.5)

MTR

Monteria

114,331

110,138

(3.7)

476,168

460,764

(3.2)

APO

Carepa

15,308

15,078

(1.5)

56,909

55,241

(2.9)

UIB

Quibdo

26,406

26,544

0.5

108,108

104,987

(2.9)

CZU

Corozal

2,434

3,585

47.3

10,491

21,720

107.0

About ASUR

Grupo Aeroportuario del Sureste, S.A.B. de C.V. (ASUR) is a leading international airport operator with a portfolio of concessions to operate, maintain and develop 16 airports in the Americas. This comprises nine airports in southeast Mexico, including Cancun Airport, the most important tourist destination in Mexico, the Caribbean and Latin America, and six airports in northern Colombia, including Medellin international airport (Rio Negro), the second busiest in Colombia. ASUR is also a 60% JV partner in Aerostar Airport Holdings, LLC, operator of the Luis Muñoz Marín International Airport serving the capital of Puerto Rico, San Juan. San Juan’s Airport is the island’s primary gateway for international and mainland-US destinations and was the first, and currently the only major airport in the US to have successfully completed a public–private partnership under the FAA Pilot Program. Headquartered in Mexico, ASUR is listed both on the Mexican Bolsa, where it trades under the symbol ASUR, and on the NYSE in the U.S., where it trades under the symbol ASR. One ADS represents ten (10) series B shares. For more information, visit www.asur.com.mx.

View original content:https://www.prnewswire.com/news-releases/asur-announces-total-passenger-traffic-for-april-2025-302446256.html

SOURCE Grupo Aeroportuario del Sureste, S.A.B. de C.V.

Posted on May 5, 2025 4:41 pm
Cboe Global Markets Reports Trading Volume for April 2025

PR Newswire

CHICAGO
, May 5, 2025 /PRNewswire/ — Cboe Global Markets, Inc. (Cboe: CBOE), the world’s leading derivatives and securities exchange network, today reported April monthly trading volume statistics across its global business lines.

The data sheet “Cboe Global Markets Monthly Volume & RPC/Net Revenue Capture Report” contains an overview of certain April trading statistics and market share by business segment, volume in select index products, and RPC/net capture, which is reported on a one-month lag, across business lines.

Average Daily Trading Volume (ADV) by Month

Year-To-Date

Apr

2025

Apr

2024

%

Chg

Mar
2025

%
Chg

Apr

2025

Apr

2024

%
Chg

Multiply-listed options (contracts, k)

13,260

10,223

29.7 %

13,529

-2.0 %

13,372

10,606

26.1 %

Index options (contracts, k)

5,087

4,347

17.0 %

5,270

-3.5 %

4,853

4,157

16.7 %

Futures (contracts, k)

309

309

-0.2 %

284.976

8.4 %

265

244

8.7 %

U.S. Equities – On-Exchange (matched shares, mn)

2,118

1,310

61.7 %

1,617

31.0 %

1,765

1,457

21.2 %

U.S. Equities – Off-Exchange (matched shares, mn)

125

72

74.6 %

92

36.4 %

100

79

25.6 %

Canadian Equities (matched shares, k)

170,517

157,295

8.4 %

153,961

10.8 %

162,357

149,145

8.9 %

European Equities (€, mn)

17,410

10,503

65.8 %

16,422

6.0 %

14,684

10,064

45.9 %

Cboe Clear Europe Cleared Trades (k)

167,213

107,368

55.7 %

157,411

6.2 %

579,285

401,694

44.2 %

Cboe Clear Europe Net Settlements (k)

1,099

937

17.4 %

1,130

-2.7 %

4,300

3,461

24.2 %

Australian Equities (AUD, mn)

1,047

761

37.6 %

900

16.4 %

873

764

14.3 %

Japanese Equities (JPY, bn)

239

316

-24.3 %

312

-23.2 %

301

316

-4.7 %

Global FX ($, mn)

65,340

51,307

27.4 %

54,784

19.3 %

55,398

46,804

18.4 %

April 2025 Trading Volume Highlights

U.S. Options

Cboe’s proprietary index options ADV in April was 5.1 million contracts, its second-best month on record.

Several new single-day records were set on April 4, including:

Total volume across Cboe’s four U.S. options exchanges of 31.0 million contracts.

Cboe’s proprietary index options volume of 8.8 million contracts.

S&P 500 Index (SPX) options volume of 6.0 million contracts, eclipsing the previous single-day record by 1.2 million contracts.

437 thousand contracts traded during Cboe’s global trading hours session (7:15 PM to 8:25 AM CT).

About Cboe Global Markets

Cboe Global Markets (Cboe: CBOE), the world’s leading derivatives and securities exchange network, delivers cutting-edge trading, clearing and investment solutions to people around the world. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives and FX across North America, Europe and Asia Pacific. Above all, we are committed to building a trusted, inclusive global marketplace that enables people to pursue a sustainable financial future. To learn more about the Exchange for the World Stage, visit www.cboe.com.

Cboe Media Contacts

Cboe Analyst Contact

Angela Tu

Tim Cave

Kenneth Hill, CFA

+1-646-856-8734

+44 (0) 7593-506-719

+1-312-786-7559

[email protected]

[email protected]

[email protected]

CBOE-V

Cboe®, Cboe Global Markets®, Cboe Volatility Index®, and VIX® are registered trademarks of Cboe Exchange, Inc. or its affiliates. Standard & Poor’s®, S&P®, SPX®, and S&P 500® are registered trademarks of Standard & Poor’s Financial Services, LLC, and have been licensed for use by Cboe Exchange, Inc. All other trademarks and service marks are the property of their respective owners.

Any products that have the S&P Index or Indexes as their underlying interest are not sponsored, endorsed, sold or promoted by Standard & Poor’s or Cboe and neither Standard & Poor’s nor Cboe make any representations or recommendations concerning the advisability of investing in products that have S&P indexes as their underlying interests. All other trademarks and service marks are the property of their respective owners.

Cboe Global Markets, Inc. and its affiliates do not recommend or make any representation as to possible benefits from any securities, futures or investments, or third-party products or services. Cboe Global Markets, Inc. is not affiliated with S&P. Investors should undertake their own due diligence regarding their securities, futures, and investment practices. This press release speaks only as of this date. Cboe Global Markets, Inc. disclaims any duty to update the information herein.

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SOURCE Cboe Global Markets, Inc.

Posted on May 5, 2025 4:40 pm
TETRA TECHNOLOGIES, INC. TO PARTICIPATE IN THE D. BORAL CAPITAL INAUGURAL GLOBAL CONFERENCE

PR Newswire

THE WOODLANDS, Texas
, May 5, 2025 /PRNewswire/ — TETRA Technologies, Inc. (“TETRA” or the “Company”) (NYSE:TTI) announced that its senior management will participate at the D. Boral Capital Inaugural Global Conference at The Plaza Hotel in New York City on May 14, 2025.

Brady Murphy, Chief Executive Officer, Elijio Serrano, Chief Financial Officer and Kurt Hallead, VP of Investor Relations and Treasurer will be hosting one-on-one meetings with institutional investors on May 14.

Investors interested in scheduling one-on-ones with TETRA’s management at The Plaza Hotel in New York City, should contact John Perez at [email protected].

Company Overview

TETRA Technologies, Inc. is an energy services and solutions company focused on developing environmentally conscious services and solutions that help make people’s lives better. With operations on six continents, the Company’s portfolio consists of Energy Services, Industrial Chemicals, and Critical Minerals. In addition to providing products and services to the oil and gas industry and calcium chloride for diverse applications, TETRA is expanding into the low-carbon energy market with chemistry expertise, key mineral acreage, and global infrastructure, helping to meet the demand for sustainable energy in the twenty-first century. Visit the Company’s website at www.onetetra.com for more information or connect with us on LinkedIn.

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SOURCE TETRA Technologies, Inc.

Posted on May 5, 2025 4:40 pm
Viatris Announces Appointments of Frank D’Amelio and Michael Severino, M.D., to the Company’s Board of Directors

PR Newswire

Directors Rajiv Malik and Harry Korman to Retire at the End of Their Current Terms

PITTSBURGH
, May 5, 2025 /PRNewswire/ — Viatris Inc. (Nasdaq: VTRS), a global healthcare company, today announced that as part of its ongoing Board refreshment efforts, Frank D’Amelio and Michael Severino, M.D., have been appointed as the newest members of Viatris’ Board of Directors. In addition, the Company announced that current directors, Rajiv Malik and Harry (Hal) Korman, will retire from the Board at the end of their current terms in December following the Company’s 2025 Annual Meeting of Shareholders.

D’Amelio is a well-respected pharmaceutical industry veteran with 20 years of experience as a public company CFO, most recently serving as Executive Vice President & CFO at Pfizer. During his 15-year tenure as Pfizer CFO, he was responsible for all corporate finance functions, including audit, treasury, tax, investor relations, insurance, financial planning, corporate controllership, business finance and analytics, as well as business operations, which included IT, procurement, real estate and business development. In addition, from 2018 to 2021, including during the height of the COVID-19 pandemic, he also served as Executive Vice President of Global Supply.

Prior to his time at Pfizer, D’Amelio held various roles of increasing responsibility at Alcatel-Lucent, S.A. and its predecessor, Lucent Technologies, including as Chief Operating Officer, Chief Financial Officer, and Chief Administrative Officer, as well as at AT&T, Inc. He currently serves on the Board of Directors of Humana Inc., Zoetis Inc., Hewlett Packard Enterprise Company, Sail Biomedicines, Inc. and EntityRisk, Inc. In addition, he is a Strategic Advisor for Formation Bio. D’Amelio earned his MBA from St. John’s University and his bachelor’s degree in accounting from St. Peter’s University.

Severino is a highly experienced corporate executive and drug developer, currently serving as Chief Executive Officer of Tessera Therapeutics, Inc. and CEO-Partner of Flagship Pioneering, positions he has held since 2022. Prior to that, he served as Vice Chairman and President of AbbVie Inc., as well as AbbVie’s Executive Vice President, Research & Development, and its Chief Scientific Officer. He also spent 10 years at Amgen Inc., serving in a variety of leadership positions, including Senior Vice President, Global Development, and Chief Medical Officer.

Severino serves on the Board of Directors of Avantor, Inc., Montai Therapeutics, Inc., and Quotient Therapeutics, Inc. He earned an M.D. from Johns Hopkins University, completing his residency and fellowship training at Massachusetts General Hospital and Harvard Medical School, as well as a bachelor’s degree in biochemistry from the University of Maryland.

Melina Higgins, Chair of Viatris’ Board of Directors said, “We are extremely pleased to welcome Frank and Mike to the Viatris Board effective today. They each bring not only significant board experience, but deep pharmaceutical industry and executive experience across a variety of key disciplines that we believe will serve the Board and the Company well. We look forward to their contributions as we continue our work to accelerate shareholder return and position Viatris for long-term growth.”

Higgins continued, “On behalf of the entire Board, we cannot thank Rajiv and Hal enough for their service and significant contributions to both Viatris and the Board. Their long-standing commitment to the Company and its people has been truly impressive, and the significant value they have brought to the Board through their experience and dedication to collaboration has been sincerely appreciated.”

Scott A. Smith
, Viatris’ Chief Executive Officer commented, “I could not be more excited by the additions of Frank and Mike to the Viatris Board. I believe Frank’s well-known finance and operational expertise, and Mike’s extensive drug development and management background will prove extremely beneficial not only to the Board but to the executive management team. I look forward to working closely with them and the entire Board to ensure we continue to execute on our vision for the Company.”

Added Smith, “I also want to express my sincere thanks to Rajiv and Hal for their incredible legacy of service to Viatris. Their partnership and knowledge sharing during our work to transition the Company for the future has been invaluable.”

Malik stated, “As I have long said, my time at Mylan and now Viatris has been nothing short of extraordinary. It has been a privilege to be a part of building such a one-of-a-kind company. Over the last two decades, we were able to significantly expand the global scale of our commercial and operations footprint and establish a highly diverse scope of scientific capabilities.”

Malik continued, “I will depart the Board with an immense sense of pride in all that has been accomplished, as well as in the strong foundation that has been set for the future, which should serve the Board and management team well as they now set course for the Company’s next phase of achievements.”

Korman said, “It has been an honor to have been able to serve on the Viatris Board. Since first joining Mylan and its management team almost 30 years ago, I have seen the Company grow from a company serving a single country to one serving approximately 1 billion patients around the world each year. It has been a remarkable transformation, and I am extremely proud to have played a part in this success.”

Added Korman, “I am also highly gratified by the work we have been able to do as a Board over the last several years to establish a new vision for the Company that I believe should sustain it well into the future. I wish the Board, the management team, and all involved at Viatris nothing but the best in the journey ahead.”

About Viatris

Viatris Inc.
(Nasdaq: VTRS) is a global healthcare company uniquely positioned to bridge the traditional divide between generics and brands, combining the best of both to more holistically address healthcare needs globally. With a mission to empower people worldwide to live healthier at every stage of life, we provide access at scale, currently supplying high-quality medicines to approximately 1 billion patients around the world annually and touching all of life’s moments, from birth to the end of life, acute conditions to chronic diseases. With our exceptionally extensive and diverse portfolio of medicines, a one-of-a-kind global supply chain designed to reach more people when and where they need them, and the scientific expertise to address some of the world’s most enduring health challenges, access takes on deep meaning at Viatris. We are headquartered in the U.S., with global centers in Pittsburgh, Shanghai and Hyderabad, India. Learn more at viatris.com and investor.viatris.com, and connect with us on LinkedIn, Instagram, YouTube and X (formerly Twitter).

Forward-Looking Statements
This press release includes statements that constitute “forward-looking statements.” These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may include statements regarding Rajiv Malik and Hal Korman retiring from the Board at the end of their current terms in December following the Company’s 2025 Annual Meeting of Shareholders; looking forward to their contributions as we continue our work to accelerate shareholder return and position Viatris for long-term growth; ensuring we continue to execute on our vision for the Company; transitioning the Company for the future; the strong foundation that has been set for the future, which should serve the Board and management team well as they now set course for the Company’s next phase of achievements; and establishing a new vision for the Company that I believe should sustain it well into the future. Because forward-looking statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: actions and decisions of healthcare and pharmaceutical regulators; our ability to comply with applicable laws and regulations; changes in healthcare and pharmaceutical laws and regulations in the U.S. and abroad; any regulatory, legal or other impediments to Viatris’ ability to bring new products to market; Viatris’ or its partners’ ability to develop, manufacture, and commercialize products; the scope, timing and outcome of any ongoing legal proceedings, and the impact of any such proceedings on Viatris; Viatris’ failure to achieve expected or targeted future financial and operating performance and results; risks associated with international operations; changes in third-party relationships; the effect of any changes in Viatris’ or its partners’ customer and supplier relationships and customer purchasing patterns; the impacts of competition; changes in the economic and financial conditions of Viatris or its partners; uncertainties and matters beyond the control of management, including but not limited to general political and economic conditions, tariffs and trade restrictions, inflation rates and global exchange rates; and the other risks described in Viatris’ filings with the Securities and Exchange Commission (“SEC”). Viatris routinely uses its website as a means of disclosing material information to the public in a broad, non-exclusionary manner for purposes of the SEC’s Regulation Fair Disclosure (Reg FD). Viatris undertakes no obligation to update these statements for revisions or changes after the date of this press release other than as required by law.

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SOURCE Viatris Inc.

Posted on May 5, 2025 4:40 pm
SiriusXM to Present at the J.P. Morgan 53rd Annual Global Technology, Media, and Communications Conference

PR Newswire

NEW YORK
, May 5, 2025 /PRNewswire/ — SiriusXM (NASDAQ: SIRI) today announced that Jennifer Witz, Chief Executive Officer, is scheduled to present on May 13, 2025, at 10:10 am ET at the J.P. Morgan 53rd Annual Global Technology, Media, and Communications Conference in Boston, MA. A webcast of the presentation will be available on the Investor Relations section of the SiriusXM website at https://investor.siriusxm.com.

About Sirius XM Holdings Inc.

SiriusXM is the leading audio entertainment company in North America with a portfolio of audio businesses including its flagship subscription entertainment service SiriusXM; the ad-supported and premium music streaming services of Pandora; an expansive podcast network; and a suite of business and advertising solutions. Reaching a combined monthly audience of approximately 160 million listeners, SiriusXM offers a broad range of content for listeners everywhere they tune in with a diverse mix of live, on-demand, and curated programming across music, talk, news, and sports. For more about SiriusXM, please go to: www.siriusxm.com.

Source: SiriusXM

Investor contacts:
Hooper Stevens
212-901-6718
[email protected]

Natalie Candela

212-901-6672
[email protected]

View original content to download multimedia:https://www.prnewswire.com/news-releases/siriusxm-to-present-at-the-jp-morgan-53rd-annual-global-technology-media-and-communications-conference-302445927.html

SOURCE Sirius XM Holdings Inc.

Posted on May 5, 2025 4:40 pm
JELD-WEN Reports First Quarter 2025 Results

PR Newswire

CHARLOTTE, N.C.
, May 5, 2025 /PRNewswire/ — JELD-WEN Holding, Inc. (NYSE: JELD) (“JELD-WEN” or the “Company”) today announced results for the three months ended March 29, 2025. Comparability is to the same period in the prior year.

First
Quarter Highlights

Net revenues of $776.0 million decreased (19.1%) in the first quarter driven by the court-ordered divestiture of our Towanda facility along with a (15%) Core Revenue decline as a result of (16%) lower volume/mix due to weak macro-economic conditions.

Net loss was ($179.8) million or ($2.12) per share, compared to net loss of ($27.7) million, or ($0.32) per share, during the same quarter a year ago. The net loss includes a non-cash goodwill impairment charge related to the North America reporting unit of approximately $125 million. Operating loss margin was (22.1%) and (2.9%) for the quarters ended March 29, 2025 and March 30, 2024, respectively.

Adjusted EBITDA was $21.9 million, a decrease of ($46.8) million compared to $68.7 million during the same quarter a year ago. Adjusted EBITDA Margin was 2.8%, a decrease of (440) basis points year-over-year as lower volume/mix and lower productivity were only partially offset by lower SG&A expense.

“While market conditions remained very challenging during the first quarter, they developed mostly as expected,” said Chief Executive Officer William J. Christensen. “We continued to execute our transformation, removing cost and improving focus across the business. However, the pace of market deterioration continues to outweigh the benefits of our cost actions. We are beginning to see signs of improvement in our quality and service levels, and we expect further gains in the second quarter. In today’s rapidly evolving macro environment, visibility is limited, but I remain proud of our team’s hard work and dedication through the difficult circumstances we’ve been working to navigate. We remain committed to partnering with our customers and positioning the business for long-term success.”

First
Quarter 2025 Results

Net revenues for the three months ended March 29, 2025, were $776.0 million, a decrease of ($183.1) million, or (19.1%), compared to $959.1 million for the same period last year. The decrease in net revenues was driven by the court-ordered divestiture of our Towanda facility along with a (15%) decline in Core Revenue as a result of (16%) lower volume/mix due to weak macro-economic conditions.

Net loss was ($179.8) million in the first quarter, compared to a net loss of ($27.7) million in the same period last year, an increase of $152.1 million. The increase was mostly driven by an approximate $125 million pre-tax, non-cash goodwill impairment charge, lower volume/mix, and costs to execute on JELD-WEN’s transformation journey. Adjusted Net Loss for the first quarter was ($14.2) million, a decrease of ($32.6) million compared to Adjusted Net Income of $18.4 million in the same period last year.

Net loss per share for the first quarter was ($2.12), compared to a net loss per share of ($0.32) in the same quarter last year. Adjusted EPS for the first quarter was ($0.17) compared to $0.21 in the same quarter last year. Adjusted EPS for the quarter ended March 29, 2025, excludes net after-tax charges of $165.6 million, or $1.95 per diluted share, associated mainly with the non-cash goodwill impairment charge in the North America segment and costs to execute on the Company’s transformation journey. Adjusted EPS for the quarter ended March 30, 2024, excludes net after-tax charges of $46.1 million or $0.53 per diluted share.

Adjusted EBITDA was $21.9 million, a decline of ($46.8) million compared to $68.7 million during the same quarter last year. While we drove significant improvements from our transformation activities, these benefits were more than offset by the impact of lower sales and the associated loss of productivity. Adjusted EBITDA Margin was 2.8%, a decrease of (440) basis points due to lower volume/mix, lower productivity and higher costs in labor and materials only partially offset by lower SG&A expense.

On a segment basis for the first quarter of 2025, compared to the same period last year:

North America
– Net revenue was $530.6 million, a decline of ($149.4) million, or (22.0%), driven by the court-ordered divestiture of our Towanda facility along with a (17%) decrease in Core Revenue. The decrease in Core Revenue was primarily due to (18%) unfavorable volume/mix driven by weaker market demand. Net loss was ($150.9) million, a decline of ($167.2) million year-over-year. Adjusted EBITDA was $15.5 million, a decline of ($45.7) million primarily due to unfavorable volume/mix and productivity.

Europe
– Net revenue was $245.4 million, a decline of ($33.7) million, or (12.1%), driven by a (9%) decrease in Core Revenue. The decrease was primarily due to (10%) unfavorable volume/mix driven by market softness across the region. Net loss was ($3.5) million, a decline of ($3.5) million due to lower volume/mix. Adjusted EBITDA was $10.7 million, a decline of ($3.8) million primarily due to lower volume/mix and slightly negative price/cost only partially offset by favorable productivity.

Cash Flow
Net cash used in operating activities increased $72.5 million to $83.5 million in the three months ended March 29, 2025, compared to $11.0 million in the three months ended March 30, 2024. The increase in net cash used by operating activities was primarily due to unfavorable change in earnings of ($152.1) million, approximately $125 million of which was a non-cash goodwill impairment charge related to the North America reporting unit in the first quarter of 2025, and a ($51.6) million decrease in net cash provided by our working capital accounts, specifically around timing of accounts payable in Q1 ’24.

Capital expenditures in the first quarter of 2025 increased by $7.2 million to $42.0 million, up from $34.7 million in the first quarter of 2024. Free Cash Flow used in the first quarter of 2025 was ($125.4) million, compared to Free Cash Flow used in the first quarter of 2024 of ($45.7) million. This does not include the impact of the court-ordered divestiture of our Towanda facility proceeds of $112.1 million.

Conference Call Information
JELD-WEN management will host a conference call on May 6, 2025, at 8 a.m. ET, to discuss the Company’s financial results. Interested investors and other parties can access the call either via webcast by visiting the Investor Relations section of the Company’s website at https://investors.jeld-wen.com, or by dialing 888-596-4144 from the United States or +1-646-968-2525 internationally and using ID 6328142. A slide presentation highlighting the Company’s results is available on the Investor Relations section of the Company’s website.

For those unable to listen to the live event, a webcast replay will be available approximately two hours following completion of the call. To learn more about JELD-WEN, please visit the Company’s website at https://investors.jeld-wen.com.

About JELD-WEN Holding, Inc.

JELD-WEN Holding, Inc. (NYSE: JELD) is a leading global designer, manufacturer and distributor of high-performance interior and exterior doors, windows, and related building products serving the new construction and repair and remodeling sectors. Based in Charlotte, North Carolina, JELD-WEN operates facilities in 14 countries in North America and Europe and employs approximately 16,000 associates dedicated to bringing beauty and security to the spaces that touch our lives. The JELD-WEN family of brands includes JELD-WEN® worldwide, LaCantina® and VPI™ in North America, and Swedoor® and DANA® in Europe. For more information, visit corporate.JELD-WEN.com or follow us on LinkedIn.

Investor Relations Contact:

James Armstrong

Vice President, Investor Relations
704-378-5731
[email protected]

Media Contact:
JELD-WEN Holding, Inc.
Melissa Farrington
Vice President, Enterprise Communications
262-350-6021
[email protected]

Note: See “Non-GAAP Financial Information” section for definitions and reconciliation of non-GAAP financial measures.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are generally identified by the use of forward-looking terminology, including the terms “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “likely,” “may,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and, in each case, their negative or other various or comparable terminology. All statements other than statements of historical facts are forward-looking statements, including statements regarding our business strategies and ability to execute on our plans, market potential, future financial performance, customer demand, the potential of our categories, brands and innovations, the impact of our strategic transformation journey, footprint rationalization, cost reduction and modernization initiatives, the impact of acquisitions and divestitures on our business and our ability to maximize value and integrate operations, our pipeline of productivity projects, the estimated impact of tax reform on our results, geopolitical and economic uncertainty, security breaches and other cybersecurity incidents, impacts on our business from weather and climate change, litigation outcomes, and our expectations, beliefs, plans, objectives, prospects, assumptions, or other future events, all of which involve risks and uncertainties that could cause actual results to differ materially. For a discussion of these risks and uncertainties and other factors, please refer to our Annual Report on Form 10-K for the year ended December 31, 2024, Quarterly Reports on Form 10-Q filed in 2025 and our other filings with the U.S. Securities and Exchange Commission.

The forward-looking statements included in this release are made as of the date hereof, and we undertake no obligation to update any forward-looking statements, except as required by law.

Non-GAAP Financial Information

This press release presents certain “non-GAAP” financial measures, including Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted EPS, Free Cash Flow, and Net Debt Leverage. The components of these non-GAAP measures are computed by using amounts that are determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”). A reconciliation of non-GAAP financial measures used in this press release to their nearest comparable GAAP financial measures is included in the tables at the end of this press release.

The Company provides certain guidance solely on a non-GAAP basis because the Company cannot predict certain elements that are included in certain reported GAAP results. While management is not able to provide a reconciliation of items for forward-looking non-GAAP measures without unreasonable effort, management bases the estimated ranges of non-GAAP measures for future periods on its reasonable estimates of certain items such as assumed effective tax rate, assumed interest expense, and other assumptions about capital requirements for future periods. Although the Company believes the assumptions reflected in the range of its 2025 guidance are reasonable, actual results could vary substantially given the uncertainty regarding the future performance of the global economy, ongoing geopolitical conflicts, disruptions in supply chains, and changes in raw material prices and other costs as well as other risks and uncertainties, including those described below. In addition, the guidance ranges provided for 2025 do not include the impact of potential acquisitions or divestitures. The variability of these items may have a significant impact on our future GAAP results.

Other companies may compute these measures differently. The non-U.S. GAAP information has limitations as an analytical tool and should not be considered in isolation from or as a substitute for U.S. GAAP information. It does not purport to represent any similarly titled U.S. GAAP information and is not an indicator of our performance under U.S. GAAP.

We present several financial metrics in “Core” terms, which exclude the impact of foreign exchange, acquisitions and divestitures completed in the last twelve months. We define Core Revenue as net revenue excluding the impact of foreign exchange, and acquisitions and divestitures completed in the last twelve months. The use of “Core” metrics assists management, investors, and analysts in understanding the organic performance of the operations.

We use Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, and Adjusted EPS because we believe they assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. Management believes Adjusted EBITDA and Adjusted EBITDA Margin are helpful in highlighting trends because they exclude certain items outside the control of management, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which we operate, and capital investments. We use Adjusted EBITDA and Adjusted EBITDA Margin to measure our financial performance in reporting our results to our Board of Directors. Further, our executive incentive compensation is based in part on Adjusted EBITDA. Adjusted EBITDA should not be considered as an alternative to net income as a measure of financial performance or to cash flows from operations as a liquidity measure.

We define Adjusted EBITDA as income (loss), net of tax, adjusted for the following items: income tax expense (benefit); depreciation and amortization; interest expense (income), net; and certain special items consisting of non-recurring net legal and professional expenses and settlements; goodwill impairment; restructuring and asset-related charges; M&A related costs; net (gain) loss on sale of business, property and equipment; loss on extinguishment and refinancing of debt; share-based compensation expense; non-cash foreign exchange transaction/translation (gain) loss; and other special items. We use Adjusted EBITDA because we believe this measure assists investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance.

Adjusted Net Income represents net income (loss) adjusted for the after-tax impact of (i) certain special items used to calculate Adjusted EBITDA as described above and (ii) accelerated amortization of an ERP that we are no longer utilizing after we completed our related obligations under the JW Australia Transition Services Agreement during the first quarter of 2024. Where applicable, the specifically identified items are tax effected at the applicable jurisdictional tax rate and tax expense is adjusted to remove the effect of discrete tax items.

Adjusted EPS represents net income (loss) per diluted share adjusted to exclude the estimated per share impact of the same specifically identified items used to calculate Adjusted Net Income as described above.

Adjusted EBITDA Margin represents Adjusted EBITDA as a percentage of net revenues.

We present Free Cash Flow because we believe this metric assists investors and analysts in determining the quality of our earnings. Free Cash Flow is defined as net cash (used in) provided by operating activities less capital expenditures (including purchases of intangible assets). Free Cash Flow should not be considered as an alternative to net cash (used in) provided by operating activities as a liquidity measure. We also present Net Debt Leverage because it is a key financial metric that is used by management to assess the balance sheet risk of the Company. We define Net Debt Leverage as Net Debt (total principal debt outstanding less unrestricted cash) divided by Adjusted EBITDA for the last twelve-month period.

Due to rounding, numbers presented throughout this release may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures.

JELD-WEN Holding, Inc.

Consolidated Statements of Operations (Unaudited)

(In millions, except share and per share data)

Three Months Ended

March 29,
2025

March 30,
2024

% Variance

Net revenues

$            776.0

$            959.1

(19.1) %

Cost of sales

663.9

786.5

(15.6) %

Gross margin

112.1

172.6

(35.1) %

Selling, general and administrative

144.8

182.8

(20.8) %

Goodwill impairment

124.6

—

NM

Restructuring and asset-related charges

14.5

18.1

(19.5) %

Operating loss

(171.8)

(28.3)

507.5 %

Interest expense, net

14.9

15.7

(4.9) %

Loss on extinguishment and refinancing of debt

0.2

1.4

(83.6) %

Other income, net

(10.6)

(14.3)

(25.8) %

Loss before taxes

(176.4)

(31.2)

466.0 %

Income tax expense (benefit)

3.4

(3.4)

(199.7) %

Net loss

$          (179.8)

$            (27.7)

548.4 %

Diluted net loss per share

$            (2.12)

$            (0.32)

Diluted shares

84,917,294

85,520,145

Other financial data:

Operating loss margin

(22.1) %

(2.9) %

Adjusted EBITDA⁽¹⁾

$              21.9

$              68.7

(68.1) %

Adjusted EBITDA Margin⁽¹⁾

2.8 %

7.2 %

(1)

Adjusted EBITDA and Adjusted EBITDA Margin are financial measures that are not calculated in accordance with GAAP. For a discussion of our presentation of Adjusted EBITDA and Adjusted EBITDA Margin, see above under the heading “Non-GAAP Financial Information.”

JELD-WEN Holding, Inc.

Consolidated Balance Sheets (Unaudited)

(In millions, except share and per share data)

March 29,
2025

December 31,
2024

ASSETS

Current assets

Cash and cash equivalents

$              132.5

$              150.3

Restricted cash

0.7

0.7

Accounts receivable, net

453.6

388.4

Inventories

444.4

460.1

Other current assets

77.4

73.4

Assets held for sale

—

126.9

Total current assets

1,108.6

1,199.9

Property and equipment, net

699.8

681.4

Deferred tax assets

144.6

143.3

Goodwill

198.3

315.2

Intangible assets, net

100.6

102.0

Operating lease assets, net

120.8

126.3

Other assets

56.7

52.1

Total assets

$           2,429.3

$           2,620.2

LIABILITIES AND EQUITY

Current liabilities

Accounts payable

$              269.2

$              264.9

Accrued payroll and benefits

82.6

89.6

Accrued expenses and other current liabilities

216.5

224.2

Current maturities of long-term debt

25.1

30.9

Liabilities held for sale

—

15.3

Total current liabilities

593.4

625.0

Long-term debt

1,157.1

1,152.4

Unfunded pension liability

23.9

21.6

Operating lease liability

99.2

105.5

Deferred credits and other liabilities

87.5

89.9

Deferred tax liabilities

5.7

5.7

Total liabilities

1,966.8

2,000.1

Shareholders’ equity

Preferred Stock, par value $0.01 per share, 90,000,000 shares authorized; no shares issued and outstanding

—

—

Common Stock: 900,000,000 shares authorized, par value $0.01 per share, 85,217,425 and 84,653,408 shares issued and outstanding, respectively

0.9

0.8

Additional paid-in capital

771.7

769.1

Accumulated deficit

(200.2)

(20.4)

Accumulated other comprehensive loss

(109.9)

(129.5)

Total shareholders’ equity

462.5

620.1

Total liabilities and shareholders’ equity

$           2,429.3

$           2,620.2

JELD-WEN Holding, Inc.

Consolidated Statements of Cash Flows (Unaudited)

(In millions)

Three Months Ended

March 29, 2025

March 30, 2024

OPERATING ACTIVITIES

Net loss

$                   (179.8)

$                   (27.7)

Adjustments to reconcile net loss to cash used in operating activities:

Depreciation and amortization

27.3

41.4

Deferred income taxes

(0.3)

(7.4)

Net gain on sale of business, property and equipment

(0.6)

(2.9)

Goodwill impairment

124.6

—

Adjustment to carrying value of assets

2.3

2.9

Amortization of deferred financing costs

0.5

0.4

Loss on extinguishment and refinancing of debt

0.2

0.8

Loss on foreign currency translation adjustment related to the substantial liquidation of a foreign subsidiary

—

4.3

Share-based compensation expense

3.2

5.1

Recovery of cost from receipts on impaired notes

—

(1.4)

Other items, net

(1.0)

(2.5)

Net change in operating assets and liabilities:

Accounts receivable

(58.1)

(17.6)

Inventories

21.3

(13.8)

Other assets

(3.2)

(9.5)

Accounts payable and accrued expenses

(15.0)

22.9

Change in short-term and long-term tax liabilities

(4.9)

(6.1)

Net cash used in operating activities

(83.5)

(11.0)

INVESTING ACTIVITIES

Purchases of property and equipment

(36.8)

(31.2)

Proceeds from sale of property and equipment

0.2

3.3

Purchase of intangible assets

(5.2)

(3.5)

Proceeds related to the sale of Towanda

112.1

—

Recovery of cost from receipts on impaired notes

—

1.4

Cash received from insurance proceeds

—

1.7

Purchase of securities for deferred compensation plan

(0.3)

(2.1)

Net cash provided by (used in) investing activities

70.0

(30.5)

FINANCING ACTIVITIES

Change in long-term debt and payments of debt extinguishment costs

(6.1)

(7.7)

Common stock issued for exercise of options

—

2.0

Payments to tax authorities for employee share-based compensation

—

(0.4)

Payments related to the sale of JW Australia

(0.5)

(0.7)

Net cash used in financing activities

(6.6)

(6.8)

Effect of foreign currency exchange rates on cash

2.2

(5.6)

Net decrease in cash and cash equivalents

(17.9)

(53.9)

Cash, cash equivalents and restricted cash, beginning

151.0

289.1

Cash, cash equivalents and restricted cash, ending

$                     133.2

$                   235.2

JELD-WEN Holding, Inc.

Reconciliation of Non-GAAP Financial Measures (Unaudited)

(In millions)

Three Months Ended

March 29,
2025

March 30,
2024

Loss, net of tax

$            (179.8)

$              (27.7)

Income tax expense (benefit)

3.4

(3.4)

Depreciation and amortization⁽¹⁾

27.3

41.4

Interest expense, net

14.9

15.7

Special items:

Net legal and professional expenses and settlements⁽²⁾

11.9

17.2

Goodwill impairment⁽³⁾

124.6

—

Restructuring and asset-related charges⁽⁴⁾⁽⁵⁾

14.5

18.1

M&A related costs⁽⁶⁾

(0.6)

1.1

Net gain on sale of business, property and equipment⁽⁷⁾

(0.7)

(2.9)

Loss on extinguishment and refinancing of debt⁽⁸⁾

0.2

1.4

Share-based compensation expense⁽⁹⁾

3.2

5.1

Non-cash foreign exchange transaction/translation gain⁽¹⁰⁾

—

(1.5)

Other special items⁽¹¹⁾

2.8

4.3

Adjusted EBITDA

$                21.9

$                68.7

(1)

Depreciation and amortization expense includes accelerated amortization of $14.1 million in the three months ended March 30, 2024, in Corporate and unallocated costs for an ERP system that we are no longer utilizing after we completed our related obligations under the JW Australia Transition Services Agreement during the first quarter of 2024.

(2)

Net legal and professional expenses and settlements include non-recurring transformation journey expenses of $11.2 million and $16.4 million in the three months ended March 29, 2025 and March 30, 2024, respectively. For the three months ended March 29, 2025, these expenses primarily relate to project-based consulting fees that directly support the transformation journey that are not expected to recur in the foreseeable future. These projects include the centralization of human resources processes, North America supply chain network optimization strategy and other projects related to our transformation journey. For the three months ended March 30, 2024, these expenses primarily relate to the engagement of a transformation consultant for a period spanning from the third quarter of 2023 through January 2025, for which we incurred $14.6 million during the quarter. Expenses for this transformation consultant’s engagement, which was extended by ten weeks into 2025, included $2.1 million in the three months ended March 29, 2025. Additionally, net legal and professional expenses and settlements include $0.6 million and $1.1 million in the three months ended March 29, 2025 and March 30, 2024, respectively, relating to litigation of historic legal matters.

(3)

Goodwill impairment consists of goodwill impairment charges associated with our North America reporting unit.

(4)

Represents severance, accelerated depreciation and amortization, equipment relocation and other expenses directly incurred as a result of restructuring events. The restructuring charges primarily relate to charges incurred to change the operating structure, eliminate certain roles, and close certain manufacturing facilities in our North America and Europe segments.

(5)

Product and inventory-related charges related to announced facility closures were detrimental to Adjusted EBITDA.

(6)

M&A related costs consist primarily of legal and professional expenses related to the court-ordered divestiture of Towanda.

(7)

Net gain on sale of business, property and equipment in the three months ended March 29, 2025, primarily relates to the sale of our Towanda business. Net gain on sale of business, property and equipment in the three months ended March 30, 2024, primarily relates to the sale of properties in Chile.

(8)

Loss on extinguishment and refinancing of debt consists of $0.2 million in the three months ended March 29, 2025, associated with an amendment of our ABL Facility and $1.4 million in the three months ended March 30, 2024, associated with an amendment of our Term Loan Facility.

(9)

Represents non-cash equity-based compensation expense related to the issuance of share-based awards.

(10)

Non-cash foreign exchange transaction/translation gain primarily associated with fair value adjustments of foreign currency derivatives and revaluation of balances denominated in foreign currencies.

(11)

Other special items not core to ongoing business activity include: (i) in the three months ended March 30, 2024, a loss of $4.3 million of cumulative foreign currency translation adjustments related to the substantial liquidation of a foreign subsidiary in Chile in our North America segment and ($1.5) million of cash received on an impaired note in Corporate and unallocated costs.

Three Months Ended

(amounts in millions, except share and per share data)

March 29,
2025

March 30,
2024

Loss, net of tax

$            (179.8)

$             (27.7)

Special items:⁽¹⁾

Net legal and professional expenses and settlements

11.9

17.2

Goodwill impairment

124.6

—

Restructuring and asset-related charges

14.5

18.1

M&A related costs

(0.6)

1.1

Net gain on sale of business, property and equipment

(0.7)

(2.9)

Loss on extinguishment and refinancing of debt

0.2

1.4

Share-based compensation expense

3.2

5.1

Non-cash foreign exchange transaction/translation gain

—

(1.5)

Accelerated amortization of an ERP system⁽²⁾

—

14.1

Other special items

2.8

4.3

Tax impact of special items⁽³⁾

(7.0)

(13.4)

Tax special items⁽⁴⁾

16.5

2.6

Adjusted Net (Loss) Income

$              (14.2)

$               18.4

Diluted loss per share

$              (2.12)

$             (0.32)

Special items:⁽¹⁾

Net legal and professional expenses and settlements

0.14

0.20

Goodwill impairment

1.47

—

Restructuring and asset-related charges

0.17

0.21

M&A related costs

(0.01)

0.01

Net gain on sale of business, property and equipment

(0.01)

(0.03)

Loss on extinguishment and refinancing of debt

—

0.02

Share-based compensation expense

0.04

0.06

Non-cash foreign exchange transaction/translation gain

—

(0.02)

Accelerated amortization of an ERP system⁽²⁾

—

0.16

Other special items

0.03

0.05

Tax impact of special items⁽³⁾

(0.08)

(0.15)

Tax special items⁽⁴⁾

0.19

0.03

Adjusted Net (Loss) Income per share

$              (0.17)

$               0.21

Weighted average diluted shares

84,917,294

87,096,028

Less: Effect of dilutive securities

—

1,575,883

Weighted average basic shares

84,917,294

85,520,145

Adjusted Net (Loss) Income per share may not sum due to rounding.

(1)

Refer to the calculation of Adjusted EBITDA for a discussion of the Special items listed above.

(2)

Accelerated amortization of an ERP that we are no longer utilizing after we completed our related obligations under the JW Australia Transition Services Agreement during the first quarter of 2024.

(3)

Except as otherwise noted, adjustments to net (loss) income and net (loss) income per share are tax-effected at the jurisdictional statutory tax rate.

(4)

Tax special items for the three months ended March 29, 2025, were primarily driven by valuation expense recorded against our U.S. tax attributes of $14.2 million and $1.1 million of tax expense attributable to share-based compensation.

Three Months Ended March 29, 2025

(amounts in millions)

North
America

Europe

Corporate
and
Unallocated
Costs

Total
Consolidated

Loss, net of tax

$       (150.9)

$            (3.5)

$           (25.4)

$           (179.8)

Income tax expense (benefit)

12.2

1.9

(10.6)

3.4

Depreciation and amortization

17.3

7.6

2.4

27.3

Interest (income) expense, net

(0.6)

—

15.5

14.9

Special items:⁽¹⁾

Net legal and professional expenses and settlements

0.7

1.0

10.2

11.9

Goodwill impairment

124.6

—

—

124.6

Restructuring and asset-related charges

10.7

3.1

0.7

14.5

M&A related costs

—

—

(0.6)

(0.6)

Net gain on sale of business, property and equipment

(0.7)

—

—

(0.7)

Loss on extinguishment and refinancing of debt

—

—

0.2

0.2

Share-based compensation expense

0.5

0.4

2.3

3.2

Other special items

1.8

—

1.1

2.8

Adjusted EBITDA

$           15.5

$           10.7

$             (4.3)

$               21.9

(1)

Refer to the calculation of Adjusted EBITDA for a discussion of the Special items listed above.

Three Months Ended March 30, 2024

(amounts in millions)

North
America

Europe

Corporate
and
Unallocated
Costs

Total
Consolidated

Income (loss), net of tax

$           16.3

$               —

$           (44.0)

$             (27.7)

Income tax expense (benefit)

7.4

2.9

(13.7)

(3.4)

Depreciation and amortization⁽¹⁾

18.0

7.5

15.9

41.4

Interest expense, net

0.7

0.3

14.6

15.7

Special items:⁽²⁾

Net legal and professional expenses and settlements

0.8

0.3

16.1

17.2

Restructuring and asset-related charges

13.9

4.0

0.2

18.1

M&A related costs

—

—

1.1

1.1

Net gain on sale of business, property and equipment

(2.8)

—

—

(2.9)

Loss on extinguishment and refinancing of debt

—

—

1.4

1.4

Share-based compensation expense

1.2

0.5

3.3

5.1

Non-cash foreign exchange transaction/translation loss (gain)

—

(0.9)

(0.6)

(1.5)

Other special items

5.6

—

(1.4)

4.3

Adjusted EBITDA

$           61.2

$           14.5

$             (7.0)

$               68.7

(1)

Corporate and unallocated depreciation and amortization expense in the three months ended March 30, 2024, includes accelerated amortization of $14.1 million for an ERP system that we are no longer utilizing after we completed our related obligations under the JW Australia Transition Services Agreement.

(2)

Refer to the calculation of Adjusted EBITDA for a discussion of the Special items listed above.

Three Months Ended

March 29,
2025

March 30,
2024

Net cash used in operating activities

$                (83.5)

$                (11.0)

Less capital expenditures⁽¹⁾

42.0

34.7

Free Cash Flow⁽¹⁾

$              (125.4)

$                (45.7)

(1)

Free Cash Flow is a financial measure that is not calculated in accordance with GAAP. For a discussion of our presentation of Free Cash Flow, see above under the heading “Non-GAAP Financial Information.”

March 29,
2025

December 31,
2024

Total debt

$            1,182.2

$            1,183.4

Less cash and cash equivalents

132.5

150.3

Net Debt⁽¹⁾

$            1,049.7

$            1,033.1

Divided by trailing twelve months Adjusted EBITDA⁽²⁾

228.4

275.2

Net Debt Leverage⁽¹⁾

4.6x

3.8x

(1)

Net Debt and Net Debt Leverage are financial measures that are not calculated in accordance with GAAP. For a discussion of our presentation of Net Debt Leverage, see above under the heading “Non-GAAP Financial Information.”

(2)

Trailing twelve months Adjusted EBITDA for both periods. Adjusted EBITDA is a financial measure that is not calculated in accordance with GAAP. For a discussion of our presentation of Adjusted EBITDA, see above under the heading “Non-GAAP Financial Information.”

Segment Results (Unaudited)

(In millions)

Three Months Ended

March 29,
2025

March 30,
2024

% Variance

Net revenues from external customers

North America

$                530.6

$                680.0

(22.0) %

Europe

245.4

279.1

(12.1) %

Total Consolidated

$                776.0

$                959.1

(19.1) %

Adjusted EBITDA⁽¹⁾

North America

$                  15.5

$                  61.2

(74.7) %

Europe

10.7

14.5

(26.2) %

Corporate and unallocated costs

(4.3)

(7.0)

(38.6) %

Total Consolidated

$                  21.9

$                  68.7

(68.1) %

(1)

Adjusted EBITDA is a financial measure that is not calculated in accordance with GAAP. For a discussion of our presentation of Adjusted EBITDA, see above under the heading “Non-GAAP Financial Information.”

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SOURCE JELD-WEN Holding, Inc.

Posted on May 5, 2025 4:40 pm
THOR Industries Announces Strategic Partnership to Optimize Diesel Class A Motorhome Production with Focus on Quality and Customer Experience

PR Newswire

ELKHART, Ind.
, May 5, 2025 /PRNewswire/ — THOR Industries, Inc. (NYSE: THO) today announced a strategic partnership between Jayco, Inc. (“Jayco”) and Tiffin Motorhomes (“Tiffin”) whereby production of Class A diesel motorhomes for the Entegra Coach brand will transition from Jayco to Tiffin at its facilities in Red Bay, Alabama. This move allows Jayco to expand production capacity while ensuring that Entegra customers continue to receive the superior quality and attention to detail that they expect from an Entegra Coach unit.

“Entegra Coach has earned a strong reputation for luxury, performance, and owner loyalty,” said Ken Walters, President of Jayco. “We’re confident that the Tiffin team understands the high standards our Entegra Coach customers expect. Tiffin’s long-standing commitment to quality and integrity makes them the ideal partner for this next chapter of Entegra.”

Tiffin Motorhomes has built its legacy on high-end craftsmanship, premium materials, and customer-first design. For the team in Red Bay, manufacturing Entegra Coach Class A motorhomes is a natural extension of that commitment.

“Tiffin is known for producing some of the highest quality motorhomes in the market, and we’re honored to bring that same level of excellence to the Entegra Coach brand,” said Leigh Tiffin, President of Tiffin Motorhomes. “We have an experienced and passionate team that takes great pride in their work, and we’re excited to uphold and continue the strong reputation Entegra has built over the years.”

“As the class A diesel market continues to evolve and become a smaller part of the overall RV marketplace, it is important for us to optimize our production capabilities across the THOR family of companies. Given the overall size of the Class A diesel market, integrating Entegra Coach into Tiffin optimizes our production at Tiffin where Class A diesels comprise a greater percentage of its product offering and allows us to leverage Tiffin’s expertise in the segment. As we look ahead, rapidly evolving requirements for the Class A diesel segment will require focused engineering and craftsmanship that Tiffin can provide for the Entegra brand. This strategic move reflects our ongoing commitment to adaptability, quality, and the long-term success of our brands and dealer partners with an unrelenting focus on maximizing customer experience,” offered Bob Martin, President and CEO of THOR Industries, Inc.

Jayco will continue to produce Model Year 2026 Entegra Coach diesel Class A motorhomes through the end of the 2025 calendar year, which include Cornerstone, Anthem, Aspire, and Reatta. Jayco will provide customer service, parts and warranty experience for all Jayco-built Entegra Coach products. As part of its long-term product strategy, Tiffin will begin manufacturing successor products in calendar year 2026, integrating select Entegra Coach product names and design elements into its Model Year 2027 Class A lineup. These motorhomes will be marketed exclusively as Tiffin products. Service and warranty for all Tiffin-built motorhomes will be handled by Tiffin.

All Entegra Coach Class C, Class B and gas Class A motorhomes will continue to be produced, serviced and warrantied by Jayco.

About THOR Industries
THOR Industries is the sole owner of operating companies which, combined, represent the world’s largest RVs manufacturer. For more information on the Company and its products, please visit https://www.thorindustries.com/. THOR has inspired and empowered people to connect with nature and each other nearly 45 years.

About Entegra Coach
Headquartered in Middlebury, Indiana, Entegra Coach, a division of Jayco, Inc., manufactures and markets luxury diesel and gas motorhomes. For additional information about Entegra Coach or its products, call 1-(800)-517-9137 or visit www.entegracoach.com.

About Tiffin Motorhomes
Tiffin Motorhomes is proud to be one of the few family-operated RV manufacturers in the industry, making a significant difference in how our company operates versus our competitors. With the Tiffin name on every coach, building a superior motorhome is not just our occupation but a matter of personal pride. It has been a lifelong pursuit we are committed to perfecting. For further insights into Tiffin Motorhomes, visit www.tiffinmotorhomes.com.”

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SOURCE THOR Industries

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