Industrials Archives - Page 3 of 64

Release – CVG Announces Successful Completion of Debt Refinancing Transactions

Posted on June 30, 2025July 1, 2025 by aweinsoff@channelchek.com

June 30, 2025

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Refinancing extends maturity to 2030 and increases flexibility

NEW ALBANY, OHIO, June 30, 2025 (GLOBE NEWSWIRE) — Commercial Vehicle Group (together with its subsidiaries, the “Company” or “CVG”) (NASDAQ: CVGI), a diversified industrial products and services company, today announced that on June 27, 2025 it had closed on $210 million in senior secured credit facilities, consisting of (i) a $95 million senior secured term loan facility (the “Term Loan”) with TCW Asset Management Company LLC (together with certain of its affiliates, the “TCW Group”), as agent, and (ii) a $115 million senior secured asset-based revolving credit facility (the “ABL Facility” and together with the Term Loan, the “Senior Secured Credit Facilities”) with Bank of America, N.A., as agent. The ABL Facility amended and restated the Company’s existing senior secured revolving credit facility with Bank of America, N.A., as agent (the “Existing Facility”), and a portion of the proceeds of the Senior Secured Credit Facilities was used to refinance outstanding obligations under the Existing Facility in an aggregate principal amount of $120,100,000.

Andy Cheung, Chief Financial Officer, said, “We are pleased to announce the successful refinancing of our debt facilities maturing in 2027, which marks an important milestone as we continue to advance our strategic operational initiatives. The new facilities provide a long runway of funding certainty and increased financial flexibility as we look to drive further cost reductions, margin improvement, and overall operational efficiency. Moving forward, we remain committed to deleveraging the balance sheet through free cash generation and disciplined debt paydown.”

Term Loan of $95 million

Obligations under the Term Loan will mature on June 27, 2030.

The Term Loan will have tiered interest costs based on the consolidated total leverage ratio ranging from SOFR plus 8.75% with a leverage ratio < 3.50x to SOFR plus 10.75% with a leverage ratio > 6.25x. The SOFR floor is 2.00%. The initial interest rate payable under the Term Loan is SOFR plus 9.75%.

Until June 28, 2028, voluntary prepayments of the Term Loan are subject to a premium, calculated as a percentage of the obligations so prepaid under the Term Loan, equal to (x) from June 27, 2025 until June 27, 2027, 4.00%, (y) from June 28, 2026 until June 27, 2028, 2.00% and (z) thereafter, none. The Term Loan is also subject to an excess cash flow sweep and certain other customary mandatory prepayment requirements.

The Term Loan will be subject to certain financial covenants:

a consolidated total leverage ratio covenant, tested quarterly, which will be initially set at 7.25x, with step-downs to 6.50x at December 31, 2025, 6.00x at March 31, 2026, 5.25x at June 30, 2026, and additional quarterly 0.25x step-downs until a ratio of 4.00x applicable from and after September 30, 2027.
a maximum consolidated capital expenditure covenant, capped at $20 million in any fiscal year, and a sublimit of $10 million for foreign capital expenditures.
a 30-day rolling minimum average liquidity requirement of $15 million.

ABL Facility of $115 million

Obligations under the ABL Facility will mature on June 27, 2030, springing to the date that is 91 days prior to the maturity of the Term Loan.

The initial principal amount of the ABL Facility is $115 million, subject to availability under a borrowing base based on the Company’s US and UK inventory and receivables. The ABL Facility comprises of a US subfacility in an initial principal amount of $100 million (the “US Subfacility”) and a UK subfacility in an initial principal amount of $15 million (the “UK Subfacility”), in each case subject to availability under their respective borrowing bases. The US Subfacility further has a FILO tranche in a principal amount of $12.5 million, subject to availability under its borrowing base.

The ABL Facility will be available in US Dollars, Pounds Sterling and Euros, and borrowings will accrue interest at SOFR, SONIA or EURIBOR, with margins based on average daily availability ranging from 1.50% if average daily availability > $50 million to 2.00% if average daily availability < $30 million. The FILO tranche will accrue interest at a 1% higher rate. The Company is also required to pay an unused line fee of 0.25% on any unutilized commitments under the ABL Facility.

The Company will be required to comply with a maximum fixed charge coverage ratio of 1.00x, tested quarterly, during any trigger period. Such period shall be triggered upon availability dropping below the greater of 10% of the line cap and $10 million, and such period shall end upon availability exceeding this threshold for 30 consecutive days.

Warrants

In connection with the financing, TCW Group affiliates received five-year warrants for the purchase of up to 3,934,776 shares of the company’s common stock, issued in two equal tranches. The tranches have an exercise price of $1.58 and $2.07, respectively. Until the fourth anniversary after issuance, the Company has the right to repurchase up to 50% of each tranche of warrants at a price equal to $1.40 or $1.00, respectively, above the applicable exercise price. Upon a refinancing of the new credit agreement, the holders can require the Company to repurchase up to 50% of each tranche at a price equal to the stock price of the common stock at the time of repurchase less the exercise price. The warrants contain customary anti-dilution adjustments. The Company has provided the holders with certain information and registration rights, including agreeing to file a registration statement within 45 days to register the resale of the shares underlying the warrants.

The Company will file a Current Report on Form 8-K with the United States Securities Exchange Commission that will contain further details regarding the terms of the of the transactions.

Company Contact
Andy Cheung
Chief Financial Officer
CVG
IR@cvgrp.com

Investor Relations Contact
Ross Collins or Stephen Poe
Alpha IR Group
CVGI@alpha-ir.com

About CVG

CVG is a global provider of systems, assemblies and components to the global commercial vehicle market and the electric vehicle market. We deliver real solutions to complex design, engineering and manufacturing problems while creating positive change for our customers, industries and communities we serve. Information about the Company and its products is available on the internet at www.cvgrp.com.

Forward-Looking Statements

This press release contains forward-looking statements that are subject to risks and uncertainties. These statements often include words such as “believe”, “anticipate”, “plan”, “expect”, “intend”, “will”, “should”, “could”, “would”, “project”, “continue”, “likely”, and similar expressions. In particular, this press release may contain forward-looking statements about the Company’s expectations for future periods with respect to its plans to improve financial results, the future of the Company’s end markets, changes in the Class 8 and Class 5-7 North America truck build rates, performance of the global construction and agricultural equipment business, the Company’s prospects in the wire harness, and electric vehicle markets, the Company’s initiatives to address customer needs, organic growth, the Company’s strategic plans and plans to focus on certain segments, competition faced by the Company, volatility in and disruption to the global economic environment and the Company’s financial position or other financial information. These statements are based on certain assumptions that the Company has made in light of its experience as well as its perspective on historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. Actual results may differ materially from the anticipated results because of certain risks and uncertainties, including those included in the Company’s filings with the SEC. There can be no assurance that statements made in this press release relating to future events will be achieved. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on behalf of the Company are expressly qualified in their entirety by such cautionary statements.

Source: Commercial Vehicle Group, Inc.

Release – Great Lakes Announces Receipt of Four Dredging Awards including Woodside Louisiana LNG

Posted on June 30, 2025June 30, 2025 by aweinsoff@channelchek.com

Research News and Market Data on GLDD

Jun 30, 2025

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HOUSTON, June 30, 2025 (GLOBE NEWSWIRE) — Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) (NASDAQ: GLDD), the largest provider of dredging services in the United States, announced today the receipt of four work awards.

The awarded work includes:

Woodside Louisiana LNG (Capital, Louisiana, amount undisclosed)
Galveston Entrance Channel and Houston Ship Channel from Bolivar to Redfish (Maintenance, Texas, $36.2 million)
Mississippi River Hopper Dredge Contract No. 3 (Rental, Louisiana, $17.6 million)
Charleston Entrance Channel (Maintenance, South Carolina, $10.8 million)

GLDD has received Notice to Proceed from Bechtel Energy for dredging work on the Woodside Louisiana LNG project, in the vicinity of Lake Charles, LA, along the Calcasieu River ship channel. The first phase of work, which was awarded in the second quarter of 2025, includes construction of a ship berthing basin for use by large LNG carriers, with potential for award of two options to expand the scope for construction of additional ship berths. All dredged materials will be placed into designated Beneficial Use of Dredged Material (BUDM) areas for marshlands restoration, providing ecological benefit and storm surge protection for the surrounding area. Dredging operations are expected to commence early 2026.

The Galveston Entrance Channel and Houston Ship Channel from Bolivar to Redfish maintenance project, which was awarded in the second quarter of 2025, involves dredging to maintain operating depths for the channel area. Suitable maintenance material dredged from specific sections of the channel will be disposed of on Galveston Island Beach for beneficial use. The client on this project is the U.S. Army Corps of Engineers, Galveston District. The project is funded by both the Federal Government and the City of Galveston, in partnership with the General Land Office (GLO). Work is expected to start in the third quarter of 2025 with estimated completion in the fourth quarter of 2025.

The Mississippi River Hopper Dredge Contract No. 3, which was won and awarded in the second quarter of 2025, involves rental of a trailing suction hopper dredge for maintenance dredging on the Mississippi River from Baton Rouge to Gulf of Mexico Southwest Pass. The client on this project is the U.S. Army Corps of Engineers, New Orleans District and is federally funded. Work started in May of 2025.

The Charleston Entrance Channel project, which was included in the fourth quarter 2024 low bids pending award and awarded in the first quarter, involved dredging to maintain operating depths for the channel. The client on this project was the U.S. Army Corps of Engineers and was federally funded. Work started in the first quarter of 2025 and was completed in the second quarter of 2025.

Lasse Petterson, President and Chief Executive Officer commented, “These projects enable Great Lakes to play a vital role in enhancing the resilience and sustainability of the nation’s environment, coastlines, and critical infrastructure. We have also strengthened our presence in the LNG and broader energy sector with our award of Woodside Louisiana LNG. These initiatives are essential to advancing U.S. energy infrastructure, supporting increased export capacity, and aligning with national energy security priorities. These four awards contribute to the growth of our 2025 dredging backlog, further solidifying our revenue visibility for the remainder of the year and into 2026.”

The Company
Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States, which is complemented with a long history of performing significant international projects. In addition, Great Lakes is fully engaged in expanding its core business into the offshore energy industry. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 135-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of approximately 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.

Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking” statements as defined in Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”), the Private Securities Litigation Reform Act of 1995 (the “PSLRA”) or in releases made by the Securities and Exchange Commission (the “SEC”), all as may be amended from time to time. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Great Lakes and its subsidiaries, or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements that are not historical fact are forward-looking statements. These cautionary statements are being made pursuant to the Exchange Act and the PSLRA with the intention of obtaining the benefits of the “safe harbor” provisions of such laws. Great Lakes cautions investors that any forward-looking statements made by Great Lakes are not guarantees or indicative of future events.

Although Great Lakes believes that its plans, intentions and expectations reflected in this press release are reasonable, actual events could differ materially. The forward-looking statements contained in this press release are made only as of the date hereof and Great Lakes does not have or undertake any obligation to update or revise any forward-looking statements whether as a result of new information, subsequent events or otherwise, unless otherwise required by law.

For further information contact:
Eric Birge
Vice President of Investor Relations
313-220-3053

Home Depot’s SRS Distribution to Acquire GMS Inc. in $5.5 Billion Deal

Posted on June 30, 2025June 30, 2025 by slightbourne@noblecapitalmarkets.com

GMS Inc. (NYSE: GMS), a major distributor of specialty building products across North America, has entered into a definitive agreement to be acquired by SRS Distribution, a subsidiary of The Home Depot. The transaction, valued at approximately $5.5 billion including net debt, marks a significant step in expanding The Home Depot’s distribution capabilities through its fast-growing specialty trade arm.

Under the agreement, SRS will launch a tender offer to purchase all outstanding shares of GMS for $110.00 per share in cash—representing a 36% premium over GMS’s closing stock price on June 18, 2025. The acquisition is expected to close by the end of The Home Depot’s current fiscal year, pending regulatory approvals and a majority tender of GMS shares.

Founded in 1971, GMS has built a strong presence in the building materials sector, offering a wide range of products including wallboard, ceilings, steel framing, and complementary items through its network of over 320 distribution centers and nearly 100 tool sales and rental locations. The company’s consistent growth has been guided by a strategy focused on expanding its core product sales, growing complementary offerings, extending its platform, and driving productivity and profitability.

Following the acquisition, GMS will continue to operate under its current leadership. CEO John C. Turner Jr. and the existing senior management team will remain at the helm, overseeing day-to-day operations as part of the SRS organization.

The merger aims to significantly enhance service and fulfillment options for both residential and commercial contractors. By combining GMS’s industry leadership and product breadth with SRS’s expansive footprint—already spanning more than 800 locations—the unified business will operate over 1,200 branches and manage a delivery fleet of more than 8,000 trucks.

SRS Distribution CEO Dan Tinker emphasized the value of the partnership, stating that the integration of GMS into the SRS platform will result in a powerful distribution network capable of servicing tens of thousands of job sites daily.

This acquisition also builds on The Home Depot’s strategic use of SRS as a platform for growth. Since acquiring SRS, Home Depot has leveraged synergies including shared service offerings, cross-selling opportunities, and integration of trade credit solutions, contributing to its broader strategy of supporting professional contractors more comprehensively.

Once finalized, the deal is expected to increase The Home Depot’s capacity to serve the growing demands of the pro customer segment, strengthening its position across both residential and commercial construction markets.

AZZ (AZZ) – Quarterly Cash Dividend Increased by 17.6%, 1Q FY2026 Financial Results to be Released on July 9

Posted on June 27, 2025June 27, 2025 by cpatches

Friday, June 27, 2025

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Increase in the quarterly cash dividend. AZZ announced a 17.6% increase in the quarterly cash dividend to $0.20 per share, or $0.80 on an annualized basis, from $0.17 per share, or $0.68 on an annualized basis. The dividend is payable on July 31 to shareholders of record as of the close of business on July 10. In our view, the dividend increase reflects management’s confidence in the company’s near- and long-term outlook.

First Quarter FY 2026 financial results. AZZ will release its first quarter financial results after the market close on Wednesday, July 9. Management will host an investor conference call and webcast on Thursday, July 10, at 11:00 am ET. We look forward to an update regarding the company’s new aluminum coil coating facility in Washington, Missouri, that is ramping up production, along with a review of market fundamentals and the company’s capital allocation priorities.

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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.

AZZ Inc. to Review First Quarter Fiscal Year 2026 Financial Results on Thursday, July 10, 2025

Posted on June 25, 2025June 25, 2025 by aweinsoff@channelchek.com

Research News and Market Data on AZZ

FORT WORTH, Texas, June 25, 2025 /PRNewswire/ — AZZ Inc. (NYSE: AZZ), the leading independent provider of hot-dip galvanizing and coil coating solutions, today announced it will conduct a conference call to review the financial results for the first quarter fiscal year 2026 at 11:00 a.m. ET on Thursday, July 10, 2025. The Company will issue a press release reporting first quarter financial results after the market closes on July 9, 2025.

Conference Call Details
Interested parties can access the conference call by dialing (844) 855-9499 or (412) 317-5497 (international). A webcast of the call will be available on the Company’s Investor Relations page at http://www.azz.com/investor-relations.

A replay of the call will be available at (877) 344-7529 or (412) 317-0088 (international), replay access code: 2234808, through July 17, 2025, or by visiting http://www.azz.com/investor-relations for the next 12 months.

About AZZ Inc.
AZZ Inc. is the leading independent provider of hot-dip galvanizing and coil coating solutions to a broad range of end-markets. Collectively, our business segments provide sustainable, unmatched metal coating solutions that enhance the longevity and appearance of buildings, products and infrastructure that are essential to everyday life. For more information, please refer to www.azz.com.

Safe Harbor Statement
Certain statements herein about our expectations of future events or results constitute forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by terminology such as “may,” “could,” “should,” “expects,” “plans,” “will,” “might,” “would,” “projects,” “currently,” “intends,” “outlook,” “forecasts,” “targets,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue,” or the negative of these terms or other comparable terminology. Such forward-looking statements are based on currently available competitive, financial, and economic data and management’s views and assumptions regarding future events. Such forward-looking statements are inherently uncertain, and investors must recognize that actual results may differ from those expressed or implied in the forward-looking statements. Forward-looking statements speak only as of the date they are made and are subject to risks that could cause them to differ materially from actual results. Certain factors could affect the outcome of the matters described herein. This press release may contain forward-looking statements that involve risks and uncertainties including, but not limited to, changes in customer demand for our manufactured solutions, including demand by the construction markets, the industrial markets, and the metal coatings markets. We could also experience additional increases in labor costs, components and raw materials including zinc and natural gas, which are used in our hot-dip galvanizing process, paint used in our coil coating process; supply-chain vendor delays; customer requested delays of our manufactured solutions; delays in additional acquisition opportunities; an increase in our debt leverage and/or interest rates on our debt, of which a significant portion is tied to variable interest rates; availability of experienced management and employees to implement AZZ’s growth strategy; a downturn in market conditions in any industry relating to the manufactured solutions that we provide; economic volatility, including a prolonged economic downturn or macroeconomic conditions such as inflation or changes in the political stability in the United States and other foreign markets in which we operate; tariffs; acts of war or terrorism inside the United States or abroad; and other changes in economic and financial conditions. AZZ has provided additional information regarding risks associated with the business, including in Part I, Item 1A. Risk Factors, in AZZ’s Annual Report on Form 10-K for the fiscal year ended February 28, 2025, and other filings with the SEC, available for viewing on AZZ’s website at www.azz.com and on the SEC’s website at www.sec.gov.

You are urged to consider these factors carefully when evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. These statements are based on information as of the date hereof and AZZ assumes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.

Company Contact:
David Nark, Senior Vice President of Marketing, Communications, and Investor Relations
AZZ Inc.
(817) 810-0095
www.azz.com

Investor Contact:
Sandy Martin or Phillip Kupper
Three Part Advisors
(214) 616-2207 or (817) 368-2556
www.threepa.com

SOURCE AZZ, Inc.

Golden Share Shakeup: What Comes After U.S. Steel’s Merger?

Posted on June 16, 2025June 16, 2025 by slightbourne@noblecapitalmarkets.com

Key Points:
– U.S. Steel shares rose 5% after Trump approved its merger with Japan’s Nippon Steel.
– The deal includes a rare U.S. “golden share” giving the government veto power over key decisions.
– Investors should watch for increased regulatory scrutiny on strategic small-cap M&A deals.

U.S. Steel (NYSE: X) shares surged over 5% Monday morning after President Donald Trump signed off on the company’s controversial merger with Japan’s Nippon Steel—marking a historic moment for both American industrial policy and global M&A precedent. The approval came with a unique twist: a U.S. government “golden share” that grants Washington significant control over key strategic decisions at the newly combined entity.

For small and micro-cap investors, this development has implications far beyond the blue-chip space. It signals a new level of state involvement in cross-border deals and a precedent for national security-focused intervention, which could trickle down to deals in the lower tiers of the market—especially in defense-adjacent, critical minerals, energy, and industrial sectors.

The Trump administration’s executive order, issued late Friday, cleared the final regulatory hurdle for the merger, provided both companies signed a binding national security agreement. That agreement includes provisions giving the U.S. government a golden share—essentially a special class of equity that confers outsized control. Commerce Secretary Howard Lutnick later confirmed this share grants the U.S. president veto power over decisions including moving U.S. Steel’s headquarters, offshoring jobs, plant closures, and even renaming the company.

While the finer legal details remain under wraps, investors can view this as a quasi-government stake—not in equity terms, but in influence. The golden share construct ensures U.S. Steel remains tethered to national priorities, despite being a wholly owned subsidiary of Japan’s Nippon Steel North America, according to the company’s latest SEC filing.

The government’s involvement also reframes how foreign capital may approach U.S. industrial assets moving forward. Trump, who has shied away from calling the merger a “takeover,” prefers to describe it as a “partnership,” signaling an attempt to strike a political and economic balance ahead of the 2026 elections.

For micro-cap investors, this is a strategic signal. Any company operating in or adjacent to national security, critical infrastructure, or industrial manufacturing could now fall under increased scrutiny—especially if foreign buyers or strategic partners are involved. Think niche steelmakers, components suppliers, and rare-earth miners. Even smaller players that feed into the defense or aerospace supply chains may now be seen through a new lens of “strategic value.”

While the golden share model is novel in the U.S., it’s long been used in Europe and Asia to protect domestic champions. Its introduction here could affect deal structures and valuations across the capital spectrum. Investors should watch for similar clauses creeping into M&A activity in the lower end of the market, especially where the government could assert a national interest.

While U.S. Steel is far from a micro-cap, the conditions of this deal offer key insights for small-cap investors. Regulatory risk, particularly geopolitical, is no longer just a big-cap concern. As protectionism and industrial policy take center stage, early-stage investors would be wise to evaluate their portfolios not just on fundamentals—but on flags, borders, and federal influence.

Release – The GEO Group Announces New Five-Year Contract With U.S. Marshals Service for Secure Transportation Services

Posted on June 16, 2025June 16, 2025 by aweinsoff@channelchek.com

Research News and Market Data on GEO

June 16, 2025

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BOCA RATON, Fla.–(BUSINESS WIRE)–Jun. 16, 2025– The GEO Group, Inc. (NYSE: GEO) (“GEO” or the “Company”) announced today that its wholly-owned subsidiary, GEO Transport, Inc. has entered into a new five-year contract, inclusive of option periods, with the U.S. Marshals Service for the provision of secure transportation and contract detention officer services across three service regions covering 26 federal judicial districts and spanning 14 states.

The new contract is expected to generate up to approximately $147 million over the five-year period, or up to approximately $29 million in annualized revenues per full-year of operations, with margins consistent with GEO’s Managed-Only services contracts which average approximately 15 percent.

George C. Zoley, Executive Chairman of GEO, said, “We believe that this important new contract is a testament to the high-quality services GEO delivers on behalf of the U.S. Marshals Service, and it underscores the strength of our diversified services platform which provides our company multiple avenues to pursue quality growth opportunities. We are proud of our long-standing partnership with the U.S. Marshals Service, and we stand ready to continue to help the federal government meet its law enforcement priorities.”

About The GEO Group

The GEO Group, Inc. (NYSE: GEO) is a leading diversified government service provider, specializing in design, financing, development, and support services for secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United Kingdom. GEO’s diversified services include enhanced in-custody rehabilitation and post-release support through the award-winning GEO Continuum of Care®, secure transportation, electronic monitoring, community-based programs, and correctional health and mental health care. GEO’s worldwide operations include the ownership and/or delivery of support services for 98 facilities totaling approximately 77,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 18,000 employees.

Use of forward-looking statements

This news release may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward-looking statements are qualified in their entirety by reference to the cautionary statements and risk factors contained in GEO’s filings with the U.S. Securities and Exchange Commission including its Form 10-K, 10-Q and 8-K reports. All forward-looking statements speak only as of the date of this news release and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements. Readers are strongly encouraged to read the full cautionary statements and risk factors contained in GEO’s filings with the U.S. Securities and Exchange Commission, including those referenced above. GEO disclaims any obligation to update or revise any forward-looking statements, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250613860267/en/

Pablo E. Paez (866) 301 4436
Executive Vice President, Corporate Relations

Source: The GEO Group, Inc.

FreightCar America (RAIL) – Modest Adjustments to Our 2025 Quarterly Estimates; No Change to Full Year Projections

Posted on June 13, 2025June 13, 2025 by slightbourne@noblecapitalmarkets.com

Friday, June 13, 2025

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Updating estimates. While we are maintaining our 2025 rail car delivery estimate of 4,710, we have lowered our second quarter expectations to 850 from 950 and increased our third quarter estimate to 1,790 from 1,690. Our 2025 EBITDA and EPS estimates are unchanged at $45.9 million, and $0.47, respectively. However, our second and third quarter EPS estimates are $0.06 and $0.20, respectively, compared to our prior estimates of $0.07 and $0.19.

Flexible production schedule. With FreightCar’s asset-based lending facility, the company has greater flexibility to manage its production schedule, given that it can borrow against inventory. The company has the ability to produce rail cars associated with firm orders and hold them for delivery to suit customer needs.

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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

Release – CoreCivic Enters Into Definitive Agreement to Acquire The Farmville Detention Center

Posted on June 10, 2025June 11, 2025 by aweinsoff@channelchek.com

Research New and Market Data on CXW

June 10, 2025

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BRENTWOOD, Tenn., June 10, 2025 (GLOBE NEWSWIRE) — CoreCivic, Inc. (NYSE: CXW) (“CoreCivic”) announced today that it has entered into a definitive agreement to acquire the Farmville Detention Center, a 736-bed facility constructed in 2010 and located in Farmville, Virginia. The transaction is expected to be consummated through the acquisition of 100% of the membership interests in entities that own the facility. Farmville Detention Center provides transportation, care, and civil detention services to adult male noncitizens through an Intergovernmental Service Agreement between Prince Edward County, Virginia and U.S. Immigration & Customs Enforcement (“ICE”), which expires in March 2029.

The total purchase price, amounting to $67.0 million, is expected to be funded with cash on hand and borrowing capacity under CoreCivic’s revolving bank credit facility. The acquisition, which is subject to the satisfaction of customary closing conditions, is expected to close effective July 1, 2025, and result in total annual incremental revenue of approximately $40.0 million.

Damon T. Hininger, CoreCivic’s Chief Executive Officer, commented, “We are pleased to expand our immigration solutions with this critical location, which ICE has used for many years — a need we expect to continue for the foreseeable future.” Patrick D. Swindle, CoreCivic’s President and Chief Operating Officer, added “We look forward to assuming the operation at this location, and welcoming more than 200 new employees to the CoreCivic team.”

About CoreCivic

CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, a network of residential and non-residential alternatives to incarceration to help address America’s recidivism crisis, and government real estate solutions. We are the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and one of the largest operators of such facilities in the United States. We have been a flexible and dependable partner for government for more than 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.com.

Cautionary Note Regarding Forward-Looking Statements

This press release includes statements as to our beliefs and expectations of the outcome of future events that are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements may include such words as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “should,” “can have,” “likely,” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. Such forward-looking statements may be affected by risks and uncertainties in CoreCivic’s business and market conditions. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. Important factors that could cause actual results to differ are described in the filings made from time to time by CoreCivic with the Securities and Exchange Commission (“SEC”) and include the risk factors described in CoreCivic’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 21, 2025. Except as required by applicable law, CoreCivic undertakes no obligation to update forward-looking statements made by it to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events.

Contact:	Investors: David Garfinkle – Chief Financial Officer – (615) 263-3008
	Media: Steve Owen – Vice President, Communications – (615) 263-3107

Release – The GEO Group Provides Update on Recent Court Settlement Allowing for Immediate Full Intake at Company-Owned 1,940-Bed Adelanto ICE Processing Center in California

Posted on June 10, 2025June 10, 2025 by aweinsoff@channelchek.com

Research News and Market Data on GEO

June 10, 2025

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BOCA RATON, Fla.–(BUSINESS WIRE)–Jun. 10, 2025– The GEO Group, Inc. (NYSE: GEO) (“GEO” or the “Company”) announced today that the U.S. District Court, Central District of California (the “Court”) has approved a settlement in the case of Roman v. Wolf, which allows for immediate full intake at the GEO-owned, 1,940-bed Adelanto ICE Processing Center in California (the “Adelanto Center”).

The Court had previously issued several injunction orders, including an intake prohibition order issued more than four years ago, limiting the use of the Adelanto Center based on then-prevailing COVID-19 conditions.

At full occupancy, the Adelanto Center contract would be expected to generate up to approximately $31 million in additional incremental annualized revenues for GEO, with margins consistent with GEO’s company-owned Secure Services facilities.

ICE and GEO entered into a 15-year contract on December 19, 2019, for the provision of secure residential housing and support services at the Adelanto Center, consisting of a five-year base period followed by two five-year option periods. The current contract option period is effective through December 19, 2029.

George C. Zoley, Executive Chairman of GEO, said, “We believe the Adelanto Center plays an important role in helping ICE and the U.S. Department of Homeland Security fulfill their mission and operational priorities. We are proud of our approximately 350 employees at the Adelanto Center, whose dedication and professionalism have allowed GEO to establish a long-standing record of providing high-quality support services on behalf of ICE in the state of California.”

About The GEO Group

Use of forward-looking statements

View source version on businesswire.com: https://www.businesswire.com/news/home/20250609270298/en/

Pablo E. Paez
Executive Vice President, Corporate Relations
(866) 301 4436

Source: The GEO Group, Inc.

Graham (GHM) – A Record Year With Momentum Continuing to Build

Posted on June 10, 2025June 10, 2025 by slightbourne@noblecapitalmarkets.com

Tuesday, June 10, 2025

Graham Corporation designs, manufactures and sells critical equipment for the energy, defense and chemical/petrochemical industries. The Company designs and manufactures custom-engineered ejectors, vacuum pumping systems, surface condensers and vacuum systems. It is a nuclear code accredited fabrication and specialty machining company. It supplies components used inside reactor vessels and outside containment vessels of nuclear power facilities. Its equipment is found in applications, such as metal refining, pulp and paper processing, water heating, refrigeration, desalination, food processing, pharmaceutical, heating, ventilating and air conditioning. For the defense industry, its equipment is used in nuclear propulsion power systems for the United States Navy. The Company’s products are used in a range of industrial process applications in energy markets, including petroleum refining, defense, chemical and petrochemical processing, power generation/alternative energy and other.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

4Q25 Results. Revenue rose 21% to $59.3 million versus $49.1 million in 4Q24 and our $56 million estimate. Gross margin was up 110 basis points to 27%. We were at 25%. Graham reported adjusted EBITDA of $7.65 million, up 159% y-o-y, and above our $5.4 million projection. GAAP and adjusted EPS were $0.40 and $0.43, respectively, compared to $0.12 and $0.15, respectively, last year. We were at $0.26 and $0.26.

Business Environment. Graham’s business environment remains favorable, as evidenced by the recent follow on Navy award. Increased Defense budgets and being in the right space should lead to additional revenue from the Defense sector. Space and Energy continue to have positive futures also, in our opinion.

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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

Release – Titan International Inc. Chairman Issues Note to Shareholders

Posted on June 9, 2025June 9, 2025 by aweinsoff@channelchek.com

Research News and Market Data on TWI

Jun 9, 2025

WEST CHICAGO, Ill., June 9, 2025 /PRNewswire/ — Titan International, Inc. (NYSE: TWI) (“Titan” or the “Company”), a leading global manufacturer of off-highway wheels, tires, assemblies, and undercarriage products, today issued the following note from Chairman of the Board of Directors, Maurice (Morry) Taylor.

Mr. Taylor stated, “We are having our Annual Shareholder’s meeting on Wednesday, June 11^th and we welcome you to join us virtually (www.virtualshareholdermeeting.com/TWI2025). Paul Reitz and his team will be in attendance along with members of the Titan Board. This year ISS and Glass/Lewis have recommended TWI shareholders to vote substantially in line with the TWI Board recommendations. The Board of Titan International is thankful and appreciative of this support!”

Mr. Taylor continued, “This meeting is significant for our Shareholders as it’s our first since the election of President Trump for another four years. I know a lot about tariffs and what the US government and the administration are trying to do for American industry, which includes us. Paul Reitz and his team have been involved in the ups and downs in this business for the last 15 years and I see the benefits that tariffs will bring to Titan and its shareholders. The International Trade Court (ITC) in Washington D.C. has six judges, with many being lawyers, and hears all claims regarding tariffs. Titan’s first case brought to the ITC on tariffs was against China around 2012 regarding farm and off highway tires coming from China. No one thought we would win, but we did as the court ruled 5 to 1 in our favor. That’s great, but then the USA Commerce Department must determine the duty rates and that took a full year and cost us a lot in legal fees just to get this done. Our country should be thankful that President Trump is tackling what has been going on for too long.”

Mr. Taylor added, “Titan has tire factories in Freeport, IL, Des Moines, IA, Bryan, OH, Union City, TN, Jackon, TN and Clinton, TN. These six tire plants employ wonderful people and have plenty of capacity to meet the needs of the US marketplace. These plants have available tire capacity in the US because our country gets flooded with tires from China, India, Japan and Mexico. Farm & OTR tires are large in size and demand a high number of SKUs to serve the market, therefore they take a lot of manual labor to produce, whereas auto and truck tires can be produced with more automation. There are a lot of Ag tractors that are manufactured overseas and shipped into the US with tires/wheels pre-assembled on the equipment. With President Trump trying to level the playing field and the administration’s support, we could see a future where the equipment will be imported into country and then fitted with wheels and tires produced in the USA. The use of tires and wheels produced here will lower the cost of the tractors, combines, and other Ag equipment and increase wheels and tires for American manufacturing.”

Mr. Taylor concluded, “President Trump is correct that American businesses have been getting the short straw for a long time from the rest of the world. He is the champion of the working men and women of this country. GO USA! I hope to hear from you all at the Shareholder Meeting!”

About Titan

Titan International, Inc. (NYSE: TWI) is a leading global manufacturer of off-highway wheels, tires, assemblies, and undercarriage products. Headquartered in West Chicago, Illinois, the Company globally produces a broad range of products to meet the specifications of original equipment manufacturers (OEMs) and aftermarket customers in the agricultural, earthmoving/construction, and consumer markets. For more information, visit www.titan-intl.com.

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SOURCE Titan International, Inc.

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Release – The GEO Group Announces Activation of Company-Owned 1,868-Bed D. Ray James Facility

Posted on June 9, 2025June 9, 2025 by aweinsoff@channelchek.com

Research News and Market Data on GEO

June 9, 2025

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BOCA RATON, Fla.–(BUSINESS WIRE)–Jun. 9, 2025– The GEO Group, Inc. (NYSE: GEO) (“GEO” or the “Company”) announced today that U.S. Immigration and Customs Enforcement (“ICE”) has executed a contract modification, effective June 6, 2025, to activate a federal immigration processing center at the GEO-owned, 1,868-bed D. Ray James Facility (the “Facility”) in Folkston, Georgia under the existing intergovernmental service agreement (“IGSA”) involving the GEO-owned, 1,118-bed Folkston ICE Processing Center.

Under the modified IGSA, GEO expects to generate approximately $66 million in incremental annualized revenues in the first full year of operations, with margins consistent with GEO’s company-owned Secure Services facilities. GEO’s support services will include the exclusive use of this federal facility by ICE, along with security, maintenance, and food services, as well as access to recreational amenities, medical care, and legal counsel.

George C. Zoley, Executive Chairman of GEO, said, “We expect that our company-owned D. Ray James Facility in Georgia will play an important role in helping meet the need for increased federal immigration processing center bedspace. We are proud of our 40-year public-private partnership with ICE, and we stand ready to continue to help the federal government meet its expanded immigration enforcement priorities.”

About The GEO Group

Use of forward-looking statements

View source version on businesswire.com: https://www.businesswire.com/news/home/20250608535895/en/

Pablo E. Paez, (866) 301 4436
Executive Vice President, Corporate Relations

Source: The GEO Group, Inc.