Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Overview. NN delivered a solid quarter for gross margins, operating income, adjusted operating income, and adjusted EBITDA. The soft top-line centered around certain automotive customers, which is being partially offset through the contribution of new business launches and precious metals pass-through pricing.
2Q25. On a reported basis, Net sales were $107.9 million, a decrease of 12.3% compared to the second quarter of 2024. We were at $109 million. On an adjusted basis, net sales were off 2.4%. Adjusted income from operations for 2Q25 was $4.9 million compared to adjusted income from operations of $2.1 million for the same period in 2024. Adjusted EBITDA was $13.2 million, or 12.2% of sales, compared to $13.4 million, or 10.9% of sales, for the same period in 2024.
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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.
Apple Inc. (AAPL) is ramping up its domestic investment strategy with a newly announced $100 billion commitment to U.S. manufacturing and infrastructure, expanding its total U.S. investment to $600 billion over the next four years. The announcement comes just hours ahead of a scheduled White House event where Apple CEO Tim Cook will join President Donald Trump in the Oval Office.
The announcement is viewed as both a response to and a strategic buffer against mounting trade tensions. The Trump administration has signaled its intent to impose a 25% tariff on iPhones imported from India, where Apple now manufactures the majority of U.S.-bound iPhones after shifting production away from China.
These escalating tariff threats are already hitting the bottom line. In its most recent quarterly earnings report, Apple disclosed an $800 million tariff-related impact and forecasted another $1.1 billion in related costs this quarter. The company’s shift toward increased U.S. investment appears aimed at minimizing long-term exposure to geopolitical trade risks while addressing growing political pressure to manufacture more within the United States.
The centerpiece of this new initiative is the American Manufacturing Program, which will involve expanded partnerships with U.S.-based suppliers, additional AI-focused data centers, and a potential new semiconductor facility. These moves reflect a broader trend in tech: companies are reassessing global supply chains not just for efficiency, but for resiliency.
Apple’s share price responded sharply to the news, jumping more than 5% in midday trading. The stock move reflects both investor confidence in Apple’s ability to navigate regulatory challenges and the perceived benefits of deeper integration into the U.S. industrial base.
For Apple, this could be a turning point. The tech giant has long relied on overseas manufacturing for its scale, efficiency, and cost advantages. But the dual pressures of tariffs and supply chain vulnerabilities exposed during the COVID-19 pandemic have reshaped that calculus. Bringing more production stateside not only helps Apple hedge against future tariffs—it may also give the company greater control over component access and intellectual property protections.
Still, scaling U.S.-based iPhone production remains a complex challenge. Industry experts warn that building out sufficient infrastructure, skilled labor pools, and logistical networks could take years. Apple’s long-term strategy may involve a hybrid model, combining strategic U.S. investments with continued production in global hubs like India and Vietnam.
With the 2026 presidential election already on the horizon, companies like Apple are likely to face increased scrutiny over domestic job creation and industrial policy alignment. This latest move positions Apple as both a responsive corporate citizen and a resilient global operator—prepared for whatever comes next in an increasingly fragmented trade landscape.
In a transformative move that will reshape the North American cabinet manufacturing landscape, MasterBrand Inc. and American Woodmark Corporation announced today a definitive all-stock merger agreement that creates a combined entity with a pro forma equity value of $2.4 billion and enterprise value of $3.6 billion.
Under the agreement, American Woodmark shareholders will receive 5.150 shares of MasterBrand common stock for each American Woodmark share they own. Upon completion, MasterBrand shareholders will control approximately 63% of the combined company, while American Woodmark shareholders will hold the remaining 37% on a fully diluted basis.
The transaction is expected to close in early 2026, pending shareholder approvals from both companies, regulatory clearances, and other customary closing conditions. Notably, the deal is structured as an all-stock transaction, though MasterBrand plans to arrange additional credit facilities to retire American Woodmark’s existing debt at closing.
The merger creates what the companies describe as “the cabinet industry’s most comprehensive portfolio of trusted brands and products.” The combination leverages complementary strengths: MasterBrand’s broad brand portfolio and American Woodmark’s streamlined manufacturing profile and strong customer relationships.
Financial projections are compelling. The combined entity expects to generate approximately $639 million in trailing 12-month adjusted EBITDA, including anticipated run-rate cost synergies of $90 million by the end of year three. These synergies will primarily come from procurement optimization, manufacturing network improvements, and administrative cost reductions. The deal is expected to be accretive to MasterBrand’s adjusted diluted earnings per share by year two.
The merger positions the combined company to better serve diverse customer segments across multiple channels. With MasterBrand’s existing network of over 7,700 dealers, major retailers, and builders, plus American Woodmark’s relationships with home centers and independent distributors, the enlarged entity will have unprecedented market reach.
Geographic expansion is another key benefit. The complementary footprints of both companies will provide access to high-growth markets while offering customers greater flexibility in purchasing options and enhanced support capabilities.
Dave Banyard, currently MasterBrand’s President and CEO, will lead the combined company, while David Petratis will serve as Board Chair. The integration will be overseen by Nathaniel Leonard, MasterBrand’s Executive Vice President of Corporate Strategy and Development. The combined entity will maintain its MasterBrand name and be headquartered in Beachwood, Ohio, while preserving a significant operational presence in Winchester, Virginia.
Importantly, American Woodmark’s board will contribute three directors to the expanded MasterBrand board, ensuring representation in governance decisions.
The merger creates a financially stronger entity with an anticipated net debt-to-adjusted EBITDA ratio below MasterBrand’s 2.0x target leverage at closing. This improved financial profile is expected to enhance free cash flow generation, provide greater resilience through market cycles, and enable increased investment in growth initiatives, automation, and technology.
Both companies emphasize their commitment to maintaining and growing their respective legacy brands, which have established trust with channel partners and consumers. The combination represents a strategic bet on the continued growth of the North American residential cabinet market and the companies’ ability to capture greater market share through expanded capabilities and improved operational efficiency.
This merger signals consolidation in the cabinet manufacturing industry as companies seek scale advantages and broader market reach to compete more effectively in an evolving marketplace.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Solid Q2 results. The company reported solid revenue and adj. EBITDA of $144.0 million and $7.4 million, respectively, both of which were better than our estimates of $131.8 million and $6.1 million, respectively. Notably, the strong operating results were largely driven by a 14% increase in Branded Products sales over the prior year period.
Mitigating tariff impact. Notably, management highlighted that its Branded Products segment is well-positioned to navigate the current tariff environment. Importantly, the company started diversifying manufacturing away from China during the first Trump administration and now sources the majority of its Branded Products outside of China. Furthermore, the company’s Healthcare Apparel segment produces all of its finished products outside of China.
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*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.
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.
Strong Quarter. Driven by continued strength across the diversified product portfolio, Graham delivered another solid quarter to start fiscal 2026. A highlight was the Energy and Process markets with strong growth driven by execution on major commercial projects and robust aftermarket demand, along with increasing momentum in emerging energy segments.
1Q26 Results. Revenue increased 11% to $55.5 million, slightly above our $54 million estimate. Gross margin improved 170 bp to 26.5%. Adjusted EBITDA rose 33% y-o-y to $6.8 million, with adjusted EBITDA margin up 200 bp to 12.3%. We were at $5.1 million. EPS increased 56% to $0.42 with adjusted EPS up 36% to $0.45. We were at $0.22 and $0.25, respectively.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
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.
Revenue increased 11% to $55.5 million, reflecting the strength of the Company’s product portfolio and diversified revenue base
Gross profit increased 19% to $14.7 million; Gross margin improved 170 basis points to 26.5%
Net income per diluted share increased 56% to $0.42; adjusted net income per diluted share1 increased 36% to $0.45
Net income increased 55% to $4.6 million; Adjusted EBITDA1 increased 33% to $6.8 million; Adjusted EBITDA margin1 improved 200 basis points to 12.3%
Orders2 were $125.9 million, driven by large defense orders; Book-to-Bill ratio2 of 2.3x and backlog2 of $482.9 million
Strong balance sheet with no debt, $10.8 million in cash, and access to $44.3 million under its revolving credit facility at quarter end to support growth initiatives
Reiterating full year fiscal 2026 guidance for all metrics provided; Remain on track to reach strategic goal of 8% to 10% annual organic revenue growth and low to mid-teen Adjusted EBITDA margins by fiscal 2027
BATAVIA, N.Y.–(BUSINESS WIRE)– Graham Corporation (NYSE: GHM) (“GHM” or the “Company”), a global leader in the design and manufacture of mission critical fluid, power, heat transfer and vacuum technologies for the Defense, Energy & Process, and Space industries, today reported financial results for its first quarter for the fiscal year ending March 31, 2026 (“fiscal 2026”).
Graham’s President and Chief Executive Officer, Matthew J. Malone stated, “The start of fiscal 2026 demonstrates continued strength across our diversified product portfolio. We delivered strong growth in our Energy & Process markets, driven by execution on major commercial projects and robust aftermarket demand, along with increasing momentum in emerging energy segments such as small modular reactors (“SMRs”) and cryogenics. In addition, our Defense business continues to perform well, supported by recent follow-on orders, including $86.5 million to support the Virginia Class submarine program in May and $25.5 million for the MK48 Mod 7 Heavyweight Torpedo program in July, reaffirming our position as a trusted supplier to the U.S. Navy.”
Mr. Malone continued, “We remain focused on high-return initiatives that drive long-term value creation, including numerous in-process capital investments expected to generate returns above 20%. These initiatives include automated welding, enhanced radiographic testing technologies, and our new cryogenic testing facility in Florida, which we expect will improve margins and create new revenue opportunities. I’m also pleased to announce that we’ve completed the expansion of our Batavia defense facility this month. With these investments, we believe Graham is well-positioned to drive sustainable growth, deliver for our customers, and continue expanding margins.”
Quarterly net sales of $55.5 million increased 11%, or $5.5 million. Sales to the Energy & Process market contributed $5.7 million to growth driven by increased sales in the Chemical/Petrochemical and New Energy industries. The increase in Chemical/Petrochemical sales was largely due to a surface condenser order for a North American net-zero carbon emissions ethylene cracker received in June 2024, while the increase in New Energy sales was driven by increased sales to the hydrogen and SMR markets. Aftermarket sales to the Energy & Process and Defense markets of $10.4 million remained strong and were 33% higher than the prior year. See supplemental data for a further breakdown of sales by market and region.
Gross profit for the quarter increased $2.4 million to $14.7 million compared to the prior-year period of $12.4 million. As a percentage of sales, gross profit margin increased 170 basis points to 26.5%, compared to the first quarter of fiscal 2025. Increased leverage on fixed overhead costs due to the higher volume of sales discussed above, as well as an improved mix of sales related to higher margin aftermarket sales, and better execution and pricing on defense contracts were the primary drivers of this increase. For the first quarter of fiscal 2026, the impact of tariffs was not material to our consolidated financial statements in comparison to the prior year. However, we still estimate the range of potential impact of increased tariffs for the full year to be between $2 million to $5 million.
Selling, general and administrative expense (“SG&A”), including amortization, totaled $9.8 million, an increase of $0.6 million compared with the prior year. This increase reflects the investments we are making in our operations, our employees, and our technology. As a percentage of sales, SG&A, including amortization, of 17.7% decreased 90 basis points compared to the prior year period, reflective of our financial discipline.
Cash Management and Balance Sheet As expected, cash used by operating activities totaled $2.3 million for the quarter-ending June 30, 2025, primarily due to the payment of fiscal 2025 bonuses including the supplemental Barber-Nichols earnout bonus of $4.3 million in connection with the acquisition. As of June 30, 2025, cash and cash equivalents were $10.8 million, compared with $21.6 million as of March 31, 2025.
Capital expenditures for the first quarter fiscal 2025 were $7.0 million, focused on capacity expansion, increasing capabilities, and productivity improvements. All major capital projects are on time.
The Company had no debt outstanding as of June 30, 2025, with $44.3 million available on its revolving credit facility after taking into account outstanding letters of credit.
Orders, Backlog, and Book-to-Bill Ratio See supplemental data filed with the Securities and Exchange Commission on Form 8-K and provided on the Company’s website for a further breakdown of orders and backlog by market. See “Key Performance Indicators” below for important disclosures regarding Graham’s use of these metrics ($ in millions).
Orders for the first quarter of fiscal 2026 increased to $125.9 million, including the remaining $86.5 million of a $136.5 million follow-on order in support of the U.S. Navy’s Virginia Class Submarine program. Aftermarket orders for the Energy & Process and Defense markets remained strong and totaled $10.5 million for the first quarter of fiscal 2026, increasing 16% over the prior year. Book-to-bill for the first quarter of fiscal 2026 was 2.3x. Note that orders tend to be lumpy given the nature of our business (i.e. large capital projects) and in particular, orders to the Defense industry, which span multiple years and can be significantly larger in size.
Backlog at quarter end was $482.9 million, a 22% increase over the prior-year period. Approximately 35% to 40% of orders currently in backlog are expected to be converted to sales in the next twelve months, another 25% to 30% are expected to convert to sales within one to two years, and the remaining beyond two years. Approximately 87% of our backlog at June 30, 2025, was to the Defense industry, which we believe provides stability and visibility to our business.
Fiscal 2026 Outlook Based upon the results for the first quarter of fiscal 2026, as well as our expectations for the remainder of the fiscal year, we are reiterating our full year fiscal 2026 guidance provided earlier this year as follows:
Our expectations for sales and profitability assume that we will be able to operate our production facilities at planned capacity, have access to our global supply chain including our subcontractors, do not experience any global disruptions, and experience no impact from any other unforeseen events.
Webcast and Conference Call GHM’s management will host a conference call and live webcast on August 5, 2025 at 11:00 a.m. Eastern Time (“ET”) to review its financial results as well as its strategy and outlook. The review will be accompanied by a slide presentation, which will be made available immediately prior to the conference call on GHM’s investor relations website.
A question-and-answer session will follow the formal presentation. GHM’s conference call can be accessed by calling (412)-317-5195. Alternatively, the webcast can be monitored from the events section of GHM’s investor relations website.
A telephonic replay will be available from 3:00 p.m. ET today through Tuesday, August 12, 2025. To listen to the archived call, dial (412) 317-6671 and enter conference ID number 10201479 or access the webcast replay via the Company’s website at ir.grahamcorp.com, where a transcript will also be posted once available.
About Graham Corporation Graham is a global leader in the design and manufacture of mission critical fluid, power, heat transfer and vacuum technologies for the Defense, Energy & Process, and Space industries. Graham Corporation and its family of global brands are built upon world-renowned engineering expertise in vacuum and heat transfer, cryogenic pumps, and turbomachinery technologies, as well as its responsive and flexible service and the unsurpassed quality customers have come to expect from the Company’s products and systems. Graham Corporation routinely posts news and other important information on its website, grahamcorp.com, where additional information on Graham Corporation and its businesses can be found.
Safe Harbor Regarding Forward Looking Statements This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as “continue,” “expects,” “future,” “outlook,” “believes,” “could,” “guidance,” “may”, “will,” “plan” and other similar words. All statements addressing operating performance, events, or developments that Graham Corporation expects or anticipates will occur in the future, including but not limited to, profitability of future projects and the business, its ability to deliver to plan, its ability to continue to strengthen relationships with customers in the Defense industry, its ability to secure future projects and applications, expected expansion and growth opportunities, anticipated sales, revenues, adjusted EBITDA, adjusted EBITDA margins, capital expenditures and SG&A expenses, the timing of conversion of backlog to sales, orders, market presence, profit margins, tax rates, foreign sales operations, customer preferences, changes in market conditions in the industries in which it operates, changes in general economic conditions and customer behavior, forecasts regarding the timing and scope of the economic recovery in its markets, and its acquisition and growth strategy, are forward-looking statements. Because they are forward-looking, they should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties are more fully described in Graham Corporation’s most recent Annual Report filed with the Securities and Exchange Commission (the “SEC”), included under the heading entitled “Risk Factors”, and in other reports filed with the SEC.
Should one or more of these risks or uncertainties materialize or should any of Graham Corporation’s underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on Graham Corporation’s forward-looking statements. Except as required by law, Graham Corporation disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this news release.
Non-GAAP Financial Measures Adjusted EBITDA is defined as consolidated net income (loss) before net interest expense, income taxes, depreciation, amortization, other acquisition related expenses, and other unusual/nonrecurring expenses. Adjusted EBITDA margin is defined as Adjusted EBITDA as a percentage of sales. Adjusted EBITDA and Adjusted EBITDA margin are not measures determined in accordance with generally accepted accounting principles in the United States, commonly known as GAAP. Nevertheless, Graham believes that providing non-GAAP information, such as Adjusted EBITDA and Adjusted EBITDA margin, is important for investors and other readers of Graham’s financial statements, as it is used as an analytical indicator by Graham’s management to better understand operating performance. Moreover, Graham’s credit facility also contains ratios based on Adjusted EBITDA. Because Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP measures and are thus susceptible to varying calculations, Adjusted EBITDA, and Adjusted EBITDA margin, as presented, may not be directly comparable to other similarly titled measures used by other companies.
Adjusted net income and adjusted net income per diluted share are defined as net income and net income per diluted share as reported, adjusted for certain items and at a normalized tax rate. Adjusted net income and adjusted net income per diluted share are not measures determined in accordance with GAAP, and may not be comparable to the measures as used by other companies. Nevertheless, Graham believes that providing non-GAAP information, such as adjusted net income and adjusted net income per diluted share, is important for investors and other readers of the Company’s financial statements and assists in understanding the comparison of the current quarter’s and current fiscal year’s net income and net income per diluted share to the historical periods’ net income and net income per diluted share. Graham also believes that adjusted net income per share, which adds back intangible amortization expense related to acquisitions, provides a better representation of the cash earnings of the Company.
Forward-Looking Non-GAAP Measures Adjusted EBITDA and adjusted EBITDA margin are non-GAAP measures. The Company is unable to present a quantitative reconciliation of these forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures because such information is not available, and management cannot reliably predict the necessary components of such GAAP measures without unreasonable effort largely because forecasting or predicting our future operating results is subject to many factors out of our control or not readily predictable. In addition, the Company believes that such reconciliations would imply a degree of precision that would be confusing or misleading to investors. The unavailable information could have a significant impact on the Company’s fiscal 2025 financial results. These non-GAAP financial measures are preliminary estimates and are subject to risks and uncertainties, including, among others, changes in connection with purchase accounting, quarter-end, and year-end adjustments. Any variation between the Company’s actual results and preliminary financial estimates set forth above may be material.
Key Performance Indicators In addition to the foregoing non-GAAP measures, management uses the following key performance metrics to analyze and measure the Company’s financial performance and results of operations: orders, backlog, and book-to-bill ratio. Management uses orders and backlog as measures of current and future business and financial performance, and these may not be comparable with measures provided by other companies. Orders represent written communications received from customers requesting the Company to provide products and/or services. Backlog is defined as the total dollar value of net orders received for which revenue has not yet been recognized. Management believes tracking orders and backlog are useful as they often times are leading indicators of future performance. In accordance with industry practice, contracts may include provisions for cancellation, termination, or suspension at the discretion of the customer.
The book-to-bill ratio is an operational measure that management uses to track the growth prospects of the Company. The Company calculates the book-to-bill ratio for a given period as net orders divided by net sales.
Given that each of orders, backlog, and book-to-bill ratio are operational measures and that the Company’s methodology for calculating orders, backlog and book-to-bill ratio does not meet the definition of a non-GAAP measure, as that term is defined by the U.S. Securities and Exchange Commission, a quantitative reconciliation for each is not required or provided.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
To Be Acquired. Steelcase has entered into an agreement to be acquired by HNI Corporation in a cash and stock transaction with total consideration of approximately $2.2 billion to Steelcase common shareholders, or about $18.30/sh, an 80% premium to Friday’s close.
Details. Under the terms of the agreement, Steelcase shareholders will receive $7.20 in cash and 0.2192 shares of HNI common stock for each share of Steelcase. The implied per share purchase price of $18.30 is based on HNI’s closing share price of $50.62 on Friday, August 1, 2025, reflecting a valuation multiple at transaction close for Steelcase of approximately 5.8x TTM adjusted EBITDA, inclusive of run-rate cost synergies of $120 million. Upon closing, HNI shareholders will own approximately 64%, and Steelcase shareholders will own approximately 36% of the combined company. The deal is expected to close by year-end.
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*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.
Delivered GrossMargin of 15%, Expansion of 250Basis Points OperatingCashFlowof$8.5 Million andAdjustedFreeCashFlowof$7.9Million Strong Order Intake Driven by Operational Flexibility, Reaffirmed Full Year Guidance
CHICAGO, Aug. 04, 2025 (GLOBE NEWSWIRE) — FreightCar America, Inc. (NASDAQ: RAIL) (“FreightCar America” or the “Company”), a diversified manufacturer and supplier of railroad freight cars, railcar parts and components, today reported results for the second quarter ended June 30, 2025.
SecondQuarter 2025Highlights
Revenues of $118.6 million, compared to $147.4 million in the second quarter of 2024, with railcar deliveries of 939 units compared to 1,159 units in the prior year period
Gross margin of 15.0% with gross profit of $17.8 million, compared to gross margin of 12.5% with gross profit of $18.4 million in the second quarter of 2024
Net income of $11.7 million, or $0.34 per share, and Adjusted net income of $3.8 million, or $0.11 per share, reflecting a $51.9 million benefit from a valuation allowance release, partially offset by a $47.6 million non-cash adjustment from the change in warrant liability due to share price appreciation
Adjusted EBITDA was $10.0 million, representing a margin of 8.4%, compared to $12.1 million and a margin of 8.2% in the second quarter of 2024
Received new orders for 1,226 railcars within the quarter valued at $106.9 million
Ended the quarter with a backlog of 3,624 units valued at $316.9 million, up approximately 300 units from prior quarter, reflecting strong order activity and healthy demand
“In the second fiscal quarter, we delivered on our commercial excellence initiatives across the business, supported by strong order intake and healthy customer demand,” said Nick Randall, President and Chief Executive Officer of FreightCar America. “We increased utilization across our four production lines, delivered improved productivity, and benefited from a richer product mix from disciplined pricing. Our ability to remain agile and responsive to customer needs continues to be a key differentiator, particularly in rebuilds and conversions, enabling us to capture meaningful opportunities in a dynamic market.”
Randall continued, “While broader market uncertainty earlier in the year delayed some order activity, we believe the underlying fundamentals point to a meaningful replacement cycle ahead. As that takes shape, our agile manufacturing presence positions us well to capture incremental demand and grow our share. At the same time, we continue to advance our growth strategy by investing in our tank car capabilities, which we expect will strengthen our cost position and support long-term value creation.”
FiscalYear2025 Outlook
The Company has reaffirmed outlook for fiscal year 2025 as follows:
Fiscal2025 Outlook
Year-over-Year GrowthatMidpoint
Railcar Deliveries
4,500 – 4,900 Railcars
7.7%
Revenue
$530 – $595 million
0.6%
AdjustedEBITDA1
$43 – $49 million
7.0%
1. The Company does not provide a reconciliation of forward-looking Adjusted EBITDA guidance due to the inherent difficulty in forecasting and quantifying adjustments necessary to calculate such non-GAAP measure without unreasonable effort. Material changes to such adjustments, including warrant liability and non-core operating items, could affect future GAAP results.
Mike Riordan, Chief Financial Officer of FreightCar America, added, “We’re pleased to reaffirm our full-year guidance, supported by strong margin performance and continued commercial execution across the business, with order activity supporting our healthy backlog. In addition, this quarter marked our fifth consecutive quarter of positive operating cash flow, reflecting the consistency and sustainability of our cash generation engine. Our focus on working capital discipline and operational efficiency has positioned us well to maintain momentum and invest in growth opportunities as we deliver strong performance in the second half of the year.”
SecondQuarter 2025 ConferenceCall&Webcast Information
The Company will host a conference call and live webcast on Tuesday, August 5, at 11:00 a.m. (Eastern Time) to discuss its second quarter 2025 financial results. FreightCar America invites shareholders and other interested parties to listen to its financial results conference call. Teleconference details are as follows:
An audio replay of the conference call will be available beginning at 3:00 p.m. (Eastern Time) on Tuesday, August 5, 2025, until 11:59 p.m. (Eastern Time) on Tuesday, August 19, 2025. To access the replay, please dial (844) 512-2921 or (412) 317-6671. The replay passcode is 13754875. An archived version of the webcast will also be available on the FreightCar America Investor Relations website.
AboutFreightCarAmerica
FreightCar America, headquartered in Chicago, Illinois, is a leading designer, producer and supplier of railroad freight cars, railcar parts and components. We also specialize in railcar repairs, complete railcar rebody services and railcar conversions that repurpose idled rail assets back into revenue service. Since 1901, our customers have trusted us to build quality railcars that are critical to economic growth and instrumental to the North American supply chain. To learn more about FreightCar America, visit www.freightcaramerica.com.
Forward-LookingStatements
This press release contains statements relating to our expected financial performance, financial condition, and/or future business prospects, events and/or plans that are “forward-looking statements” as defined under the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent our estimates and assumptions only as of the date of this press release. Our actual results may differ materially from the results described in or anticipated by our forward-looking statements due to certain risks and uncertainties. These risks and uncertainties relate to, among other things, the cyclical nature of our business; adverse geopolitical, economic and market conditions, including inflation; material disruption in the movement of rail traffic for deliveries; fluctuating costs of raw materials, including steel and aluminum; delays in the delivery of raw materials; our ability to maintain relationships with our suppliers of railcar components; our reliance upon a small number of customers that represent a large percentage of our sales; the variable purchase patterns of our customers and the timing of completion; delivery and customer acceptance of orders; the highly competitive nature of our industry; the risk of lack of acceptance of our new railcar offerings; potential unexpected changes in laws, rules, and regulatory requirements, including tariffs and trade barriers (including recent United States tariffs imposed or threatened to be imposed on China, Canada, Mexico and other countries and any retaliatory actions taken by such countries); and other competitive factors. The factors listed above are not exhaustive. New factors emerge from time to time that may cause our business not to develop as we expect, and it is not possible for us to predict all of them. We expressly disclaim any duty to provide updates to any forward-looking statements made in this press release, whether as a result of new information, future events or otherwise.
Non-GAAPFinancialMeasures
This press release includes measures not derived in accordance with generally accepted accounting principles (“GAAP”), such as EBITDA, Adjusted EBITDA, Adjusted net income (loss), Adjusted EPS, Free cash flow and Adjusted free cash flow. These non-GAAP measures should not be considered in isolation or as a substitute for any measure derived in accordance with GAAP and may also be inconsistent with similar measures presented by other companies. Reconciliations of these measures to the applicable most closely comparable GAAP measures, and reasons for the Company’s use of these measures, are presented in the attached pages.
NEW ALBANY, Ohio, July 24, 2025 (GLOBE NEWSWIRE) — Commercial Vehicle Group (the “Company” or “CVG”) (NASDAQ: CVGI) will hold its quarterly conference call on Tuesday, August 5, 2025, at 8:30 a.m. ET, to discuss second quarter 2025 financial results. CVG will issue a press release and presentation prior to the conference call.
Toll-free participants dial (800) 549-8228 using conference code 72110. International participants dial (289) 819-1520 using conference code 72110. This call is being webcast and can be accessed through the “Investors” section of CVG’s website at ir.cvgrp.com where it will be archived for one year.
A telephonic replay of the conference call will be available until August 19, 2025. To access the replay, toll-free callers can dial (+1) 888 660 6264 using access code 72110 #, and toll callers in North America and other locations can dial (+1) 289 819 1325.
About CVG
At CVG, 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.
Investor Relations Contact: Ross Collins or Stephen Poe Alpha IR Group CVGI@alpha-ir.com
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.
First quarter financial results. For the first quarter of fiscal year (FY) 2026, AZZ reported adjusted net income of $53.8 million or $1.78 per share compared to $44.0 million or $1.46 per share during the prior year period and our estimate of $50.1 million or $1.66 per share. Compared to the first quarter of FY 2025, sales increased 2.1% to $422.0 million. Adjusted EBITDA increased 13.1% to $106.4 million, representing 25.2% of sales compared to 22.8% of sales during the prior year period.
Updating estimates. We have increased our FY 2026 EBITDA and EPS estimates to $388.3 million and $6.00, respectively, from $381.7 million and $5.83. In FY 2026, our estimates reflect average gross margins of 30.0% and 20.3% for the Metal Coatings and Precoat Metals segments, respectively. Moreover, we have published our estimates for 2027 through 2031 in the back of this report. Our forward estimates reflect an average 30.5% gross margin as a percentage of sales for the Metal Coatings segment, compared to the prior average of 28.0%. The average gross margin as a percentage of sales for the Precoat Metals business is unchanged at 20.3%.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
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.
CHICAGO, July 9, 2025 /PRNewswire/ — Titan International, Inc. will release its second quarter 2025 financial results before the opening of the market on Thursday, July 31, 2025 to be followed by a teleconference and webcast on Thursday, July 31, 2025 at 9:00 a.m. Eastern Time.
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.
Middle market companies across manufacturing, retail, and technology sectors are scrambling to assess potential impacts after President Trump’s Monday announcement of 25% tariffs on Japanese and South Korean imports, set to take effect August 1st. The move sent shockwaves through equity markets, with major indices posting their worst single-day performance in weeks.
The Dow Jones Industrial Average plummeted over 400 points, closing down 1.21%, while the S&P 500 and Nasdaq Composite shed 0.98% and 1.03% respectively. For middle market investors, the selloff signals deeper concerns about how expanding trade tensions could reshape global supply chains and corporate profitability.
Middle market manufacturers with exposure to Japanese and South Korean suppliers face immediate headwinds. Companies in automotive parts, electronics components, and industrial machinery sectors are particularly vulnerable, as these industries rely heavily on specialized inputs from both countries.
Japan remains a critical supplier of precision machinery and automotive components, while South Korea dominates in semiconductors, displays, and advanced materials. The proposed 25% levy could force companies to either absorb significant cost increases or pass them to consumers, potentially crimping demand.
Trump’s escalation extends beyond Asia, with threatened tariffs ranging from 25% to 40% on imports from South Africa, Malaysia, and other nations. The President’s additional 10% levy on countries aligned with BRICS policies adds another layer of complexity for companies with emerging market exposure.
The timing proves particularly challenging as many middle market firms are still recovering from previous trade disruptions. Companies that invested heavily in supply chain diversification following earlier tariff rounds now face the prospect of further reorganization.
Technology-focused middle market companies face dual pressures from both component cost increases and potential retaliation affecting export opportunities. Manufacturing firms with just-in-time inventory systems may need to accelerate stockpiling, tying up working capital.
Retail-oriented middle market companies importing consumer goods from targeted countries could see margin compression if they cannot pass costs to price-sensitive customers. The uncertainty also complicates inventory planning and pricing strategies heading into the crucial back-to-school and holiday seasons.
Despite the volatility, some middle market investors see potential opportunities emerging. Companies with domestic supply chains or those positioned to benefit from supply chain reshoring could gain competitive advantages. Additionally, firms with strong balance sheets may find acquisition opportunities as smaller competitors struggle with increased costs.
Treasury Secretary Scott Bessent’s indication of potential deals in coming days provides some hope for resolution, though markets remain skeptical given the administration’s aggressive timeline. The focus on 18 major trading partners before expanding to over 100 countries suggests a systematic approach, but also highlights the scope of potential disruption.
With earnings season approaching, middle market companies will face intense scrutiny on guidance and cost management strategies. Thursday’s Delta Air Lines report kicks off what many analysts expect to be a challenging quarter for companies with significant international exposure.
The key question for middle market investors remains whether current valuations adequately reflect the potential for prolonged trade tensions. As markets digest the implications of Trump’s latest tariff expansion, portfolio positioning and risk management become increasingly critical for navigating the uncertain landscape ahead.
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.
Bolt-on acquisition. AZZ Inc. entered into an agreement to acquire all the assets of Canton Galvanizing, LLC, a privately held hot dip galvanizing company based in Canton, Ohio. While the terms of the transaction were not disclosed, AZZ expects the transaction to be accretive to earnings within the first year of operation. Founded in 2019, Canton provides hot-dip galvanizing to customers in the U.S. Midwest and specializes in coating small to mid-size parts.
Strengthens AZZ’s presence in the U.S. Midwest. The strategic acquisition expands AZZ’s Metal Coatings capabilities in the US. Midwest and increases its total galvanizing network to 42 sites in North America. It has been renamed AZZ Galvanizing – Canton East LLC. With a spinning operation and a 21-foot kettle, Canton is known for quick turnaround times and excellent customer service.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
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.
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