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Helen of Troy Limited Reports First Quarter Fiscal 2026 Results
Consolidated Net Sales Decline of 10.8%GAAP Diluted Loss Per Share of $19.65Adjusted Diluted Earnings Per Share of $0.41Cash Flow from Operations of $58.3 Million; Free Cash Flow (1)(2) of $45.0 Million Provides Second Quarter Fiscal 2026 Outlook:Consolidated Net Sales of $408-$432 MillionAdjusted Diluted Earnings Per Share of $0.45-$0.60 (13) EL PASO, Texas, July 10, 2025--(BUSINESS WIRE)--Helen of Troy Limited (NASDAQ: HELE), designer, developer, and worldwide marketer of branded consumer home, outdoor, beauty, and wellness products, today reported results for the three-month period ended May 31, 2025. Executive Summary - First Quarter of Fiscal 2026 Compared to Fiscal 2025 Consolidated net sales revenue of $371.7 million compared to $416.8 million Gross profit margin of 47.1% compared to 48.7% Operating margin of (109.5)%, which includes non-cash asset impairment charges(6) of $414.4 million, compared to 7.4% Non-GAAP adjusted operating margin of 4.3% compared to 10.3% GAAP diluted loss per share of $19.65 compared to diluted earnings per share of $0.26 Non-GAAP adjusted diluted earnings per share of $0.41 compared to $0.99 Net cash provided by operating activities of $58.3 million compared to $25.3 million Non-GAAP adjusted EBITDA margin of 6.9% compared to 12.6% Mr. Timothy F. Meeker, Chairman of the Board of Directors, stated: "The Board's process to identify our next CEO is well underway with the support of a leading global executive search firm and we are encouraged by the progress thus far. We continue to prioritize selecting a CEO who has demonstrated success in leading a highly diversified global organization, has the ability to bolster our brands and inspire top talent to capitalize on Helen of Troy's growth opportunities, and who closely aligns with our strong belief that Helen of Troy has tremendous potential. As we continue our search, we have confidence in our interim CEO Brian Grass, his dedication to Helen of Troy, and his commitment to improving our Company's performance." Mr. Brian L. Grass, interim Chief Executive Officer, stated: "I feel fortunate to have stepped into my role as interim CEO with a strong understanding of our business, our opportunities, and the headwinds we face. I have spent considerable time listening closely to our stakeholders, especially our associates who care deeply about our brands, our purpose, and each other. It is clear that we have to get back to fundamentals and move with greater speed. We are focused on improving our go-to-market effectiveness, simplifying how we operate, refocusing on innovation for more product-driven growth, sharpening our spend, and reinvigorating our culture with resilience and an owner's mindset." Mr. Grass continued: "The first quarter was challenging, with tariff-related impacts making up approximately 8 percentage points of the 10.8% consolidated revenue decline. That said, we are encouraged by underlying business improvements we saw in the quarter including U.S. point-of-sale unit growth in 8 out of our 11 key brands, growth in our DTC business, Osprey, and Curlsmith, and contribution from Olive & June ahead of our expectations. I am also pleased with the progress we are making to mitigate the impact of tariffs, and we now believe we can reduce our fiscal 2026 net tariff impact on operating income to less than $15 million based on tariffs currently in place. I want to thank our entire organization for their dedication and commitment to Helen of Troy's success. I remain optimistic about our future as we create a stronger, healthier, and more agile company." Three Months Ended May 31, (in thousands) (unaudited) Home & Outdoor Beauty & Wellness Total Fiscal 2025 sales revenue, net $ 198,459 $ 218,388 $ 416,847 Organic business (4) (20,657 ) (50,335 ) (70,992 ) Impact of foreign currency 181 (1,221 ) (1,040 ) Acquisition (5) — 26,840 26,840 Change in sales revenue, net (20,476 ) (24,716 ) (45,192 ) Fiscal 2026 sales revenue, net $ 177,983 $ 193,672 $ 371,655 Total net sales revenue growth (decline) (10.3 )% (11.3 )% (10.8 )% Organic business (10.4 )% (23.0 )% (17.0 )% Impact of foreign currency 0.1 % (0.6 )% (0.2 )% Acquisition — % 12.3 % 6.4 % Operating margin (GAAP) Fiscal 2026 (120.1 )% (99.8 )% (109.5 )% Fiscal 2025 8.0 % 6.8 % 7.4 % Adjusted operating margin (non-GAAP) (1) Fiscal 2026 5.0 % 3.7 % 4.3 % Fiscal 2025 10.6 % 10.0 % 10.3 % Consolidated Results - First Quarter Fiscal 2026 Compared to First Quarter Fiscal 2025 Consolidated net sales revenue decreased $45.2 million, or 10.8%, to $371.7 million, compared to $416.8 million, driven by a decrease from Organic business of $71.0 million, or 17.0%. The Organic business decrease was due to a decline in Beauty & Wellness primarily driven by lower sales of thermometers, fans, and hair appliances and a decline in Home & Outdoor primarily resulting from a decrease in home and insulated beverageware sales. The Organic business decline was partially offset by the contribution from the acquisition of Olive & June, LLC ("Olive & June") of $26.8 million, or 6.4%, to consolidated net sales revenue and strong domestic demand for technical packs in Home & Outdoor. Consolidated gross profit margin decreased 160 basis points to 47.1%, compared to 48.7%. The decrease in consolidated gross profit margin was primarily due to the comparative impact of favorable inventory obsolescence expense in the prior year, consumer trade-down behavior, higher retail trade expense and a less favorable brand mix within Home & Outdoor. These factors were partially offset by the favorable impact of the acquisition of Olive & June within Beauty & Wellness and lower commodity and product costs, partly driven by Project Pegasus initiatives. Consolidated selling, general and administrative expense ("SG&A") ratio increased 420 basis points to 45.1%, compared to 40.9%. The increase in the consolidated SG&A ratio was primarily due to higher marketing expense, higher outbound freight costs, CEO succession costs(8) of $3.5 million, the impact of the Olive & June acquisition and the impact of unfavorable operating leverage due to the decrease in net sales. The Company recognized non-cash asset impairment charges of $414.4 million ($436.2 million after tax), during the first quarter of fiscal 2026, to reduce goodwill by $317.0 million and other intangible assets by $97.4 million, which impacted both the Beauty & Wellness and Home & Outdoor segments. Consolidated operating loss was $407.0 million, or (109.5)% of net sales revenue, compared to consolidated operating income of $30.8 million, or 7.4% of net sales revenue. The decrease in consolidated operating margin was primarily due to non-cash asset impairment charges of $414.4 million, an increase in the aforementioned consolidated SG&A ratio and a decrease in consolidated gross profit margin. Interest expense was $13.8 million, compared to $12.5 million. The increase in interest expense was primarily due to higher average borrowings outstanding to fund the acquisition of Olive & June, increased inventory due to forward buys in advance of tariffs, and borrowings to fund higher tariff costs, partially offset by a lower average effective interest rate compared to the same period last year. Income tax expense was $30.2 million compared to $12.1 million, primarily due to the timing of the accounting for the tax impact of the impairment charge in the quarter and a related valuation allowance on intangible asset deferred tax assets, partially offset by a decrease in tax expense for discrete items. Net loss was $450.7 million, compared to net income of $6.2 million. Diluted loss per share was $19.65, compared to diluted earnings per share of $0.26. The decrease is primarily due to the recognition of an after-tax asset impairment charge of $436.2 million during the first quarter of fiscal 2026 and lower operating income exclusive of the asset impairment charges. Non-GAAP adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was $25.5 million, compared to $52.4 million. Non-GAAP adjusted EBITDA margin was 6.9% compared to 12.6%. On an adjusted basis (non-GAAP) for the first quarters of fiscal 2026 and 2025, excluding asset impairment charges(6), the discrete impact of Barbados tax reform(7), CEO succession costs(8), intangible asset reorganization(9), restructuring charges, amortization of intangible assets, and non-cash share-based compensation, as applicable: Adjusted operating income decreased $26.8 million, or 62.5%, to $16.1 million, or 4.3% of net sales revenue, compared to $43.0 million, or 10.3% of net sales revenue. The decrease in adjusted operating margin was primarily driven by the comparative impact of favorable inventory obsolescence expense in the prior year, higher marketing expense, consumer trade-down behavior, higher outbound freight costs, higher retail trade expense, a less favorable brand mix within Home & Outdoor and the impact of unfavorable operating leverage. These factors were partially offset by the favorable impact of the acquisition of Olive & June within Beauty & Wellness and lower commodity and product costs, partly driven by Project Pegasus initiatives. Adjusted income decreased $13.9 million, or 59.4%, to $9.5 million, compared to $23.3 million. Adjusted diluted earnings per share decreased 58.6% to $0.41, compared to $0.99. The decrease in adjusted diluted earnings per share was primarily due to lower adjusted operating income and higher interest expense, partially offset by a decrease in adjusted income tax expense. Segment Results - First Quarter Fiscal 2026 Compared to First Quarter Fiscal 2025 Home & Outdoor net sales revenue decreased $20.5 million, or 10.3%, to $178.0 million, compared to $198.5 million. The decrease was primarily driven by: softer consumer demand in the home and insulated beverageware categories resulting in lower replenishment orders; cancellation of direct import orders in response to higher tariffs; retailer pull-forward activity in the fourth quarter of fiscal 2025 due to tariff uncertainty and potential supply disruption resulting in higher retail inventory and lower replenishment; lower closeout channel sales; and a net decrease in distribution year-over-year. These factors were partially offset by strong domestic demand for technical packs and the favorable comparative impact of shipping disruption at the Company's Tennessee distribution facility due to automation startup issues during the same period last year. Home & Outdoor operating loss was $213.8 million, or (120.1)% of segment net sales revenue, compared to operating income of $15.9 million, or 8.0% of segment net sales revenue. Operating loss in the first quarter of fiscal 2026 included $219.1 million of pre-tax asset impairment charges and $1.7 million of CEO succession costs. The remaining 400 basis point decrease in segment operating margin was primarily due to the comparative impact of favorable inventory obsolescence expense in the prior year, a less favorable brand mix, consumer trade-down behavior, higher outbound freight costs, higher marketing expense, higher retail trade expense, and the impact of unfavorable operating leverage. These factors were partially offset by lower commodity and product costs. Adjusted operating income decreased 57.9% to $8.9 million, or 5.0% of segment net sales revenue, compared to $21.1 million, or 10.6% of segment net sales revenue. Beauty & Wellness net sales revenue decreased $24.7 million, or 11.3%, to $193.7 million, compared to $218.4 million. The decrease was primarily driven by a decrease from Organic business of $50.3 million, or 23.0%, primarily due to: a decline in international thermometry due to evolving dynamics in the China market, including a shift away from cross-border ecommerce toward localized fulfillment models, heightened competition from domestic sellers benefiting from government subsidies and a weaker illness season in Asia; a decrease in fan sales primarily driven by reduced replenishment orders from retail customers due to a decline in consumer demand and the cancellation of direct import orders from China in response to higher tariffs; and a decline in sales of hair appliances and prestige hair care products primarily due to softer consumer demand, increased competition, and a net decrease in distribution year-over-year. These factors were partially offset by the favorable comparative impact of the shipping disruption from Curlsmith system integration challenges during the same period last year and higher sales of heaters. The Organic business decline was also partially offset by the contribution from the acquisition of Olive & June of $26.8 million, or 12.3%, to segment net sales revenue. Beauty & Wellness operating loss was $193.2 million, or (99.8)% of segment net sales revenue, compared to operating income of $14.9 million, or 6.8% of segment net sales revenue. Operating loss in the first quarter of fiscal 2026 included $195.3 million of pre-tax impairment charges and $1.7 million of CEO succession costs. The remaining 480 basis point decrease in segment operating margin was primarily due to higher marketing expense, the comparative impact of favorable inventory obsolescence expense in the prior year, consumer trade-down behavior, higher outbound freight costs, higher retail trade expense, and the impact of unfavorable operating leverage. These factors were partially offset by the favorable impact of the acquisition of Olive & June, favorable product liability expense and lower commodity and product costs. Adjusted operating income decreased 66.8% to $7.3 million, or 3.7% of segment net sales revenue, compared to $21.9 million, or 10.0% of segment net sales revenue. Balance Sheet and Cash Flow - First Quarter Fiscal 2026 Compared to First Quarter Fiscal 2025 Cash and cash equivalents totaled $22.7 million, compared to $16.1 million. Accounts receivable turnover(10) was 69.7 days, compared to 67.4 days. Inventory was $484.1 million, compared to $444.7 million. Total short- and long-term debt was $871.0 million, compared to $748.4 million. Net cash provided by operating activities for the first three months of the fiscal year was $58.3 million, compared to $25.3 million for the same period last year. Free cash flow(1)(2) for the first three months of the fiscal year was $45.0 million, compared to $16.2 million for the same period last year. Second Quarter Fiscal 2026 Outlook Due to evolving global tariff policies and the related business and macroeconomic uncertainty, the Company is only providing an outlook for the second quarter of fiscal 2026 at this time. The Company is continuing to assess the incremental tariff cost exposure in light of continuing changes to global tariff policies and the full extent of its potential mitigation plans, as well as the associated timing to implement such plans. The Company is also continuing to assess the disruptive impact that tariffs are having on the Company's markets and retailer adaptation to tariff costs and uncertainty. To mitigate the Company's risk of ongoing exposure to tariffs, it has initiated significant efforts to diversify its production outside of China into regions where it expects tariffs or overall costs to be lower and to source the same product in more than one region, to the extent it is possible and not cost-prohibitive. The Company now expects to reduce its cost of goods sold exposed to China tariffs to less than 25% by the end of fiscal 2026. The Company is also continuing to implement other mitigation actions, which include cost reductions from suppliers and price increases to customers on products subject to tariffs. In addition to the uncertainty from evolving global tariff policies, the Company expects unfavorable cascading impacts on inflation, consumer confidence, employment, and overall macroeconomic conditions, all of which are impossible to predict at this time and outside of the Company's control. The Company adjusted its measures to reduce costs and preserve cash flow, outlined in its fourth quarter fiscal 2025 earnings release, as the environment continued to evolve. While the Company has resumed targeted growth investments, the Company remains disciplined in its approach given continued tariff volatility. The current measures in place include the following: Suspension of projects and capital expenditures that are not critical or in support of supplier diversification or dual sourcing initiatives; Actions to reduce overall personnel costs and pause most project and travel expenses remain in place; A resumption of optimized marketing, promotional, and new product development investments focused on opportunities with the highest returns; A resumption of targeted inventory purchases from China in the short term, with a measured approach in expectation of softer consumer demand in the short to intermediate term; and Actions to optimize working capital and balance sheet productivity. Through the combination of tariff mitigation actions and these additional cost reduction measures, the Company now believes it can reduce the net tariff impact on operating income to less than $15 million, based on tariffs currently in place. The Company expects consolidated net sales revenue in the range of $408 million to $432 million, which implies a decline of 14.0% to 8.9%, compared to the second quarter of fiscal 2025. The consolidated net sales outlook reflects the following expectations by segment: Home & Outdoor net sales decline of 16.5% to 11.5%, compared to the second quarter of fiscal 2025; and Beauty & Wellness net sales decline of 11.3% to 6.1%, compared to the second quarter of fiscal 2025, which includes an expected incremental net sales contribution of $26 million to $27 million from the Olive & June acquisition. The sales outlook reflects the Company's view of continued consumer spending softness, especially in certain discretionary categories, as well as its view of increased macro uncertainty, a more promotional environment, and an increasingly stretched consumer, including the impact from: the pause or cancellation of direct import orders in response to higher tariffs; ongoing impact from the shift from cross border ecommerce to localized distribution and sustained competitive pressure from government-subsidized domestic sellers in China; continued softer consumer demand and increased competition; ongoing consumer trade-down behavior as shoppers seek greater value and prioritize essential categories; and retailer inventory rebalancing in response to demand trends. The Company expects GAAP diluted earnings per share of $0.56 to $0.68 and non-GAAP adjusted diluted EPS in the range of $0.45 to $0.60, which implies an adjusted diluted EPS decline of 62.8% to 50.4%, compared to the second quarter of fiscal 2025. The Company's outlook also reflects: the impact of a more promotional environment, consumer trade-down behavior, and a less favorable mix; higher commodity and product costs driven by direct tariff-related costs offset by Project Pegasus initiatives; the comparative impact of unfavorable operating efficiencies related to automation startup of the Tennessee distribution facility in the prior year; and the impact of unfavorable operating leverage due to the decline in revenue. The Company continues to expect these factors to be partially offset by cost reduction measures implemented in the first quarter and continuing throughout the year. The Company's second quarter fiscal 2026 consolidated net sales and EPS outlook also reflects the following assumptions: June 2025 foreign currency exchange rates will remain constant; expected interest expense in the range of $13 million to $14 million; a reported GAAP effective tax rate range of (84.9)% to (287.3)% and an adjusted effective tax rate range of 28.9% to 30.9%; and an estimated weighted average diluted shares outstanding of 22.9 million. The likelihood, timing and potential impact of a significant or prolonged recession, any fiscal 2026 acquisitions and divestitures, future asset impairment charges, future foreign currency fluctuations, additional interest rate changes, or share repurchases are unknown and cannot be reasonably estimated; therefore, they are not included in the Company's outlook. Conference Call and Webcast The Company will conduct a teleconference in conjunction with today's earnings release. The teleconference begins at 9:00 a.m. Eastern Time today, Thursday, July 10, 2025. Institutional investors and analysts interested in participating in the call are invited to dial (877) 407-3982 approximately ten minutes prior to the start of the call. The conference call will also be webcast live on the Events & Presentations page at: A telephone replay of this call will be available at 1:00 p.m. Eastern Time on July 10, 2025, until 11:59 p.m. Eastern Time on July 24, 2025, and can be accessed by dialing (844) 512-2921 and entering replay pin number 13753990. A replay of the webcast will remain available on the website for one year. Non-GAAP Financial Measures The Company reports and discusses its operating results using financial measures consistent with accounting principles generally accepted in the United States of America ("GAAP"). To supplement its presentation, the Company discloses certain financial measures that may be considered non-GAAP such as Adjusted Operating Income, Adjusted Operating Margin, Adjusted Effective Tax Rate, Adjusted Income, Adjusted Diluted Earnings per Share ("EPS"), EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, and Net Leverage Ratio, which are presented in accompanying tables to this press release along with a reconciliation of these financial measures to their corresponding GAAP-based financial measures presented in the Company's condensed consolidated statements of income and cash flows. For additional information, see Note 1 to the accompanying tables to this press release. About Helen of Troy Limited Helen of Troy Limited (NASDAQ: HELE) is a leading global consumer products company offering creative products and solutions for its customers through a diversified portfolio of well-recognized and widely-trusted brands, including OXO, Hydro Flask, Osprey, Vicks, Braun, Honeywell, PUR, Hot Tools, Drybar, Curlsmith, Revlon, and Olive & June. All trademarks herein belong to Helen of Troy Limited (or its subsidiaries) and/or are used under license from their respective licensors. For more information about Helen of Troy, please visit Forward-Looking Statements Certain written and oral statements made by the Company and subsidiaries of the Company may constitute "forward-looking statements" as defined under the Private Securities Litigation Reform Act of 1995. This includes statements made in this press release, in other filings with the SEC, and in certain other oral and written presentations. Generally, the words "anticipates", "assumes", "believes", "expects", "plans", "may", "will", "might", "would", "should", "seeks", "estimates", "project", "predict", "potential", "currently", "continue", "intends", "outlook", "forecasts", "targets", "reflects", "could", and other similar words identify forward-looking statements. All statements that address operating results, events or developments that the Company expects or anticipates may occur in the future, including statements related to sales, expenses, including cost reduction measures, earnings per share results, and statements expressing general expectations about future operating results, are forward-looking statements and are based upon its current expectations and various assumptions. The Company currently believes there is a reasonable basis for these expectations and assumptions, but there can be no assurance that the Company will realize these expectations or that these assumptions will prove correct. Forward-looking statements are only as of the date they are made and are subject to risks, many of which are beyond the Company's control, that could cause them to differ materially from actual results. Accordingly, the Company cautions readers not to place undue reliance on forward-looking statements. The forward-looking statements contained in this press release should be read in conjunction with, and are subject to and qualified by, the risks described in the Company's Form 10-K for the year ended February 28, 2025, and in the Company's other filings with the SEC. Investors are urged to refer to the risk factors referred to above for a description of these risks. Such risks include, among others, the geographic concentration of certain United States ("U.S.") distribution facilities which increases its risk to disruptions that could affect the Company's ability to deliver products in a timely manner, the occurrence of cyber incidents or failure by the Company or its third-party service providers to maintain cybersecurity and the integrity of confidential internal or customer data, a cybersecurity breach, obsolescence or interruptions in the operation of the Company's central global Enterprise Resource Planning systems and other peripheral information systems, the Company's ability to develop and introduce a continuing stream of innovative new products to meet changing consumer preferences, actions taken by large customers that may adversely affect the Company's gross profit and operating results, the Company's dependence on sales to several large customers and the risks associated with any loss of, or substantial decline in, sales to top customers, the Company's dependence on third-party manufacturers, most of which are located in Asia, and any inability to obtain products from such manufacturers or diversify production to other regions or source the same product in multiple regions or implement potential tariff mitigation plans, the Company's ability to deliver products to its customers in a timely manner and according to their fulfillment standards, the risks associated with trade barriers, exchange controls, expropriations, and other risks associated with domestic and foreign operations including uncertainty and business interruptions resulting from political changes and events in the U.S. and abroad, and volatility in the global credit and financial markets and economy, the Company's dependence on the strength of retail economies and vulnerabilities to any prolonged economic downturn, including a downturn from the effects of macroeconomic conditions, any public health crises or similar conditions, risks associated with weather conditions, the duration and severity of the cold and flu season and other related factors, the Company's reliance on its Chief Executive Officer and a limited number of other key senior officers to operate its business, risks associated with the use of licensed trademarks from or to third parties, the Company's ability to execute and realize expected synergies from strategic business initiatives such as acquisitions, including Olive & June, divestitures and global restructuring plans, including Project Pegasus, the risks of significant tariffs or other restrictions continuing to be placed on imports from China, Mexico or Vietnam, including by the new U.S. presidential administration which has promoted and implemented plans to raise tariffs and pursue other trade policies intended to restrict imports, or any retaliatory trade measures taken by China, Mexico or Vietnam, the risks of potential changes in laws and regulations, including environmental, employment and health and safety and tax laws, and the costs and complexities of compliance with such laws, the risks associated with increased focus and expectations on climate change and other sustainability matters, the risks associated with significant changes in or the Company's compliance with regulations, interpretations or product certification requirements, the risks associated with global legal developments regarding privacy and data security that could result in changes to its business practices, penalties, increased cost of operations, or otherwise harm the business, the Company's dependence on whether it is classified as a "controlled foreign corporation" for U.S. federal income tax purposes which impacts the tax treatment of its non-U.S. income, the risks associated with legislation enacted in Bermuda and Barbados in response to the European Union's review of harmful tax competition and additional focus on compliance with economic substance requirements by Bermuda and Barbados, the risks associated with accounting for tax positions and the resolution of tax disputes, the risks associated with product recalls, product liability and other claims against the Company, and associated financial risks including but not limited to, increased costs of raw materials, energy and transportation, significant additional impairment of the Company's goodwill, indefinite-lived and definite-lived intangible assets or other long-lived assets, risks associated with foreign currency exchange rate fluctuations, the risks to the Company's liquidity or cost of capital which may be materially adversely affected by constraints or changes in the capital and credit markets, interest rates and limitations under its financing arrangements, and projections of product demand, sales and net income, which are highly subjective in nature, and from which future sales and net income could vary by a material amount. The Company undertakes no obligation to publicly update or revise any forward-looking statements as a result of new information, future events or otherwise. HELEN OF TROY LIMITED AND SUBSIDIARIES Condensed Consolidated Statements of Income (5) (Unaudited) (in thousands, except per share data) Three Months Ended May 31, 2025 2024 Sales revenue, net $ 371,655 100.0 % $ 416,847 100.0 % Cost of goods sold 196,644 52.9 % 213,768 51.3 % Gross profit 175,011 47.1 % 203,079 48.7 % Selling, general and administrative expense ("SG&A") 167,664 45.1 % 170,481 40.9 % Asset impairment charges 414,385 111.5 % — — % Restructuring charges — — % 1,835 0.4 % Operating (loss) income (407,038 ) (109.5 )% 30,763 7.4 % Non-operating income, net 308 0.1 % 100 — % Interest expense 13,808 3.7 % 12,543 3.0 % (Loss) income before income tax (420,538 ) (113.2 )% 18,320 4.4 % Income tax expense 30,180 8.1 % 12,116 2.9 % Net (loss) income $ (450,718 ) (121.3 )% $ 6,204 1.5 % Diluted (loss) earnings per share $ (19.65 ) $ 0.26 Weighted average shares of common stock used in computing diluted (loss) earnings per share 22,943 23,633 Consolidated Net Sales by Geographic Region (11) (Unaudited) (in thousands) Three Months Ended May 31, 2025 2024 Domestic sales revenue, net $ 277,960 74.8 % $ 300,680 72.1 % International sales revenue, net 93,695 25.2 % 116,167 27.9 % Total sales revenue, net $ 371,655 100.0 % $ 416,847 100.0 % Reconciliation of Non-GAAP Financial Measures – GAAP Operating (Loss) Income and Operating Margin to Adjusted Operating Income and Adjusted Operating Margin (Non-GAAP) (1) (Unaudited) (in thousands) Three Months Ended May 31, 2025 Home & Outdoor Beauty & Wellness (5) Total Operating loss, as reported (GAAP) $ (213,793 ) (120.1 )% $ (193,245 ) (99.8 )% $ (407,038 ) (109.5 )% Asset impairment charges (6) 219,095 123.1 % 195,290 100.8 % 414,385 111.5 % CEO succession costs (8) 1,742 1.0 % 1,742 0.9 % 3,484 0.9 % Subtotal 7,044 4.0 % 3,787 2.0 % 10,831 2.9 % Amortization of intangible assets 1,782 1.0 % 3,207 1.7 % 4,989 1.3 % Non-cash share-based compensation 34 — % 262 0.1 % 296 0.1 % Adjusted operating income (non-GAAP) $ 8,860 5.0 % $ 7,256 3.7 % $ 16,116 4.3 % Three Months Ended May 31, 2024 Home & Outdoor Beauty & Wellness Total Operating income, as reported (GAAP) $ 15,850 8.0 % $ 14,913 6.8 % $ 30,763 7.4 % Restructuring charges 440 0.2 % 1,395 0.6 % 1,835 0.4 % Subtotal 16,290 8.2 % 16,308 7.5 % 32,598 7.8 % Amortization of intangible assets 1,765 0.9 % 2,755 1.3 % 4,520 1.1 % Non-cash share-based compensation 3,013 1.5 % 2,820 1.3 % 5,833 1.4 % Adjusted operating income (non-GAAP) $ 21,068 10.6 % $ 21,883 10.0 % $ 42,951 10.3 % Reconciliation of Non-GAAP Financial Measures – GAAP Operating (Loss) Income to EBITDA (Earnings (Loss) Before Interest, Taxes, Depreciation and Amortization), Adjusted EBITDA and Adjusted EBITDA Margin (Non-GAAP) (1) (Unaudited) (in thousands) Three Months Ended May 31, 2025 Home & Outdoor Beauty & Wellness (5) Total Operating loss, as reported (GAAP) $ (213,793 ) (120.1 )% $ (193,245 ) (99.8 )% $ (407,038 ) (109.5 )% Depreciation and amortization 6,559 3.7 % 7,525 3.9 % 14,084 3.8 % Non-operating income, net — — % 308 0.2 % 308 0.1 % EBITDA (non-GAAP) (207,234 ) (116.4 )% (185,412 ) (95.7 )% (392,646 ) (105.6 )% Add: Asset impairment charges 219,095 123.1 % 195,290 100.8 % 414,385 111.5 % CEO succession costs 1,742 1.0 % 1,742 0.9 % 3,484 0.9 % Non-cash share-based compensation 34 — % 262 0.1 % 296 0.1 % Adjusted EBITDA (non-GAAP) $ 13,637 7.7 % $ 11,882 6.1 % $ 25,519 6.9 % Three Months Ended May 31, 2024 Home & Outdoor Beauty & Wellness Total Operating income, as reported (GAAP) $ 15,850 8.0 % $ 14,913 6.8 % $ 30,763 7.4 % Depreciation and amortization 6,647 3.3 % 7,189 3.3 % 13,836 3.3 % Non-operating income, net — — % 100 — % 100 — % EBITDA (non-GAAP) 22,497 11.3 % 22,202 10.2 % 44,699 10.7 % Add: Restructuring charges 440 0.2 % 1,395 0.6 % 1,835 0.4 % Non-cash share-based compensation 3,013 1.5 % 2,820 1.3 % 5,833 1.4 % Adjusted EBITDA (non-GAAP) $ 25,950 13.1 % $ 26,417 12.1 % $ 52,367 12.6 % Reconciliation of Non-GAAP Financial Measures – GAAP Net (Loss) Income to EBITDA (Earnings (Loss) Before Interest, Taxes, Depreciation and Amortization), Adjusted EBITDA and Adjusted EBITDA Margin (Non-GAAP) (1) (Unaudited) (in thousands) Three Months Ended May 31, 2025 2024 Net (loss) income, as reported (GAAP) $ (450,718 ) (121.3 )% $ 6,204 1.5 % Interest expense 13,808 3.7 % 12,543 3.0 % Income tax expense 30,180 8.1 % 12,116 2.9 % Depreciation and amortization 14,084 ... 3.8 % 13,836 3.3 % EBITDA (non-GAAP) (392,646 ) (105.6 )% 44,699 10.7 % Add: Asset impairment charges 414,385 111.5 % — — % CEO succession costs 3,484 0.9 % — — % Restructuring charges — — % 1,835 0.4 % Non-cash share-based compensation 296 0.1 % 5,833 1.4 % Adjusted EBITDA (non-GAAP) $ 25,519 6.9 % $ 52,367 12.6 % Quarterly Period Ended Twelve Months Ended May 31, 2025 August November February May Net income (loss), as reported (GAAP) $ 17,014 $ 49,616 $ 50,917 $ (450,718 ) $ (333,171 ) Interest expense 13,216 12,164 13,999 13,808 53,187 Income tax expense (benefit) 4,792 13,536 (62,531 ) 30,180 (14,023 ) Depreciation and amortization 13,792 13,222 14,198 14,084 55,296 EBITDA (non-GAAP) 48,814 88,538 16,583 (392,646 ) (238,711 ) Add: Acquisition-related expenses — — 3,035 — 3,035 Asset impairment charges — — 51,455 414,385 465,840 CEO succession costs — — — 3,484 3,484 Restructuring charges 1,526 3,518 7,943 — 12,987 Non-cash share-based compensation 5,487 4,730 5,326 296 15,839 Adjusted EBITDA (non-GAAP) $ 55,827 $ 96,786 $ 84,342 $ 25,519 $ 262,474 Reconciliation of Non-GAAP Financial Measures – GAAP (Loss) Income and Diluted (Loss) Earnings Per Share to Adjusted Income and Adjusted Diluted Earnings Per Share (Non-GAAP) (1) (Unaudited) (in thousands, except per share data) Three Months Ended May 31, 2025 (Loss) Income Diluted (Loss) Earnings Per Share Before Tax Tax Net of Tax Before Tax Tax Net of Tax As reported (GAAP) $ (420,538 ) $ 30,180 $ (450,718 ) $ (18.33 ) $ 1.32 $ (19.65 ) Asset impairment charges 414,385 (21,769 ) 436,154 18.04 (0.95 ) 18.99 CEO succession costs 3,484 153 3,331 0.15 0.01 0.15 Intangible asset reorganization (9) — (16,474 ) 16,474 — (0.72 ) 0.72 Subtotal (2,669 ) (7,910 ) 5,241 (0.12 ) (0.34 ) 0.23 Amortization of intangible assets 4,989 882 4,107 0.22 0.04 0.18 Non-cash share-based compensation 296 157 139 0.01 0.01 0.01 Adjusted (non-GAAP) $ 2,616 $ (6,871 ) $ 9,487 $ 0.11 $ (0.30 ) $ 0.41 Weighted average shares of common stock used in computing: Diluted loss per share, as reported 22,943 Adjusted diluted earnings per share (non-GAAP) 22,971 Three Months Ended May 31, 2024 Income Diluted Earnings Per Share Before Tax Tax Net of Tax Before Tax Tax Net of Tax As reported (GAAP) $ 18,320 $ 12,116 $ 6,204 $ 0.78 $ 0.51 $ 0.26 Barbados tax reform (7) — (6,045 ) 6,045 — (0.26 ) 0.26 Restructuring charges 1,835 165 1,670 0.08 0.01 0.07 Subtotal 20,155 6,236 13,919 0.85 0.26 0.59 Amortization of intangible assets 4,520 661 3,859 0.19 0.03 0.16 Non-cash share-based compensation 5,833 264 5,569 0.25 0.01 0.24 Adjusted (non-GAAP) $ 30,508 $ 7,161 $ 23,347 $ 1.29 $ 0.30 $ 0.99 Weighted average shares of common stock used in computing reported and non-GAAP diluted earnings per share 23,633 Selected Consolidated Balance Sheet and Cash Flow Information (Unaudited) (in thousands) May 31, 2025 2024 Balance Sheet: Cash and cash equivalents $ 22,669 $ 16,148 Receivables, net 314,814 328,097 Inventory 484,127 444,749 Total assets, current 855,415 831,563 Total assets 2,651,963 2,820,951 Total liabilities, current 504,514 427,675 Total long-term liabilities 919,763 843,776 Total debt 871,013 748,377 Stockholders' equity 1,227,686 1,549,500 Three Months Ended May 31, 2025 2024 Cash Flow: Depreciation and amortization $ 14,084 $ 13,836 Net cash provided by operating activities 58,338 25,320 Capital and intangible asset expenditures 13,362 9,142 Net debt (repayments) proceeds (45,044 ) 82,387 Payments for repurchases of common stock 1,331 103,035 Reconciliation of Non-GAAP Financial Measures – GAAP Net Cash Provided by Operating Activities to Free Cash Flow (Non-GAAP) (1) (2) (Unaudited) (in thousands) Three Months Ended May 31, 2025 2024 Net cash provided by operating activities (GAAP) $ 58,338 $ 25,320 Less: Capital and intangible asset expenditures (13,362 ) (9,142 ) Free cash flow (non-GAAP) $ 44,976 $ 16,178 Reconciliation of Non-GAAP Financial Measures – Net Leverage Ratio (Non-GAAP) (1) (3) (Unaudited) (in thousands) Quarterly Period Ended Twelve Months Ended May 31, 2025 August November February May Adjusted EBITDA (non-GAAP) (12) $ 55,827 $ 96,786 $ 84,342 $ 25,519 $ 262,474 Pro forma effect of the Olive & June acquisition (3) — — — — 11,510 Adjusted EBITDA per the credit agreement $ 55,827 $ 96,786 $ 84,342 $ 25,519 $ 273,984 Total borrowings under the credit agreement, as reported (GAAP) $ 876,806 Add: Outstanding letters of credit 9,460 Less: Unrestricted cash and cash equivalents (27,653 ) Net debt $ 858,613 Net leverage ratio (non-GAAP) (3) 3.13 Second Quarter Fiscal 2026 Outlook for Net Sales Revenue (Unaudited) (in thousands) Consolidated: Second Quarter Fiscal 2025 Second Quarter Fiscal 2026 Outlook Net sales revenue $ 474,221 $ 408,000 — $ 432,000 Net sales revenue decline (14.0 )% — (8.9 )% Reconciliation of Non-GAAP Financial Measures – Second Quarter Fiscal 2026 Outlook for GAAP Diluted Earnings Per Share to Adjusted Diluted Earnings Per Share (Non-GAAP) and GAAP Effective Tax Rate to Adjusted Effective Tax Rate (Non-GAAP) (1) (13) (Unaudited) Second Quarter Fiscal 2026 Outlook Tax Rate Second Quarter Fiscal 2026 Outlook Diluted earnings per share, as reported (GAAP) $ 0.56 - $ 0.68 (287.3 )% - (84.9 )% Amortization of intangible assets 0.19 - 0.19 Non-cash share-based compensation 0.31 - 0.28 Income tax effect of adjustments (0.61 ) - (0.55 ) 318.2 % - 113.8 % Adjusted diluted earnings per share (non-GAAP) $ 0.45 - $ 0.60 30.9 % - 28.9 % HELEN OF TROY LIMITED AND SUBSIDIARIES Notes to Press Release (1) This press release contains non-GAAP financial measures. Adjusted Operating Income, Adjusted Operating Margin, Adjusted Effective Tax Rate, Adjusted Income, Adjusted Diluted Earnings Per Share, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, and Net Leverage Ratio ("Non-GAAP Financial Measures") that are discussed in the accompanying press release or in the preceding tables may be considered non-GAAP financial measures as defined by SEC Regulation G, Rule 100. Accordingly, the Company is providing the preceding tables that reconcile these measures to their corresponding GAAP-based financial measures. The Company believes that these Non-GAAP Financial Measures provide useful information to management and investors regarding financial and business trends relating to its financial condition and results of operations. The Company believes that these Non-GAAP Financial Measures, in combination with the Company's financial results calculated in accordance with GAAP, provide investors with additional perspective regarding the impact of certain charges and benefits on applicable income, margin and earnings per share measures. The Company also believes that these Non-GAAP Financial Measures reflect the operating performance of its business and facilitate a more direct comparison of the Company's performance with its competitors. The material limitation associated with the use of the Non-GAAP Financial Measures is that the Non-GAAP Financial Measures do not reflect the full economic impact of the Company's activities. These Non-GAAP Financial Measures are not prepared in accordance with GAAP, are not an alternative to GAAP financial measures, and may be calculated differently than non-GAAP financial measures disclosed by other companies. Accordingly, undue reliance should not be placed on non-GAAP financial measures. (2) Free cash flow represents net cash provided by operating activities less capital and intangible asset expenditures. (3) Net leverage ratio is calculated as (a) total borrowings under the Company's credit agreement plus outstanding letters of credit, net of unrestricted cash and cash equivalents, including readily marketable obligations issued, guaranteed or insured by the U.S. with maturities of two years or less, at the end of the current period, divided by (b) Adjusted EBITDA per the Company's credit agreement (calculated as EBITDA plus non-cash charges and certain allowed addbacks, less certain non-cash income, plus the pro forma effect of acquisitions and certain pro forma run-rate cost savings for acquisitions and dispositions, as applicable for the trailing twelve months ended as of the current period). (4) Organic business refers to net sales revenue associated with product lines or brands after the first twelve months from the date the product line or brand is acquired, excluding the impact that foreign currency remeasurement had on reported net sales revenue. Net sales revenue from internally developed brands or product lines is considered Organic business activity. (5) The three months ended May 31, 2025 includes a full quarter of operating results from Olive & June, acquired on December 16, 2024. Olive & June sales are reported in Acquisition. (6) Non-cash asset impairment charges were recognized, during the first quarter of fiscal 2026, to reduce goodwill and other intangible assets, which impacted both the Beauty & Wellness and Home & Outdoor segments. (7) Represents a discrete tax charge to revalue existing deferred tax liabilities as a result of Barbados enacting a domestic corporate income tax rate of 9%, effective beginning with the Company's fiscal year 2025 ("Barbados tax reform"). (8) Represents costs incurred in connection with the departure of the Company's former CEO primarily related to severance and recruitment costs ("CEO succession costs"). (9) Represents income tax expense from the recognition of a valuation allowance on a deferred tax asset related to the Company's intangible asset reorganization in fiscal 2025 ("intangible asset reorganization"). (10) Accounts receivable turnover uses 12 month trailing net sales revenue. The current and four prior quarters' ending balances of trade accounts receivable are used for the purposes of computing the average balance component as required by the particular measure. (11) Domestic net sales revenue includes net sales revenue from the U.S. and Canada. (12) See reconciliation of Adjusted EBITDA to the most directly comparable GAAP-based financial measure (net income) in the accompanying tables to this press release. (13) Adjusted diluted EPS second quarter outlook excludes the impact of amortization of intangible assets, non-cash share-based compensation, and the income tax effect of these adjustments, as well as the estimated second quarter income tax impact of the asset impairment charges recognized during the first quarter of fiscal 2026. View source version on Contacts Investor Contact: Helen of Troy LimitedAnne Rakunas, Director, External Communications(915) 225-4841 ICR, Malkin, Partner(203) 682-8200 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Globe and Mail
16-06-2025
- Business
- Globe and Mail
IBN Technologies Leads Accounts Receivable Automation Efforts Among New York Corporations
"Accounts Receivable Automation [USA]" New York enterprises are applying Accounts Receivable Automation to enhance reconciliation, improve visibility, and reduce delays in receivables processing. With real-time dashboards and expert-aligned strategies, companies are building strong financial systems and preparing for data-driven growth. Miami, Florida - 16 June, 2025 - A fresh focus on financial efficiency is reshaping receivables workflows, with companies adjusting their models to drive speed, accuracy, and structure in finance operations. Internal realignments are being made across billing, reporting, and reconciliation teams to bring better control and outcome-based routines. Introducing accounts receivable automation has proven instrumental in addressing cash flow timelines and data precision. Businesses are refining their receivables lifecycle, making room for faster decisions and seamless reporting. AI and automation are also playing a role in enhancing how invoice cycles are handled, reducing the need for repeated manual checks. These improvements point toward more transparent, performance-ready systems that fit into larger business strategies. Organizations across New York are relying on trusted professionals such as IBN Technologies to implement these upgrades. As leading partners in financial transformation, IBN helps firms improve receivables outcomes through automation tools that are practical, scalable, and performance-focused. Seize the Advantage with Automated AR Solutions! Request your Free Consultation: Receivables Gaps Affecting Liquidity With cost volatility impacting financial forecasting, businesses are finding it increasingly complex to maintain a steady flow of collections. Structural inefficiencies in receivables management are emerging as barriers to capital availability and financial planning. Delayed follow-up due to stretched internal bandwidth Billing and reconciliation spread across multiple platforms Financial staff are overwhelmed by operational routines Expansion efforts hindered by slow AR adaptability AR automation is becoming a strategic investment for companies aiming to bring predictability and structure to their finance functions. IBN Technologies, as a leading finance automation partner, offers practical solutions that elevate receivables tracking and deliver long-term financial precision for companies in New York. New Thinking on Receivables Gaps Business pressures are pushing finance leaders to reframe their receivables strategy. A more responsive system is proving critical as companies experience the limits of fragmented manual efforts. By adopting accounts receivable automation, teams are transitioning toward structured, outcome-based receivables planning. • Automated messages now ensure prompt communication with customers for faster collections. • Billing cycles are improving through clearly defined, repeatable invoicing steps. • Finance specialists are leveraging automation tools to ensure smooth, error-free execution. • Cloud environments are allowing businesses to adjust to changing volumes effortlessly. • Decision-makers can now rely on accurate, real-time AR reports and analysis. With these tools in place, companies are seeing an immediate improvement in both collections speed and reporting clarity. The entire receivables lifecycle is becoming more manageable, more reliable, and better suited to long-term performance. 'AR automation gives finance departments sharper insight and flexibility,' shared Ajay Mehta, CEO at IBN Technologies. 'It's about reducing process complexity and equipping teams to drive strategic growth with confidence.' Operational Gains from AR Automation The adoption of AR automation continues to bring measurable performance boosts. With better cash flow insights and simplified processes, finance teams are seeing tangible operational progress. A healthcare enterprise operating in the U.S. shortened invoice turnaround to just 4 minutes with a tailored automation solution by IBN Technologies, accelerating accuracy and response times in its receivables system. Multi-channel invoice acceptance and automated data mapping enhanced financial tracking, enabling the organization to reinforce its reconciliation practices and reporting framework. Enterprises are seeing measurable benefits through the adoption of customised accounts receivable automation systems. With automation enhancing receivables oversight and boosting processing accuracy, finance teams are gaining improved control and clarity over cash flow. Working with industry leaders such as IBN Technologies allows organizations to implement automation strategies tailored to their specific financial goals and operational dynamics. Strengthening Finance Control Receivables processes are gaining renewed attention as finance leaders lean into Accounts Receivable Automation to drive efficiency, reduce turnaround times, and improve ledger consistency. With automation integrated into their core finance functions, teams are streamlining invoice generation, enhancing accuracy in collections, and aligning data across systems for deeper financial control. These upgrades are allowing CFOs to free internal teams for more strategic initiatives. At the same time, automation is being integrated with intelligent finance tools to unlock capital and support expansion strategies. For many, the implementation of Automated Invoice Management is proving critical in building scalable and transparent finance environments. Trusted partners like IBN Technologies support New York businesses with custom-built automation solutions that elevate receivables management and provide the insight needed for confident decision-making. Related Services: Intelligent Process Automation: About IBN Technologies IBN Technologies LLC, an outsourcing specialist with 25 years of experience, serves clients across the United States, United Kingdom, Middle East, and India. Renowned for its expertise in RPA, Intelligent process automation includes AP Automation services like P2P, Q2C, and Record-to-Report. IBN Technologies provides solutions compliant with ISO 9001:2015, 27001:2022, CMMI-5, and GDPR standards. The company has established itself as a leading provider of IT, KPO, and BPO outsourcing services in finance and accounting, including CPAs, hedge funds, alternative investments, banking, travel, human resources, and retail industries. It offers customized solutions that drive AR efficiency and growth. Media Contact Company Name: IBN Technologies LLC Contact Person: Pradip Email: Send Email Phone: +1 844-644-8440 Address: 66, West Flagler Street Suite 900 City: Miami State: Florida 33130 Country: United States Website:
Yahoo
10-06-2025
- Business
- Yahoo
Stingray Reports Fourth Quarter and Full-Year Results for Fiscal 2025
Sustained Momentum with a Third Year of Diversified Growth and Solid Financial Strength Fourth Quarter Highlights Organic growth of 16.1% year-over-year in Broadcast and Recurring Commercial Music Revenues; Revenues increased 14.8% to $96.0 million in the fourth quarter of 2025 from $83.7 million in the fourth quarter of 2024; Net income totaled $7.7 million, or $0.11 per share, in the fourth quarter of 2025 compared to a Net loss of $46.3 million, or $0.67 per share, in the same period in 2024; Adjusted EBITDA(1) grew 19.0% to $35.0 million in the fourth quarter of 2025 from $29.4 million in the fourth quarter of 2024. Adjusted EBITDA(1) by segment was $28.1 million, or 43.6% of revenues for Broadcasting and Commercial Music, $8.6 million or 27.3% of revenues for Radio, and $(1.7) million for Corporate; Adjusted Net income(1) improved to $18.6 million, or $0.27 per share, in the fourth quarter of 2025 from $15.4 million, or $0.22 per share, in the same period in 2024; Cash flow from operating activities decreased 10.3% to $39.7 million, or $0.58 per share(1), in the fourth quarter of 2025 from $44.3 million, or $0.64 per share(1), in the fourth quarter of 2024; Adjusted free cash flow(1) rose 17.8% to $18.4 million, or $0.27 per share, in the fourth quarter of 2025 from $15.6 million, or $0.23 per share, in the same period in 2024; Net debt to Pro Forma Adjusted EBITDA(1) ratio decreased to 2.28x compared to 2.76x last year; and Repurchased and cancelled 275,000 shares for a total of $2.3 million in the fourth quarter of 2025 compared to 57,600 shares for a total of $0.4 million in the same period in 2024. Full Year Highlights Organic growth of 12.3% year-over-year in Broadcast and Recurring Commercial Music Revenues; Revenues increased 12.0% to $386.9 million in 2025 from $345.4 million in 2024; Net income totaled $36.4 million, or $0.53 per share, in 2025 compared to a Net loss of $13.7 million, or $0.20 per share, in the same period last year; Adjusted EBITDA(1) improved 13.0% to $142.2 million in 2025 from $125.9 million in 2024. Adjusted EBITDA(1) by segment was $107.6 million or 42.3% of revenues for Broadcasting and Commercial Music, $42.1 million or 31.8% of revenues for Radio, and $(7.5) million for Corporate; Adjusted Net income(1) increased to $72.7 million, or $1.05 per share, in 2025 compared to $60.3 million, or $0.87 per share, in the same period last year; Cash flow from operating activities decreased 11.4% to $105.0 million, or $1.53 per share(1), in 2025 from $118.5 million, or $1.72 per share(1), in 2024; Adjusted free cash flow(1) rose 3.5% to $83.6 million, or $1.21 per share, in 2025 from $80.8 million, or $1.17 per share, in the same period last year; and Repurchased and cancelled 1,186,800 shares for a total of $9.1 million in 2025 compared to 557,500 shares for a total of $2.9 million in 2024. MONTREAL, June 10, 2025 (GLOBE NEWSWIRE) -- Stingray Group Inc. (TSX: RAY.A; RAY.B) (the 'Corporation'; 'Stingray'), an industry leader in music and video content distribution, business services, and advertising solutions, announced today its financial results for the fourth quarter and fiscal year ended March 31, 2025. Financial Highlights(in thousands of Canadian dollars, except per share data) Three months endedMarch 31 Twelve months endedMarch 31 2025 2024 % 2025 2024 % Revenues 96,008 83,665 14.8 386,891 345,428 12.0 Adjusted EBITDA(1) 35,027 29,423 19.0 142,199 125,855 13.0 Net income (loss) 7,655 (46,318) — 36,440 (13,741) — Per share – diluted ($) 0.11 (0.67) — 0.53 (0.20) — Adjusted Net income(1) 18,568 15,382 20.7 72,654 60,312 20.5 Per share – diluted ($)(1) 0.27 0.22 22.7 1.05 0.87 20.7 Cash flow from operating activities 39,720 44,263 (10.3) 105,040 118,526 (11.4) Adjusted free cash flow(1) 18,411 15,624 17.8 83,611 80,794 3.5(1) This is a non-IFRS measure and is not a standardized financial measure. The Corporation's method of calculating such financial measures may differ from the methods used by other issuers and, accordingly, the definition of these non-IFRS financial measures may not be comparable to similar measures presented by other issuers. Refer to 'Non-IFRS Measures' on page 5 of this news release for more information about each non-IFRS measure and refer to pages 6-7 for the reconciliations to the most directly comparable IFRS financial measures. Reporting on Stingray's fiscal 2025 and fourth quarter results, President, Co-Founder and CEO Eric Boyko stated: 'Fiscal 2025 was a highly successful year that checked many boxes in our profitable growth strategy. First, advertising revenues for our Broadcast and Recurring Commercial Music segment, which comprises our FAST channel and retail media advertising units, increased by more than 45% for a second consecutive year as advertisers increasingly relied on connected TVs to maximize their advertising dollars. Accordingly, we invested in our FAST channel platform in 2025, including the recent launch of channels like Cozy Café, Movie Music, Stargaze and Cityscapes, to position Stingray as the No. 1 supplier of musical and ambient channels for connected TVs. To take advantage of growing listening hours on FAST channels worldwide, we also introduced Stingray's Premium Connected TV Ad Inventory Network to enable alternative vendors to sell unsold inventory.' 'Second, our collaboration with IAB Canada and Leger to produce a breakthrough report about the evolution of in-store audio advertising in Canada has consolidated our standing as the de facto leader in this growing sector. We are true trailblazers in this market, evangelizing retailers about the untapped potential of in-store media ads, adding sales representatives and partners to increase inventory selling, and optimizing our pricing structure to improve monetization.' 'Third, double-digit organic growth for a second straight year reflects the judicious investment decisions Stingray has made to sustain revenue growth and drive profitability.' 'Finally, we reduced our net debt level by more than $27 million in 2025, closing the fiscal year with a Net Debt to Pro Forma Adjusted EBITDA ratio of 2.28 times and well within our target range.' 'In this encouraging context, Broadcasting and Commercial Music revenues increased 17.8% to $254.5 million in 2025, driven by higher FAST channel revenues, greater equipment and installation sales related to digital signage, and a positive foreign exchange impact,' Mr. Boyko added. 'Radio revenues improved 2.3% year-over-year to $132.3 million in 2025 mainly due to higher digital revenues. We are particularly pleased that our strategy to leverage the Radio sales team in Canada to sell in-store audio and video ads is beginning to deliver meaningful results. This latest facet of our plan helped to generate Radio revenue growth of nearly 4% in the fourth quarter despite a tight market environment.' 'Looking ahead to fiscal 2026, our capital allocation priorities are well-defined. We intend to sustain our momentum by re-investing in high-growth growth areas of our business; lowering our net debt level to a leverage ratio approaching 2.0 times; seeking acquisitions on an opportunistic basis; and continuing to reward shareholders with our well-established NCIB and dividend programs,' Mr. Boyko concluded. Fourth Quarter ResultsRevenues in the fourth quarter of 2025 increased $12.3 million, or 14.8%, to $96.0 million from $83.7 million in the fourth quarter of 2024. The growth was mainly due to an increase in FAST channel revenues and a positive foreign exchange impact. Revenues in Canada rose $1.2 million, or 2.7%, to $46.8 million from $45.6 million in the fourth quarter of 2024. The growth was mainly due to an increase in Radio revenue mostly driven by higher local sales. Revenues in the United States grew $11.8 million, or 45.0%, to $38.0 million from $26.2 million in the fourth quarter of 2024. The increase can be attributed to higher FAST channel revenues and a positive foreign exchange impact. Revenues in Other countries decreased $0.7 million, or 5.5%, to $11.2 million from $11.9 million in Q4 2024. The year-over-year decline was mainly due to lower in-store commercial revenues. Broadcasting and Commercial Music revenues in the fourth quarter of 2025 increased $11.2 million, or 20.9%, to $64.6 million from $53.4 million in the fourth quarter of 2024. The growth was primarily driven by higher FAST channel revenues and a positive foreign exchange impact. For the fourth quarter of 2025, Radio revenues improved $1.1 million, or 3.9%, to $31.4 million from $30.3 million in the same period of 2024. This increase was largely due to higher local revenues. Consolidated Adjusted EBITDA in the fourth quarter of 2025 increased $5.6 million, or 19.0%, to $35.0 million from $29.4 million in the fourth quarter of 2024. Adjusted EBITDA margin in the fourth quarter of 2025 rose to 36.5% from 35.2% in the same period last year. The increase in Adjusted EBITDA and Adjusted EBITDA margin was mainly due to higher revenues, partially offset by greater operating expenses related mainly to higher salaries. For the fourth quarter of 2025, net income totaled $7.7 million, or $0.11 per share, compared to a net loss of $46.3 million, or ($0.67) per share, in the fourth quarter of 2024. The variance was mainly due to a one-time impairment charge of $56.1 million on goodwill related to the Radio segment in the comparable period in 2024 and higher operating results in Q4 2025. These factors were partially offset by a foreign exchange loss and an unrealized loss on derivative financial instruments in the most recent quarter. Cash flow generated from operating activities amounted to $39.7 million in the fourth quarter of 2025 compared to $44.3 million in the fourth quarter of 2024. The decline was primarily due to a foreign exchange loss, higher income taxes paid, as well as greater acquisition, legal, restructuring and other costs. These factors were partially offset by improved operating results. Adjusted free cash flow generated in the fourth quarter of 2025 totaled $18.4 million compared to $15.6 million in the same period last year. The increase was mainly related to improved operating results, partially offset by higher income taxes paid. As of March 31, 2025, the Corporation had cash and cash equivalents of $14.0 million and credit facilities of $341.4 million. The credit facility consists of a $500 million revolving credit facility, of which $156.3 million was available. Full-Year ResultsFiscal 2025 revenues increased $41.5 million, or 12.0%, to $386.9 million from $345.4 million in 2024. The growth was largely due to higher FAST channel revenues, greater equipment and installation sales related to digital signage, and a positive foreign exchange impact. Adjusted EBITDA in fiscal 2025 improved by $16.3 million, or 13.0%, to $142.2 million from $125.9 million in 2024. Adjusted EBITDA margin in 2025 reached 36.8% compared to 36.4% in 2024. The increase in Adjusted EBITDA and Adjusted EBITDA margin was mainly driven by higher revenues, partially offset by greater operating expenses related mostly to higher salaries. Net income in fiscal 2025 totaled $36.4 million, or $0.53 per share, compared to a net loss of $13.7 million, or ($0.20) per share, in 2024. The variance was primarily due to a one-time impairment charge of $56.1 million on goodwill related to the Radio segment in the comparable period in 2024 and to higher operating results in 2025. These factors were partially offset by an unrealized loss on derivative financial instruments, a one-time settlement gain related to a trademark dispute in the comparable period in 2024, and a higher foreign exchange loss. Adjusted net income in fiscal 2025 amounted to $72.7 million, or $1.05 per share, compared to $60.3 million, or $0.87 per share, in 2024. The increase can mainly be attributed to higher operating results and lower interest expense, partially offset by a greater foreign exchange loss. Declaration of DividendThe Corporation declared a dividend of $0.075 per subordinate voting share, variable subordinate voting share and multiple voting share on March 25, 2025. The dividend will be payable on or around June 13, 2025, to shareholders on record as of May 30, 2025. The Corporation's dividend policy is at the discretion of the Board of Directors and may vary depending upon, among other things, our available cash flow, results of operations, financial condition, business growth opportunities and other factors that the Board of Directors may deem relevant. The dividends paid are designated as "eligible" dividends for the purposes of the Income Tax Act (Canada) and any corresponding provisions of provincial and territorial tax legislation. Business Highlights and Subsequent Events On April 15, 2025, the Corporation announce a partnership with Zoox, an autonomous mobility company. This collaboration enhances the rider experience in Zoox robotaxis with a diverse selection of curated music channels. On March 11, 2025, the Corporation announced the launch the launch of three of its popular FAST channels, Qello Concerts, Stingray Classica, and Movie Music, on Germany's largest TV platform for HD television. On February 5, 2025, the Corporation announced the launch of four new FAST (Free Ad-Supported Streaming TV) video channels. Cozy Café, Stargaze, and Movie Music have been selected by various platforms, including LG Channels, Samsung TV Plus, as part of their new channel offerings. On January 20, 2025, the Corporation announced the launch of five video channels on the ScreenHits TV in-car entertainment platform, available in Renault Grand Koleos, Nio and Porsche (Cayenne, Taycan, Panamera and 911) vehicles with upcoming plans for a worldwide release. On January 9, 2025, the Corporation announced that Samsung TV Karaoke, powered by the Stingray Karaoke app, has received the CES Innovation Award 2025 in the Content & Entertainment category. Conference CallThe Corporation will hold a conference call tomorrow, June 11, 2025, at 10:00 AM (ET) to review its financial results. Interested parties can join the call by dialing 289-514-5100 (Toronto) or 1-800-717-1738 (toll free). A rebroadcast of the conference call will be available until midnight, July 11, 2025, by dialing 289-819-1325 or 888-660-6264 and entering passcode 11999. About StingrayStingray (TSX: RAY.A; RAY.B), a global music, media, and technology company, is an industry leader in TV broadcasting, streaming, radio, business services, and advertising. Stingray provides an array of global music, digital, and advertising services to enterprise brands worldwide, including audio and video channels, 97 radio stations, subscription video-on-demand content, FAST channels, karaoke products and music apps, and in-car and on-board infotainment content. Stingray Business, a division of Stingray, provides commercial solutions in music, in-store advertising solutions, digital signage, and AI-driven consumer insights and feedback. Stingray Advertising is North America's largest retail audio advertising network, delivering digital audio messaging to more than 30,000 major retail locations. Stingray has close to 1,000 employees worldwide and reaches 540 million consumers in 160 countries. For more information, visit Forward-Looking InformationThis news release contains forward-looking information within the meaning of applicable Canadian securities law. Such forward-looking information includes, but is not limited to, information with respect to Stingray's goals, beliefs, plans, expectations, anticipations, estimates and intentions. Forward-looking information is identified by the use of terms and phrases such as "may", "would", "should", "could", "expect", "intend", "estimate", "anticipate", "plan", "foresee", "believe", and "continue", or the negative of these terms and similar terminology, including references to assumptions. Please note, however, that not all forward-looking information contains these terms and phrases. Forward-looking information is based upon a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Stingray's control. These risks and uncertainties could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, the risk factors identified in Stingray's Annual Information Form for the year ended March 31, 2025, which is available on SEDAR at Consequently, all of the forward-looking information contained herein is qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that Stingray anticipates will be realized or, even if substantially realized, that they will have the expected consequences or effects on Stingray's business, financial condition or results of operation. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained herein is provided as of the date hereof, and Stingray does not undertake to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law. Non-IFRS MeasuresThe Corporation believes that Adjusted EBITDA and Adjusted EBITDA margin are important measures when analyzing its operating profitability without being influenced by financing decisions, non-cash items and income taxes strategies. Comparison with peers is also easier as companies rarely have the same capital and financing structure. The Corporation believes that Adjusted Net income and Adjusted Net income per share are important measures as it shows stable results from its operation which allows users of the financial statements to better assess the trend in the profitability of the business. The Corporation believes that Adjusted free cash flow and Adjusted free cash flow per share are important measures when assessing the amount of cash generated after accounting for capital expenditures and non-core charges. It demonstrates cash available to make business acquisitions, pay dividend and reduce debt. The Corporation believes that Net debt and Net debt to Pro Forma Adjusted EBITDA are important to analyse the company's debt repayment capacity on an annualized basis, taking into consideration the annualized adjusted EBITDA of acquisitions made during the last twelve months. Each of these non-IFRS financial measures is not an earnings or cash flow measure recognized by International Financial Reporting Standards (IFRS) and does not have a standardized meaning prescribed by IFRS. This method of calculating such financial measures may differ from the methods used by other issuers and, accordingly, our definition of these non-IFRS financial measures may not be comparable to similar measures presented by other issuers. Investors are cautioned that non-IFRS financial measures should not be construed as an alternative to net income determined in accordance with IFRS as indicators of our performance or to cash flows from operating activities as measures of liquidity and cash flows. Reconciliation of Net income to Adjusted EBITDA, Adjusted Net income, LTM Adjusted EBITDA and Pro Forma Adjusted EBITDA 3 months 12 months (in thousands of Canadian dollars) March 31,2025Q4 2025 March 31, 2024Q4 2024 March 31,2025Fiscal 2025 March 31, 2024Fiscal 2024 Net income (loss) 7,655 (46,318 ) 36,440 (13,741 ) Impairment on goodwill – 56,119 – 56,119 Net finance expense 9,516 3,736 42,416 28,883 Change in fair value of investments 2 (106 ) (54 ) 18 Income taxes 977 3,639 10,982 16,030 Depreciation and write-off of property and equipment 1,941 1,183 8,090 8,342 Depreciation of right-of-use assets 1,020 1,192 4,097 4,420 Amortization of intangible assets 5,115 4,124 18,583 17,371 Share-based compensation 111 93 409 435 Performance and deferred share unit expense 5,640 4,711 10,181 6,841 Share of results of investments in associates (210 ) (354 ) 3,381 1,166 Gain on disposal of an investment (845 ) – (845 ) – Other income (24 ) – (24 ) – Acquisition, legal, restructuring and other expenses 4,129 1,404 8,543 (29 ) Adjusted EBITDA 35,027 29,423 142,199 125,855 Adjusted EBITDA margin 36.5% 35.2% 36.8% 36.4% Net income (loss) 7,655 (46,318 ) 36,440 (13,741 ) Adjusted for: Impairment on goodwill – 56,119 – 56,119 Unrealized loss (gain) on derivative instruments 1,010 (2,252 ) 9,267 (1,431 ) Amortization of intangible assets 5,115 4,124 18,583 17,371 Change in fair value of investments 2 (106 ) (54 ) 18 Share-based compensation 111 93 409 435 Performance and deferred share unit expense 5,640 4,711 10,181 6,841 Share of results of investments in associates (210 ) (354 ) 3,381 1,166 Gain on disposal of an investment (845 ) – (845 ) – Other income (24 ) – (24 ) – Acquisition, legal, restructuring and other expenses 4,129 1,404 8,543 (29 ) Income taxes on above noted adjustments (4,015 ) (2,039 ) (13,227 ) (6,437 ) Adjusted Net income 18,568 15,382 72,654 60,312 Average number of shares outstanding (diluted) 68,807 68,811 68,871 69,104 Adjusted Net income per share (diluted) 0.27 0.22 1.05 0.87 (in thousands of Canadian dollars) March 31,2025Fiscal 2025 March 31,2024Fiscal 2024 LTM Adjusted EBITDA 142,199 125,855 Permanent cost-saving initiatives 1,046 2,758 Adjusted EBITDA for the months prior to the business acquisition of The Coda Collection which are not already reflected in the results 150 – Pro Forma Adjusted EBITDA 143,395 128,613 Reconciliation of Cash Flow from Operating Activities to Adjusted Free Cash Flow 3 months 12 months (in thousands of Canadian dollars) March 31,2025Q4 2025 March 31, 2024Q4 2024 March 31,2025Fiscal 2025 March 31, 2024Fiscal 2024 Cash flow from operating activities 39,720 44,263 105,040 118,526 Add / Less : Acquisition of property and equipment (2,057 ) (2,351 ) (7,194 ) (7,812 ) Acquisition of intangible assets other than internally developed intangible assets (1,183 ) (355 ) (2,680 ) (1,231 ) Addition to internally developed intangible assets (1,371 ) (1,148 ) (5,184 ) (5,001 ) Interest paid (5,287 ) (6,641 ) (23,781 ) (25,927 ) Repayment of lease liabilities (954 ) (929 ) (4,295 ) (4,351 ) Net change in non-cash operating working capital items (17,094 ) (17,661 ) 6,663 5,983 Unrealized loss (gain) on foreign exchange 2,508 (958 ) 6,499 636 Acquisition, legal, restructuring and other expenses 4,129 1,404 8,543 (29 ) Adjusted free cash flow 18,411 15,624 83,611 80,794 Calculation of Net Debt and Net Debt to Pro Forma Adjusted EBITDA Ratio (in thousands of Canadian dollars) March 31, 2025 March 31, 2024 Credit facilities 341,365 338,712 Subordinated debt – 25,579 Cash and cash equivalents (13,984 ) (9,606 ) Net debt 327,381 354,685 Net debt to Pro Forma Adjusted EBITDA 2.28 2.76 Note to readers: Consolidated financial statements and Management's Discussion & Analysis of Operating Results and Financial Position are available on the Corporation's website at and on SEDAR at Contact InformationMathieu PéloquinSenior Vice-President, Marketing and CommunicationsStingray(514) 664-1244, ext. 2362mpeloquin@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
10-06-2025
- Business
- Yahoo
Motorcar Parts of America Inc (MPAA) Q4 2025 Earnings Call Highlights: Record Sales and ...
Net Sales: Increased 5.5% to a record $757.4 million for fiscal 2025. Gross Profit: Increased 16.1% to a record $153.8 million for fiscal 2025. Cash from Operating Activities: Generated $45.5 million in fiscal 2025. Net Bank Debt: Reduced by $32.6 million to $81.4 million. Share Repurchase: Repurchased 542,134 shares for $4.8 million. Fourth Quarter Net Sales: Increased 1.9% to $193.1 million. Fourth Quarter Gross Profit: Increased 10.6% to $38.5 million. Fourth Quarter Gross Margin: 19.9%, up from 18.4% a year earlier. Operating Expenses: $22.2 million, compared to $22.6 million last year. Interest Expense: Decreased by $2.1 million to $12.5 million. Net Loss for Fourth Quarter: $722,000 or $0.04 per share. EBITDA for Fourth Quarter: $16.3 million, with adjustments leading to $24.6 million. Fiscal 2025 Net Loss: $19.5 million or $0.99 per share. Fiscal 2025 EBITDA: $50.3 million, adjusted to $92.8 million. Fiscal 2026 Outlook: Net sales expected between $780 million and $800 million; Operating income expected between $86 million and $91 million. Warning! GuruFocus has detected 8 Warning Signs with MPAA. Release Date: June 09, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Net sales increased by 5.5% to a record $757 million, demonstrating strong revenue growth. Gross profit rose by 16.1% to a record $154 million, indicating improved profitability. The company generated solid cash flow from operating activities amounting to $45.5 million. Net bank debt was reduced by $32.6 million, reflecting effective debt management. The company repurchased 542,134 shares, enhancing shareholder value through buybacks. The company faced a net loss of $722,000 for the fiscal fourth quarter, impacted by tariff costs. Non-cash expenses, including foreign exchange losses, negatively affected financial results. Tariffs continue to cause uncertainty, impacting cash flow and financial planning. Gross margin was impacted by non-cash expenses and one-time cash expenses related to tariffs. The effective tax rate was affected by the inability to recognize the benefit of losses in certain jurisdictions. Q: Selwyn, you mentioned tariffs increasing strategic competitive advantage. Can you expand on how tariffs might help with market share? A: Selwyn Joffe, CEO: We've adjusted our footprint to be less dependent on China, with less than 25% of our products imported from there. We ship directly from our factories, paying tariffs only when products are sold, which is cash neutral once price increases are in place. Competitors holding inventory in the U.S. will face greater cash alignment challenges. Q: How will customer pricing impact gross margin, especially with tariffs? A: David Lee, CFO: Tariffs might slightly negatively impact gross margin, but our initiatives to expand margins should offset this. Fiscal '25 adjusted gross margin was around 22.5%, and we aim to grow from that in fiscal '26. Q: Is the tariff impact seen this quarter a good representation of future expectations? A: Selwyn Joffe, CEO: The timing impact of tariffs is unpredictable, but we expect it to diminish soon as price increases take effect. Exact guidance on tariffs is uncertain at this time. Q: Have the price increases you mentioned already been enacted? A: Selwyn Joffe, CEO: Yes, almost 100% of our price increases have been accepted. Q: Can you elaborate on the catalysts behind expected margin expansion in the next fiscal year? A: David Lee, CFO: We're focused on lowering cost per unit and increasing sales per unit. Our momentum is strong, with natural overhead absorption and several operating initiatives driving efficiency. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
Yahoo
08-06-2025
- Business
- Yahoo
ASTARTA Holding NV (WAR:AST) Q1 2025 Earnings Call Highlights: Navigating Challenges with ...
Revenue: Lower revenue volumes in the Agricultural segment compared to the previous year. EBITDA Margin: Increased due to lower selling and distribution costs, despite lower EBITDA. Operating Cash Flow: Reduced from EUR42 million to EUR35 million before working capital adjustments. Investment Cash Flow: Significant increase to EUR20 million for agricultural fleet replacement and soy protein concentrate project. Net Financial Debt: Positive cash position with low leverage ratios. Corn Sales Volume: Decreased to over 110,000 tons from 200,000 tons last year. Sunflower Seed Pricing: Positive pricing environment contributing to margin improvement. Sugar Sales Volume: Higher volumes offset lower average prices of EUR525 per unit. Sugar EBITDA Margin: Increased to 15% due to lower SG&A expenses. Soybean Processing Gross Margin: Decreased to 19% due to lower crush margins. Cattle Farming EBITDA: Negative EBITDA due to EUR8 million negative biological asset revaluation. Warning! GuruFocus has detected 6 Warning Signs with LPSIF. Release Date: May 23, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. ASTARTA Holding NV (WAR:AST) reported a higher EBITDA margin due to lower selling and distribution costs. The company maintains a positive cash position with low leverage ratios. There is a positive pricing environment for corn and sunflower seeds, which positively impacted margins. Sugar production saw higher sales volumes, offsetting lower prices, and half of the sales were exported. The company is investing significantly in expanding its operations, including a new soy protein concentrate plant and agricultural machinery. First quarter revenue volumes were lower due to the majority of produce being sold by year-end. EBITDA was lower despite a higher margin, indicating reduced profitability. Cattle farming faced negative biological asset revaluation, leading to a negative EBITDA for the segment. Soybean processing profitability decreased due to lower crush margins. The company faces uncertainty in the EU market due to trade regime changes, impacting sugar exports. Q: Why was the cattle value biological assets reduced by EUR8.1 million despite constant milk prices? A: Liliia Lymanska, CFO, explained that aside from quantity, price expectations and costs influenced the biological asset value. They expect lower prices and higher costs compared to the previous period. Q: How will the end of the EU agreement to free import from Ukraine impact Astarta's cash flow and earnings? A: Yuliya Bereshchenko, Investor Relations Director, stated that the company has operated under similar conditions before the war, serving global markets. Products like soybeans and corn were not impacted by quotas, and sugar is now sold to the Middle East. Q: Are there plans to increase the amount of land used for production in 2026? A: Yuliya Bereshchenko noted that the land bank remains stable with minor annual optimizations. They are open to opportunities for leases in neighboring areas to maintain stability. Q: What CapEx is planned for the rest of 2025 and in which areas? A: Liliia Lymanska highlighted that the main areas include the new SPC plant, agricultural machinery, farm reconstruction, and a new oilseed crusher. Q: How does the company plan to mitigate the impact of EU tariffs and trade restrictions, particularly on grain exports? A: Yuliya Bereshchenko explained that sugar is exported globally, mainly to the Middle East. For grains, there is no issue placing wheat in global markets, and corn supplies were not restricted. The reopening of Odesa ports provides access to different markets. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
