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Business Standard
a day ago
- Business
- Business Standard
PhysicsWallah, CSC Academy to set up digital university for rural learners
Education company PhysicsWallah has joined hands with CSC Academy (CSCA), a not-for-profit organisation under the IT Ministry's Common Services Centres (CSC), to set up a digital university for rural learners, a release said on Friday. The Digital University - envisioned under the partnership - will offer accredited online degree programmes and certifications, with Common Services Centres (CSCs) serving as digital learning centres. This would be aimed at expanding access to quality higher education across rural and underserved regions of India. "The partnership attempts to leverage PW's expertise in creating various educational and skill development programmes with CSCA's nationwide network of CSCs," the release said. The programmes will be delivered through PhysicsWallah online, offline and hybrid modes as well as Common Service Centres as learning hubs. This partnership will aim to target skill-based training, co-developing courses and certificate programmes in emerging areas such as cyber security, artificial intelligence, and behavioural science. Further to aid rural capability development, PhysicsWallah will train CSCA and Village Level Entrepreneurs (VLEs), who will further support the academic delivery at the local level, the release added.
Business Wire
a day ago
- Business
- Business Wire
Apogee Enterprises Reports Fiscal 2026 First Quarter Results
MINNEAPOLIS--(BUSINESS WIRE)-- Apogee Enterprises, Inc. (Nasdaq: APOG), a leading provider of architectural building products and services, as well as high-performance coated materials used in a variety of applications, today reported its results for the first quarter of fiscal 2026, ended May 31, 2025. The Company reported the following selected financial results: Ty R. Silberhorn, Apogee's Chief Executive Officer, stated: 'We are pleased to deliver results ahead of our expectations in the first quarter amid challenging market conditions and year-over-year headwinds. We are also raising our fiscal year outlook for net sales and adjusted diluted EPS as we build momentum for what we expect will be a stronger second half of the year.' Mr. Silberhorn continued, 'Although tariffs adversely impacted our first quarter results, we continue to execute our mitigation plans and barring any material change to tariff policies, we expect to be able to substantially mitigate the impact of tariffs on the second half of the fiscal year.' Mr. Silberhorn concluded, 'We also continue to be excited about the opportunities to build a platform for growth in our Performance Surfaces segment. Our recent investments in additional capacity, and the acquisition of UW Solutions, expand our market reach and broaden our product offerings. We are executing a structured integration plan to bring out the best in both businesses. We are encouraged by the early results of the acquisition, and they demonstrate how we can use our balance sheet to acquire assets to set us up for future growth.' Consolidated Results (First Quarter Fiscal 2026 compared to First Quarter Fiscal 2025) Net sales increased 4.6% to $346.6 million, primarily driven by $22.0 million of inorganic sales from the acquisition of UW Solutions. Growth from inorganic sales was partially offset by lower volume in Architectural Glass and a less favorable mix in Architectural Metals. Gross margin decreased to 21.7% from 29.8% primarily due to restructuring charges of $6.9 million, a less favorable mix and higher aluminum costs in Architectural Metals, and higher tariff expense in Architectural Services. Selling, general and administrative (SG&A) expense as a percent of net sales increased 240 basis points to 19.7%, primarily due to restructuring charges of $8.4 million and increased amortization expense associated with the UW Solutions transaction, partially offset by lower long-term incentive expense. Operating income decreased to $6.9 million, primarily driven by restructuring charges related to Project Fortify Phase 2 of $15.3 million, a less favorable mix and higher aluminum costs in Architectural Metals, higher tariff expense in Architectural Services, and increased amortization expense associated with the UW Solutions transaction, partially offset by lower long-term incentive expense. Adjusted EBITDA decreased to $34.4 million and adjusted EBITDA margin decreased to 9.9%. The decrease in adjusted EBITDA margin was primarily driven by a less favorable mix and higher aluminum costs in Architectural Metals, as well as higher tariff expense in Architectural Services, partially offset by lower long-term incentive expense. Net interest expense increased to $3.8 million, primarily due to increased debt resulting from the acquisition of UW Solutions. Income tax expense decreased to $5.1 million, primarily driven by lower earnings before taxes. Net income decreased from net earnings of $31.0 million to a net loss of $2.7 million. Diluted loss per share was $0.13. Adjusted diluted EPS was $0.56, primarily driven by lower adjusted operating income. Segment Results (First Quarter Fiscal 2026 Compared to First Quarter Fiscal 2025) Architectural Metals Architectural Metals net sales were $128.6 million, compared to $133.2 million, primarily reflecting a less favorable mix, partially offset by higher volume. Adjusted EBITDA was $9.4 million, or 7.3% of net sales, compared to $23.8 million, or 17.9% of net sales. The lower adjusted EBITDA margin was primarily driven by a less favorable mix, higher aluminum costs, unfavorable productivity, and unfavorable sales leverage, partially offset by the impact from higher volume. Architectural Services Architectural Services net sales were $106.5 million compared to $99.0 million, primarily due to increased volume. Adjusted EBITDA was $6.1 million, or 5.7% of net sales, compared to $6.6 million, or 6.6% of net sales. The decrease in adjusted EBITDA margin was primarily driven by the impact of higher tariff expense, partially offset by a more favorable mix of projects and favorable sales leverage. Segment backlog 2 at the end of the quarter was $682.9 million, compared to $720.3 million at the end of the fourth quarter. Architectural Glass Architectural Glass net sales were $73.3 million, compared to $86.7 million, primarily reflecting reduced volume due to lower end-market demand. Adjusted EBITDA was $13.4 million, or 18.3% of net sales, compared to $20.2 million, or 23.3% of net sales. The lower adjusted EBITDA margin was primarily driven by unfavorable sales leverage. Performance Surfaces Performance Surfaces net sales were $42.3 million, compared to $21.2 million. Net sales included $22.0 million of inorganic sales contribution from the acquisition of UW Solutions. Adjusted EBITDA was $8.0 million, or 18.8% of net sales compared to $5.6 million, or 26.6% of net sales. The lower adjusted EBITDA margin was primarily driven by the dilutive impact of lower adjusted EBITDA margin from UW Solutions, unfavorable mix, and increased corporate allocations expense. Corporate and Other Corporate and other adjusted EBITDA expense was $2.4 million, compared to $3.7 million, primarily driven by lower long-term incentive expense. Financial Condition Net cash used in operating activities was $19.8 million, compared to $5.5 million net cash provided by operating activities in the prior year period. The change was primarily driven by lower net earnings and an increase in cash used for working capital including a net payment of $13.7 million for the settlement of an arbitration award. Net cash used by investing activities was $7.0 million, primarily related to capital expenditures. The Company returned $5.5 million of cash to shareholders through dividend payments. Quarter-end long-term debt increased to $311 million, which increased the Consolidated Leverage Ratio 3 (as defined in the Company's credit agreement) to 1.6x at the end of the quarter. Project Fortify As previously announced, in the first quarter of fiscal 2026, the Company began the second phase of Project Fortify (referred to as "Project Fortify Phase 2" or "Phase 2") to drive further cost efficiencies, primarily in the Architectural Services and Architectural Metals Segments. Phase 2 will further optimize the manufacturing footprint and align resources to enable a more effective operating model. The Company continues to expect the actions of Phase 2 to incur a total of approximately $24 million to $26 million in pre-tax charges, and deliver estimated annualized pre-tax cost savings of approximately $13 million to $15 million. During the first quarter, the Company incurred $15.3 million of pre-tax costs associated with Phase 2. The Company expects the actions associated with Phase 2 to be substantially completed by the end of the fourth quarter of fiscal 2026. Fiscal 2026 Outlook The Company is raising its outlook for the fiscal year for both net sales and diluted EPS. The Company now expects net sales in the range of $1.40 billion to $1.44 billion (previously $1.37 billion to $1.43 billion), diluted EPS in the range of $2.59 to $3.12 (previously $2.54 to $3.19) and adjusted diluted EPS in the range of $3.80 to $4.20 (previously $3.55 to $4.10). This includes a projected unfavorable EPS impact from tariffs of $0.35 to $0.45, which will mostly impact the first half of the fiscal year before mitigation efforts take full effect. The Company's revised outlook assumes an effective tax rate of 33% and an adjusted effective tax rate of approximately 27.5%. The Company continues to assume capital expenditures between $35 million to $40 million. Conference Call Information The Company will host a conference call today at 8:00 a.m. Central Time to discuss this earnings release. This call will be webcast and is available in the Investor Relations section of the Company's website, along with presentation slides, at A replay and transcript of the webcast will be available on the Company's website following the conference call. About Apogee Enterprises Apogee Enterprises, Inc. (Nasdaq: APOG) is a leading provider of architectural building products and services, as well as high-performance coated materials used in a variety of applications. Headquartered in Minneapolis, MN, our portfolio of industry-leading products and services includes architectural glass, windows, curtainwall, storefront and entrance systems, integrated project management and installation services, and high-performance coatings that provide protection, innovative design, and enhanced performance. For more information, visit Use of Non-GAAP Financial Measures Management uses non-GAAP measures to evaluate the Company's historical and prospective financial performance, measure operational profitability on a consistent basis, as a factor in determining executive compensation, and to provide enhanced transparency to the investment community. Non-GAAP measures should be viewed in addition to, and not as a substitute for, the reported financial results of the Company prepared in accordance with GAAP. Other companies may calculate these measures differently, limiting the usefulness of the measures for comparison with other companies. This release and other financial communications may contain the following non-GAAP measures: Adjusted net earnings, adjusted diluted EPS, and adjusted EBITDA are used by the Company to provide meaningful supplemental information about its operating performance by excluding amounts that are not considered part of core operating results to enhance comparability of results from period to period. Adjusted EBITDA represents adjusted net earnings before interest, taxes, depreciation, and amortization. We use adjusted EBITDA to assess segment performance and make decisions about the allocation of operating and capital resources by analyzing recent results, trends, and variances of each segment in relation to forecasts and historical performance. Consolidated Leverage Ratio is calculated as Consolidated Funded Indebtedness minus Unrestricted Cash at the end of the current period, divided by Consolidated EBITDA (calculated as EBITDA plus certain non-cash charges and 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). All capitalized and undefined terms used in this bullet are defined in the Company's credit agreement dated July 19, 2024. The Company is unable to present a quantitative reconciliation of forward-looking expected Consolidated Leverage Ratio to its most directly comparable forward-looking GAAP financial measure because such information is not available, and management cannot reliably predict all the necessary components of such GAAP financial measure without unreasonable effort or expense. In addition, the Company believes such reconciliation would imply a degree of precision that would be confusing or misleading to investors. Backlog is an operating measure used by management to assess future potential sales revenue. Backlog is defined as the dollar amount of signed contracts or firm orders, generally as a result of a competitive bidding process, which is expected to be recognized as revenue. It is most meaningful for the Architectural Services segment, due to the longer-term nature of their projects. Backlog is not a term defined under U.S. GAAP and is not a measure of contract profitability. Backlog should not be used as the sole indicator of future revenue because the Company has a substantial number of projects with short lead times that book-and-bill within the same reporting period that are not included in backlog. Forward-Looking Statements This press release contains 'forward-looking statements' within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. The words 'may,' 'believe,' 'expect,' 'anticipate,' 'intend,' 'estimate,' 'forecast,' 'project,' 'should,' 'will,' 'continue,' and similar expressions are intended to identify 'forward-looking statements'. These statements reflect Apogee management's expectations or beliefs as of the date of this release. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. All forward-looking statements are qualified by factors that may affect the results, performance, financial condition, prospects and opportunities of the Company, including the following: (A) North American and global economic conditions, including the cyclical nature of the North American and Latin American non-residential construction industries and the potential impact of an economic downturn or recession; (B) U.S. and global instability and uncertainty arising from events outside of our control; (C) actions of new and existing competitors; (D) departure of key personnel and ability to source sufficient labor; (E) product performance, reliability and quality issues; (F) project management and installation issues that could affect the profitability of individual contracts; (G) dependence on a relatively small number of customers in one operating segment; (H) financial and operating results that could differ from market expectations; (I) self-insurance risk related to a material product liability or other events for which the Company is liable; (J) maintaining our information technology systems and potential cybersecurity threats; (K) cost of regulatory compliance, including environmental regulations; (L) supply chain disruptions, including fluctuations in the availability and cost of materials used in our products and the impact of trade policies and regulations, including existing and potential future tariffs; (M) integration and future operating results of acquisitions, including but not limited to the acquisition of UW Solutions, and management of acquired contracts; (N) impairment of goodwill or indefinite-lived intangible assets; (O) our ability to successfully manage and implement our enterprise strategy; (P) our ability to maintain effective internal controls over financial reporting; (Q) our judgements regarding accounting for tax positions and resolution of tax disputes; (R) the impacts of cost inflation and interest rates; and (S) the impact of changes in capital and credit markets on our liquidity and cost of capital. The Company cautions investors that actual future results could differ materially from those described in the forward-looking statements and that other factors may in the future prove to be important in affecting the Company's results, performance, prospects, or opportunities. New factors emerge from time to time, and it is not possible for management to predict all such factors, nor can it assess the impact of each factor on the business or the extent to which any factor, or a combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. More information concerning potential factors that could affect future financial results is included in the Company's Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Apogee Enterprises, Inc. Consolidated Condensed Statements of Income (Unaudited) (In thousands, except per share amounts) Three Months Ended May 31, 2025 June 1, 2024 % Change Net sales $ 346,622 $ 331,516 4.6 % Cost of sales 271,497 232,661 16.7 % Gross profit 75,125 98,855 (24.0 )% Selling, general and administrative expenses 68,194 57,474 18.7 % Operating income 6,931 41,381 (83.3 )% Interest expense, net 3,846 450 754.7 % Other expense (income), net 682 (143 ) (576.9 )% Earnings before income taxes 2,403 41,074 (94.1 )% Income tax expense 5,091 10,063 (49.4 )% Net (loss) earnings $ (2,688 ) $ 31,011 (108.7 )% Basic (loss) earnings per share $ (0.13 ) $ 1.42 (109.2 )% Diluted (loss) earnings per share $ (0.13 ) $ 1.41 (109.2 )% Weighted average basic shares outstanding 21,338 21,823 (2.2 )% Weighted average diluted shares outstanding 21,338 22,061 (3.3 )% Cash dividends per common share $ 0.26 $ 0.25 4.0 % Expand Apogee Enterprises, Inc. Consolidated Condensed Balance Sheets (Unaudited) (In thousands) May 31, 2025 March 1, 2025 Assets Current assets Cash and cash equivalents $ 32,831 $ 41,448 Receivables, net 189,956 185,590 Inventories, net 103,901 92,305 Contract assets 69,457 71,842 Other current assets 51,814 50,919 Total current assets 447,959 442,104 Property, plant and equipment, net 263,279 268,139 Operating lease right-of-use assets 58,961 62,314 Goodwill 236,560 235,775 Intangible assets, net 119,117 128,417 Other non-current assets 30,956 38,520 Total assets $ 1,156,832 $ 1,175,269 Liabilities and Shareholders' Equity Current liabilities Accounts payable 97,763 98,804 Accrued compensation and benefits 32,153 48,510 Contract liabilities 43,342 35,193 Operating lease liabilities 15,671 15,290 Other current liabilities 64,317 87,659 Total current liabilities 253,246 285,456 Long-term debt 311,000 285,000 Non-current operating lease liabilities 48,653 51,632 Non-current self-insurance reserves 29,560 30,382 Other non-current liabilities 32,590 34,901 Total shareholders' equity 481,783 487,898 Total liabilities and shareholders' equity $ 1,156,832 $ 1,175,269 Expand Apogee Enterprises, Inc. Consolidated Statement of Cash Flows (Unaudited) Three Months Ended (In thousands) May 31, 2025 Operating Activities Net (loss) earnings $ (2,688 ) $ 31,011 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 12,436 9,976 Share-based compensation 2,300 2,704 Deferred income taxes 2,496 3,466 Loss on disposal of property, plant and equipment 328 22 Impairment on intangible assets 7,418 — Non-cash lease expense 3,738 2,895 Other, net 1,294 (925 ) Changes in operating assets and liabilities: Receivables (3,938 ) (9,845 ) Inventories (11,255 ) (11,337 ) Contract assets 2,596 5,511 Accounts payable 1,103 (1,871 ) Accrued compensation and benefits (16,639 ) (24,850 ) Contract liabilities 8,104 1,648 Operating lease liability (3,643 ) (3,007 ) Accrued income taxes 1,698 6,535 Other current assets and liabilities (25,130 ) (6,480 ) Net cash (used in) provided by operating activities (19,782 ) 5,453 Investing Activities Capital expenditures (7,167 ) (7,229 ) Proceeds from sales of property, plant and equipment 10 40 Purchases of marketable securities — (740 ) Sales/maturities of marketable securities 175 600 Net cash used in investing activities (6,982 ) (7,329 ) Financing Activities Proceeds from revolving credit facilities 59,000 30,000 Repayment on revolving credit facilities (33,000 ) (15,000 ) Repurchase of common stock — (15,061 ) Dividends paid (5,520 ) — Other, net (2,835 ) (4,865 ) Net cash provided by (used in) financing activities 17,645 (4,926 ) Effect of exchange rates on cash 502 (51 ) Decrease in cash, cash equivalents and restricted cash (8,617 ) (6,853 ) Cash, cash equivalents and restricted cash at beginning of period 41,448 37,216 Cash and cash equivalents at end of period $ 32,831 $ 30,363 Non-cash Activity Capital expenditures in accounts payable $ 922 $ 472 Dividends declared but not yet paid $ — $ 5,409 Expand Apogee Enterprises, Inc. Components of Changes in Net Sales (Unaudited) Three months ended May 31, 2025, compared with the three months ended June 1, 2024 (In thousands, except percentages) Architectural Metals Architectural Services Architectural Glass Performance Surfaces Intersegment eliminations Consolidated Fiscal 2025 net sales $ 133,172 $ 99,027 $ 86,703 $ 21,204 $ (8,590 ) $ 331,516 Organic business (1) (4,548 ) 7,478 (13,430 ) (982 ) 4,560 (6,922 ) Acquisition (2) — — — 22,028 — 22,028 Fiscal 2026 net sales $ 128,624 $ 106,505 $ 73,273 $ 42,250 $ (4,030 ) $ 346,622 Total net sales growth (decline) (3.4 )% 7.6 % (15.5 )% 99.3 % (53.1 )% 4.6 % Organic business (1) (3.4 )% 7.6 % (15.5 )% (4.6 )% (53.1 )% (2.1 )% Acquisition (2) — % — % — % 103.9 % — % 6.6 % Expand (1) Organic business includes net sales associated with acquired product lines or geographies that occur after the first twelve months from the date the product line or business is acquired and net sales from internally developed product lines or businesses. (2) The acquisition of UW Solutions, completed on November 4, 2024. Expand Apogee Enterprises, Inc. Business Segment Information (Unaudited) Three Months Ended (In thousands) May 31, 2025 June 1, 2024 % Change Segment net sales Architectural Metals $ 128,624 $ 133,172 (3.4 )% Architectural Services 106,505 99,027 7.6 % Architectural Glass 73,273 86,703 (15.5 )% Performance Surfaces 42,250 21,204 99.3 % Total segment sales 350,652 340,106 3.1 % Intersegment eliminations (4,030 ) (8,590 ) (53.1 )% Net sales $ 346,622 $ 331,516 4.6 % Segment adjusted EBITDA Architectural Metals $ 9,366 $ 23,840 (60.7 )% Architectural Services 6,067 6,573 (7.7 )% Architectural Glass 13,417 20,231 (33.7 )% Performance Surfaces 7,959 5,642 41.1 % Corporate and Other (2,425 ) (3,664 ) (33.8 )% Adjusted EBITDA $ 34,384 $ 52,622 (34.7 )% Segment adjusted EBITDA margins Architectural Metals 7.3 % 17.9 % Architectural Services 5.7 % 6.6 % Architectural Glass 18.3 % 23.3 % Performance Surfaces 18.8 % 26.6 % Corporate and Other N/M N/M Adjusted EBITDA margin 9.9 % 15.9 % Expand N/M - Indicates calculation is not meaningful. Segment net sales is defined as net sales for a certain segment and includes revenue related to intersegment transactions. Net sales intersegment eliminations are reported separately to exclude these sales from our consolidated total. Adjusted EBITDA represents adjusted net earnings before interest, taxes, depreciation, and amortization. Apogee Enterprises, Inc. Adjusted EBITDA and Adjusted EBITDA Margin (Unaudited) Three Months Ended May 31, 2025 (In thousands) Architectural Metals Architectural Services Architectural Glass Performance Surfaces Corporate and Other Consolidated Net (loss) earnings $ 3,669 $ (6,193 ) $ 10,202 $ 4,132 $ (14,498 ) $ (2,688 ) Interest expense (income), net 457 (52 ) (145 ) — 3,586 3,846 Income tax (benefit) expense (44 ) (8 ) 90 — 5,053 5,091 Depreciation and amortization 3,813 1,072 3,270 3,550 731 12,436 EBITDA 7,895 (5,181 ) 13,417 7,682 (5,128 ) 18,685 Acquisition-related costs (1) — — — 277 72 349 Restructuring costs (2) 1,471 11,248 — — 2,631 15,350 Adjusted EBITDA $ 9,366 $ 6,067 $ 13,417 $ 7,959 $ (2,425 ) $ 34,384 EBITDA margin 6.1 % (4.9 )% 18.3 % 18.2 % (1.5 )% 5.4 % Adjusted EBITDA margin 7.3 % 5.7 % 18.3 % 18.8 % (0.7 )% 9.9 % Expand (1) Acquisition-related costs include costs related to one-time expenses incurred to integrate the UW Solutions acquisition. (2) Expand Three Months Ended June 1, 2024 (In thousands) Architectural Metals Architectural Services Architectural Glass Performance Surfaces Corporate and Other Consolidated Net (loss) earnings $ 17,759 $ 5,620 $ 18,050 $ 4,846 $ (15,264 ) $ 31,011 Interest expense (income), net 570 3 (112 ) — (11 ) 450 Income tax expense (benefit) 6 — (717 ) — 10,774 10,063 Depreciation and amortization 4,507 950 3,010 796 713 9,976 EBITDA 22,842 6,573 20,231 5,642 (3,788 ) 51,500 Restructuring costs (3) 998 — — — 124 1,122 Adjusted EBITDA $ 23,840 $ 6,573 $ 20,231 $ 5,642 $ (3,664 ) $ 52,622 EBITDA margin 17.2 % 6.6 % 23.3 % 26.6 % (1.1 )% 15.5 % Adjusted EBITDA margin 17.9 % 6.6 % 23.3 % 26.6 % (1.1 )% 15.9 % Expand (3) Restructuring charges related to Project Fortify Phase 1. Expand (1) Acquisition-related costs include costs related to one-time expenses incurred to integrate the UW Solutions acquisition. (2) Restructuring charges related to Project Fortify Phase 2. (3) Income tax impact reflects the estimated blended statutory tax rate for the jurisdictions in which the charge or income occurred. Expand Apogee Enterprises, Inc. Fiscal 2026 Outlook Reconciliation of Fiscal 2026 outlook of estimated Diluted Earnings per Share to Adjusted Diluted Earnings per Share (Unaudited) Fiscal Year Ending February 28, 2026 Low Range High Range Diluted earnings per share $ 2.59 $ 3.12 Acquisition-related costs (1) 0.14 0.09 Restructuring charges (2) 1.20 1.11 Income tax impact on above adjustments per share (3) (0.13 ) (0.12 ) Adjusted diluted earnings per share $ 3.80 $ 4.20 Expand (1) Acquisition-related costs include costs related to one-time expenses incurred to integrate the UW Solutions acquisition. (2) Restructuring charges related to Project Fortify Phase 2. (3) Income tax impact reflects the estimated blended statutory tax rate for the jurisdictions in which the charge or income occurred. Expand
Globe and Mail
a day ago
- Business
- Globe and Mail
The Zacks Analyst Blog Highlights Apple, Netflix and Disney
For Immediate Release Chicago, IL – June 27, 2025 – announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Apple AAPL, Netflix NFLX and Disney DIS. Here are highlights from Thursday's Analyst Blog: Apple Continues to Expand Services Business: What's the Path Ahead? Apple is continuously upgrading features of its Services offerings that revolve around the flagship device, iPhone. The company now has more than 1 billion paid subscribers across its Services portfolio, more than double what it had four years ago. In the fiscal second quarter, Services revenues grew 11.6% year over year to $26.65 billion. Infusion of Apple Intelligence into Services offerings like Apple Wallet and Apple Music is expected to drive top-line growth. At its latest annual Worldwide Developers Conference, Apple announced expansion to the Services business with AutoMix and Lyrics Translation features in Apple Music. Sing will allow users to transform their iPhones into a handheld microphone for Apple TV, while preferred routes and visited places in Apple Maps make navigation easier for users. Apple Intelligence is now getting added to Apple Wallet, and users can make purchases with Apple Pay. Powered by Apple Intelligence, Apple Wallet can now automatically identify, summarize and display order tracking details from emails sent from merchants or delivery carriers. Meanwhile, Apple Pay expands the ability to pay with rewards and installments to in-store purchases for added flexibility and choice. The company also introduced an update to Apple Maps that helps users search and discover top-ranked restaurants, hotels, golf courses and more, with the addition of rankings and insights from expert sources. Per our model, Apple's Services revenues are expected to see a CAGR of 15.6% between 2024 and 2027. Apple Faces Stiff Competition Netflix and Disney are major competitors in the Services space. Netflix is benefiting from its growing subscriber base, thanks to a robust localized and foreign-language content portfolio and healthy engagement levels with about two hours of viewing per member per day, indicating strong member retention. Netflix has set an ambitious target to double its revenues by 2030, supported by a diversified content strategy, including international programming, live events and gaming initiatives. Disney, on the other hand, has built up a massive global audience for its ad-supported streaming content. It has an estimated 157 million active users worldwide, 112 million of whom are of Disney's streaming platforms in the United States. Disney is benefiting from strength in Domestic Parks & Experiences revenues driven by growth at domestic parks, Disney Vacation Club and Disney Cruise Line. AAPL's Share Price Performance, Valuation and Estimates Apple shares have dropped 19.5% year to date (YTD), underperforming the broader Zacks Computer & Technology sector's return of 4.5%. Apple stock is trading at a premium, with a forward 12-month Price/Sales of 7.25X compared with the industry's 6.75X. AAPL has a Value Score of D. The Zacks Consensus Estimate for third-quarter fiscal 2025 earnings is pegged at $1.41 per share, unchanged over the past 30 days, indicating 0.71% year-over-year growth. Apple Inc. price-consensus-chart | Apple Inc. Quote The consensus mark for fiscal 2025 earnings is pegged at $7.11 per share, unchanged over the past 30 days, suggesting 5.33% year-over-year growth. Apple currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Why Haven't You Looked at Zacks' Top Stocks? Since 2000, our top stock-picking strategies have blown away the S&P's +7.7% average gain per year. Amazingly, they soared with average gains of +48.4%, +50.2% and +56.7% per year. Today you can access their live picks without cost or obligation. See Stocks Free >> Zacks Investment Research 800-767-3771 ext. 9339 support@ Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit for information about the performance numbers displayed in this press release. Zacks' Research Chief Picks Stock Most Likely to "At Least Double" Our experts have revealed their Top 5 recommendations with money-doubling potential – and Director of Research Sheraz Mian believes one is superior to the others. Of course, all our picks aren't winners but this one could far surpass earlier recommendations like Hims & Hers Health, which shot up +209%. See Our Top Stock to Double (Plus 4 Runners Up) >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Apple Inc. (AAPL): Free Stock Analysis Report Netflix, Inc. (NFLX): Free Stock Analysis Report The Walt Disney Company (DIS): Free Stock Analysis Report
The Hindu
a day ago
- Sport
- The Hindu
Indian sports wrap, June 27: Services claim boys' and girls' title in Junior National Boxing C'ships
BOXING Services claim boys' and girls' title in Junior (U-17) National Boxing C'ships The Services Sports Control Board (SSCB) stamped its authority at the sixth Junior (U-17) boys and girls' National Boxing Championships by emerging as the overall champion in both the categories. Services reclaimed the team title in the boys division and pulled off a decisive victory in the girls division, toppling defending champions Haryana, who finished second across both categories. SSCB wrapped up the week-long event at the National Boxing Academy in Rohtak with nine medals in each category. Their boys squad secured six golds, two silvers, and a bronze medal, while the girls team delivered four golds, four silvers, and one bronze. Maharashtra completed the podium in the boys championship, while Manipur finished third in the girls division. On the girls' side, several familiar names from India's recent success at the Asian U-15 and U-17 Championships delivered once again. Delhi's Ahaana Sharma continued her blazing form in the 50kg final with a clean sweep. Khushi Chand of Uttarakhand clinched a narrow 3-2 win in the 46kg division, while Haryana's Anshika reaffirmed her dominance in the 80+kg category. Services' dual team triumph was powered by a series of dominant final bouts across both divisions. In the boys' competition, Udham Singh Raghav, a recent medallist in the Asian U-17 Championships, won gold in the 54kg category, while Sahil Duhan (60kg), Priyansh Sehrawat (70kg), Jaideep Singh Hanjra (80kg), and Rahul (80+kg) also secured top-podium finishes. SSCB's girls team was bolstered by sharp wins from Naitik (52kg), Chandrika Pujari (54kg), Harsika (60kg), and Hamoor Kaur (66kg), the latter scoring a third-round stoppage. Prachi Khatri's powerful RSC victory in the 80kg class, along with title wins by Himanshi (70kg) and Jiya (48kg), further highlighted the depth of India's emerging female talent. Manipur's Lanchenba Singh, who defeated Services' Piyush 3-2 in the 50kg category, was adjudged the best boxer in the boys' category, while Lucky Bagdwal (57kg) of Uttarakhand was named the most promising. In the girls' division, Haryana's Divya (63kg) and Jammu & Kashmir's Bareena (70kg) claimed the best and the most Promising awards, respectively. -PTI Related Topics Junior National Boxing Championship
Yahoo
3 days ago
- Business
- Yahoo
ABeam Consulting (USA) Ltd. and Millennium EBS Establish Strategic Collaborations to Expedite ISO 20022 Implementation
LOS ANGELES, June 25, 2025 (GLOBE NEWSWIRE) -- ABeam Consulting (USA) Ltd. ('ABeam US') and Millennium EBS, a BlueOne Card Inc. subsidiary, have announced a strategic collaboration under a newly signed Master Services Agreement (MSA) to jointly promote the Millennium EBS Payment Hub: ISO 20022 Transformer. This collaboration brings together ABeam's deep expertise in business and digital transformation and Millennium EBS's advanced payment technology— offering banks and financial institutions a streamlined, future-ready solution for ISO 20022 compliance. A Unified Vision for Payment Modernization As global adoption of ISO 20022 accelerates, financial institutions are under increasing pressure to migrate to new messaging standards while maintaining operational continuity. The ISO 20022 Transformer offers a seamless path forward—enabling smooth integration with legacy systems, ensuring compliance with evolving regulations, and unlocking enhanced data quality and process efficiency. 'Through this collaboration with Millennium EBS, we're reinforcing our commitment to helping financial institutions navigate complex regulatory shifts with confidence,' said a spokesperson from ABeam US. 'Together, we're delivering not just compliance—but the strategic capabilities institutions need to stay competitive in a digital-first economy.' ABeam Consulting: A Trusted Transformation Partner ABeam Consulting serves clients across diverse industries, including financial services, automotive, manufacturing, and consumer goods. The firm has led successful transformation initiatives for leading organizations worldwide, with a focus on digitalization, operational excellence, and customer-centric growth. With its extensive experience in ISO 20022 compliance, digital modernization, and systems integration, ABeam Consulting offers end-to-end support for implementing the ISO 20022 Transformer, ensuring a seamless, scalable transition for financial institutions worldwide. Technology Meets Industry Expertise 'This partnership with ABeam US is a major step forward in our mission to modernize payment systems globally,' said Shinto J Matthew, CEO of Millennium EBS. 'By integrating our proven technology with ABeam US's industry insight, we're equipping banks with a powerful toolkit to manage ISO 20022 migration efficiently—and drive long-term operational gains.' With the ISO 20022 Transformer, financial institutions benefit from: Seamless integration with existing payment infrastructure Regulatory compliance with ISO 20022 standards and migration timelines Improved transaction transparency and data quality Greater operational efficiency across domestic and cross-border payments To learn more about the ISO 20022 Transformer and how ABeam and Millennium EBS can support your payment modernization journey, visit [smatthew@ or contact [smatthew@ About ABeam ABeam Consulting provides innovative business solutions to help companies improve their operations and gain a competitive edge. With over 42 years of experience, ABeam has grown from a part of Deloitte and Touche to an independent consulting firm focused on client success. Today, ABeam operates in 36 countries, serving more than 750 clients across Asia, the Americas, and Europe. With over 8,300 professionals, ABeam reported $1 billion in revenue for fiscal year 2024. ABeam combines industry expertise with technological innovation to help clients navigate the digital landscape. ABeam is committed to fostering change by integrating business strategy with technology. Our focus on connected and intelligent applications helps companies reimagine their business models and confidently plan for the future. Join the 750+ global organizations transforming their operations with ABeam Consulting. Explore our services and insights at www. About Millennium EBS Millennium EBS, now a subsidiary of BlueOne Card Inc, brings over two decades of industry expertise in delivering high-quality, reliable payment solutions tailored to the evolving needs of modern financial institutions. Millennium EBS empowers small to medium-sized banks and financial institutions worldwide through seamless payment processing, regulatory-compliant ISO 20022 transformation, and personalized customer engagement tools. For more information, please visit Millenium EBS Shinto J Matthew – CEO Email: smatthew@ 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
