Agree Realty Corporation

ADC Q3 2025

Reported: 2025-10-22

Agree Realty Corporation reported a robust Q3 2025, achieving its highest quarterly investment volume since 2020, with over $450 million deployed across its three growth platforms and raising its full-year AFFO guidance.

Key takeaways

Quarterly investment volume surpassed $450 million, marking a 65% increase in the 2025 investment guidance range to $1.5 to $1.65 billion.
Received an A- issuer rating from Fitch, highlighting its strong financial position as one of 13 publicly listed U.S. REITs with this credit rating.
70% of newly acquired properties' annualized base rent comes from investment-grade retailers, reflecting a strategic concentration on high-quality tenants.
Achieved a recapture rate of approximately 104% on 2.4 million square feet of gross leasable area leased in the first nine months, indicating strong demand and effective asset management.

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Avery Dennison Corporation

AVY Q3 2025

Reported: 2025-10-22

Avery Dennison reported a 2% year-over-year earnings increase for Q3 2025, above expectations, reflecting robust execution despite ongoing trade policy challenges.

Key takeaways

Materials Group margins expanded by 50 basis points year-over-year, driven by operational excellence and a positive volume mix from specialty durable labels and adhesives.
Solutions Group achieved 4% organic sales growth, with over 10% growth from both VESCOM and Embellix segments.
A major partnership with Walmart to leverage RFID innovation in fresh grocery categories marks a significant milestone in the Intelligent Labels market.
Despite trade policy uncertainties impacting apparel and general retail, the company anticipates improved year-over-year growth in Q4.
High-value categories now represent 45% of total business, underscoring Avery Dennison's strategic shift towards higher growth and margin opportunities.

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Bridgewater Bancshares, Inc.

BWB Q3 2025

Reported: 2025-10-22

Bridgewater Bancshares reported a robust third quarter characterized by significant deposit growth, strong loan performance, and a solid increase in net interest income. The company continues to enhance shareholder value through strategic initiatives and consistent asset quality.

Key takeaways

Core deposits grew by 11.5% annualized, positioning the bank for aggressive loan expansion.
Loan growth of 6.6% annualized driven by diverse asset classes, contributing to a $1.6 million increase in net interest income.
Tangible book value per share rose 20% annualized in Q3, underscoring effective shareholder value strategies.
Successful launch of new online banking platform and systems conversion from the First Minnetonka City Bank acquisition, reinforcing operational capabilities.
Strong credit quality maintained with non-performing assets low and net charge-offs at just 0.03% of loans.

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EQT Corporation

EQT Q3 2025

Reported: 2025-10-22

EQT reported a strong third quarter with $484 million in free cash flow, driven by robust operational efficiencies and a successful acquisition integration, positioning the company for sustained growth.

Key takeaways

Generated $484 million in free cash flow, exceeding expectations despite $21 million in one-time costs.
Achieved near-record production levels and significant operating cost savings, contributing to the lowest cash costs per unit in company history.
Integrated Olympus Energy within 34 days, enhancing asset productivity with notable improvements in operational efficiency.
Oversubscribed capacity for MVP boost expansion project indicates strong long-term demand, with an expanded capacity expected to drive regional pricing improvements.
Positioned for significant future cash generation with a five-year forecast of $19 billion in cumulative free cash flow at current commodity prices.

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East West Bancorp, Inc.

EWBC Q3 2025

Reported: 2025-10-22

East West Bancorp achieved record quarterly revenue, net income, and earnings per share in Q3 2025, bolstered by strong deposit growth and robust fee income across all business lines.

Key takeaways

Deposits increased by over $1.5 billion, with a notable rise in noninterest-bearing accounts, enhancing liquidity.
Net interest income reached an all-time high of $645 million, supported by a strategic reduction in deposit pricing.
Fee income rose by 13% year-over-year to $92 million, driven by a 36% increase in wealth management fees.
Asset quality remains strong, with net charge-offs of only 13 basis points and nonperforming assets at 25 basis points.
Robust capital position, with a tangible common equity ratio of 10%, supports continued growth and shareholder returns through share repurchases and dividends.

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Hilton Worldwide Holdings Inc.

HLT Q3 2025

Reported: 2025-10-22

Hilton Worldwide Holdings Inc. delivered robust third quarter results, exceeding expectations with strong net unit growth and disciplined cost management despite challenges in RevPAR. The company is on track to return $3.3 billion to shareholders through buybacks and dividends.

Key takeaways

Adjusted EBITDA and adjusted EPS significantly surpassed upper guidance, driven by a resilient portfolio and effective cost control measures.
System-wide RevPAR declined approximately 1% year-over-year, impacted by unfavorable holiday shifts and economic uncertainties; however, group demand is increasing, indicating potential recovery.
Opened 199 hotels with over 24,000 rooms in the quarter, achieving net unit growth of 6.5%, and launched the new Outset Collection brand to capture the growing upper midscale and upscale market segments.
Development pipeline expanded to over 515,000 rooms, with a notable rise in signings—33,000 rooms added, reflecting a 25% year-over-year organic increase.
Anticipate full-year RevPAR to be flat to up 1%, guided by improved performance in the fourth quarter and favorable economic indicators.

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Intuitive Surgical, Inc.

ISRG Q3 2025

Reported: 2025-10-22

Intuitive Surgical reported robust performance in Q3 2025, evidenced by 20% worldwide procedure growth and a 23% increase in revenue, driven by strong adoption of the da Vinci V systems.

Key takeaways

427 da Vinci systems placed in the quarter, with notable demand for 240 da Vinci V upgrades and strong international placements.
Total worldwide procedure growth reached 20%, showcasing significant increases in benign general surgery and ION procedures, which surged by 52%.
Operating discipline led to 30% earnings growth, highlighting efficiency improvements alongside revenue expansion.
Successful regulatory clearances for new software and product features aim to enhance surgeon decision-making and patient outcomes.
Participation in the Intuitive 360 user conference emphasized the commitment of healthcare professionals to improving surgical efficiency and outcomes.

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KKR Real Estate Finance Trust Inc.

KREF Q3 2025

Reported: 2025-10-22

KKR Real Estate Finance Trust reported GAAP net income of $8 million for Q3 2025, alongside an ambitious growth outlook following robust market demand and proactive asset management strategies.

Key takeaways

Distributable earnings for Q3 came in at negative $0.03 per share, but excluding losses, stood at $0.18 per share, with a declared dividend of $0.25.
The company closed $110 million in loans during the quarter and anticipates over $400 million in originations for Q4.
Successfully upsized their Term Loan B to $650 million, enhancing liquidity to $933 million, providing significant operational flexibility.
77% of financing is non-mark to market, with no final maturities before 2027, reinforcing financial stability.
Active management of the $5.9 billion loan portfolio resulted in $480 million in repayments this quarter, supporting ongoing investment opportunities.

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Lithia Motors, Inc.

LAD Q3 2025

Reported: 2025-10-22

Lithia Motors delivered a strong Q3 performance with revenues of $9.7 billion, up 4.9% year-over-year, and adjusted diluted EPS rising 17% to $9.50, benefiting from improved same-store sales and strategic focus on recurring revenue streams.

Key takeaways

Same-store revenue increased by 7.7%, driven by growth across all business lines, particularly strong in the used vehicle and aftersales segments.
Aftersales revenue rose 3.9% with gross profit up 9.1%, highlighting the company's effective customer retention strategies.
Cost control measures were successful, maintaining SG&A at 64.8% despite normalized gross profit margins (GPUs).
Used vehicle revenue increased by 11.8%, reflecting a strategic emphasis on high ROI vehicles and efficient inventory management.
Driveway Finance is experiencing stable earnings growth with improved underwriting discipline, enhancing long-term financial resilience.

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Lennox International Inc.

LII Q3 2025

Reported: 2025-10-22

Lennox International Inc. reported solid third-quarter results, achieving record adjusted EPS of $6.98 despite a 5% decline in revenue driven by soft market conditions, while maintaining high segment margins.

Key takeaways

Achieved record segment margin of 21.7%, reflecting operational discipline amidst challenging market dynamics.
Adjusted EPS increased 4% year-over-year, highlighting strong cost management and pricing strategies.
Home Comfort Solutions segment faced a 12% revenue decline due to reduced sales volume and industry headwinds, while Building Climate Solutions segment posted 10% revenue growth.
Recent acquisitions aimed at enhancing the attachment rate for parts and accessories are expected to drive further growth and synergies in 2026.
Full-year sales outlook revised to a 1% decline, with adjusted EPS projected at $22.75.

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Manhattan Associates, Inc.

MANH Q3 2025

Reported: 2025-10-22

Manhattan Associates reported stronger-than-expected Q3 results, with 21% cloud revenue growth propelling top-line performance and earnings improvement, despite ongoing macroeconomic challenges.

Key takeaways

Cloud revenue growth of 21% year-over-year and RPO increased 23% to $2.1 billion, signaling robust demand.
Strong win rates at 70%, with a notable increase in conversions from existing customers and strong pipeline development for future growth.
New logos contributed to 17% of new cloud bookings in Q3, reflecting solid momentum in expanding market reach and services diversification.
Continued investment in sales and marketing, coupled with the launch of a dedicated renewal team and conversion program, is expected to drive sustained revenue growth.
New COO Greg Betz brings critical experience from Microsoft, aiming to enhance operational frameworks and partner models.

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Moody's Corporation

MCO Q3 2025

Reported: 2025-10-22

Moody's Corporation reported a record $2 billion in quarterly revenue for Q3 2025, reflecting strong operational efficiency and sustained demand in a thriving financial market.

Key takeaways

Quarterly revenue increased by 11% year-over-year, marking a historical high for the company.
Adjusted diluted EPS rose 22% to $3.92, exhibiting consistent earnings growth over the past three years.
Moody's Investors Service achieved 12% revenue growth and surpassed $1 billion in revenue for the third consecutive quarter.
Projected refunding needs are set to exceed $5 trillion over the next four years, indicating robust future demand for Moody's services.
Revenue from private credit-related ratings surged by over 60%, driven by a growing number of private credit deals.

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M/I Homes, Inc.

MHO Q3 2025

Reported: 2025-10-22

M/I Homes reported solid performance in Q3 2025, achieving $140 million in pretax income, despite a year-over-year decline due to challenging market conditions. The company closed a record 2,296 homes, indicating resilience amid uneven demand.

Key takeaways

Pretax income decreased 26% year-over-year, with gross margins at 24% and a solid return on equity of 16%.
Home sales totaled 1,908, down 6% from Q3 2024, although the monthly sales pace averaged 2.7 homes per community.
The more affordable Smart Series homes accounted for 52% of sales, reflecting a strong demand for lower-priced options.
Strong balance sheet with $3.1 billion in equity and a very low debt to capital ratio of 18%, indicating financial stability and flexibility.
Q3 cancellation rate stood at 12%, and first-time buyers represented 50% of total sales, highlighting a shift in buyer demographics.

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Matador Resources Company

MTDR Q3 2025

Reported: 2025-10-22

Matador Resources Company reported a robust Q3 2025, highlighted by a significant 20% increase in dividends and strong operational efficiencies leading to enhanced profitability.

Key takeaways

Achieved over $3 billion in retained earnings for the first time, demonstrating significant balance sheet improvement.
Introduced 12 new wells with projected rates of return exceeding 50%, bolstering future cash flow.
Reduced well completion costs from an initial $880 per lateral foot to approximately $844, resulting in capital savings of $50-60 million.
Anticipated organic growth of 2-5% for 2026, supported by accelerated operations and a strategic focus on high-return projects.
Successfully paid down $670 million in revolving debt, maintaining strong liquidity of $2 billion for operational flexibility.

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Netflix, Inc.

NFLX Q3 2025

Reported: 2025-10-22

Netflix reported robust Q3 2025 results, achieving revenue in line with expectations and setting a record for ad sales, despite a challenging Brazilian tax issue impacting operating income.

Key takeaways

Revenue and engagement metrics remained strong, with record TV viewership shares in both the US and UK.
Best ad sales quarter ever, on track to more than double ad revenue for the year.
Significant developments in live offerings and gaming capabilities, including record viewership for key events like the Canelo Crawford fight.
The recently released film "K-Pop Demon Hunters" became Netflix's most popular feature, reflecting the company's ability to produce culturally resonant content.
A complex Brazilian tax matter impacted operating income; however, future operating results are not expected to be materially affected.

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Omnicom Group Inc.

OMC Q3 2025

Reported: 2025-10-22

Omnicom Group Inc. achieved a solid 2.6% organic revenue growth in Q3 2025, with adjusted EBITDA and net income per share both increasing year-over-year, as the company positions itself for the upcoming acquisition of Interpublic.

Key takeaways

Non-GAAP adjusted EBITDA reached $551.6 million, reflecting a 10 basis point improvement in margin to 16.1% compared to Q3 2024.
Adjusted net income per share rose to $2.24, marking a 10.3% increase from the previous year.
Antitrust clearance is almost complete for the Interpublic acquisition, with expectations to finalize by late November; significant integration planning is underway.
New business wins include major clients like American Express and Porsche, indicating strong momentum as the company prepares for the acquisition.

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PROG Holdings, Inc.

PRG Q3 2025

Reported: 2025-10-22

PROG Holdings reported a strong third quarter, exceeding revenue and earnings expectations driven by robust demand in its BNPL segment, despite challenges in its leasing business.

Key takeaways

Non-GAAP EPS reached $0.90, surpassing guidance of $0.70 to $0.75, marking the company's third consecutive earnings beat.
Consolidated revenue totaled $590.1 million, impacted by the Big Lots bankruptcy but bolstered by impressive triple-digit growth from four Technologies.
Portfolio write-offs improved to 7.4%, remaining within the target range, indicating effective risk management amidst inflationary pressures.
The sale of the Vive Financial portfolio to Atlantica Holdings strengthens the balance sheet and enhances capital efficiency for future investments.

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AT&T Inc.

T Q3 2025

Reported: 2025-10-22

AT&T Inc. delivered a solid third quarter in 2025, with continued customer growth and a strong performance across its broadband and wireless segments, positioning the company favorably for future expansion.

Key takeaways

Net adds of over 400,000 postpaid phone customers highlight strong demand for AT&T's mobility services.
AT&T Fiber and Internet Air achieved their highest total broadband net adds in over eight years, reaching over 10 million premium fiber subscribers.
Total revenues increased by 1.6% year over year, with adjusted EBITDA growing by 2.4% and margins expanding by 30 basis points.
AT&T is on track to expand fiber availability to over 60 million locations by 2030, enhancing its competitive advantage in the market.
Strategic acquisitions of spectrum and fiber assets are expected to bolster connectivity offerings and drive future revenue growth.

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Teck Resources Limited

TECK Q3 2025

Reported: 2025-10-22

Teck Resources reported a strong Q3 2025, with adjusted EBITDA rising 18% year-over-year to $1.2 billion, underpinned by strategic operational improvements and a transformative merger agreement with Anglo American.

Key takeaways

Announced a merger of equals with Anglo American, positioning Anglo Tech as a top five copper producer with over 1.2 million tons of annual copper production.
Adjusted EBITDA rose to $1.2 billion, driven by higher base metal prices and strong performance in zinc operations despite increased operating costs at QB.
Strengthened balance sheet with $9.5 billion in liquidity and $5.3 billion in cash; continued shareholder return through a quarterly base dividend of $0.50 per share.
Operational review concluded with an updated QB action plan aimed at enhancing performance and resolving constraints in production.
Achieved 100% renewable power for Chilean operations, reflecting commitment to sustainability and safety, shown by a 50% improvement in high potential incident frequency rates.

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Thermo Fisher Scientific Inc.

TMO Q3 2025

Reported: 2025-10-22

Thermo Fisher Scientific demonstrated solid operational performance in Q3 2025, achieving a 5% revenue increase to $11.12 billion and raising full-year guidance due to strong growth in its bioproduction and analytical instruments segments.

Key takeaways

Adjusted operating income rose 9% to $2.59 billion, while adjusted EPS grew 10% to $5.79 per share.
Pharma and biotech revenue maintained mid-single-digit growth, supported by strong contributions from bioproduction and analytical instruments.
Diagnostics and Healthcare revenue showed improvement, though it remained down low single digits due to challenging conditions in China.
Continued innovation highlighted by FDA approvals for clinical genomic tests and new launches in proteomics and electron microscopy.
Strengthened customer relationships through strategic collaborations, including a notable partnership with OpenAI.

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TrustCo Bank Corp NY

TRST Q3 2025

Reported: 2025-10-22

TrustCo Bank Corp NY delivered robust financial results in Q3 2025, achieving a 26.3% increase in net income year-over-year, driven by strong loan and deposit growth and effective expense management.

Key takeaways

Net income reached $16.3 million, with a return on average assets of 1.02% and average equity of 9.29%.
Nonperforming loans decreased to 0.36% of total loans, showcasing improved credit quality.
The bank repurchased 298,000 shares this quarter, with 467,000 shares repurchased year-to-date, reflecting confidence in its valuation.
Total deposits grew by $217 million year-over-year, reaching $5.5 billion, indicating strong customer trust and competitive positioning.
Continued expansion in the loan portfolio, with average loans hitting an all-time high of $5.2 billion, led by home equity lines and commercial loans.

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Texas Instruments Incorporated

TXN Q3 2025

Reported: 2025-10-22

Texas Instruments reported strong Q3 2025 performance with revenue of $4.7 billion, reflecting a 14% year-over-year increase, driven by growth across key segments, particularly industrial and automotive.

Key takeaways

Analog revenue grew 16% YoY while embedded processing increased by 9%.
Gross profit margin remained robust at 57%, though it decreased slightly by 50 basis points sequentially.
Significant cash generation with $2.2 billion in operating cash flow; $6.6 billion returned to shareholders over the past year.
Fourth quarter revenue guidance projected between $4.22 billion and $4.58 billion, with EPS expected between $1.13 and $1.39.
Texas Instruments maintains a strong balance sheet with $5.2 billion in cash and a commitment to disciplined capital allocation.

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Vicor Corporation

VICR Q3 2025

Reported: 2025-10-22

Vicor Corporation reported mixed third-quarter results, with a significant revenue decline sequentially primarily due to a prior-period patent settlement, yet maintaining strong year-over-year growth.

Key takeaways

Q3 revenue of $110.4 million decreased 21.7% sequentially but increased 18.5% year-over-year.
Advanced Products and Brick Products revenues rose 8.2% and 26.6% sequentially, respectively.
Gross margin contracted to 57.5%, influenced by the prior quarter's settlement, but improved by 840 basis points year-over-year.
Net income of $28.3 million translated to a GAAP diluted EPS of $0.63, underpinned by a favorable tax benefit.
Licensing revenue run rate nears $90 million annually, with expectations for significant expansion driven by AI applications.

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Vertiv Holdings Co

VRT Q3 2025

Reported: 2025-10-22

Vertiv's Q3 2025 results demonstrated robust growth, surpassing guidance across all key metrics, highlighted by a 63% rise in adjusted EPS and a remarkable 28% increase in organic sales.

Key takeaways

Adjusted EPS reached $1.24, reflecting a 63% year-over-year increase, fueled by strong operating profit.
Organic sales rose 28%, with Americas growing by 43% and a book-to-bill ratio of 1.4, indicating strong demand.
Adjusted operating profit totaled $596 million, marking a 43% increase year-over-year with a solid 22.3% margin.
The company's backlog grew to $9.5 billion, up 30% year-over-year, providing visibility into future revenue.
Full-year guidance has been raised for adjusted EPS, net sales, operating profit, and free cash flow due to sustained momentum.

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Westinghouse Air Brake Technologies Corporation

WAB Q3 2025

Reported: 2025-10-22

Westinghouse Air Brake Technologies Corporation reported a robust third quarter with 8% revenue growth to $2.9 billion and a 16% increase in adjusted EPS, bolstered by strategic acquisitions and a historic international order.

Key takeaways

Total cash flow from operations reached $367 million, reflecting strong financial health.
The twelve-month backlog grew to $8.3 billion, an 8.4% increase, with multi-year backlog setting a record high.
Secured a $4.2 billion order with Kazakhstan's National Railway, underscoring strong international demand.
Continued growth expected in the Transit segment, supported by rising ridership and public investment in rail infrastructure.
Improved operating margins are projected to reach the high teens as the company maintains its focus on cost efficiencies and competitive positioning.

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Western Alliance Bancorporation

WAL Q3 2025

Reported: 2025-10-22

Western Alliance Bancorporation reported record net revenue of $938 million and strong operational efficiency in Q3 2025, driven by robust balance sheet growth and improved mortgage banking performance.

Key takeaways

Achieved EPS of $2.28, with a return on average assets of 1.13% and return on average tangible common equity of 15.6%.
Net interest income rose 30% linked quarter annualized, supported by $6.1 billion in deposits and stable net interest margins.
Non-interest income increased by 27% quarter-over-quarter, largely due to stronger mortgage banking revenue.
Total criticized assets declined by 17%, indicating a solid asset quality outlook.
The adjusted efficiency ratio fell below 50%, highlighting improved operational leverage.

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Winnebago Industries, Inc.

WGO Q4 2025

Reported: 2025-10-22

Winnebago Industries reported a strong Q4 for fiscal 2025, with adjusted diluted EPS of $0.71 and revenues of $777.3 million, driven by performance across motorized RVs and marine products.

Key takeaways

Achieved the high end of revised financial guidance for 2025, reflecting strategic progress in repositioning Winnebago branded RV businesses.
Positive operating cash flow and reduced net leverage ratio indicate improved financial health.
Momentum in sales from Newmar’s Class A Summit Air and Grand Design’s Lineage Series M, with notable growth in the marine segment led by Barletta products.
Wholesale RV shipments projected at 320,000 to 340,000 units for calendar 2025, indicating stable market conditions amidst selective dealer restocking.

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Earnings Recaps

Agree Realty Corporation

Avery Dennison Corporation

Bridgewater Bancshares, Inc.

EQT Corporation

East West Bancorp, Inc.

Hilton Worldwide Holdings Inc.

Intuitive Surgical, Inc.

KKR Real Estate Finance Trust Inc.

Lithia Motors, Inc.

Lennox International Inc.

Manhattan Associates, Inc.

Moody's Corporation

M/I Homes, Inc.

Matador Resources Company

Netflix, Inc.

Omnicom Group Inc.

PROG Holdings, Inc.

AT&T Inc.

Teck Resources Limited

Thermo Fisher Scientific Inc.

TrustCo Bank Corp NY

Texas Instruments Incorporated

Vicor Corporation

Vertiv Holdings Co

Westinghouse Air Brake Technologies Corporation

Western Alliance Bancorporation

Winnebago Industries, Inc.

Community

Earnings Recaps

Agree Realty Corporation

Avery Dennison Corporation

Bridgewater Bancshares, Inc.

EQT Corporation

East West Bancorp, Inc.

Hilton Worldwide Holdings Inc.

Intuitive Surgical, Inc.

KKR Real Estate Finance Trust Inc.

Lithia Motors, Inc.

Lennox International Inc.

Manhattan Associates, Inc.

Moody's Corporation

M/I Homes, Inc.

Matador Resources Company

Netflix, Inc.

Omnicom Group Inc.

PROG Holdings, Inc.

AT&T Inc.

Teck Resources Limited

Thermo Fisher Scientific Inc.

TrustCo Bank Corp NY

Texas Instruments Incorporated

Vicor Corporation

Vertiv Holdings Co

Westinghouse Air Brake Technologies Corporation

Western Alliance Bancorporation

Winnebago Industries, Inc.

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