BW LPG Limited

BWLPG.OL Q2 2026

Reported: 2026-10-21

Shares fell 2.5% after results. The main disappointment was Q2 shipping TCE of $74,000 per available day, below the company’s $81,000 guidance; management attributed the gap primarily to negative IFRS 15 and FFA adjustments.

Key takeaways

Q2 profit after minority interest was $120 million, or $0.79 per share.
BW Product Services recorded a $127 million realized trading gain but a $31 million after-tax loss, primarily reflecting a $145 million negative mark-to-market change in open positions.
For Q3, BW LPG expects about $88,000 per day fixed for 92% of available days; 41% are covered by time charters at $44,300 per day. The stated all-in cash breakeven is $24,900 per day.
The board declared a $0.95-per-share dividend, equal to 100% of shipping NPAT and above the dividend policy guidance.
The company sold the BW Elm, BW Birch and BW Levant, and fixed a five-year time charter for a 2016-built dual-fuel retrofit vessel at a mid-to-high-$40,000 daily rate, with delivery expected at the end of 2026.

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Cleveland-Cliffs Inc.

CLF Q3 2026

Reported: 2026-10-21

Cleveland-Cliffs shares rose 12.6% after earnings, with investors likely responding to Q3 adjusted EBITDA more than doubling sequentially and management’s claim that 2027 contract renewals should add over $1 billion in year-over-year EBITDA before any changes in underlying pricing indices. The outlook is encouraging, though the contract benefit is prospective and depends on the company’s assumptions about pricing and demand.

Key takeaways

Q3 adjusted EBITDA was $612 million, up from $286 million in Q2; management said shipments and selling prices improved and costs performed better than guided.
The company said 2027 contract renewals should generate more than $1 billion of year-over-year EBITDA improvement, before changes in underlying pricing indices; nearly all customers are seeking more contracted steel than in 2026.
Management said domestic steel prices are at their best level in three years and imports remain approximately 35%–40% below pre-Section 232 tariff levels.
Cleveland-Cliffs postponed the Burns Harbor C-Blast furnace reline from mid-2027 to April 2028, citing equipment health and contract strength.
The rescoped Middletown modernization is a $1 billion project, including $500 million of Department of Energy support, with completion expected in Q1 2030.

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ITM Power Plc

ITM.L Q4 2026

Reported: 2026-10-21

ITM Power shares fell 6.5% after earnings, with the likely pressure coming from a cautious FY2027 outlook: management said hydrogen-project final investment decisions are taking longer than anticipated, while the transcript provides no FY2027 guidance figures. Record FY2026 revenue and a higher share of profitable backlog were positives, but do not remove the uncertainty around project timing.

Key takeaways

FY2026 revenue reached a record £43.6 million, up 68% year on year and more than 700% over three years.
The company ended the year with more cash than it started with; backlog remained at a “healthy” level despite record revenue recognition.
Profitable contracts made up 83% of backlog, up from 60% at the start of FY2026.
Management said many hydrogen-project FIDs are taking longer than anticipated, even as it described underlying market fundamentals as strengthened.
ITM reported progress on projects including RWE’s 200 MW Lingen plant, Linde’s Leuna project, and Shell’s 100 MW REFHYNE II.

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Truist Financial Corporation

TFC Q3 2026

Reported: 2026-10-21

Truist shares slipped 0.5% after results management said were broadly in line with expectations. Lower loan balances and investment-banking revenue pushed out late in the quarter tempered the positives in deposits, asset quality, wealth management, and expenses.

Key takeaways

EPS grew 12% year over year, excluding the previously announced RAC sale and related capital-neutral AFS repositioning.
Loan balances were lower as the bank sharpened its focus on risk-adjusted returns and experienced higher-than-expected paydowns.
Investment-banking revenue was delayed late in the quarter amid broader market volatility.
Client deposit growth and asset quality were better than expected; wealth management performed ahead of plan, and costs came in below plan.
The new CEO outlined a strategy to prioritize relationship-based businesses and redirect investment toward areas including technology, payments, client-facing talent, and the branch network.

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Zions Bancorporation, National Association

ZION Q3 2026

Reported: 2026-10-21

Zions’ third-quarter results were mixed, and the stock rose 1.9% after earnings. Earnings per share increased year over year, but net interest margin declined from both the prior quarter and year-ago period, while adjusted pre-provision net revenue fell 4% year over year.

Key takeaways

Net earnings available to common shareholders were $262 million, or $1.78 per share, up 20% from $1.48 a year earlier and 2% from $1.74 in the prior quarter, adjusted for that quarter’s large equity securities gains.
Net interest margin was 3.23%, down 4 basis points sequentially and 5 basis points year over year. Loans grew 3.7% and customer deposits 8.8% on an annualized basis from the prior quarter.
Adjusted pre-provision net revenue was $338 million, up 2% sequentially but down $14 million, or 4%, year over year. The quarter included $4 million of expense tied to the acquired multifamily agency platform.
Credit losses remained modest at 2 basis points annualized of average loans.
For the multifamily agency business, Zions expects $17 million–$20 million in revenue and $12 million–$13 million in expense in 2027; medium-term annual revenue is projected at $30 million–$40 million, with growth dependent in part on market conditions.

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Earnings Recaps

BW LPG Limited

Cleveland-Cliffs Inc.

ITM Power Plc

Truist Financial Corporation

Zions Bancorporation, National Association

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Earnings Recaps

BW LPG Limited

Cleveland-Cliffs Inc.

ITM Power Plc

Truist Financial Corporation

Zions Bancorporation, National Association

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