Rogers Corporation Schedules Second Quarter 2025 Earnings Call for July 31
A live webcast of the event and related slide presentation can be accessed on Rogers' Investor Relations website at https://rogerscorp.com/investors. A replay of the event will also be available on the Investor Relations' website.
About Rogers Corporation
Rogers Corporation (NYSE:ROG) is a global leader in engineered materials to power, protect and connect our world. Rogers delivers innovative solutions to help our customers solve their toughest material challenges. Rogers' advanced electronic and elastomeric materials are used in applications for EV/HEV, automotive safety and radar systems, mobile devices, renewable energy, wireless infrastructure, energy-efficient motor drives, industrial equipment and more. Headquartered in Chandler, Arizona, Rogers operates manufacturing facilities in the United States, Asia and Europe, with sales offices worldwide.
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Enterprise Reports Second Quarter 2025 Earnings
HOUSTON, July 28, 2025--(BUSINESS WIRE)--Enterprise Products Partners L.P. ("Enterprise") (NYSE: EPD) today announced its financial results for the three and six months ended June 30, 2025. Enterprise reported net income attributable to common unitholders of $1.4 billion for the second quarters of 2025 and 2024. On a fully diluted basis, net income attributable to common unitholders was $0.66 per common unit for the second quarter of 2025, an increase of 3 percent compared to $0.64 per common unit for the second quarter of 2024. Distributable Cash Flow ("DCF") was $1.9 billion for the second quarter of 2025, a 7 percent increase compared to $1.8 billion for the second quarter of 2024. Distributions declared with respect to the second quarter of 2025 increased 3.8 percent to $0.545 per common unit, or $2.18 per common unit annualized, compared to distributions declared for the second quarter of 2024. DCF provided 1.6 times coverage of the distribution declared for the second quarter of this year, and Enterprise retained $748 million of DCF. Adjusted cash flow from operations ("Adjusted CFFO") was $2.1 billion for both the second quarters of 2025 and 2024. Adjusted CFFO was $8.6 billion for the twelve months ended June 30, 2025. Enterprise repurchased approximately $110 million of its common units on the open market in the second quarter of 2025. Enterprise's payout ratio, comprised of distributions to common unitholders and partnership common unit buybacks, for the twelve months ended June 30, 2025, was 57 percent of Adjusted CFFO. Total capital investments were $1.3 billion in the second quarter of 2025, which included $1.2 billion for growth capital projects and $117 million of sustaining capital expenditures. Expectations for organic growth capital investments continue to be in the range of $4.0 billion to $4.5 billion in 2025, and $2.0 billion to $2.5 billion in 2026. Sustaining capital expenditures are expected to total approximately $525 million in 2025. Total debt principal outstanding at June 30, 2025 was $33.1 billion. At June 30, 2025, Enterprise had consolidated liquidity of approximately $5.1 billion, comprised of available borrowing capacity under its revolving credit facilities and unrestricted cash on hand. Conference Call to Discuss Second Quarter 2025 Earnings Enterprise will host a conference call today to discuss second quarter 2025 earnings. The call will be webcast live beginning at 9:00 a.m. CT and may be accessed by visiting the partnership's website at Second Quarter 2025 Financial Highlights Three Months EndedJune 30, 2025 2024 ($ in millions, except per unit amounts) Operating income (1) $ 1,795 $ 1,765 Net income (1) $ 1,454 $ 1,422 Fully diluted earnings per common unit $ 0.66 $ 0.64 Total gross operating margin (1) (2) $ 2,477 $ 2,412 Adjusted EBITDA (2) $ 2,408 $ 2,389 Adjusted CFFO (2) $ 2,111 $ 2,065 Adjusted FCF (2) $ 812 $ 814 DCF (2) $ 1,939 $ 1,812 Operational DCF (2) $ 1,914 $ 1,808 (1) Operating income, net income, and gross operating margin include mark-to-market ("MTM") gains on financial instruments used in our commodity hedging activities of $52 million for the second quarter of 2025 compared to gains of $12 million for the second quarter of 2024. (2) Total gross operating margin, adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA"), Adjusted CFFO, adjusted free cash flow ("Adjusted FCF"), DCF and Operational Distributable Cash Flow ("Operational DCF") are non-generally accepted accounting principle ("non-GAAP") financial measures that are defined and reconciled later in this press release. Second Quarter 2025 Volume Highlights Three Months EndedJune 30, 2025 2024 Equivalent pipeline transportation volumes (million BPD)(1) 13.6 12.8 NGL, crude oil, refined products & petrochemical pipeline volumes (million BPD) 8.2 7.8 Marine terminal volumes (million BPD) 2.1 2.2 Natural gas pipeline volumes (TBtus/d) 20.4 18.7 NGL fractionation volumes (million BPD) 1.7 1.7 Propylene plant production volumes (MBPD) 118 107 Natural gas processing plant inlet volumes (Bcf/d) 7.8 7.5 Fee-based natural gas processing volumes (Bcf/d) 7.3 6.6 Equity NGL-equivalent production volumes (MBPD) 214 218 (1) Represents total NGL, crude oil, refined products and petrochemical transportation volumes plus equivalent energy volumes where 3.8 million British thermal units ("MMBtus") of natural gas transportation volumes are equivalent to one barrel of NGLs transported. As used in this press release, "NGL" means natural gas liquids, "LPG" means liquefied petroleum gas, "BPD" means barrels per day, "MBPD" means thousand barrels per day, "MMcf/d" means million cubic feet per day, "Bcf/d" means billion cubic feet per day, "BBtus/d" means billion British thermal units per day and "TBtus/d" means trillion British thermal units per day. "In a seasonally weaker quarter challenged with macroeconomic, geopolitical, and commodity price headwinds, Enterprise reported solid earnings and cash flow," said A. J. "Jim" Teague, co-chief executive officer of Enterprise's general partner. "Our assets continued to perform setting five new operating records. Notably, driven by the Permian and Haynesville Basins, we reported record natural gas processing plant inlet volumes of 7.8 Bcf/d, record natural gas pipeline volumes of 20.4 TBtus/d, and record crude oil pipeline volumes of 2.6 million BPD. Additionally, our refined products and petrochemical pipelines had record volumes of 1.0 million BPD." "The performance of our fee-based assets and natural gas marketing more than offset lower earnings in our crude oil marketing businesses and the effect of lower commodity prices and margins on our natural gas processing and octane enhancement activities. Distributable cash flow for the second quarter of 2025 increased 7 percent to $1.9 billion, compared to the same quarter in 2024, providing 1.6 times coverage of the $0.545 per unit cash distribution that is scheduled to be paid on August 14, 2025. The partnership retained $748 million to reinvest in the growth of the partnership," said Teague. "We are excited for the opportunities the second half of 2025 is poised to present with approximately $6 billion of our organic growth capital projects slated to enter commercial service. This includes a significant expansion of our natural gas processing infrastructure in the Permian Basin with the recent commissioning of two new 300 MMcf/d processing facilities. With the addition of Mentone West 1, Enterprise now has the capacity to process over 2.5 Bcf/d of natural gas and extract more than 330 MBPD of NGLs in the Delaware Basin. With the addition of Orion, we now have the capacity to process 1.9 Bcf/d of natural gas and extract more than 270 MBPD of NGLs in the Midland Basin. Enterprise's continued investment in natural gas processing infrastructure supports our producer customers' needs and brings additional volume into our highly integrated NGL value chain," continued Teague. "Further downstream, we are beginning service at the Neches River Terminal ("NRT") in Orange County, Texas. The NRT dock and a 120 MBPD ethane refrigeration train were commissioned in mid-July, enabling loading operations at Phase 1 of this major project. The successful commercialization of the NRT facility reflects the robust growing global demand for U.S. hydrocarbons and highlights Enterprise's ability to quickly and economically expand its footprint to meet the needs of international markets. Finally, we look forward to the upcoming commissioning of Frac 14 and the Bahia pipeline in the fourth quarter of this year," Teague concluded. Review of Second Quarter 2025 Results Total gross operating margin was $2.5 billion for the second quarter of 2025 compared to $2.4 billion for the second quarter of 2024. NGL Pipelines & Services – Gross operating margin from the NGL Pipelines & Services segment was $1.3 billion for both the second quarters of 2025 and 2024. Gross operating margin from the natural gas processing business and related NGL marketing activities was $341 million for the second quarter of 2025 compared to $386 million for the second quarter of 2024. Gross operating margin for the second quarter of 2025 was impacted by $16 million of MTM losses related to hedging activities, compared to negligible MTM gains included in the second quarter of 2024. Natural gas processing plant inlet volumes were a record 7.8 Bcf/d in the second quarter of 2025, a 3 percent increase compared to the second quarter of 2024. Total fee-based natural gas processing volumes increased 10 percent, or 688 MMcf/d, to a record 7.3 Bcf/d in the second quarter of 2025, compared to the second quarter of 2024. Total equity NGL-equivalent production volumes were 214 MBPD and 218 MBPD in the second quarters of 2025 and 2024, respectively. The following highlights summarize selected variances within this business, with results for the second quarter of 2025 as compared to the second quarter of 2024: Gross operating margin from NGL marketing activities decreased $18 million primarily due to lower MTM results. Gross operating margin from Permian natural gas processing facilities, including the Delaware Basin and Midland Basin assets, decreased $14 million primarily due to higher operating costs, an unfavorable impact from hedging, and lower margins on related condensate sales. Permian Basin processing plant inlet volumes increased 420 MMcf/d, including increases of 252 MMcf/d in the Delaware Basin and 168 MMcf/d in the Midland Basin. Gross operating margin from Rockies natural gas processing facilities decreased $11 million primarily due to lower average processing margins and lower processing volumes. Rockies processing plant inlet volumes decreased 137 MMcf/d. Gross operating margin from the NGL pipelines and storage business was $732 million for the second quarter of 2025, an increase of $31 million compared to the second quarter of 2024. Total NGL pipeline volumes were 4.6 million BPD in the second quarter of 2025, a 221 MBPD, or 5 percent, increase over the second quarter of 2024. Total NGL marine terminal volumes were 942 MBPD in the second quarter of 2025, a 66 MBPD, or 8 percent, increase compared to the second quarter of 2024. The following highlights summarize selected variances within this business, with results for the second quarter of 2025 as compared to the second quarter of 2024: On a combined basis, the pipelines serving the Permian and Rocky Mountain regions reported a $23 million increase in gross operating margin. This includes the Mid-America Pipeline System, Seminole NGL Pipeline, Shin Oak NGL Pipeline and Chaparral NGL Pipeline. The variance was primarily driven by a 40 MBPD increase in volumes, higher average fees and other revenues. Eastern ethane pipelines, which include the ATEX and Aegis pipelines, reported a $14 million increase in gross operating margin primarily due to a 100 MBPD increase in volumes and higher average fees. Gross operating margin from LPG-related activities at the Enterprise Hydrocarbons Terminal ("EHT") decreased 46 percent, or $37 million, primarily due to lower average contract and spot loading fees, partially offset by an increase in revenues associated with a 55 MBPD increase in LPG export volumes. Gross operating margin from Morgan's Point Ethane Export Terminal increased $4 million primarily due to an 11 MBPD increase in export volumes. Gross operating margin from the Houston Ship Channel Pipeline System increased $5 million primarily due to a 67 MBPD increase in transportation volumes. Gross operating margin from the NGL fractionation business was $224 million for the second quarter of 2025 compared to $238 million for the second quarter of 2024. Total NGL fractionation volumes were 1.7 million BPD for both the second quarters of 2025 and 2024. The following highlights summarize selected variances within this business, with results for the second quarter of 2025 as compared to the second quarter of 2024: Gross operating margin from our NGL fractionators decreased a net $14 million primarily due to lower ancillary service revenues and higher operating costs, partially offset by higher average fractionation fees at our Mont Belvieu area NGL fractionation complex. Crude Oil Pipelines & Services – Gross operating margin from the Crude Oil Pipelines & Services segment was $403 million for the second quarter of 2025 compared to $417 million for the second quarter of 2024. Total crude oil pipeline volumes were a record 2.6 million BPD in the second quarter of 2025 compared to 2.5 million BPD in the second quarter of 2024. Total crude oil marine terminal volumes were 811 MBPD in the second quarter of 2025 compared to 977 MBPD in the second quarter of 2024. The following highlights summarize selected variances within this segment, with results for the second quarter of 2025 as compared to the second quarter of 2024: On a combined basis, gross operating margin from our crude oil assets and crude oil marketing decreased a net $14 million primarily due to lower sales volumes from marketing activities, partially offset by lower operating costs and an increase in storage and loading revenues at EHT. Natural Gas Pipelines & Services – Gross operating margin for the Natural Gas Pipelines & Services segment was $417 million for the second quarter of 2025 compared to $293 million for the second quarter of 2024. Total natural gas pipeline volumes were a record 20.4 TBtus/d in the second quarter of 2025, a 9 percent increase compared to 18.7 TBtus/d for the same quarter in 2024. The following highlights summarize selected variances within this segment, with results for the second quarter of 2025 as compared to the second quarter of 2024: Gross operating margin from our natural gas marketing business increased $75 million primarily due to a $55 million increase in MTM earnings and higher average sales margins. Permian natural gas gathering, including Delaware Basin and Midland Basin gathering systems, reported a combined $24 million net increase in gross operating margin primarily due to a 1.0 TBtus/d increase in gathering volumes and higher treating and other revenues, partially offset by higher operating costs. Gross operating margin from the Texas Intrastate System increased $21 million primarily due to higher transportation-related revenues. Pipeline volumes increased 426 BBtus/d. Petrochemical & Refined Products Services – Gross operating margin for the Petrochemical & Refined Products Services segment was $354 million for the second quarter of 2025 compared to $392 million for the second quarter of 2024. Total segment pipeline volumes were a record 1.0 million BPD in the second quarter of 2025 compared to 960 MBPD in the second quarter of 2024. Total marine terminal volumes were 328 MBPD in the second quarter of 2025 compared to 359 MBPD for the second quarter of 2024. The following highlights summarize selected variances within this segment, with results for the second quarter of 2025 as compared to the second quarter of 2024: Propylene production and related activities reported a net $4 million increase in gross operating margin primarily driven by higher propylene volumes at the partnership's propane dehydrogenation ("PDH") facilities, partially offset by higher operating costs. Total propylene and associated by-product production volumes increased 11 MBPD, net to our interest. Propylene production at the partnership's PDH facilities increased 25 MBPD, partially offset by a 14 MBPD decrease in production stemming from maintenance at the propylene splitters. The PDH 1 facility was down for approximately 27 days during the second quarter of 2025 for maintenance compared to 79 days in the same quarter of last year. The PDH 2 facility operated above 90% of its nameplate capacity in the quarter, compared to approximately 60% in the second quarter of 2024. Gross operating margin from our octane enhancement and related plant operations decreased $49 million primarily due to lower average sales margins. Use of Non-GAAP Financial Measures This press release and accompanying schedules include the non-GAAP financial measures of total gross operating margin, Adjusted CFFO, FCF, Adjusted FCF, DCF, Operational DCF and Adjusted EBITDA. The accompanying schedules provide definitions of these non-GAAP financial measures and reconciliations to their most directly comparable financial measure calculated and presented in accordance with GAAP. Our non-GAAP financial measures should not be considered as alternatives to GAAP measures such as net income, operating income, net cash flow provided by operating activities or any other measure of financial performance calculated and presented in accordance with GAAP. Our non-GAAP financial measures may not be comparable to similarly titled measures of other companies because they may not calculate such measures in the same manner as we do. Company Information and Use of Forward-Looking Statements Enterprise Products Partners L.P. is one of the largest publicly traded partnerships and a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals. Services include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage and marine terminals; crude oil gathering, transportation, storage and marine terminals; petrochemical and refined products transportation, storage and marine terminals; and a marine transportation business that operates on key U.S. inland and intracoastal waterway systems. The partnership's assets currently include more than 50,000 miles of pipelines; over 300 million barrels of storage capacity for NGLs, crude oil, petrochemicals and refined products; and 14 billion cubic feet of natural gas storage capacity. This press release includes forward-looking statements. Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve certain risks and uncertainties, such as the partnership's expectations regarding future results, capital expenditures, project completions, liquidity and financial market conditions. These risks and uncertainties include, among other things, insufficient cash from operations, adverse market conditions, governmental regulations and other factors discussed in Enterprise's filings with the U.S. Securities and Exchange Commission. If any of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those expected. The partnership disclaims any intention or obligation to update publicly or reverse such statements, whether as a result of new information, future events or otherwise. Enterprise Products Partners L.P. Exhibit A Condensed Statements of Consolidated Operations – UNAUDITED ($ in millions, except per unit amounts) For the Three MonthsEnded June 30, For the Six MonthsEnded June 30, For the TwelveMonths EndedJune 30, 2025 2024 2025 2024 2025 Revenues $ 11,363 $ 13,483 $ 26,780 $ 28,243 $ 54,756 Costs and expenses: Operating costs and expenses 9,592 11,762 23,282 24,736 47,591 General and administrative costs 68 57 128 123 249 Total costs and expenses 9,660 11,819 23,410 24,859 47,840 Equity in income of unconsolidated affiliates 92 101 186 203 391 Operating income 1,795 1,765 3,556 3,587 7,307 Other income (expense): Interest expense (332 ) (332 ) (672 ) (663 ) (1,361 ) Other, net 7 4 16 17 48 Total other expense, net (325 ) (328 ) (656 ) (646 ) (1,313 ) Income before income taxes 1,470 1,437 2,900 2,941 5,994 Provision for income taxes (16 ) (15 ) (40 ) (36 ) (69 ) Net income 1,454 1,422 2,860 2,905 5,925 Net income attributable to noncontrolling interests (18 ) (16 ) (30 ) (42 ) (57 ) Net income attributable to preferred units (1 ) (1 ) (2 ) (2 ) (4 ) Net income attributable to common unitholders $ 1,435 $ 1,405 $ 2,828 $ 2,861 $ 5,864 Per common unit data (fully diluted): Earnings per common unit $ 0.66 $ 0.64 $ 1.29 $ 1.30 $ 2.68 Average common units outstanding (in millions) 2,190 2,194 2,190 2,194 2,191 Supplemental financial data: Net cash flow provided by operating activities $ 2,061 $ 1,574 $ 4,375 $ 3,685 $ 8,805 Net cash flow used in investing activities $ 1,274 $ 1,243 $ 2,321 $ 2,281 $ 5,473 Net cash flow used in financing activities $ 145 $ 281 $ 1,796 $ 1,290 $ 2,670 Total debt principal outstanding at end of period $ 33,057 $ 30,621 $ 33,057 $ 30,621 $ 33,057 Non-GAAP Distributable Cash Flow (1) $ 1,939 $ 1,812 $ 3,952 $ 3,727 $ 8,064 Non-GAAP Operational Distributable Cash Flow (1) $ 1,914 $ 1,808 $ 3,923 $ 3,750 $ 8,031 Non-GAAP Adjusted EBITDA (2) $ 2,408 $ 2,389 $ 4,852 $ 4,858 $ 9,893 Non-GAAP Adjusted Cash flow from operations (3) $ 2,111 $ 2,065 $ 4,222 $ 4,212 $ 8,631 Non-GAAP Free Cash Flow (4) ... $ 762 $ 323 $ 2,020 $ 1,366 $ 3,320 Non-GAAP Adjusted Free Cash Flow (4) $ 812 $ 814 $ 1,867 $ 1,893 $ 3,146 Gross operating margin by segment: NGL Pipelines & Services $ 1,297 $ 1,325 $ 2,715 $ 2,665 $ 5,598 Crude Oil Pipelines & Services 403 417 777 828 1,595 Natural Gas Pipelines & Services 417 293 774 605 1,446 Petrochemical & Refined Products Services 354 392 669 836 1,380 Total segment gross operating margin (5) 2,471 2,427 4,935 4,934 10,019 Net adjustment for shipper make-up rights (6) 6 (15 ) (27 ) (32 ) (29 ) Non-GAAP total gross operating margin (7) $ 2,477 $ 2,412 $ 4,908 $ 4,902 $ 9,990 (1) See Exhibit F for reconciliation to GAAP net cash flow provided by operating activities. (2) See Exhibit G for reconciliation to GAAP net cash flow provided by operating activities. (3) See Exhibit E for reconciliation to GAAP net cash flow provided by operating activities. (4) See Exhibit D for reconciliation to GAAP net cash flow provided by operating activities. (5) Within the context of this table, total segment gross operating margin represents a subtotal and corresponds to measures similarly titled within the financial statement footnotes provided in our quarterly and annual filings with the U.S. Securities and Exchange Commission ("SEC"). (6) Gross operating margin by segment for NGL Pipelines & Services and Crude Oil Pipelines & Services reflects adjustments for non-refundable deferred transportation revenues relating to the make-up rights of committed shippers on certain major pipeline projects. These adjustments are included in managements' evaluation of segment results. However, these adjustments are excluded from non-GAAP total gross operating margin in compliance with guidance from the SEC. (7) See Exhibit H for reconciliation to GAAP total operating income. Enterprise Products Partners L.P. Exhibit B Selected Operating Data – UNAUDITED For the Three MonthsEnded June 30, For the Six MonthsEnded June 30, For the TwelveMonths EndedJune 30, 2025 2024 2025 2024 2025 Selected operating data:(1) NGL Pipelines & Services, net: NGL pipeline transportation volumes (MBPD) 4,562 4,341 4,504 4,291 4,534 NGL marine terminal volumes (MBPD) 942 876 968 886 957 NGL fractionation volumes (MBPD) 1,667 1,679 1,657 1,661 1,666 Equity NGL-equivalent production volumes (MBPD) (2) 214 218 220 202 212 Fee-based natural gas processing volumes (MMcf/d) (3,4) 7,266 6,578 7,223 6,499 7,093 Natural gas processing inlet volumes (MMcf/d) (5) 7,768 7,513 7,744 7,328 7,633 Crude Oil Pipelines & Services, net: Crude oil pipeline transportation volumes (MBPD) 2,622 2,528 2,554 2,491 2,561 Crude oil marine terminal volumes (MBPD) 811 977 774 1,035 825 Natural Gas Pipelines & Services, net: Natural gas pipeline transportation volumes (BBtus/d) (6) 20,405 18,714 20,358 18,824 20,038 Petrochemical & Refined Products Services, net: Propylene production volumes (MBPD) 118 107 115 107 118 Butane isomerization volumes (MBPD) 122 119 118 118 118 Standalone DIB processing volumes (MBPD) 186 211 187 204 190 Octane enhancement and related plant sales volumes (MBPD) (7) 39 39 42 37 38 Pipeline transportation volumes, primarily refined products and petrochemicals (MBPD) 1,008 960 977 915 978 Refined products and petrochemicals marine terminal volumes (MBPD) (8) 328 359 320 355 309 Total, net: NGL, crude oil, petrochemical and refined products pipeline transportation volumes (MBPD) 8,192 7,829 8,035 7,697 8,073 Natural gas pipeline transportation volumes (BBtus/d) 20,405 18,714 20,358 18,824 20,038 Equivalent pipeline transportation volumes (MBPD) (9) 13,562 12,754 13,392 12,651 13,346 NGL, crude oil, refined products and petrochemical marine terminal volumes (MBPD) 2,081 2,212 2,062 2,276 2,091 (1) Operating rates are calculated based on total volumes divided by the number of calendar days during the applicable period. Total volumes, which include volumes for newly constructed assets from the related in-service date and for recently purchased assets from the related acquisition date, reflect volumes for assets owned by consolidated entities on a 100% basis and volumes for assets owned by our unconsolidated affiliates net to our ownership interest. (2) Primarily represents the NGL and condensate volumes we earn and take title to in connection with our processing activities. The total equity NGL-equivalent production volumes also include residue natural gas volumes from our natural gas processing business. (3) Volumes reported correspond to the revenue streams earned by our gas plants. "MMcf/d" means million cubic feet per day. (4) Fee-based natural gas processing volumes are measured at either the wellhead or plant inlet in MMcf/d. (5) Natural gas processing inlet volumes is an operational measure representing the physical, unprocessed rich natural gas passing through meters located at or near the inlet of our natural gas processing plants or at the wellhead for all natural gas processing facilities that we operate. Substantially all natural gas processing inlet volumes are processed under service contracts that are either fee-based, commodity-based or a combination of both. Natural gas processing inlet volumes are reflected in "Fee-based natural gas processing volumes" for volumes processed under fee-based service contracts, "Equity NGL-equivalent production volumes" for volumes processed under commodity-based service contracts or both of the aforementioned categories for volumes processed under service contracts that have both fee and commodity-based terms. (6) "BBtus/d" means billion British thermal units per day. (7) Reflects aggregate sales volumes for our octane enhancement and isobutane dehydrogenation ("iBDH") facilities located at our Mont Belvieu area complex and our high-purity isobutylene production facility located adjacent to the Houston Ship Channel. (8) In addition to exports of refined products, these amounts include loading volumes at our ethylene export terminal. (9) Represents total NGL, crude oil, refined products and petrochemical transportation volumes plus equivalent energy volumes where 3.8 million British thermal units ("MMBtus") of natural gas transportation volumes are equivalent to one barrel of NGLs transported. Enterprise Products Partners L.P. Exhibit C Selected Commodity Price Information – UNAUDITED Natural Gas,$/MMBtu Ethane,$/gallon Propane,$/gallon Normal Butane,$/gallon Isobutane,$/gallon Natural Gasoline,$/gallon Polymer Grade Propylene,$/pound Refinery Grade Propylene,$/pound (1) (2) (2) (2) (2) (2) (3) (3) 2024 by quarter: 1st Quarter $2.25 $0.19 $0.84 $1.03 $1.14 $1.54 $0.55 $0.18 2nd Quarter $1.89 $0.19 $0.75 $0.90 $1.26 $1.55 $0.47 $0.21 3rd Quarter $2.15 $0.16 $0.73 $0.97 $1.08 $1.48 $0.53 $0.28 4th Quarter $2.79 $0.22 $0.78 $1.13 $1.12 $1.50 $0.42 $0.24 2024 Averages $2.27 $0.19 $0.78 $1.01 $1.15 $1.52 $0.49 $0.23 2025 by quarter: 1st Quarter $3.65 $0.27 $0.90 $1.06 $1.07 $1.53 $0.45 $0.33 2nd Quarter $3.44 $0.24 $0.78 $0.88 $0.93 $1.32 $0.38 $0.30 2025 Averages $3.55 $0.26 $0.84 $0.97 $1.00 $1.43 $0.42 $0.32 (1) Natural gas prices are based on Henry-Hub Inside FERC commercial index prices as reported by Platts, which is a division of S&P Global, Inc. (2) NGL prices for ethane, propane, normal butane, isobutane and natural gasoline are based on Mont Belvieu Non-TET commercial index prices as reported by Oil Price Information Service, which is a division of Dow Jones. (3) Polymer grade propylene prices represent average contract pricing for such product as reported by IHS Markit ("IHS"), which is a division of S&P Global, Inc. Refinery grade propylene prices represent weighted-average spot prices for such product as reported by IHS. WTI Crude Oil,$/barrel Midland Crude Oil,$/barrel Houston Crude Oil,$/barrel (1) (2) (2) 2024 by quarter: 1st Quarter $76.96 $78.55 $78.85 2nd Quarter $80.57 $81.73 $82.33 3rd Quarter $75.10 $75.96 $76.51 4th Quarter $70.27 $71.19 $71.72 2024 Averages $75.73 $76.86 $77.35 2025 by quarter: 1st Quarter $71.42 $72.52 $72.81 2nd Quarter $63.87 $64.42 $64.65 2025 Averages $67.65 $68.47 $68.73 (1) West Texas Intermediate ("WTI") prices are based on commercial index prices at Cushing, Oklahoma as measured by the NYMEX. (2) Midland and Houston crude oil prices are based on commercial index prices as reported by Argus. The weighted-average indicative market price for NGLs (based on prices for such products at Mont Belvieu, Texas, which is the primary industry hub for domestic NGL production) was $0.58 per gallon during the second quarter of 2025 versus $0.59 per gallon during the second quarter of 2024. Fluctuations in our consolidated revenues and cost of sales amounts are explained in large part by changes in energy commodity prices. An increase in our consolidated marketing revenues due to higher energy commodity sales prices may not result in an increase in gross operating margin or cash available for distribution, since our consolidated cost of sales amounts would also be expected to increase due to comparable increases in the purchase prices of the underlying energy commodities. The same type of relationship would be true in the case of lower energy commodity sales prices and purchase costs. Enterprise Products Partners L.P. Exhibit D Free Cash Flow and Adjusted Free Cash Flow – UNAUDITED ($ in millions) For the Three MonthsEnded June 30, For the Six MonthsEnded June 30, 2025 2024 2025 2024 Free Cash Flow ("FCF") and Adjusted FCF Net cash flow provided by operating activities (GAAP) $ 2,061 $ 1,574 $ 4,375 $ 3,685 Adjustments to reconcile net cash flow provided by operating activities to FCF and Adjusted FCF (addition or subtraction indicated by sign): Net cash flow used in investing activities (1,274 ) (1,243 ) (2,321 ) (2,281 ) Cash contributions from noncontrolling interests 1 17 5 25 Cash distributions paid to noncontrolling interests (26 ) (25 ) (39 ) (63 ) FCF (non-GAAP) $ 762 $ 323 $ 2,020 $ 1,366 Net effect of changes in operating accounts, as applicable 50 491 (153 ) 527 Adjusted FCF (non-GAAP) $ 812 $ 814 $ 1,867 $ 1,893 For the Twelve Months Ended June 30, 2025 2024 Net cash flow provided by operating activities (GAAP) $ 8,805 $ 7,769 Adjustments to reconcile net cash flow provided by operating activities to FCF and Adjusted FCF (addition or subtraction indicated by sign): Net cash flow used in investing activities (5,473 ) (4,076 ) Cash contributions from noncontrolling interests 70 54 Cash distributions paid to noncontrolling interests (82 ) (142 ) FCF (non-GAAP) $ 3,320 $ 3,605 Net effect of changes in operating accounts, as applicable (174 ) 679 Adjusted FCF (non-GAAP) $ 3,146 $ 4,284 FCF is a non-GAAP measure of how much cash a business generates after accounting for capital expenditures such as plants or pipelines. Additionally, Adjusted FCF is a non-GAAP measure of how much cash a business generates, excluding the net effect of changes in operating accounts, after accounting for capital expenditures. We believe that FCF is important to traditional investors since it reflects the amount of cash available for reducing debt, investing in additional capital projects and/or paying distributions. We believe that Adjusted FCF is also important to traditional investors for the same reasons as FCF, without regard for fluctuations caused by timing of when amounts earned or incurred were collected, received or paid from period to period. Since we partner with other companies to fund certain capital projects of our consolidated subsidiaries, our determination of FCF and Adjusted FCF appropriately reflect the amount of cash contributed from and distributed to noncontrolling interests. Enterprise Products Partners L.P. Exhibit E Adjusted cash flow from operations – UNAUDITED ($ in millions) For the Three MonthsEnded June 30, For the Six MonthsEnded June 30, 2025 2024 2025 2024 Adjusted cash flow from operations ("Adjusted CFFO") Net cash flow provided by operating activities (GAAP) $ 2,061 $ 1,574 $ 4,375 $ 3,685 Adjustments to reconcile net cash flow provided by operating activities to Adjusted cash flow from operations (addition or subtraction indicated by sign): Net effect of changes in operating accounts, as applicable 50 491 (153 ) 527 Adjusted CFFO (non-GAAP) $ 2,111 $ 2,065 $ 4,222 $ 4,212 For the Twelve MonthsEnded June 30, 2025 2024 Net cash flow provided by operating activities (GAAP) $ 8,805 $ 7,769 Adjustments to reconcile net cash flow provided by operating activities to Adjusted cash flow from operations (addition or subtraction indicated by sign): Net effect of changes in operating accounts, as applicable (174 ) 679 Adjusted CFFO (non-GAAP) $ 8,631 $ 8,448 Adjusted CFFO is a non-GAAP measure that represents net cash flow provided by operating activities before the net effect of changes in operating accounts. We believe that it is important to consider this non-GAAP measure as it can often be a better way to measure the amount of cash generated from our operations that can be used to fund our capital investments or return value to our investors through cash distributions and buybacks, without regard for fluctuations caused by timing of when amounts earned or incurred were collected, received or paid from period to period. Enterprise Products Partners L.P. Exhibit F Distributable Cash Flow and Operational Distributable Cash Flow – UNAUDITED ($ in millions) For the Three MonthsEnded June 30, For the Six MonthsEnded June 30, For the TwelveMonths EndedJune 30, 2025 2024 2025 2024 2025 Distributable Cash Flow ("DCF") and Operational DCF Net income attributable to common unitholders (GAAP) $ 1,435 $ 1,405 $ 2,828 $ 2,861 $ 5,864 Adjustments to net income attributable to common unitholders to derive DCF (addition or subtraction indicated by sign): Depreciation, amortization and accretion expenses (1) 643 611 1,279 1,227 2,525 Cash distributions received from unconsolidated affiliates 121 131 224 243 464 Equity in income of unconsolidated affiliates (92 ) (101 ) (186) (203 ) (391 ) Asset impairment charges 11 4 21 24 54 Change in fair market value of derivative instruments (52 ) (12 ) (10) (8 ) (22 ) Deferred income tax expense 5 5 16 14 47 Sustaining capital expenditures (2) (117 ) (245 ) (2) (425 ) (461 ) Other, net (40 ) 10 (30) 17 (49 ) Operational DCF (non-GAAP) 1,914 1,808 3,923 3,750 8,031 Proceeds from asset sales and other matters 11 4 15 6 23 Monetization of interest rate derivative instruments accounted for as cash flow hedges 14 – 14 (29 ) 10 DCF (non-GAAP) $ 1,939 $ 1,812 $ 3,952 $ 3,727 $ 8,064 Adjustments to reconcile DCF with net cash flow provided by operating activities (addition or subtraction indicated by sign): Net effect of changes in operating accounts, as applicable (50 ) (491 ) 153 (527 ) 174 Sustaining capital expenditures 117 245 219 425 461 Other, net 55 8 51 60 106 Net cash flow provided by operating activities (GAAP) $ 2,061 $ 1,574 $ 4,375 $ 3,685 $ 8,805 (1) Excludes amortization of finance lease right-of-use assets, which are a component of DCF. (2) Sustaining capital expenditures are capital expenditures (as defined by GAAP) resulting from improvements to and major renewals of existing assets. Such expenditures serve to maintain existing operations but do not generate additional revenues. DCF is an important non-GAAP liquidity measure for our common unitholders since it serves as an indicator of our success in providing a cash return on investment. Specifically, this liquidity measure indicates to investors whether or not we are generating cash flows at a level that can sustain or support an increase in our quarterly cash distributions. DCF is also a quantitative standard used by the investment community with respect to publicly traded partnerships because the value of a partnership unit is, in part, measured by its yield, which is based on the amount of cash distributions a partnership can pay to a common unitholder. Operational DCF, which is defined as DCF excluding the impact of proceeds from asset sales and other matters and monetization of interest rate derivative instruments, is a supplemental non-GAAP liquidity measure that quantifies the portion of cash available for distribution to common unitholders that was generated from our normal operations. We believe that it is important to consider this non-GAAP measure as it provides an enhanced perspective of our assets' ability to generate cash flows without regard for certain items that do not reflect our core operations. The GAAP measure most directly comparable to DCF and Operational DCF is net cash flow provided by operating activities. Enterprise Products Partners L.P. Exhibit G Adjusted EBITDA - UNAUDITED ($ in millions) For the Three Months Ended June 30, For the Six Months Ended June 30, For the Twelve Months Ended June 30, 2025 2024 2025 2024 2025 Net income (GAAP) $ 1,454 $ 1,422 $ 2,860 $ 2,905 $ 5,925 Adjustments to net income to derive Adjusted EBITDA (addition or subtraction indicated by sign): Depreciation, amortization and accretion in costs and expenses (1) 625 593 1,240 1,193 2,445 Interest expense, including related amortization 332 332 672 663 1,361 Cash distributions received from unconsolidated affiliates 121 131 224 243 464 Equity in income of unconsolidated affiliates (92 ) (101 ) (186 ) (203 ) (391 ) Asset impairment charges 11 4 21 24 54 Provision for income taxes 16 15 40 36 69 Change in fair market value of commodity derivative instruments (52 ) (12 ) (10 ) (8 ) (22 ) Other, net (7 ) 5 (9 ) 5 (12 ) Adjusted EBITDA (non-GAAP) 2,408 2,389 4,852 4,858 9,893 Adjustments to reconcile Adjusted EBITDA to net cash flow provided by operating activities (addition or subtraction indicated by sign): Interest expense, including related amortization (332 ) (332 ) (672 ) (663 ) (1,361 ) Deferred income tax expense 5 5 16 14 47 Provision for income taxes (16 ) (15 ) (40 ) (36 ) (69 ) Net effect of changes in operating accounts, as applicable (50 ) (491 ) 153 (527 ) 174 Other, net 46 18 66 39 121 Net cash flow provided by operating activities (GAAP) $ 2,061 $ 1,574 $ 4,375 $ 3,685 $ 8,805 (1) Excludes amortization of major maintenance costs for reaction-based plants, which are a component of Adjusted EBITDA. Adjusted EBITDA is commonly used as a supplemental financial measure by our management and external users of our financial statements, such as investors, commercial banks, research analysts and rating agencies, to assess the financial performance of our assets without regard to financing methods, capital structures or historical cost basis; the ability of our assets to generate cash sufficient to pay interest and support our indebtedness; and the viability of projects and the overall rates of return on alternative investment opportunities. Since Adjusted EBITDA excludes some, but not all, items that affect net income or loss and because these measures may vary among other companies, the Adjusted EBITDA data presented in this press release may not be comparable to similarly titled measures of other companies. The GAAP measure most directly comparable to Adjusted EBITDA is net cash flow provided by operating activities. Enterprise Products Partners L.P. Exhibit H Gross Operating Margin – UNAUDITED ($ in millions) For the Three Months Ended June 30, For the Six Months Ended June 30, For the TwelveMonths EndedJune 30, 2025 2024 2025 2024 2025 Total gross operating margin (non-GAAP) $ 2,477 $ 2,412 $ 4,908 $ 4,902 $ 9,990 Adjustments to reconcile total gross operating margin to total operating income (addition or subtraction indicated by sign): Depreciation, amortization and accretion expense in operating costs and expenses (1) (610 ) (581 ) (1,212 ) (1,163 ) (2,392 ) Asset impairment charges in operating costs and expenses (11 ) (4 ) (21 ) (24 ) (54 ) Net gains (losses) attributable to asset sales and related matters in operating costs and expenses 7 (5 ) 9 (5 ) 12 General and administrative costs (68 ) (57 ) (128 ) (123 ) (249 ) Total operating income (GAAP) $ 1,795 $ 1,765 $ 3,556 $ 3,587 $ 7,307 (1) Excludes amortization of major maintenance costs for reaction-based plants and amortization of finance lease right-of-use assets, which are components of gross operating margin. We evaluate segment performance based on our financial measure of gross operating margin. Gross operating margin is an important performance measure of the core profitability of our operations and forms the basis of our internal financial reporting. We believe that investors benefit from having access to the same financial measures that our management uses in evaluating segment results. The term "total gross operating margin" represents GAAP operating income exclusive of (i) depreciation, amortization and accretion expenses (excluding amortization of major maintenance costs for reaction-based plants and amortization of finance lease right-of-use assets), (ii) impairment charges, (iii) gains and losses attributable to asset sales and related matters, and (iv) general and administrative costs. Total gross operating margin includes equity in the earnings of unconsolidated affiliates, but is exclusive of other income and expense transactions, income taxes, the cumulative effect of changes in accounting principles and extraordinary charges. Total gross operating margin is presented on a 100 percent basis before any allocation of earnings to noncontrolling interests. The GAAP financial measure most directly comparable to total gross operating margin is operating income. Total gross operating margin excludes amounts attributable to shipper make-up rights as described in footnote (6) to Exhibit A of this press release. Enterprise Products Partners L.P. Exhibit I Other Information – UNAUDITED ($ in millions) For the Three Months Ended June 30, For the Six Months Ended June 30, For the TwelveMonths EndedJune 30, 2025 2024 2025 2024 2025 Capital investments: Capital expenditures $ 1,299 $ 1,264 $ 2,361 $ 2,311 $ 4,594 Cash used for business combinations, net of cash received – – – – 949 Investments in unconsolidated affiliates 1 – 1 – 1 Other investing activities 5 7 9 15 25 Total capital investments $ 1,305 $ 1,271 $ 2,371 $ 2,326 $ 5,569 The following table summarizes the mark-to-market gains (losses) for the periods indicated: For the Three Months Ended June 30, For the Six Months Ended June 30, For the Twelve Months Ended June 30, 2025 2024 2025 2024 2025 Mark-to-market gains (losses) in gross operating margin: NGL Pipelines & Services $ (16 ) $ – $ (21 ) $ (7 ) $ (22 ) Crude Oil Pipelines & Services 5 8 3 12 12 Natural Gas Pipelines & Services 58 3 25 1 29 Petrochemical & Refined Products Services 5 1 3 2 3 Total mark-to-market impact on gross operating margin $ 52 $ 12 $ 10 $ 8 $ 22 View source version on Contacts Libby Strait, Vice President, Investor Relations, (713) 381-4754Rick Rainey, Vice President, Media Relations, (713) 381-3635 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
Yahoo
2 minutes ago
- Yahoo
Macy's, Inc. Announces Early Tender Results and Upsizing of Debt Tender Offer
NEW YORK, July 28, 2025--(BUSINESS WIRE)--Macy's, Inc. (NYSE:M) (the "Company") today announced the early tender results of the previously announced cash tender offer (the "Tender Offer") by its wholly owned subsidiary, Macy's Retail Holdings, LLC (the "Issuer"), to purchase up to an aggregate principal amount of its outstanding notes and debentures listed in the table below (collectively, the "Notes") for an amended combined aggregate purchase price of $250 million (excluding accrued and unpaid interest, which also will be paid to, but excluding, the applicable Settlement Date and excluding fees and expenses related to the Tender Offer) (the "Maximum Tender Offer Amount"), in the order of priority shown in the table. The Company has amended the terms of the Tender Offer to increase the Maximum Tender Offer Amount from $175 million to $250 million. The terms and conditions of the Tender Offer are described in an Offer to Purchase dated July 14, 2025, as modified by this release, the "Offer to Purchase". The Tender Offer is subject to the satisfaction of certain conditions as set forth in the Offer to Purchase, including the Financing Condition (as described herein). Capitalized terms used in this press release and not defined herein have the meanings given to them in the Offer to Purchase. The aggregate principal amount of Notes of each series that were validly tendered and not validly withdrawn as of 5:00 p.m., New York City time, on July 25, 2025 (the "Early Tender Date"), as reported by the tender agent, and the aggregate principal amount of each series of Notes the Issuer will accept for purchase on the Early Settlement Date (as defined below) are specified in the table below. The amount of each series of Notes the Issuer will accept for purchase on the Early Settlement Date (as defined below) will be subject to the applicable proration factor specified in the table below, as determined in accordance with the acceptance priority levels and the proration procedures described in the Offer to Purchase and in this press release. CUSIP Numbers Title of Security Aggregate Principal Amount Outstanding Acceptance Priority Level Principal Amount Tendered on or Prior to the Early Tender Date Principal Amount Accepted on the Early Settlement Date Total Tender Offer Consideration(1) Approximate Proration Factor(2) 55616XAB3 6.790% Senior Debentures due 2027 $60,677,000 1 $26,674,000 $26,674,000 $1,027.50 100.00% 577778BK8 7.875% Senior Debentures due 2030 $5,212,000 2 $254,000 $254,000 $1,020.00 100.00% 55617LAG755617LAH5U5562LAD1 7.875% Senior Exchanged Debentures due 2030 $4,676,000 2 $126,000 $126,000 $1,020.00 100.00% 55617LAQ5U5562LAH2 5.875% Senior Notes due 2030 $425,000,000 3 $329,918,000 $223,883,000 $992.50 67.93% (1) Per $1,000 principal amount of Notes validly tendered on or before the Early Tender Date, not validly withdrawn and accepted for purchase for each Series. Includes the Early Tender Premium of $30.00 per $1,000 principal amount of Notes and excludes accrued and unpaid interest to, but, excluding, the Early Settlement Date, which will also be paid on the Early Settlement Date. (2) Rounded to the nearest tenth of a percentage point for presentation purposes. The Tender Offer is subject to, and conditioned upon, the satisfaction or waiver of certain conditions described in the Offer to Purchase, including the completion of the Issuer's separately announced offering of new senior notes (the "New Notes Offering") on terms satisfactory to the Issuer, in its sole discretion, prior to or on the Early Settlement Date (such condition, the "Financing Condition") and certain general conditions, in each case as described in more detail in the Offer to Purchase. The Tender Offer is not conditioned upon any minimum amount of Notes being tendered, and the Tender Offer may be amended, extended or terminated. Although the Tender Offer is scheduled to expire at 5:00 p.m., New York City time, on August 11, 2025 (the "Expiration Date"), because holders of Notes subject to the Tender Offer validly tendered and did not validly withdraw Notes on or before the Early Tender Date in an amount that exceeds the Maximum Tender Offer Amount, the Issuer does not expect to accept for purchase any tenders of Notes after the Early Tender Date. The settlement date for Notes validly tendered and not validly withdrawn on or prior to the Early Tender Date and accepted for purchase will be July 29, 2025 (the "Early Settlement Date"), subject to the satisfaction or waiver of all conditions to the Tender Offer described in the Offer to Purchase. Subject to the terms and conditions of the Tender Offer, holders who tendered their Notes on or prior to the Early Tender Date and whose Notes are accepted for purchase will receive the applicable total tender offer consideration set forth in the table above for each $1,000 principal amount of Notes accepted for purchase pursuant to the Tender Offer (the "Total Tender Offer Consideration"), which includes an early tender premium of $30.00 per $1,000 principal amount of Notes. In addition to the applicable Total Tender Offer Consideration, all holders of Notes accepted for purchase on the Early Settlement Date will receive accrued and unpaid interest on their Notes purchased from the last interest payment date with respect to such Notes up to, but not including, the Early Settlement Date. The total principal amount of Notes validly tendered and not validly withdrawn as of the Early Tender Date has an aggregate purchase price exceeding the Maximum Tender Offer Amount. As a result, and based on the terms and conditions of the Tender Offer: all of the 6.790% Senior Debentures due 2027 that were tendered as of the Early Tender Date will be accepted for purchase on the Early Settlement Date; all of the 7.875% Senior Debentures due 2030 that were tendered as of the Early Tender Date will be accepted for purchase on the Early Settlement Date; all of the 7.875% Senior Exchanged Debentures due 2030 that were tendered as of the Early Tender Date will be accepted for purchase on the Early Settlement Date; $223,883,000 aggregate principal amount of the 5.875% Senior Notes due 2030 that were tendered as of the Early Tender Date will be accepted for purchase on the Early Settlement Date; and no Notes tendered after the Early Tender Date and prior to the Expiration Date (as defined below) will be accepted for purchase in the Tender Offer. Any Notes tendered but not accepted for purchase in the Tender Offer will be promptly credited to the account of the registered holder of such Notes with The Depository Trust Company and otherwise returned in accordance with the Offer to Purchase. The Issuer intends to use proceeds from the New Notes Offering, together with cash on hand, to (i) purchase the Notes subject to the Tender Offer, (ii) redeem approximately $587 million of certain of its existing outstanding senior notes and debentures and (iii) pay fees, premium and expenses in connection therewith. Wells Fargo Securities and US Bancorp are the Lead Dealer Managers for the Tender Offer. Global Bondholder Services Corporation is acting as Tender Agent and Information Agent. Persons with questions regarding the Tender Offer should contact Wells Fargo Securities at (collect) (704) 410-4759, (toll-free) (866) 309-6316 or by email to liabilitymanagement@ and US Bancorp at (collect) (917) 558-2756, (toll-free) (800) 479-3441 or by email to liabilitymanagement@ Any questions regarding the tendering of Notes should be directed to Global Bondholder Services Corporation at (toll-free) (855) 654-2014, (for banks and brokers) (212) 430-3774 or by email to contact@ This press release is neither an offer to purchase nor a solicitation of an offer to sell the Notes. Further, nothing contained herein shall constitute a notice of redemption of the Notes or any other securities. The Tender Offer is being made only by the Offer to Purchase and the information in this press release is qualified by reference to the Offer to Purchase. None of the Company or its affiliates, their respective boards of directors, the Dealer Managers, the Tender Agent, the Information Agent or the trustees with respect to any Notes is making any recommendation as to whether holders should tender any Notes in response to the Tender Offer, and neither the Company nor any such other person has authorized any person to make any such recommendation. Holders must make their own decision as to whether to tender any of their Notes, and, if so, the principal amount of Notes to tender. Any securities issued pursuant to New Notes Offering will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities law and may not be offered or sold in the United States absent registration or an applicable exemption from registration under the Securities Act and applicable state securities laws. This press release is being issued pursuant to Rule 135c under the Securities Act and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities that may be issued pursuant to the New Notes Offering. About Macy's, Inc. Macy's, Inc. (NYSE: M) is a trusted source for quality brands through our iconic nameplates – Macy's, Bloomingdale's and Bluemercury. Headquartered in New York City, our comprehensive digital and nationwide footprint empowers us to deliver a seamless shopping experience for our customers. Forward-Looking Statements All statements regarding the closing of the Tender Offer, the New Notes Offering and satisfaction of the related closing conditions that are not statements of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties. Actual results could differ materially from those expressed in or implied by the forward-looking statements contained in this release because of a variety of factors, including, but not limited to, general market conditions which might affect the Tender Offer and any concurrent financing transaction, and other factors identified in documents filed by the Company with the Securities and Exchange Commission, including under the captions "Forward-Looking Statements" and "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended February 1, 2025 and the Company's Quarterly Report on Form 10-Q for the quarterly period ended May 3, 2025. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. View source version on Contacts Media – Chris Grams communications@ Investors – Pamela Quintiliano investors@ 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
Forbes
2 minutes ago
- Forbes
Sell Merck Stock Ahead Of Its Upcoming Earnings?
CHONGQING, CHINA - JULY 27: In this photo illustration, a person holds a smartphone displaying the ... More logo of Merck & Co., Inc. (NYSE: MRK), a leading American multinational pharmaceutical company, with the company's iconic green and white emblem visible in the background, on July 27, 2025 in Chongqing, China. (Photo illustration by) Merck (NYSE:MRK) is set to reveal its earnings on Tuesday, July 29, 2025. Historically, MRK stock has exhibited a trend of negative one-day returns following earnings announcements. In the past five years, the stock saw a decline on the day following earnings in 60% of occurrences. The median one-day drop was -2.1%, with the largest single-day decrease reaching -9.8%. Although the actual results relative to consensus estimates will be significant, recognizing these historical patterns can give an edge to event-driven traders. There are two main strategies to utilize this information: Analysts anticipate earnings of $2.03 per share on revenue of $15.87 billion for the forthcoming quarter. This indicates a slight reduction compared to the earnings of $2.28 per share on sales of $16.11 billion from the same quarter last year. This expected decrease in sales is primarily due to ongoing difficulties faced by Gardasil in China, despite the continued growth in Keytruda sales. Additionally, see – Merck's Keytruda Dependency: A Growth Story With An Expiration Date. From a fundamental viewpoint, Merck currently has a market capitalization of approximately $212 billion. Over the past twelve months, the company generated $64 billion in revenue, and was operationally profitable with $20 billion in operating profits and a net income of $17 billion. That being said, if you are looking for upside with lower volatility than individual stocks, the Trefis High Quality portfolio offers an alternative — having outperformed the S&P 500 and produced returns exceeding 91% since its inception. View earnings reaction history of all stocks Merck's Historical Odds Of Positive Post-Earnings Return Insights on one-day (1D) post-earnings returns: Additional data for the observed 5-Day (5D) and 21-Day (21D) returns post earnings are summarized along with the statistics in the table below. MRK 1D, 5D, and 21D Post Earnings Return Correlation Between 1D, 5D, and 21D Historical Returns A relatively low-risk strategy (though not beneficial if the correlation is weak) is to understand the relationship between short-term and medium-term returns after earnings, identify a pair with the highest correlation, and execute the suitable trade. For instance, if 1D and 5D exhibit the strongest correlation, a trader can position themselves 'long' for the next 5 days if the 1D post-earnings return is positive. Here is some correlation data based on 5-year and more recent 3-year history. Note that the correlation 1D_5D refers to the correlation between 1D post-earnings returns and subsequent 5D returns. MRK Correlation Between 1D, 5D and 21D Historical Returns Is There Any Correlation With Peer Earnings? Occasionally, the performance of peers can influence the post-earnings reaction of stocks. In fact, the pricing-in might start ahead of the earnings announcement. Below is some historical data comparing Merck's post-earnings performance with that of peers who reported earnings just prior to Merck. For a fair comparison, peer stock returns also represent post-earnings one-day (1D) returns. MRK Correlation With Peer Earnings Find out more about Trefis RV strategy that has outperformed its all-cap stocks benchmark (a combination of all 3, the S&P 500, S&P mid-cap, and Russell 2000), delivering strong returns for investors. Alternatively, if you desire upside with a smoother experience than an individual stock like Merck, consider the High Quality portfolio, which has surpassed the S&P, achieving >91% returns since inception.
