Industrials

AZEK recently shared its second-quarter fiscal 2025 financial results, highlighting both positive performances and notable challenges.
The quarter saw consolidated net sales grow by 8% year-over-year to $452 million, while the residential segment led growth with a 9% year-over-year increase in net sales.
This robust performance was driven by mid-single-digit sell-through growth and continued expansion in product lines such as TimberTech and AZEK Exteriors.

Uber Technologies: Adoption & Integration of Autonomous Vehicles In An Attempt To Build A Unique Competitive Edge In Mobility!

Uber Technologies’ Q1 2025 earnings call provided insights into the company’s performance, operations, and strategic outlook.
The results reflected robust growth across key metrics, albeit in a competitive and dynamic environment.
Here’s a synopsis of the key points from the call, reflecting both strengths and challenges faced by the company.

Butler National Corp ($BUKS)

By Unfair Advantage

Butler National Corp is one of the larger companies we have profiled in the OTC A-Z edition. It has been public since 1995.
Their life as a public company is just 5 years younger than me and has operated out of Kansas, US for all its life.
Butler has 2 businesses that you wouldn’t typically see together – Aircraft modification & services, and Casino Management.

KBR Inc.: Will Its Diversified Global Business Mix Make It A More Sustainable Business?

KBR, Inc.’s latest quarterly earnings revealed several significant aspects of its current performance and future outlook, presenting an investment thesis that reflects both the company’s achievements and the challenges it faces.
The company reported strong financial results in the first quarter of fiscal 2025, showcasing a remarkable increase in revenues and adjusted EBITDA driven primarily by its recent strategic initiatives.
On the positive side, KBR recorded a notable 13% year-over-year increase in revenues, reaching $2.1 billion, with a corresponding 17% rise in adjusted EBITDA to $243 million.

What’s News in Amsterdam – 28 May 2025 (TKH Group | ForFarmers | Dutch Economy)

By The IDEA!

Germany’s defense ministry is openly flagging concerns over the use of Chinese kit in German offshore wind farms and reportedly could halt construction of the Waterkant project, which developer Luxcara is planning to build with turbines from Ming Yang.
The policy of the defense ministry is to balance the goal of climate neutrality with the goals of military security and the operational capability of the Bundeswehr [German Army].
Comment | At the start of 25Q2 TKH’s subsidiary TKF signed cable supply contract with Luxcara for offshore wind park Waterkant

Emerson Electric’s Global Playbook: How Diversification Can Potentially Fuel Its Industrial Domination!

Emerson Electric Co. delivered a robust performance in its second quarter of 2025, underscored by underlying orders growth of 4% across all regions, including China.
The company witnessed increased demand in its process and hybrid businesses, which grew by 6%, while its discrete businesses showed a marked improvement with a notable 8% rise in Test & Measurement orders.
Overall, Emerson’s underlying sales came in strong, landing at the top of their guidance, and the company achieved record margin performance in the quarter.

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May 28

Daily Brief Industrials: Makino Milling Machine Co, HD Hyundai Marine Solution , ALS Ltd, Belrise Industries, Voyager Technologies, InterGlobe Aviation Ltd, Paycloud Holdings , Salzer Electronics and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

[Japan M&A] Makino Milling (6135) – MBK as White Knight Appears To Have Made a Binding Bid
Makino Milling Machine (6135 JP): Relief as a White Knight Bidder Surfaces
KOSPI200 Index Rebalance: 8 Changes a Side with 2 Surprises
ALS Placement: Potential Upside Despite Mixed Analyst Views
Belrise Industries IPO Trading – Robust Insti Demand; Leads Recent Listings
Voyager Technologies Inc. (VOYG): Peeking at the IPO Prospectus of the Next Space & Defense Company
InterGlobe Aviation Limited Q4 FY25 Update: Record Quarter Driven by Demand and Strategic Expansion
Paycloud Holdings (4015 JP): Q2 Follow-Up – May 12, 2025
Salzer Electronics Limited Q4 FY25 Update: Strategic Shifts, Capacity Expansion on Track

[Japan M&A] Makino Milling (6135) – MBK as White Knight Appears To Have Made a Binding Bid

In December, Nidec Corp (6594 JP) made an unsolicited bid for Makino Milling Machine Co (6135 JP). Makino wanted more time. Nidec wanted to squeeze. Makino proposed a poison pill.
Makino appeared to act slowly but white knight bidders were mooted in the media. Nidec launched, but apparently approvals may have been hard. They withdrew. Makino cancelled the poison pill.
Shares fell sharply. Yesterday, they rose because it appears Effissimo owns 3%. Today, we got news post-close that MBK may be close to making an ¥11,000+ bid.

Makino Milling Machine (6135 JP): Relief as a White Knight Bidder Surfaces

By Arun George

In response to a Nikkei article, Makino Milling Machine Co (6135 JP) confirmed it had received a legally binding acquisition proposal from MBK Partners.
The price is expected to exceed Nidec Corp (6594 JP) JPY11,000 hostile offer. On 8 May, Nidec withdrew its offer due to the Board’s proposed countermeasures.
My analysis suggests that MBK’s white knight bid could be JPY11,677 per share, 13.7% higher than the last close price of JPY10,270.

KOSPI200 Index Rebalance: 8 Changes a Side with 2 Surprises

There will be 8 additions and 8 deletions for the Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX) at the next rebalance to be implemented at the close on 12 June.
The inclusion of Korea District Heating (071320 KS) is a surprise and leads to an extra deletion – all the other adds are exactly in line with forecasts.
The list of adds has been stable for the last few months and the stocks have outperformed the deletes and the KOSPI2 INDEX since the start of the review period.

ALS Placement: Potential Upside Despite Mixed Analyst Views

ALS Ltd (ALQ AU) is looking to raise up to ~US$253m, with US$227m from a primary placement and remainder, via a non-underwritten share purchase plan (SPP) to raise up to A$40m.
The deal will be a large one to digest at 17.9 days of the stock’s three month ADV, representing 4.1% of its shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.

Belrise Industries IPO Trading – Robust Insti Demand; Leads Recent Listings

Belrise Industries (9156339Z IN) raised about US$252m in its India IPO.
Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

Voyager Technologies Inc. (VOYG): Peeking at the IPO Prospectus of the Next Space & Defense Company

By IPO Boutique

Their company was purpose-built to address issues at the forefront of defense, national security and space industries and they have organized their business to reflect this goal.
Since 2019, they have grown their revenue to $144.2 million in 2024 and $34.5 million for the three months ended March 31, 2025.
The company officially filed for its IPO on May 16th and is highly likely to debut in the month of June.

InterGlobe Aviation Limited Q4 FY25 Update: Record Quarter Driven by Demand and Strategic Expansion

InterGlobe Aviation Ltd (INDIGO IN) reported record quarterly PAT and crossed $10 billion in annual revenue for the first time and recommended a dividend after five years.
Capacity significantly expanded in FY25 and plans continue, adding aircraft, routes, and widebodies for international growth. On consolidated basis, management guides early double digit growth in FY26.
Geopolitical events like India-Pak war caused booking dips and flight delays.

Paycloud Holdings (4015 JP): Q2 Follow-Up – May 12, 2025

By Sessa Investment Research

H1 Results Overview: On April 14, 2025, Paycloud Holdings Inc. (hereafter, the Company) announced its H1 FY2025/8 results.
The Company reported net sales of JPY 4,838 mn (+143% YoY), adjusted EBITDA of JPY 679 mn (+200% YoY), and operating profit of JPY 404 mn (+370% YoY).
While it was substantially attributable to having consolidated Cloudpoint, a digital signage business integrated in March 2024, it was also contributed by its upward momentum of business fundamentals reflecting the fact that the Company’s ongoing cashless service and IT solutions businesses posted nearly 30% operating profit growth with improved margins.

Salzer Electronics Limited Q4 FY25 Update: Strategic Shifts, Capacity Expansion on Track

Salzer reported strong top-line growth in Q4 and FY25, secured significant smart meter and smart lighting orders, but faced margin pressure and wrote off investments in unviable EV ventures.
Strong revenue growth was driven by core businesses, but higher smart meter expenses impacted profitability, while new orders and EV investment signal future strategic direction.
Management is actively navigating challenges, focusing on high-growth areas like smart meters and EV charging, reinforcing a positive medium-term growth outlook despite near-term margin volatility.

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May 28

Daily Brief Industrials: Makino Milling Machine Co, HD Hyundai Marine Solution , ALS Ltd, Belrise Industries, Voyager Technologies, InterGlobe Aviation Ltd, Paycloud Holdings , Salzer Electronics and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

[Japan M&A] Makino Milling (6135) – MBK as White Knight Appears To Have Made a Binding Bid
Makino Milling Machine (6135 JP): Relief as a White Knight Bidder Surfaces
KOSPI200 Index Rebalance: 8 Changes a Side with 2 Surprises
ALS Placement: Potential Upside Despite Mixed Analyst Views
Belrise Industries IPO Trading – Robust Insti Demand; Leads Recent Listings
Voyager Technologies Inc. (VOYG): Peeking at the IPO Prospectus of the Next Space & Defense Company
InterGlobe Aviation Limited Q4 FY25 Update: Record Quarter Driven by Demand and Strategic Expansion
Paycloud Holdings (4015 JP): Q2 Follow-Up – May 12, 2025
Salzer Electronics Limited Q4 FY25 Update: Strategic Shifts, Capacity Expansion on Track

[Japan M&A] Makino Milling (6135) – MBK as White Knight Appears To Have Made a Binding Bid

In December, Nidec Corp (6594 JP) made an unsolicited bid for Makino Milling Machine Co (6135 JP). Makino wanted more time. Nidec wanted to squeeze. Makino proposed a poison pill.
Makino appeared to act slowly but white knight bidders were mooted in the media. Nidec launched, but apparently approvals may have been hard. They withdrew. Makino cancelled the poison pill.
Shares fell sharply. Yesterday, they rose because it appears Effissimo owns 3%. Today, we got news post-close that MBK may be close to making an ¥11,000+ bid.

Makino Milling Machine (6135 JP): Relief as a White Knight Bidder Surfaces

By Arun George

In response to a Nikkei article, Makino Milling Machine Co (6135 JP) confirmed it had received a legally binding acquisition proposal from MBK Partners.
The price is expected to exceed Nidec Corp (6594 JP) JPY11,000 hostile offer. On 8 May, Nidec withdrew its offer due to the Board’s proposed countermeasures.
My analysis suggests that MBK’s white knight bid could be JPY11,677 per share, 13.7% higher than the last close price of JPY10,270.

KOSPI200 Index Rebalance: 8 Changes a Side with 2 Surprises

There will be 8 additions and 8 deletions for the Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX) at the next rebalance to be implemented at the close on 12 June.
The inclusion of Korea District Heating (071320 KS) is a surprise and leads to an extra deletion – all the other adds are exactly in line with forecasts.
The list of adds has been stable for the last few months and the stocks have outperformed the deletes and the KOSPI2 INDEX since the start of the review period.

ALS Placement: Potential Upside Despite Mixed Analyst Views

ALS Ltd (ALQ AU) is looking to raise up to ~US$253m, with US$227m from a primary placement and remainder, via a non-underwritten share purchase plan (SPP) to raise up to A$40m.
The deal will be a large one to digest at 17.9 days of the stock’s three month ADV, representing 4.1% of its shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.

Belrise Industries IPO Trading – Robust Insti Demand; Leads Recent Listings

Belrise Industries (9156339Z IN) raised about US$252m in its India IPO.
Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

Voyager Technologies Inc. (VOYG): Peeking at the IPO Prospectus of the Next Space & Defense Company

By IPO Boutique

Their company was purpose-built to address issues at the forefront of defense, national security and space industries and they have organized their business to reflect this goal.
Since 2019, they have grown their revenue to $144.2 million in 2024 and $34.5 million for the three months ended March 31, 2025.
The company officially filed for its IPO on May 16th and is highly likely to debut in the month of June.

InterGlobe Aviation Limited Q4 FY25 Update: Record Quarter Driven by Demand and Strategic Expansion

InterGlobe Aviation Ltd (INDIGO IN) reported record quarterly PAT and crossed $10 billion in annual revenue for the first time and recommended a dividend after five years.
Capacity significantly expanded in FY25 and plans continue, adding aircraft, routes, and widebodies for international growth. On consolidated basis, management guides early double digit growth in FY26.
Geopolitical events like India-Pak war caused booking dips and flight delays.

Paycloud Holdings (4015 JP): Q2 Follow-Up – May 12, 2025

By Sessa Investment Research

H1 Results Overview: On April 14, 2025, Paycloud Holdings Inc. (hereafter, the Company) announced its H1 FY2025/8 results.
The Company reported net sales of JPY 4,838 mn (+143% YoY), adjusted EBITDA of JPY 679 mn (+200% YoY), and operating profit of JPY 404 mn (+370% YoY).
While it was substantially attributable to having consolidated Cloudpoint, a digital signage business integrated in March 2024, it was also contributed by its upward momentum of business fundamentals reflecting the fact that the Company’s ongoing cashless service and IT solutions businesses posted nearly 30% operating profit growth with improved margins.

Salzer Electronics Limited Q4 FY25 Update: Strategic Shifts, Capacity Expansion on Track

Salzer reported strong top-line growth in Q4 and FY25, secured significant smart meter and smart lighting orders, but faced margin pressure and wrote off investments in unviable EV ventures.
Strong revenue growth was driven by core businesses, but higher smart meter expenses impacted profitability, while new orders and EV investment signal future strategic direction.
Management is actively navigating challenges, focusing on high-growth areas like smart meters and EV charging, reinforcing a positive medium-term growth outlook despite near-term margin volatility.

💡 Before it’s here, it’s on Smartkarma

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✓ Custom Watchlists
✓ Company Data and News
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May 27

Daily Brief Industrials: Shandong Himile Mechanical Science & Technology, InterGlobe Aviation Ltd, Cosco Shipping Development, Beijing Airport High Tech A, LS Marine Solution, Transdigm Group, Jubilant Ingrevia, Jacobs Solutions , S.F. Holding and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

CSI A500 Index Rebalance Preview: Many Changes Expected; US$1bn Trade
Interglobe Aviation (Indigo) Placement – Another US$800m+ Deal by Co-Founder
A/H Premium Tracker (To 23 May 2025): AH Premia Contract, H Premia Names Perform Best; Batteries!
CSI All Share Real Estate Sector Index Rebalance Preview: Multiple Changes in June
LS Marine Solution: Rights Offering Capital Raise of 278 Billion Won
LS Marine Solution’s Rights Deal Is Serving up a Pretty Rare Arbitrage Hunting Ground
TransDigm Group: An Insight Into Its Recent Aftermarket Growth, Market Dynamics & Key Growth Levers!
The Beat Ideas: Jubilant Ingrevia-Specialty Formula for Margin Expansion
Jacobs Solutions Is Tapping Into The Global Infrastructure Boom To Lead In Clean Water & Energy Revolution; What’s The Expected Revenue Impact?
Monthly Chinese Express Tracker | Volume Firm, Price Benign | ZTO Under Pressure? (May 2025)

CSI A500 Index Rebalance Preview: Many Changes Expected; US$1bn Trade

There could be 18 changes for the CSI A500 Index at the June rebalance. Turnover is estimated at 1.7% and the round-trip trade is around US$1bn.
The index was launched in September 2024, and the passive trackers have taken in a chunk of money since then. The flows to the stocks add to other index flows.
A long add/short deletes trade has been stable over the last few months. The forecast adds could outperform following announcement of the index changes on Friday.

Interglobe Aviation (Indigo) Placement – Another US$800m+ Deal by Co-Founder

InterGlobe Aviation Ltd (INDIGO IN)‘s co-founder, Rakesh Gangwal, aims to raise around US$803m via selling around a 3.3% stake in Indigo.
He had earlier stated his intention to pare down his stake after a long drawn, and very public battle, with his co-founder Rahul Bhatia. He has sold many times before.
In this note, we run the deal through our ECM framework and comment on deal dynamics.

A/H Premium Tracker (To 23 May 2025): AH Premia Contract, H Premia Names Perform Best; Batteries!

AH spreads are slightly narrower, but performance is concentrated in fewer names and broad spread volatility is up. BYD (1211 HK) now 5% through. CATL 10% through will help.
It feels like there were some concentrated shorts on H vs A. BYD performance on CATL and Hang Seng upweight/inclusion exacerbate the issue. CATL H less liquid than people think.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers.

CSI All Share Real Estate Sector Index Rebalance Preview: Multiple Changes in June

There could be up to 8 adds and 3 deletes for the CSI All Share Real Estate Sector Index in June.
Estimated one-way turnover is 3.2% at the rebalance leading to a round-trip trade of CNY 456m. There are a few stocks with over 0.5x ADV to trade.
The forecast adds and deletes have performed in line over the last few months, and the announcement of the changes could lead to short-term outperformance.

LS Marine Solution: Rights Offering Capital Raise of 278 Billion Won

By Douglas Kim

After the market close on 26 May, LS Marine Solution (060370 KS) announced that it plans to conduct a capital raise worth 278.3 billion won.
LS Marine Solution plans to issue 19.57 million new shares in this capital raise, which represents 60% of its outstanding shares.
Despite the company’s strong sales and profit growth, LS Marine Solution’s valuation multiples may be a bit too aggressive, especially with the major rights offering that will dilute existing shareholders.

LS Marine Solution’s Rights Deal Is Serving up a Pretty Rare Arbitrage Hunting Ground

This raise stands out with a near-60% issuance ratio—fat rights per share make pre-positioning before ex-date a compelling trade with solid pickup potential.
LS Cable holds 66.75% and has been steadily upping its stake—likely all-in on this raise, which adds serious anchor support and puts a strong floor under the rights.
Skip chasing rights—this setup favors buying shares pre–ex-rights, where the embedded rights value likely beats the ex-day drop, making it a clean trade.

TransDigm Group: An Insight Into Its Recent Aftermarket Growth, Market Dynamics & Key Growth Levers!

TransDigm Group Inc.’s recent earnings discussion sheds light on both its strengths and challenges, providing insights into the company’s ongoing strategies and performance outlook.
During the second quarter of fiscal 2025, TransDigm reported strong operational performance with significant contributions from its commercial aftermarket and defense market channels.
Revenue from these divisions displayed healthy growth, while commercial OEM revenues remained largely flat compared to the previous year, indicating an area of potential improvement as production recovers from past disruptions.

The Beat Ideas: Jubilant Ingrevia-Specialty Formula for Margin Expansion

Jubilant Ingrevia has launched its “Pinnacle 3.4.5” strategy targeting 3x revenue and 4x EBITDA growth by FY30, signaling a focused shift toward higher-margin segments.
The company’s business mix is rapidly evolving, with Specialty Chemicals and Nutrition now contributing 62% of revenue, improving margin visibility and reducing cyclicality.
With increasing downstream integration, global CDMO expansion, and a robust R&D pipeline, Jubilant Ingrevia is transitioning into a structurally higher-margin, innovation-driven player.

Jacobs Solutions Is Tapping Into The Global Infrastructure Boom To Lead In Clean Water & Energy Revolution; What’s The Expected Revenue Impact?

Jacobs Solutions Inc. (Jacobs) has reported its fiscal second-quarter 2025 results, reflecting a mixture of strategic realignments and robust operational performance, but amidst some challenges.
The company’s strategic move to separate its former CMS and C&I businesses has been completed, enabling a reduction in outstanding indebtedness and the final distribution of Amentum shares to shareholders is scheduled for May 30.
This strategic focus allows Jacobs to sharpen its portfolio around its core capabilities.

Monthly Chinese Express Tracker | Volume Firm, Price Benign | ZTO Under Pressure? (May 2025)

By Daniel Hellberg

Chinese parcel volume growth in April was solid, and unit price trend appears benign
No signs (yet) of aggressive moves by ZTO Express to recovery volume share in Q225
Besides SF, express companies have struggled to differentiate themselves in recent years

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

May 27

Daily Brief Industrials: Shandong Himile Mechanical Science & Technology, InterGlobe Aviation Ltd, Cosco Shipping Development, Beijing Airport High Tech A, LS Marine Solution, Transdigm Group, Jubilant Ingrevia, Jacobs Solutions , S.F. Holding and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

CSI A500 Index Rebalance Preview: Many Changes Expected; US$1bn Trade
Interglobe Aviation (Indigo) Placement – Another US$800m+ Deal by Co-Founder
A/H Premium Tracker (To 23 May 2025): AH Premia Contract, H Premia Names Perform Best; Batteries!
CSI All Share Real Estate Sector Index Rebalance Preview: Multiple Changes in June
LS Marine Solution: Rights Offering Capital Raise of 278 Billion Won
LS Marine Solution’s Rights Deal Is Serving up a Pretty Rare Arbitrage Hunting Ground
TransDigm Group: An Insight Into Its Recent Aftermarket Growth, Market Dynamics & Key Growth Levers!
The Beat Ideas: Jubilant Ingrevia-Specialty Formula for Margin Expansion
Jacobs Solutions Is Tapping Into The Global Infrastructure Boom To Lead In Clean Water & Energy Revolution; What’s The Expected Revenue Impact?
Monthly Chinese Express Tracker | Volume Firm, Price Benign | ZTO Under Pressure? (May 2025)

CSI A500 Index Rebalance Preview: Many Changes Expected; US$1bn Trade

There could be 18 changes for the CSI A500 Index at the June rebalance. Turnover is estimated at 1.7% and the round-trip trade is around US$1bn.
The index was launched in September 2024, and the passive trackers have taken in a chunk of money since then. The flows to the stocks add to other index flows.
A long add/short deletes trade has been stable over the last few months. The forecast adds could outperform following announcement of the index changes on Friday.

Interglobe Aviation (Indigo) Placement – Another US$800m+ Deal by Co-Founder

InterGlobe Aviation Ltd (INDIGO IN)‘s co-founder, Rakesh Gangwal, aims to raise around US$803m via selling around a 3.3% stake in Indigo.
He had earlier stated his intention to pare down his stake after a long drawn, and very public battle, with his co-founder Rahul Bhatia. He has sold many times before.
In this note, we run the deal through our ECM framework and comment on deal dynamics.

A/H Premium Tracker (To 23 May 2025): AH Premia Contract, H Premia Names Perform Best; Batteries!

AH spreads are slightly narrower, but performance is concentrated in fewer names and broad spread volatility is up. BYD (1211 HK) now 5% through. CATL 10% through will help.
It feels like there were some concentrated shorts on H vs A. BYD performance on CATL and Hang Seng upweight/inclusion exacerbate the issue. CATL H less liquid than people think.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers.

CSI All Share Real Estate Sector Index Rebalance Preview: Multiple Changes in June

There could be up to 8 adds and 3 deletes for the CSI All Share Real Estate Sector Index in June.
Estimated one-way turnover is 3.2% at the rebalance leading to a round-trip trade of CNY 456m. There are a few stocks with over 0.5x ADV to trade.
The forecast adds and deletes have performed in line over the last few months, and the announcement of the changes could lead to short-term outperformance.

LS Marine Solution: Rights Offering Capital Raise of 278 Billion Won

By Douglas Kim

After the market close on 26 May, LS Marine Solution (060370 KS) announced that it plans to conduct a capital raise worth 278.3 billion won.
LS Marine Solution plans to issue 19.57 million new shares in this capital raise, which represents 60% of its outstanding shares.
Despite the company’s strong sales and profit growth, LS Marine Solution’s valuation multiples may be a bit too aggressive, especially with the major rights offering that will dilute existing shareholders.

LS Marine Solution’s Rights Deal Is Serving up a Pretty Rare Arbitrage Hunting Ground

This raise stands out with a near-60% issuance ratio—fat rights per share make pre-positioning before ex-date a compelling trade with solid pickup potential.
LS Cable holds 66.75% and has been steadily upping its stake—likely all-in on this raise, which adds serious anchor support and puts a strong floor under the rights.
Skip chasing rights—this setup favors buying shares pre–ex-rights, where the embedded rights value likely beats the ex-day drop, making it a clean trade.

TransDigm Group: An Insight Into Its Recent Aftermarket Growth, Market Dynamics & Key Growth Levers!

TransDigm Group Inc.’s recent earnings discussion sheds light on both its strengths and challenges, providing insights into the company’s ongoing strategies and performance outlook.
During the second quarter of fiscal 2025, TransDigm reported strong operational performance with significant contributions from its commercial aftermarket and defense market channels.
Revenue from these divisions displayed healthy growth, while commercial OEM revenues remained largely flat compared to the previous year, indicating an area of potential improvement as production recovers from past disruptions.

The Beat Ideas: Jubilant Ingrevia-Specialty Formula for Margin Expansion

Jubilant Ingrevia has launched its “Pinnacle 3.4.5” strategy targeting 3x revenue and 4x EBITDA growth by FY30, signaling a focused shift toward higher-margin segments.
The company’s business mix is rapidly evolving, with Specialty Chemicals and Nutrition now contributing 62% of revenue, improving margin visibility and reducing cyclicality.
With increasing downstream integration, global CDMO expansion, and a robust R&D pipeline, Jubilant Ingrevia is transitioning into a structurally higher-margin, innovation-driven player.

Jacobs Solutions Is Tapping Into The Global Infrastructure Boom To Lead In Clean Water & Energy Revolution; What’s The Expected Revenue Impact?

Jacobs Solutions Inc. (Jacobs) has reported its fiscal second-quarter 2025 results, reflecting a mixture of strategic realignments and robust operational performance, but amidst some challenges.
The company’s strategic move to separate its former CMS and C&I businesses has been completed, enabling a reduction in outstanding indebtedness and the final distribution of Amentum shares to shareholders is scheduled for May 30.
This strategic focus allows Jacobs to sharpen its portfolio around its core capabilities.

Monthly Chinese Express Tracker | Volume Firm, Price Benign | ZTO Under Pressure? (May 2025)

By Daniel Hellberg

Chinese parcel volume growth in April was solid, and unit price trend appears benign
No signs (yet) of aggressive moves by ZTO Express to recovery volume share in Q225
Besides SF, express companies have struggled to differentiate themselves in recent years

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

May 26

Daily Brief Industrials: Aegis Vopak Terminals Ltd, Ashok Leyland and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

AVTL: Storage Platform Poised for Growth Amid Demand Visibility
Ashok Leyland(AL IN)-Robust Growth ; Value Unlocking from Subsidiary Ahead
Aegis Vopak Pre-IPO: Expensive Related to Peers

AVTL: Storage Platform Poised for Growth Amid Demand Visibility

By Rahul Jain

Aegis Vopak Terminals is raising Rs2,800 crore via a fresh issue to repay debt and fund expansion, marking its transition into a listed infrastructure platform.
LPG capacity is set to triple by FY26, with new industrial terminals planned under a Rs4,500 crore capex; revenue and EBITDA are projected to grow 20–25% CAGR through FY27.
Key risks include high dependence on group entities for revenue, delayed utilization of new capacity, and exposure to regulatory or energy demand shifts affecting LPG and chemical flows.

Ashok Leyland(AL IN)-Robust Growth ; Value Unlocking from Subsidiary Ahead

By Sreemant Dudhoria

Ashok Leyland (AL IN) posted 38% YoY PAT growth in Q4, driven by cost efficiency, premium product mix, and strong EBITDA margin improvement.
HLF IPO and Switch India’s PAT target for FY26 positions for significant value unlocking and improved subsidiary contribution.
CV demand, export momentum, and alt-fuel investments support a strong FY26 outlook, with valuations supported by improving profitability and resilient balance sheet. 4o

Aegis Vopak Pre-IPO: Expensive Related to Peers

Aegis Vopak Terminals Ltd (1902844D IN) is looking to raise about US$328m in its upcoming India IPO.
It is the largest Indian third-party owner and operator (in terms of storage capacity) of tank storage terminals for liquified petroleum gas (LPG) and liquid products.
In this note, we look at the firm’s recent financial performance updates, as well as its potential valuation.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

May 26

Daily Brief Industrials: Aegis Vopak Terminals Ltd, Ashok Leyland and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

AVTL: Storage Platform Poised for Growth Amid Demand Visibility
Ashok Leyland(AL IN)-Robust Growth ; Value Unlocking from Subsidiary Ahead
Aegis Vopak Pre-IPO: Expensive Related to Peers

AVTL: Storage Platform Poised for Growth Amid Demand Visibility

By Rahul Jain

Aegis Vopak Terminals is raising Rs2,800 crore via a fresh issue to repay debt and fund expansion, marking its transition into a listed infrastructure platform.
LPG capacity is set to triple by FY26, with new industrial terminals planned under a Rs4,500 crore capex; revenue and EBITDA are projected to grow 20–25% CAGR through FY27.
Key risks include high dependence on group entities for revenue, delayed utilization of new capacity, and exposure to regulatory or energy demand shifts affecting LPG and chemical flows.

Ashok Leyland(AL IN)-Robust Growth ; Value Unlocking from Subsidiary Ahead

By Sreemant Dudhoria

Ashok Leyland (AL IN) posted 38% YoY PAT growth in Q4, driven by cost efficiency, premium product mix, and strong EBITDA margin improvement.
HLF IPO and Switch India’s PAT target for FY26 positions for significant value unlocking and improved subsidiary contribution.
CV demand, export momentum, and alt-fuel investments support a strong FY26 outlook, with valuations supported by improving profitability and resilient balance sheet. 4o

Aegis Vopak Pre-IPO: Expensive Related to Peers

Aegis Vopak Terminals Ltd (1902844D IN) is looking to raise about US$328m in its upcoming India IPO.
It is the largest Indian third-party owner and operator (in terms of storage capacity) of tank storage terminals for liquified petroleum gas (LPG) and liquid products.
In this note, we look at the firm’s recent financial performance updates, as well as its potential valuation.

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May 25

Daily Brief Industrials: LX International, Leonardo DRS , Applied Industrial Tech, Builders Firstsource, Cummins Inc, Eaton Corp Plc, Esab , Huntington Ingalls Industries, ITT , nVent Electric and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

June Rebalance Intel: Announcement Date & Key Names for KOSPI 200 & KOSDAQ 150
Leonardo DRS Inc.: These Are The 6 Biggest Factors Impacting Its Performance In 2025 & Beyond!
Applied Industrial Technologies (AIT): An Insight Into The Hydradyne Acquisition
Builders FirstSource: Digital Initiatives & Modern Tool Adoption As A Vital Tool For Growth!
Cummins Inc.: An Insight Into Its Critical Growth Levers & Tariff Mitigation Strategies To Handle Geopolitical Uncertainties!
Eaton Corporation: These 5 Factors That Can Truly Affect Its Performance In 2025 & Beyond!
ESAB Corporation: Is Its Approach of Strategic Acquisitions Paying Off?
Huntington Ingalls Industries: The Possible Deterrents That Can Slow Down Its Path of 2025!
ITT Inc.: Acquisition & Share Repurchase Strategies Create Shareholder Value Amidst Market Uncertainties!
nVent’s Global Expansion and R&D Investments Signal Massive Growth Ahead in Data and Energy; What’s Next?

June Rebalance Intel: Announcement Date & Key Names for KOSPI 200 & KOSDAQ 150

Looks like the KOSPI200/KOSDAQ150 June rebal is a lock for post-close Tuesday (27th)—KRX has already signaled this to local media over the weekend.
Muted pre-positioning this time, likely from weak volumes and no market lead—sets up for punchier price action right after today’s rebalance drop.
Over ~3 weeks, KRW 40T/3.5T passive AUM tracked KOSPI200/KOSDAQ150. With shorts fully back, deletes may trade heavy—sets up well for more aggressive long-short positioning.

Leonardo DRS Inc.: These Are The 6 Biggest Factors Impacting Its Performance In 2025 & Beyond!

Leonardo DRS demonstrated a strong performance in the first quarter of fiscal year 2025, with financial metrics surpassing initial expectations.
The company registered organic growth of 16% in revenues, with a significant book-to-bill ratio of 1.2 and a record backlog of $8.6 billion.
This quarter marks the 13th consecutive quarter with a book-to-bill ratio over 1, underpinning strong demand across a diversified portfolio of products, including advanced infrared sensing, electric power and propulsion, and tactical radars.

Applied Industrial Technologies (AIT): An Insight Into The Hydradyne Acquisition

The latest financial results for Applied Industrial Technologies reflect a complex landscape marked by notable achievements alongside challenges.
During the fiscal 2025 third quarter, the company succeeded in surpassing many expectations with a concerted focus on margin improvements, operational efficiency, and strategic acquisitions.
However, the broader economic environment remains challenging, impacting overall demand dynamics and forward-looking guidance.

Builders FirstSource: Digital Initiatives & Modern Tool Adoption As A Vital Tool For Growth!

Builders FirstSource reported first-quarter results highlighting both resilience and areas of concern, underscored by macroeconomic pressures and strategic initiatives aimed at sustaining long-term growth.
During the quarter, Builders FirstSource recorded net sales of $3.7 billion, marking a 6% year-over-year decline.
This decrease was primarily attributed to reduced core organic sales and a noteworthy drop in multifamily sales, which fell by 33%.

Cummins Inc.: An Insight Into Its Critical Growth Levers & Tariff Mitigation Strategies To Handle Geopolitical Uncertainties!

Cummins Inc. reported its first quarter results for 2025, revealing a complex mix of strengths and challenges.
Despite a robust showing from certain segments, the company faces increasing uncertainty due to geopolitical factors, particularly trade tariffs, and unpredictability around future regulations.
From a positive standpoint, Cummins delivered strong performance in Q1, notably achieving record results in its Power Systems segment.

Eaton Corporation: These 5 Factors That Can Truly Affect Its Performance In 2025 & Beyond!

Eaton Corporation’s latest earnings for the first quarter of 2025 provides insight into the company’s current financial health and strategic positioning.
The earnings underscore both positive performances and areas of concern, offering a comprehensive view of Eaton’s operational landscape.
On the positive side, Eaton reported record quarterly achievements, notably a 13% year-over-year increase in adjusted earnings per share (EPS) to $2.72.

ESAB Corporation: Is Its Approach of Strategic Acquisitions Paying Off?

The first quarter of 2025 for ESAB Corporation showed a strong financial performance, demonstrating resilience in a challenging market landscape.
ESAB’s strategic focus on local responsiveness coupled with global scale has allowed the company to maintain secure and agile supply chains, contributing to its competitive advantage.
Key initiatives such as innovation, high-impact acquisitions, and investments in growth areas like equipment and gas control have been pivotal in driving ESAB’s robust start to the year.

Huntington Ingalls Industries: The Possible Deterrents That Can Slow Down Its Path of 2025!

Huntington Ingalls Industries reported first quarter results that reflect steady progress in operational execution, tempered by ongoing challenges across several business segments.
Revenue for the quarter stood at approximately $2.7 billion, representing a 2.5% year-over-year decline due to lower volumes at Newport News Shipbuilding, Ingalls Shipbuilding, and Mission Technologies.
Segment operating income grew marginally, supported by improved results in Mission Technologies, which saw stronger performance in cyber, electronic warfare, space, and uncrewed systems.

ITT Inc.: Acquisition & Share Repurchase Strategies Create Shareholder Value Amidst Market Uncertainties!

ITT Inc. recently reported its first quarter 2025 results, reflecting a complex interplay of external challenges and internal operational strategies.
The company showcased resilience and strategic growth initiatives.
ITT recorded over $1 billion in orders, a historic high, driven significantly by two acquisitions, kSARIA and Svanehøj, reinforcing its market position.

nVent’s Global Expansion and R&D Investments Signal Massive Growth Ahead in Data and Energy; What’s Next?

nVent Electric’s first quarter of 2025 showcased a blend of robust growth and strategic maneuvers, coupling strong financial performance with decisive portfolio adjustments.
The company reported an 11% rise in sales, marking a significant start to the year.
This growth was driven by acquired businesses like Trachte, which showed strong double-digit sales increases, adding roughly $71 million to nVent’s revenues.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

May 25

Daily Brief Industrials: LX International, Leonardo DRS , Applied Industrial Tech, Builders Firstsource, Cummins Inc, Eaton Corp Plc, Esab , Huntington Ingalls Industries, ITT , nVent Electric and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

June Rebalance Intel: Announcement Date & Key Names for KOSPI 200 & KOSDAQ 150
Leonardo DRS Inc.: These Are The 6 Biggest Factors Impacting Its Performance In 2025 & Beyond!
Applied Industrial Technologies (AIT): An Insight Into The Hydradyne Acquisition
Builders FirstSource: Digital Initiatives & Modern Tool Adoption As A Vital Tool For Growth!
Cummins Inc.: An Insight Into Its Critical Growth Levers & Tariff Mitigation Strategies To Handle Geopolitical Uncertainties!
Eaton Corporation: These 5 Factors That Can Truly Affect Its Performance In 2025 & Beyond!
ESAB Corporation: Is Its Approach of Strategic Acquisitions Paying Off?
Huntington Ingalls Industries: The Possible Deterrents That Can Slow Down Its Path of 2025!
ITT Inc.: Acquisition & Share Repurchase Strategies Create Shareholder Value Amidst Market Uncertainties!
nVent’s Global Expansion and R&D Investments Signal Massive Growth Ahead in Data and Energy; What’s Next?

June Rebalance Intel: Announcement Date & Key Names for KOSPI 200 & KOSDAQ 150

Looks like the KOSPI200/KOSDAQ150 June rebal is a lock for post-close Tuesday (27th)—KRX has already signaled this to local media over the weekend.
Muted pre-positioning this time, likely from weak volumes and no market lead—sets up for punchier price action right after today’s rebalance drop.
Over ~3 weeks, KRW 40T/3.5T passive AUM tracked KOSPI200/KOSDAQ150. With shorts fully back, deletes may trade heavy—sets up well for more aggressive long-short positioning.

Leonardo DRS Inc.: These Are The 6 Biggest Factors Impacting Its Performance In 2025 & Beyond!

Leonardo DRS demonstrated a strong performance in the first quarter of fiscal year 2025, with financial metrics surpassing initial expectations.
The company registered organic growth of 16% in revenues, with a significant book-to-bill ratio of 1.2 and a record backlog of $8.6 billion.
This quarter marks the 13th consecutive quarter with a book-to-bill ratio over 1, underpinning strong demand across a diversified portfolio of products, including advanced infrared sensing, electric power and propulsion, and tactical radars.

Applied Industrial Technologies (AIT): An Insight Into The Hydradyne Acquisition

The latest financial results for Applied Industrial Technologies reflect a complex landscape marked by notable achievements alongside challenges.
During the fiscal 2025 third quarter, the company succeeded in surpassing many expectations with a concerted focus on margin improvements, operational efficiency, and strategic acquisitions.
However, the broader economic environment remains challenging, impacting overall demand dynamics and forward-looking guidance.

Builders FirstSource: Digital Initiatives & Modern Tool Adoption As A Vital Tool For Growth!

Builders FirstSource reported first-quarter results highlighting both resilience and areas of concern, underscored by macroeconomic pressures and strategic initiatives aimed at sustaining long-term growth.
During the quarter, Builders FirstSource recorded net sales of $3.7 billion, marking a 6% year-over-year decline.
This decrease was primarily attributed to reduced core organic sales and a noteworthy drop in multifamily sales, which fell by 33%.

Cummins Inc.: An Insight Into Its Critical Growth Levers & Tariff Mitigation Strategies To Handle Geopolitical Uncertainties!

Cummins Inc. reported its first quarter results for 2025, revealing a complex mix of strengths and challenges.
Despite a robust showing from certain segments, the company faces increasing uncertainty due to geopolitical factors, particularly trade tariffs, and unpredictability around future regulations.
From a positive standpoint, Cummins delivered strong performance in Q1, notably achieving record results in its Power Systems segment.

Eaton Corporation: These 5 Factors That Can Truly Affect Its Performance In 2025 & Beyond!

Eaton Corporation’s latest earnings for the first quarter of 2025 provides insight into the company’s current financial health and strategic positioning.
The earnings underscore both positive performances and areas of concern, offering a comprehensive view of Eaton’s operational landscape.
On the positive side, Eaton reported record quarterly achievements, notably a 13% year-over-year increase in adjusted earnings per share (EPS) to $2.72.

ESAB Corporation: Is Its Approach of Strategic Acquisitions Paying Off?

The first quarter of 2025 for ESAB Corporation showed a strong financial performance, demonstrating resilience in a challenging market landscape.
ESAB’s strategic focus on local responsiveness coupled with global scale has allowed the company to maintain secure and agile supply chains, contributing to its competitive advantage.
Key initiatives such as innovation, high-impact acquisitions, and investments in growth areas like equipment and gas control have been pivotal in driving ESAB’s robust start to the year.

Huntington Ingalls Industries: The Possible Deterrents That Can Slow Down Its Path of 2025!

Huntington Ingalls Industries reported first quarter results that reflect steady progress in operational execution, tempered by ongoing challenges across several business segments.
Revenue for the quarter stood at approximately $2.7 billion, representing a 2.5% year-over-year decline due to lower volumes at Newport News Shipbuilding, Ingalls Shipbuilding, and Mission Technologies.
Segment operating income grew marginally, supported by improved results in Mission Technologies, which saw stronger performance in cyber, electronic warfare, space, and uncrewed systems.

ITT Inc.: Acquisition & Share Repurchase Strategies Create Shareholder Value Amidst Market Uncertainties!

ITT Inc. recently reported its first quarter 2025 results, reflecting a complex interplay of external challenges and internal operational strategies.
The company showcased resilience and strategic growth initiatives.
ITT recorded over $1 billion in orders, a historic high, driven significantly by two acquisitions, kSARIA and Svanehøj, reinforcing its market position.

nVent’s Global Expansion and R&D Investments Signal Massive Growth Ahead in Data and Energy; What’s Next?

nVent Electric’s first quarter of 2025 showcased a blend of robust growth and strategic maneuvers, coupling strong financial performance with decisive portfolio adjustments.
The company reported an 11% rise in sales, marking a significant start to the year.
This growth was driven by acquired businesses like Trachte, which showed strong double-digit sales increases, adding roughly $71 million to nVent’s revenues.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

May 24

Daily Brief Industrials: InterGlobe Aviation Ltd, Samsung C&T, Idex Corp, Parker Hannifin, Ingersoll Rand , Fortive , Quanta Services, Ametek Inc and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Quiddity Leaderboard NIFTY Sep25: Multiple Changes to Expectations
Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (23 May to 6 June 2025)
IDEX Corporation: Its Position In Performance Pneumatics and Sustainable Power Solutions Is Perhaps The Biggest Future Growth Enabler!
Parker-Hannifin Corporation: How Is The Aftermarket Expansion Through The Meggitt Acquisition Panning Out?
Ingersoll Rand Seizes Asia-Pacific Momentum To Up Their Game; What Lies Ahead?
Fortive Corporation: Can It Build On The Growth In Precision Technologies While Handling The Evolving Market Dynamics?
Quanta Services: Capitalizing On Solar & Renewable Energy Projects & Key Growth Catalysts!
AMETEK Inc.: An Insight Into Its Tariff Mitigation Strategy to Maintain Resilience In Navigating Economic Hurdles!

Quiddity Leaderboard NIFTY Sep25: Multiple Changes to Expectations

By Janaghan Jeyakumar, CFA

NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.
In this insight, we take a look at the names leading the race to become ADDs/DELs for these indices in the September 2025 index rebal event.
We see two changes for NIFTY 50 and five changes for NIFTY 100.

Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (23 May to 6 June 2025)

By Douglas Kim

In this insight, we provide the top 10 stocks picks and key catalysts in the Korean stock market for the two weeks (23 May to 6 June 2025).
Our top 10 picks were up on average 2.4% in the past two weeks (from 9 to 23 May), outperforming KOSPI which was up 0.6% in the same period.
The top 10 picks in this bi-weekly include Samsung Securities, LG Uplus, Amorepacific Holdings, Samsung C&T, JYP Entertainment, Nongshim, Krafton, LS Electric, F&F, and Emart.

IDEX Corporation: Its Position In Performance Pneumatics and Sustainable Power Solutions Is Perhaps The Biggest Future Growth Enabler!

IDEX Corporation recently reported its first-quarter results for 2025, outlining both positive performances and areas of challenge.
The company exceeded expectations across revenue, profitability, and adjusted earnings per share, thanks to incremental cost savings and strategic price adjustments.
This highlights IDEX’s effective operational management, despite an environment marked by policy-driven uncertainties, such as newly introduced tariffs.

Parker-Hannifin Corporation: How Is The Aftermarket Expansion Through The Meggitt Acquisition Panning Out?

Parker Hannifin Corporation’s Q3 earnings report for fiscal year 2025 highlights a robust performance characterized by record-setting profitability metrics amid challenging macroeconomic conditions.
The company reported a solid adjusted segment operating margin of 26.3% and an adjusted EBITDA margin of 27%, marking notable achievements as both figures reached record highs.
Total cash flow from operations hit $2.3 billion year to-date, underscoring the strong cash generation capabilities of the business.

Ingersoll Rand Seizes Asia-Pacific Momentum To Up Their Game; What Lies Ahead?

Ingersoll Rand’s latest earnings report for the first quarter of 2025 presents a mixed bag of performance metrics and forward-looking strategies.
The company reported a robust start to the year with a 10% total order growth and a record Q1 free cash flow of $223 million.
An in-region for-region manufacturing capability seems to provide a competitive edge, alongside a strong commitment to bolt-on acquisitions as part of their capital allocation strategy.

Fortive Corporation: Can It Build On The Growth In Precision Technologies While Handling The Evolving Market Dynamics?

Fortive Corporation had a mixed start to 2025, reflecting both challenges and areas of resilience amidst a dynamic macroeconomic landscape.
While the company delivered adjusted earnings per share of $0.85, boosted by improved margins and robust cash flow despite underwhelming revenue figures, the overall performance signals both opportunities and hurdles going forward.
On the positive side, Fortive’s operating execution enabled expansions in both adjusted gross and operating margins, despite a slight revenue miss.

Quanta Services: Capitalizing On Solar & Renewable Energy Projects & Key Growth Catalysts!

Quanta Services recently reported robust results for the first quarter of 2025, showcasing substantial growth in key financial metrics and highlighting a strategic focus on comprehensive infrastructure solutions.
The company achieved double-digit growth in revenue, adjusted EBITDA, and earnings per share, alongside a record backlog of $35.3 billion.
This robust performance and favorable market conditions have prompted Quanta Services to raise its full-year guidance for 2025, reflecting increased revenue, adjusted EBITDA, and earnings per share expectations.

AMETEK Inc.: An Insight Into Its Tariff Mitigation Strategy to Maintain Resilience In Navigating Economic Hurdles!