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Russel Metals Inc. (RUS:CA) Q4 2025 Earnings Call Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

Operator

Good morning, ladies and gentlemen, and welcome to our 2025 year-end and fourth quarter results for Russel Metals. Today’s call will be hosted by Mr. Martin Juravsky, Executive Vice President and Chief Financial Officer; and Mr. John Reid, President and Chief Executive Officer of Russel Metals Inc. [Operator Instructions] I will now turn the meeting over to Mr. Martin Juravsky. Please go ahead, Mr. Juravsky. Thank you.

Martin Juravsky
Executive VP, CFO & Secretary

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Great. Thank you, operator. Good morning, everyone. I plan on providing an overview of the full year and Q4 2025 results. And if you want to follow along, I’ll be using the PowerPoint slides that are on our website and just go to the Investor Relations section, and it’s located in the conference call submenu. If you go to Page 3, you can read our cautionary statement on forward-looking information. So before I go into detail on the fourth quarter, I want to provide a little context.

I view Q4 and even full year 2025 as continuations of a broader game plan that has been unfolding over several years. And if you go to Page 5, you’ll get a bit of a snapshot of the significant changes over the last several years, including 2025. On the left graph, you see that we generated about $2.2 billion of cash flow since 2020. This has been asset sales such as

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Wayne Jones named new chair of Greater Manchester Chamber at ‘pivotal moment’ for reborn business group

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‘I’m proud to take on this role at such an important time for the organisation’

The new Chair of Greater Manchester Chamber of Commerce, Wayne Jones OBE

Wayne Jones OBE, the new chair of Greater Manchester Chamber of Commerce(Image: Greater Manchester Chamber of Commerce)

Greater Manchester Chamber of Commerce has appointed past president Wayne Jones OBE as its new chair in a move it says “marks a new chapter for the organisation, but one rooted firmly in continuity”.

The Chamber was sold out of administration last year, with directors vowing a “seamless transition” of its business support services. Now Mr Jones, who has been a Chamber board member for more than a decade, is to succeed Phil Cusack as chair.

Mr Jones serves on the Liverpool-Manchester Railway Partnership Board and was in 2016 named a Global Ambassador for Manchester. He was previously a member of the executive board of MAN Energy (now Everllence).

In a statement, the Chamber said: “His appointment comes at a pivotal moment. Greater Manchester Chamber is entering its first full financial year as a new organisation, and the role of Chair has never carried more weight. With the organisation navigating a period of genuine evolution, the Chair’s responsibilities extend beyond the boardroom: providing leadership, representing the Chamber’s voice externally, and maintaining the confidence of the business community across all ten boroughs of Greater Manchester.”

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Mr Jones said: “Greater Manchester has always been a place that punches above its weight, and the Chamber has a vital role to play in making sure businesses here have the support, the platform and the representation they deserve. I’m proud to take on this role at such an important time for the organisation, and I’m looking forward to getting to work.”

Emma Holt, president of the Chamber, added: “Wayne has been part of the foundation of this organisation for a significant period. He knows what we stand for, he knows what Greater Manchester needs, and he has the credibility and the drive to help us move forward with purpose. We’re delighted to welcome him into this role.”

The Chamber also paid tribute to Phil Cusak’s “service and commitment” to the organisation.

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CCI survey reveals 82pc of consumers tightening belts

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CCI survey reveals 82pc of consumers tightening belts

A survey of West Australian households has returned bleak findings, with consumer confidence now lower than during the Covid-19 pandemic.

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Trump says US has plenty of jet fuel for Europe, market disagrees

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Trump says US has plenty of jet fuel for Europe, market disagrees


Trump says US has plenty of jet fuel for Europe, market disagrees

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Oil extends losses on Iran de-escalation hopes; markets eye Trump’s speech

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Oil extends losses on Iran de-escalation hopes; markets eye Trump’s speech

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US gas tops $4 a gallon as Iran conflict drives sharp rise in fuel costs

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US gas tops $4 a gallon as Iran conflict drives sharp rise in fuel costs

U.S. gasoline prices on Monday topped $4 a gallon nationwide, adding pressure to household budgets as oil markets surge in response to the lingering Iran conflict.

Data from GasBuddy showed the national average price for regular gasoline at $4.018 per gallon, with mid-grade at $4.541 and premium at $4.904. AAA data also confirmed the national average moving above the $4 threshold, reinforcing the upward trend in fuel costs.

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Prices have risen sharply in recent weeks, with the national average up about $1.06 per gallon, or roughly 36%, when tensions escalated following U.S. and Israeli strikes targeting Iran in late February. 

The increase reflects a broader rally in oil markets, with U.S. crude futures settling at $102.88 a barrel on Monday, up $3.24. Prices also jumped more than $3 in Asian trading after Kuwait said an oil tanker was attacked at a Dubai port, underscoring ongoing supply risks.

OIL HAS SURGED SINCE THE IRAN CONFLICT BEGAN, BUT GAS PRICES MAY NOT BE DONE RISING

arco gas prices

Gas prices are displayed at an Arco station on March 30, 2026, in Los Angeles. (Mario Tama/Getty Images)

Fuel markets have been particularly sensitive to disruptions tied to the Strait of Hormuz, a critical corridor for global crude shipments, where Iran has effectively restricted traffic, tightening supply expectations.

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Further gains at the pump are possible if crude prices continue to rise, analysts say.

The Trump administration has moved to mitigate the impact, issuing a 60-day waiver of the Jones Act that allows foreign-flagged vessels to transport fuel and other goods between U.S. ports. However, industry analysts expect the measure to have only a limited effect on retail gasoline prices.

POWELL WARNS OF NEW ENERGY SUPPLY SHOCK AS GAS PRICES SURGE: ‘NO ONE KNOWS HOW BIG IT WILL BE’

gas station high prices

High gas prices are listed at Chevron station in Los Angeles on March 9, 2026. (Frederic J. Brown/AFP via Getty Images)

Rising fuel costs are weighing on consumers already facing broader price pressures and have emerged as a political challenge for President Donald Trump and congressional Republicans ahead of the November midterm elections.

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Iranian flag flies above oil refinery

An Iranian national flag flies at the Persian Gulf Star Co. gas condensate refinery in Bandar Abbas, Iran. (Ali Mohammadi/Bloomberg via Getty Images / Getty Images)

CLICK HERE TO GET FOX BUSINESS ON THE GO

Trump has pledged to reduce energy prices and boost domestic oil and gas production, but his second term has so far been marked by market volatility and geopolitical tensions.

Reuters contributed to this report. 

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Hawaiian Electric Industries (HE): Regulatory Relief Cannot Offset The Dilution Overhang

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Hawaiian Electric Industries (HE): Regulatory Relief Cannot Offset The Dilution Overhang

This article was written by

Formerly in Banking and currently based in Japan, I am an Equity Analyst and Quantitative Investor focused on medium-to-long-term horizons (1–3 years). I specialize in Utilities, REITs, and Consumer Sectors. My research goes beyond company fundamentals to include the broader economy, interest rate environment, and other key data points that drive investment decisions. I am open to questions and discussions regarding my analysis.

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Elon Musk’s SpaceX moves to become a publicly-traded company

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Elon Musk's SpaceX moves to become a publicly-traded company

The company, which manufactures rockets, space exploration technology and Starlink satellites, is currently privately held. But on Wednesday it made a confidential filing with the US Securities and Exchange Commission (SEC) for an initial public offering, which would allow shares to be traded in the stock market.

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Historic Scoring Not Enough as Wemby, SGA Lead Tight Race

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Luka Dončić

Luka Doncic is delivering one of the most dominant offensive seasons in NBA history, leading the league in scoring while carrying the Los Angeles Lakers to a strong playoff position, yet the Slovenian superstar faces long odds of capturing the 2026 Kia Most Valuable Player award with just weeks left in the regular season.

Luka Dončić
Luka Dončić

As of April 1, 2026, Doncic’s MVP odds sit between +1100 and +2700 across major sportsbooks, placing him third or fourth behind clear frontrunners Shai Gilgeous-Alexander of the Oklahoma City Thunder and Victor Wembanyama of the San Antonio Spurs. Betting markets and prediction platforms give him roughly a 4-8% implied probability of winning, a sharp contrast to his status as a preseason contender.

Doncic, in his first full season with the Lakers after a mid-career trade, is averaging a league-leading 33.7-33.8 points per game, along with 7.8 rebounds and 8.2-8.3 assists. He is shooting 47.6-47.7% from the field and 36.6-36.8% from three-point range through 63 games. His scoring barrage has included multiple 40- and 50-point outbursts, including a memorable 60-point performance that helped fuel a 13-2 Lakers surge in March.

The Lakers sit third in the Western Conference with a 48-26 record, benefiting from Doncic’s playmaking alongside LeBron James and supporting cast. Coach JJ Redick has publicly stated that a strong finish could bolster Doncic’s case, and the star has climbed the official Kia MVP Ladder in recent weeks, reaching as high as No. 2 before slipping to No. 4 in the latest update behind Wembanyama, Gilgeous-Alexander and Nikola Jokic.

Despite the gaudy numbers, several factors are working against Doncic in voter eyes. The MVP award has increasingly rewarded team success and two-way impact in recent years. Gilgeous-Alexander leads the Thunder to the best record in the league at around 60-16 or better, while anchoring an elite defense. Wembanyama, at just 22, has elevated the Spurs to a top seed with transformative two-way play, ranking near the top in blocks, rebounds and efficiency.

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Voters also weigh narrative and precedent. Doncic has finished in the top five in MVP voting multiple times but has never won. Critics point to defensive limitations and high usage rates that sometimes lead to late-game fatigue. Some analysts argue the bar for heliocentric guards keeps rising, making it harder for pure scorers to claim the award without elite team wins or defensive contributions.

Advanced metrics paint a mixed picture. Doncic leads in scoring and ranks high in assist percentage, with strong efficiency considering his workload. However, models that factor in team record, defensive rating and games played give the edge to Gilgeous-Alexander and Wembanyama. Basketball-Reference’s MVP tracker currently ranks Doncic third with roughly 5% projected vote share, well behind the leaders.

The race remains fluid entering April. The Lakers have been one of the hottest teams in the league, winning nine of 10 or better in recent stretches, which has helped Doncic’s case. A continued strong finish combined with any slippage from the top two contenders could narrow the gap. Yet with only a handful of games remaining, dramatic shifts are unlikely unless injuries or extraordinary performances intervene.

Doncic’s supporters highlight the historic nature of his output. Averaging over 33 points while playing heavy minutes in a loaded Western Conference is rare. His playmaking vision remains elite, and he has shown improved conditioning and leadership in Los Angeles. Lakers fans and some media voices argue that if the team secures home-court advantage or climbs higher, Doncic deserves serious consideration.

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Historically, the MVP often goes to the player whose team achieves the best record while posting superstar numbers. Gilgeous-Alexander’s efficiency, leadership of a title contender and defensive versatility make him the betting favorite at -350 to -550. Wembanyama’s two-way dominance and youth narrative have propelled him to +210 to +550 in recent weeks, with some ladders placing him at No. 1.

Jokic, the reigning two-time MVP, remains in the mix with triple-double prowess but has seen his odds lengthen to +4000 or longer as Denver’s record lags behind the top teams. Other names such as Jaylen Brown appear as longshots.

For Doncic to win, several scenarios would likely need to align: the Lakers finishing with one of the top two or three records in the West, continued 30-plus point explosions, and perhaps a narrative shift emphasizing his individual brilliance amid a star-studded roster. Even then, overcoming the current gap in betting markets and voter sentiment would be an uphill battle.

The 27-year-old remains in his prime and has expressed focus on team success over individual awards. In recent interviews, he has downplayed MVP talk while emphasizing playoff preparation. His ability to elevate teammates has been evident in Los Angeles, where the supporting cast has thrived alongside his playmaking.

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As the regular season winds down, every remaining game carries added weight. The Thunder, Spurs and Lakers are all battling for seeding and momentum. A late surge by any contender could reshape the final MVP Ladder before ballots are cast.

Ultimately, while Luka Doncic is producing video-game numbers and carrying the Lakers into contention, the combination of team records and two-way excellence from Gilgeous-Alexander and Wembanyama makes a 2026 MVP victory unlikely. He sits as a compelling dark horse with odds reflecting a small but real chance — perhaps 5% or less in most models.

Doncic has already cemented his place among the league’s elite. Whether he claims the Maurice Podoloff Trophy this season or adds to his growing legacy in future years, his 2025-26 campaign stands as one of the most impressive individual offensive seasons in recent memory. For now, the award appears headed elsewhere, but in the unpredictable world of NBA awards, the final weeks could still hold surprises.

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San Francisco International Airport TSA Wait Time Less Than 5 Minutes Today

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United Airlines passengers check in for flights at San Francisco International Airport on April 19, 2022

Travelers heading through San Francisco International Airport on Thursday faced relatively smooth security lines, with TSA wait times averaging around 10 to 18 minutes across checkpoints — a stark contrast to hours-long delays plaguing many U.S. airports amid ongoing federal staffing issues.

United Airlines passengers check in for flights at San Francisco International Airport on April 19, 2022
United Airlines passengers check in for flights at San Francisco International Airport on April 19, 2022

As of early Thursday morning, live estimates showed standard security waits at SFO hovering near 11 minutes, with TSA PreCheck lanes often clearing in under 5 minutes. Peak afternoon hours could push waits toward 20-23 minutes, according to blended real-time data from airport trackers and traveler reports. The shortest waits overnight dipped as low as 4-6 minutes, while the longest recent spikes reached about 23 minutes in the late afternoon.

SFO officials reported “normal wait times” on their website, crediting the airport’s unique status as the largest participant in the Transportation Security Administration’s Screening Partnership Program. Under the SPP, private contractors handle screening instead of federal TSA employees, shielding SFO from the widespread no-show rates and funding disruptions affecting government-run checkpoints nationwide.

“Travelers at SFO continue to move efficiently through security,” airport spokesman Doug Yakel noted in recent statements. Over the past 30 days, average peak waits have stayed under 10 minutes even as passenger volumes remain robust, he added.

This efficiency stands in sharp relief against the national picture. A partial government shutdown has triggered record TSA delays, with some major hubs reporting lines exceeding four hours. TSA officials have cited officer call-out rates as high as 40-50% at certain airports, compounded by resignations and higher-than-expected spring travel demand. SFO’s private model has largely insulated it from these headaches, allowing consistent operations even during peak spring break surges that strained other facilities.

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Current Conditions at SFO Checkpoints

SFO operates six main security checkpoints serving its terminals and boarding areas:

  • International Terminal: Boarding Area A and G checkpoints typically open early and handle global flights.
  • Terminal 1, 2, 3 and 4 (Domestic): Checkpoints A, B, B-Mezzanine, D, F1 and others operate on staggered schedules, with most running from around 3:15 a.m. until late evening or early morning.

As of Thursday, most checkpoints remained open with no major closures reported beyond routine maintenance, such as occasional downtime at Boarding Area F3. TSA PreCheck is widely available, and expedited lanes like CLEAR are operational to further speed up the process for enrolled travelers.

Hourly breakdowns from aggregator sites like TakeOffTimer and AirlineAirport.com indicate:

  • Overnight/early morning (midnight to 6 a.m.): Often 5-15 minutes.
  • Morning rush (7-10 a.m.): 12-19 minutes.
  • Midday (11 a.m.-2 p.m.): 7-12 minutes.
  • Afternoon peak (3-6 p.m.): Up to 23 minutes, the daily high in recent patterns.
  • Evening: Trending back down toward 10 minutes.

These figures represent blended estimates from passenger reports, historical data and live feeds. Actual times can fluctuate based on flight banks, weather or sudden passenger surges. SFO handled millions of passengers in recent months while maintaining short queues, thanks to dedicated private screening staff not impacted by federal payroll or staffing crises.

Tips for Beating the Lines at SFO Today

Airport authorities and travel experts recommend arriving at SFO at least two hours before domestic flights and three hours for international departures. While waits are currently manageable, proactive steps can shave off precious minutes:

  1. Enroll in TSA PreCheck or CLEAR: PreCheck members frequently clear in 5 minutes or less. CLEAR biometric lanes provide an additional shortcut at SFO.
  2. Download the MyTSA App: The official Transportation Security Administration mobile app lets users check real-time crowd-sourced wait times, review prohibited items and get personalized alerts. Historical data helps predict busy periods.
  3. Pack Smart: Follow the 3-1-1 liquids rule and remove laptops, liquids and large electronics early to speed screening.
  4. Monitor SFO’s Official Site: The flysfo.com alerts page posts updates on TSA lines and any temporary changes.
  5. Check Flight Status Early: Use airline apps or the airport site to track gate assignments and potential delays.

Travelers on social media and forums like Reddit’s r/AskSF and r/bayarea have echoed the positive experience. Recent posts note quick passes through PreCheck, with some flyers reporting under 10 minutes total even during busier windows. “SFO’s private TSA setup has been a lifesaver,” one frequent traveler commented.

Broader Context: Why SFO Stands Out

The contrast with other airports highlights the value of SFO’s operational model. While federal TSA facilities grapple with the effects of the shutdown — including delayed pay and reduced staffing — SFO’s contractors maintain full operations funded independently. This has prevented the kind of chaos seen elsewhere, where passengers have missed flights due to multi-hour security bottlenecks.

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Spring travel demand remains high, with many families heading out for break or business travelers resuming routines. SFO, one of the busiest gateways on the West Coast serving major carriers like United Airlines, has seen steady volumes without the extreme backups reported at hubs in the East or Midwest.

Airport officials continue to urge caution. “Even with normal waits, factors like high passenger volume or equipment issues can cause temporary spikes,” a recent advisory noted. Passengers with disabilities or those needing extra assistance should factor in additional time and contact their airline in advance.

What to Expect Later Today and This Week

Forecasts for the next 12 hours show waits staying mostly in the single digits to low teens during midday, with a possible uptick in the late afternoon. Overnight into Friday should remain light. Weekend patterns often see heavier crowds, so checking apps closer to travel time is wise.

No major runway or operational disruptions were flagged for Thursday beyond routine maintenance. However, travelers should stay alert for any last-minute alerts via the airport’s website or flight apps.

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For the latest real-time updates:

  • Visit flysfo.com for official notices.
  • Use sites like tsawaittimes.com, takeofftimer.com or onairparking.com for live estimates.
  • Report your own wait time through the MyTSA app to help fellow travelers.

SFO’s reputation for efficient security has held strong even as national air travel faces challenges. With waits today averaging well below typical busy-airport benchmarks, most passengers can expect a straightforward experience — provided they arrive prepared and monitor conditions.

As always, double-check with your airline for any flight-specific updates. Safe travels from the Bay Area’s gateway.

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UWA considering Karratha campus

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UWA considering Karratha campus

The University of Western Australia is considering establishing a tertiary education and research campus in Karratha.

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