Overview
- Q4 results: GAAP net income was $18 million (EPS $0.22), adjusted EPS was $0.52, and adjusted EBITDA was $226 million for a 6.1% margin.
- For FY25, free cash flow totaled $204 million as the company repurchased $125 million of stock, roughly 7% of shares outstanding at the start of the year.
- Balance sheet and liquidity at Sept. 30: cash was $958 million, gross debt about $2.4 billion, net debt about $1.4 billion, and total liquidity $1.8 billion; the ABL revolver was later refinanced to 2030.
- FY26 outlook calls for about $14.4 billion in sales, roughly $845 million in adjusted EBITDA, around $300 million in capex, and approximately $90 million in free cash flow, with internal gains offset by lower customer volumes and higher growth spending.
- Shares fell roughly 12% to about $21 after adjusted EPS missed consensus by a penny and management reiterated a tempered outlook; CEO Jerome Dorlack and CFO Mark Oswald scheduled a call to discuss results, with non-GAAP reconciliations posted online.