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Commodities

A collection of 76 issues

California Resources Corp - $CRC - Earnings Analysis: Successful completion of the Aera merger and achievement of merger-related synergies.

Business Model California Resources Corporation (CRC) generates revenue from the sale of oil, natural gas, NGLs, electricity, and from marketing purchased commodities. They are also developing a carbon management business. Revenue Sources * Oil, natural gas, and NGL sales (primarily from San Joaquin Basin, Los Angeles Basin, and Sacramento Basin). * Marketing

Mosaic Co - $MOS - Earnings Analysis: Mosaic is taking steps to improve operations and allocate capital effectively.

Business Model Mosaic generates revenue primarily through the sale of concentrated phosphate and potash crop nutrients and feed ingredients. They operate through three segments: Potash, Phosphates, and Mosaic Fertilizantes. Revenue Sources * Potash: Sales of potash-based fertilizers. * Phosphates: Sales of phosphate-based fertilizers and feed ingredients. * Mosaic Fertilizantes: Sales of fertilizers in

Westlake Corp - $WLK - Earnings Analysis: Strong balance sheet with $2.9 billion in cash and equivalents.

Business Model Westlake Corporation generates revenue primarily through two segments: Housing and Infrastructure Products (HIP) and Performance and Essential Materials (PEM). Revenue Sources * Housing Products (siding, trim, roofing) * Infrastructure Products (pipe and fittings) * Performance Materials (PVC resin, epoxy resin) * Essential Materials (caustic soda) Income Statement Analysis * Revenue decreased by 8.

Balchem Corp - $BCPC - Earnings Analysis: The company's 22nd consecutive quarter in which Balchem delivered year-over-year adjusted EBITDA growth.

Business Model Balchem Corporation generates revenue through the development, manufacture, distribution, and marketing of specialty performance ingredients and products across three main segments: Human Nutrition and Health (HNH), Animal Nutrition and Health (ANH), and Specialty Products (SP). Revenue Sources * Human Nutrition and Health (HNH): Provides human-grade choline nutrients, mineral amino

Southern Co - $SO - Earnings Analysis: Strong earnings growth and robust economic development.

Business Model Southern Company generates revenue primarily through electricity sales by its traditional electric operating companies, wholesale electricity sales by Southern Power, and natural gas distribution by Southern Company Gas. Revenue Sources * Retail electricity sales by Alabama Power, Georgia Power, and Mississippi Power. * Wholesale electricity sales by Southern Power. * Natural

Targa Resources Corp - $TRGP - Earnings Analysis: Record full year 2024 adjusted EBITDA of $4.1 billion, a 17% increase over 2023

Business Model Targa Resources Corp. generates revenue through sales of commodities and fees from midstream services. The Gathering and Processing segment derives revenue from gathering, processing, and sale of natural gas, crude oil, condensate, and NGLs. The Logistics and Transportation segment generates revenue from transporting, storing, fractionating, terminaling, and marketing

Builders FirstSource - $BLDR - Earnings Analysis: Strong balance sheet and liquidity position

Business Model Builders FirstSource generates revenue primarily through the sale of building products, prefabricated components, and value-added services to professional homebuilders and remodelers. Revenue Sources * Manufactured products (e.g., roof and floor trusses, wall panels, stairs, vinyl windows, custom millwork, pre-hung doors) * Windows, doors & millwork * Specialty building products &

- $LKNC - Earnings Analysis: Strong revenue growth and improved profitability in Q4 2024.

Business Model Luckin Coffee generates revenue primarily through product sales (freshly brewed drinks, other products) and partnership stores (sales of materials, profit sharing, delivery service fees, sales of equipment, franchise fees). Revenue Sources * Product sales (freshly brewed drinks and other products) through self-operated stores, unmanned machines, e-commerce, and delivery. * Revenues

Celanese Corp - $CE - Earnings Analysis: The company is taking decisive actions to reduce costs and improve productivity.

Business Model Celanese Corporation generates revenue primarily through its two main business segments: Engineered Materials and the Acetyl Chain. The Engineered Materials segment produces high-performance engineered polymers used in a variety of applications, including automotive, medical, and industrial products. The Acetyl Chain segment produces acetyl products such as acetic acid,

Valmont Industries - $VMI - Earnings Analysis: Strong growth in operating cash flow and earnings per share.

Business Model Valmont generates revenue through two main segments: Infrastructure and Agriculture. The Infrastructure segment provides products and solutions for utility, solar, lighting, transportation, and telecommunications markets, along with coatings services. The Agriculture segment provides center pivot and linear irrigation equipment, components, aftermarket parts, and advanced technology solutions for precision

Halozyme Therapeutics - $HALO - Earnings Analysis: Total revenues increased by 22% in 2024, exceeding $1 billion for the first time.

Business Model Halozyme generates revenue through royalties from partners' products utilizing their ENHANZE technology, product sales from their proprietary products, and collaborative agreements including milestone payments. Revenue Sources * Royalties from partners' sales of products using ENHANZE technology. * Product sales of proprietary products such as XYOSTED and Hylenex. * Revenues

Penumbra - $PEN - Earnings Analysis: Robust growth in U.S. Thrombectomy sales driven by proprietary CAVT technology.

Business Model Penumbra generates revenue primarily through the sale of innovative medical devices for the treatment of vascular conditions, including thrombectomy devices and embolization and access products. Revenue Sources * Thrombectomy product sales * Embolization and access product sales Income Statement Analysis * Adjusted revenue increased by 12.9% year-over-year due to strong

Allegion PLC - $ALLE - Earnings Analysis: Robust revenue growth and profitability in the Americas segment.

Business Model Allegion plc generates revenue primarily through the sale of security products and solutions, including locks, door closers, exit devices, electronic and mechanical security products, and systems for residential and commercial markets. Revenue Sources * Sales of mechanical security products * Sales of electronic security products * Services and solutions related to

James Hardie Industries PLC - $JHX - Earnings Analysis: Strong market position in fiber cement and fiber gypsum products.

Business Model James Hardie Industries plc is a global leader in manufacturing and selling fiber cement, fiber gypsum, and cement-bonded building products for interior and exterior building construction applications. Revenue Sources * Fiber cement products used in external siding and internal applications. * Fiber gypsum products used in interior applications. * Cement-bonded boards

Genuine Parts Co - $GPC - Earnings Analysis: Strong market position with leading global automotive and industrial businesses.

Business Model Genuine Parts Company generates revenue primarily through its two main business segments: the Automotive Parts Group and the Industrial Parts Group, providing automotive and industrial replacement parts and value-added solutions. Revenue Sources * Automotive Parts Group (63% of 2024 revenue) * Industrial Parts Group (37% of 2024 revenue) Revenue Distribution

Vulcan Materials Co - $VMC - Earnings Analysis: Strong operating performance with increased gross profit and margin expansion.

Business Model Vulcan Materials Company generates revenue primarily through the production and sale of construction aggregates (crushed stone, sand, and gravel), and aggregates-based construction materials such as asphalt mix and ready-mixed concrete. The company operates primarily in the United States. Revenue Sources * Aggregates segment sales, including crushed stone, sand, gravel,

Medtronic PLC - $MDT - Earnings Analysis: Consistent mid single digit revenue growth over nine consecutive quarters.

Business Model Medtronic generates revenue primarily through sales of medical devices and therapies across its four main business segments: Cardiovascular, Neuroscience, Medical Surgical, and Diabetes. Revenue Sources * Cardiovascular Portfolio, including Cardiac Rhythm & Heart Failure, Structural Heart & Aortic, Coronary & Peripheral Vascular * Neuroscience Portfolio, including Cranial & Spinal Technologies,

Zebra Technologies Corp - $ZBRA - Earnings Analysis: Strong recovery in demand across major product categories and regions.

Business Model Zebra Technologies Corporation generates revenue primarily through sales of hardware products, services, and software solutions in the automatic identification and data capture (AIDC) industry. Revenue Sources * Sales of hardware products including mobile computers, barcode scanners and imagers, RFID readers, and specialty printers. * Provision of services including maintenance, technical

GE Healthcare Technologies - $GEHC - Earnings Analysis: Robust orders growth and record backlog indicate strong demand.

Business Model GE HealthCare generates revenue primarily through the sale of medical equipment, pharmaceutical diagnostics, and associated services across four main segments: Imaging, Advanced Visualization Solutions (AVS), Patient Care Solutions (PCS), and Pharmaceutical Diagnostics (PDx). Revenue Sources * Sales of Imaging equipment such as MRI, CT scanners, and X-ray systems. * Sales

Ingersoll Rand - $IR - Earnings Analysis: Strong revenue growth driven by effective execution of IRX strategy and robust demand in underpenetrated markets.

Business Model Ingersoll Rand generates revenue primarily through sales of industrial technologies and services, including compressor, vacuum, blower, and air treatment solutions, as well as mission-critical precision liquid, gas, air, and powder handling technologies for life sciences and industrial applications. Revenue Sources * Industrial Technologies and Services (ITS) segment revenues, accounting

Republic Services - $RSG - Earnings Analysis: Exceeded adjusted EBITDA, EPS and free cash flow guidance.

Business Model Republic Services generates revenue through providing environmental services, including collection and processing of recyclable materials, the collection, treatment, consolidation, transfer and disposal of hazardous and non-hazardous waste, and other environmental solutions. It derives revenue from residential, small-container, and large-container collection services, transfer stations, recycling centers, and landfill services.

Zoetis - $ZTS - Earnings Analysis: Strong operational growth in key companion animal franchises (Simparica, Dermatology, OA Pain mAbs).

Business Model Zoetis generates revenue through a diverse portfolio of animal health products, including medicines, vaccines, diagnostic products and services, biodevices, genetic tests, and precision animal health solutions. Revenue Sources * Companion Animal Products (approximately 68% of 2024 revenue): Parasiticides, vaccines, dermatology products, anti-infectives, pain and sedation medications, diagnostics. * Livestock Products

Lincoln Electric Holdings - $LECO - Earnings Analysis: Strong operational execution and cost management have mitigated some of the impact of lower demand.

Business Model Lincoln Electric Holdings, Inc. generates revenue through the design, development, and manufacturing of arc welding products, robotic welding systems, plasma and oxy-fuel cutting equipment, and brazing and soldering alloys. The company serves a diverse range of industries including general fabrication, automotive, heavy industries, construction, and energy. Revenue Sources

Deere & Co - $DE - Earnings Analysis: Management's strategic initiatives to optimize inventory levels and sustain investments in technology.

Business Model Deere & Company generates revenue primarily through the sale of agricultural, construction, and forestry equipment worldwide. The company operates through three major business segments: Production & Precision Agriculture, Small Agriculture & Turf, and Construction & Forestry. Revenue Sources * Sales of Production & Precision Agriculture equipment, including large agricultural

Applied Materials - $AMAT - Earnings Analysis: Record revenue and strong financial performance.

Business Model Applied Materials generates revenue primarily through sales of semiconductor manufacturing equipment, services, and software to semiconductor manufacturers. The company also provides equipment to produce flat panel displays and related products. Revenue Sources * Semiconductor Systems: Sales of semiconductor manufacturing equipment * Applied Global Services: Services including spare parts, equipment upgrades,

Motorola Solutions - $MSI - Earnings Analysis: Consistent revenue growth across all segments and technologies.

Business Model Motorola Solutions generates revenue primarily through sales of Land Mobile Radio (LMR) Communications systems, Video Security and Access Control solutions, and Command Center software applications. Revenue Sources * LMR Communications sales including infrastructure, devices, and software. * Video Security and Access Control solutions including cameras, access control systems, and video

DaVita - $DVA - Earnings Analysis: Strong financial performance in 2024, with revenue growth and improved profitability.

Business Model DaVita generates revenue primarily through its U.S. dialysis business, providing kidney dialysis services for patients with ESKD. Additional revenue is generated from U.S. integrated kidney care (IKC) business, U.S. other ancillary services (clinical research, transplant software, venture group), and international dialysis operations. Revenue Sources * U.

Vertiv Holdings Co - $VRT - Earnings Analysis: Robust revenue growth across all regions driven by strong demand.

Business Model Vertiv generates revenue primarily through the sale of products and services that enable critical digital infrastructure to run continuously and perform optimally. Revenue Sources * Sales of products including power management, thermal management, and other critical infrastructure hardware. * Services including installation, maintenance, and support services. Income Statement Analysis * Revenue

Westinghouse Air Brake Technologies Corp - $WAB - Earnings Analysis: Strong operating performance with revenue growth and margin expansion.

Business Model Wabtec Corporation generates revenue primarily through sales of equipment, components, digital intelligence products, and services in both Freight and Transit segments. Revenue Sources * Freight Segment: sales of equipment such as locomotives and freight cars. * Freight Segment: services including maintenance, overhauls, and modernization of locomotives. * Freight Segment: sales of

Generac Holdings - $GNRC - Earnings Analysis: Robust growth in residential product sales driven by elevated demand and ability to rapidly increase production.

Business Model Generac generates revenue primarily through sales of power generation equipment, energy storage systems, energy management devices and solutions, and other power products serving the residential, light commercial, and industrial markets. Revenue Sources * Sales of residential products including home standby generators, portable generators, energy storage systems, and smart thermostats.

Chefs' Warehouse - $CHEF - Earnings Analysis: Consistent revenue growth and improvement in gross profit margins.

Business Model The Chefs' Warehouse generates revenue by distributing specialty and center-of-the-plate food products to upscale-casual and fine-dining restaurants, hotels, caterers, and other premium food service establishments in the United States, Middle East, and Canada. Revenue Sources * Specialty food product distribution * Center-of-the-plate products distribution, including meat, poultry, and seafood

Dutch Bros - $BROS - Earnings Analysis: Consistent revenue growth with a 34.9% increase in Q4 2024 compared to Q4 2023.

Business Model Dutch Bros Inc. generates revenue primarily through company-operated drive-thru coffee shops and franchised shops, focusing on serving high-quality, handcrafted beverages. Revenue Sources * Company-operated shop revenues, which include sales of beverages, food, and other items at company-operated locations. * Franchising and other revenues, which include royalties and fees from franchised

Carrier Global Corp - $CARR - Earnings Analysis: Strong organic growth in Q4, driven by HVAC segment.

Business Model Carrier generates revenue through the sale of products and services across its HVAC and Refrigeration segments, serving homes, buildings, and the cold chain. They are also expanding into digitally enabled lifecycle solutions and integrated systems. Revenue Sources * Product sales: HVAC systems (residential, commercial, light commercial), refrigeration equipment (truck,

Edwards Lifesciences Corp - $EW - Earnings Analysis: Strong Q4 sales growth driven by strength across all product groups.

Business Model Edwards Lifesciences generates revenue through the sale of its structural heart innovations including Transcatheter Aortic Valve Replacement (TAVR), Transcatheter Mitral and Tricuspid Therapies (TMTT), and Surgical Structural Heart products. Revenue Sources * TAVR sales, including SAPIEN 3 Ultra RESILIA platform * TMTT sales, including PASCAL repair system and EVOQUE tricuspid

Fluence Energy - $FLNC - Earnings Analysis: Record backlog of $5.1 billion provides visibility into future revenue.

Business Model Fluence Energy generates revenue primarily through intelligent energy storage and optimization software for renewables and storage. They derive revenue from energy storage products and solutions contracts, service contracts, and digital software contracts. Revenue Sources * Energy storage products and solutions contracts * Service contracts (maintenance, monitoring, etc.) * Digital software contracts

Compass Minerals International - $CMP - Earnings Analysis: Progress in reducing North American highway deicing inventory volumes.

Business Model Compass Minerals is a leading global provider of essential minerals. They generate revenue primarily through the sale of salt products, plant nutrition products, and, historically, fire retardant products through Fortress North America. Revenue Sources * Salt products for highway deicing, consumer, and industrial applications. * Plant nutrition products to improve

Allison Transmission Holdings - $ALSN - Earnings Analysis: Strong performance in North America On-Highway and Defense end markets.

Business Model Allison Transmission generates revenue through the design and manufacture of propulsion solutions for commercial and defense vehicles, primarily medium- and heavy-duty fully automatic transmissions. Revenue Sources * North America On-Highway: Driven by Class 8 vocational vehicles and medium-duty trucks. * Defense: Increased demand for Tracked vehicle applications. * Outside North America

Sensata Technologies Holding PLC - $ST - Earnings Analysis: Strong finish to 2024 with revenue exceeding expectations and improved free cash flow.

Business Model Sensata generates revenue through the sale of sensors, sensor-rich solutions, and electrical protection devices used in mission-critical systems across various markets. Revenue Sources * Performance Sensing (Auto and Heavy Vehicle Off-Road): Focus on automotive and heavy vehicle markets, with a robust ICE portfolio and growing electrification offerings. * Sensing Solutions

Lattice Semiconductor Corp - $LSCC - Earnings Analysis: Double-digit new product revenue growth indicates strong product portfolio.

Business Model Lattice Semiconductor generates revenue from the sale of low power programmable solutions, including FPGAs, to customers across various end markets. Revenue Sources * Communications and Computing (45% of FY24 revenue) * Industrial and Automotive (46% of FY24 revenue) * Consumer (9% of FY24 revenue) Revenue Distribution by Channel * Distribution: 89% of

Simpson Manufacturing Co - $SSD - Earnings Analysis: Above-market volume growth in North America.

Business Model Simpson Manufacturing Co., Inc. generates revenue through the design, engineering, and manufacturing of wood and concrete construction products. Revenue Sources * Wood Construction Products: Connectors, truss plates, fastening systems, fasteners, and shearwalls. * Concrete Construction Products: Adhesives, specialty chemicals, mechanical anchors, powder-actuated tools, and reinforcing carbon and glass fiber materials.

Amkor Technology - $AMKR - Earnings Analysis: Strong position in advanced packaging and test services for the semiconductor industry.

Business Model Amkor Technology generates revenue through semiconductor packaging and test services. Revenue Sources * Advanced Products: Includes flip chip, memory, and wafer-level processing and related test services. (89% of 2024 revenue) * Mainstream Products: Includes all other wirebond packaging and related test services. (11% of 2024 revenue) * Packaging services: 89% of

Tower Semiconductor Ltd - $TSEM - Earnings Analysis: Q1 2025 revenue guidance of $358 million, +/- 5%, represents about 10% year-over-year growth.

Business Model Tower Semiconductor generates revenue by providing technology, development, and process platforms for its customers in growing markets such as consumer, industrial, automotive, mobile, infrastructure, medical and aerospace and defense. Revenue Sources * RF infrastructure revenue was about $241,000,000 or 17% of corporate revenue in 2024. * RF mobile

NGL Energy Partners LP - $NGL - Earnings Analysis: Growth in Water Solutions segment supported by long-term contracts and acreage dedications.

Business Model NGL Energy Partners LP operates through three segments: Water Solutions, Crude Oil Logistics, and Liquids Logistics. Revenue Sources * Water Solutions: Transportation, treatment, recycling, and disposal of produced and flowback water. * Crude Oil Logistics: Purchase and transport crude oil to refineries and trade hubs, provides storage and terminaling. * Liquids

Plains All American Pipeline LP - $PAA - Earnings Analysis: Strategic Acquisitions: The recent bolt-on acquisitions enhance the integrated asset base and offer future growth potential.

Business Model Plains All American Pipeline, L.P. (PAA) generates revenue through owning and operating midstream energy infrastructure and providing logistics services for crude oil and natural gas liquids (NGL). They have an extensive network of pipeline gathering and transportation systems, terminalling, storage, processing, fractionation, and other infrastructure assets. Revenue