Q1 2025 Earnings Conference Call Recaps: Procter & Gamble (PG)
Bespoke’s Conference Call Recaps use AI to summarize lengthy earnings calls. The commentary below is AI-generated and then edited by Bespoke for quality control. As always, none of these summaries should be construed as recommendations to buy or sell any securities, and investors should do their own research and/or consult with a financial professional before making any investment decisions.
Our latest recap available to Bespoke subscribers covers Procter & Gamble’s (PG) Q3 2025 earnings call.
Procter & Gamble (PG) is one of the world’s largest consumer goods companies, known for its wide-ranging portfolio of household and personal care brands including Tide, Pampers, Gillette, Crest, Oral-B, and SK-II. With operations in over 70 countries and products used in virtually every home, P&G offers unique insight into global consumer behavior, retail trends, and pricing dynamics. This quarter, P&G navigated a volatile global landscape marked by weak consumer confidence in the US and Europe, elevated geopolitical tension in the Middle East, and tariff-related cost headwinds of $1B–$1.5B. Organic sales rose 1% globally, with strong results in Latin America (+6%) and modest declines in Greater China (-2%). Innovation remained a bright spot, with new launches like Tide evo and Oral-B iO2 driving share gains. The company doubled down on brand superiority while also warning of a wide range of potential outcomes for Q4 given soft consumption trends, inventory shifts, and the impact of tariffs on input costs and pricing strategy. The stock fell as much as 5.4% on 4/24 after the mixed results…
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Q1 2025 Earnings Conference Call Recaps: MarineMax (HZO)
Bespoke’s Conference Call Recaps use AI to summarize lengthy earnings calls. The commentary below is AI-generated and then edited by Bespoke for quality control. As always, none of these summaries should be construed as recommendations to buy or sell any securities, and investors should do their own research and/or consult with a financial professional before making any investment decisions.
Our latest recap available to Bespoke subscribers covers MarineMax’s (HZO) Q2 2025 earnings call.
MarineMax (HZO) is the largest recreational boat and yacht retailer in the United States, operating through a network of retail dealerships, marinas, and service centers. The company sells new and used recreational boats, from pontoons to superyachts, and generates additional revenue through financing, insurance, and high-margin marina services. HZO’s acquisition of IGY Marinas expanded its global reach in the superyacht marina industry, offering access to premier destinations like the Mediterranean and Caribbean. Despite ongoing softness in retail boat demand and heightened tariff uncertainty, HZO delivered record March quarter revenue of $631M (+8.3% YoY) and 11% same-store sales growth, driven by aggressive promotions and a mix shift toward higher-priced boats. However, that mix skew and discounting led to historically low boat margins. While the company cut full-year guidance due to economic uncertainty, it highlighted resilience in high-margin segments like marinas and superyacht services, which helped keep YTD gross margin nearly flat. On better-than-expected results, the stock surged 17.4% on 4/24…
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Back to Where We Started (Almost)
April has been one of the most volatile months in market history, and as we head into the final days of the month next week, equities have returned almost to where they were in late March. Whether the market can build up enough momentum to break above resistance just under 5,500 remains to be seen, but so far it’s been quite a round trip over the last month or so.
Just like equities, the US Treasury market has been volatile. Despite all the concerns of a mass exodus out of the Treasury market, the 10-year yield is also around the same levels it traded at in late March.
While stocks and bonds have made a lot of noise with little to show for it, the dollar has maintained its downhill path. After peaking in early January, the US Dollar Index lost about 5% through late March, and Liberation Day only accelerated the slide. Since late March, we’ve seen an additional decline of nearly 5%, taking the Dollar Index to 52-week lows.
The dollar’s slide plays right into the hands of what the Administration seems to want. Stephen Miran, the Chairman of the White House Council of Economic Advisers, has actively advocated for a weaker dollar to reduce the trade deficit and make US exports more competitive. In his 41-page essay “A User’s Guide to Restructuring the Global Trading System”, Miran outlines his thesis about how to address the economic imbalances resulting from the dollar’s overvaluation due to its role as the world’s reserve currency. Miran endorses the idea of tariffs as one useful tool of several to help re-engineer global trade. The key to success, though, would hinge on execution as Miran concludes with the observation: “There is a path by which the Trump Administration can reconfigure the global trading and financial systems to America’s benefit, but it is narrow, and will require careful planning, precise execution, and attention to steps to minimize adverse consequences.” Maybe the sequence of events since Liberation Day was part of some orchestrated plan, but there has seemingly been nothing ‘careful’ or ‘precise’ about any of it.
Bespoke’s Morning Lineup – 4/25/25 – Three-Peat
See what’s driving market performance around the world in today’s Morning Lineup. Bespoke’s Morning Lineup is the best way to start your trading day. Read it now by starting a two-week trial to Bespoke Premium. CLICK HERE to learn more and start your trial.
“I always tell the truth. Even when I lie.” – Al Pacino
Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.
To view yesterday’s interview on CNN’s OutFront, click on the image below.
After three strong days for stocks following the plunge to start the week, the week looks to be ending on a down note following the publication of an interview by Time magazine with President Trump. The interview took place on Tuesday, so the comments are for intents past their shelf life based on the White House news cycle, but they reinforce the notion that when it comes to this Administration, policy is a moving target.
Earnings news was mixed overnight, but the most high-profile report came from Alphabet (GOOGL), and the stock is trading up in response. The only economic report on the calendar is Michigan Confidence. Investors will be watching the inflation expectations component of that report. Even as it has become incredibly polarized based on political leanings, the general trend has been higher, which the Fed doesn’t want to see.
Day-to-day volatility in the market has picked up since late February, and the historic 9.5% rally from April 9th sticks out like a big middle finger. That big gain also overshadows a nearly impressive run of three straight daily gains of 1.5% or more in the S&P 500. Outside of the big gain on 4/9, any of these days would have qualified as among the best days in the last six months, but having them occur on a back-to-back-to-back basis is extraordinary.
As impressive as the daily gains have been, yesterday’s rally only took the S&P 500 back to levels it opened at right after the Liberation Day ceremony in the Rose Garden and then the level it traded up to on 4/9. For bulls to breathe easier, we’ll need to see the market maintain its momentum and break above this resistance, which happens to coincide with the downtrend line from the February high.
The Closer – Cuts Coming?, Big Blue, Confusion – 4/24/25
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Looking for deeper insight into markets? In tonight’s Closer sent to Bespoke Institutional clients, we begin with some earnings findings of notable tech names (pages 1 and 2) followed by commentary regarding the latest headlines about the executive branch (page 3). We then dive into the latest housing data (page 4) and Business Trends and Outlook Survey findings (pages 5 – 7).
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Q1 2025 Earnings Conference Call Recaps: United Rentals (URI)
Bespoke’s Conference Call Recaps use AI to summarize lengthy earnings calls. The commentary below is AI-generated and then edited by Bespoke for quality control. As always, none of these summaries should be construed as recommendations to buy or sell any securities, and investors should do their own research and/or consult with a financial professional before making any investment decisions.
Our latest recap available to Bespoke subscribers covers United Rentals’ (URI) Q1 2025 earnings call.
United Rentals (URI) is the largest equipment rental company in the world, serving customers across construction, industrial, and infrastructure markets. It provides rentals for general construction equipment as well as a fast-growing portfolio of specialty solutions, including power, HVAC, trench safety, and mobile storage. With over 1,400 locations across North America, URI plays a key role in enabling large-scale infrastructure and industrial projects, offering a “one-stop shop” model. URI reported record Q1 revenue of $3.7B (+6.7% YoY) due to strong demand across infrastructure, industrial, and data center projects. Specialty rental revenue jumped 22%, and cross-selling initiatives helped drive a 12x increase in spend from a major customer. Used equipment sales hit $740M, signaling strong end-market activity. Ancillary services like fueling and delivery continued to expand. Despite tariff concerns, over 80% of 2025 CapEx is locked in. URI reaffirmed full-year guidance. The stock was up as much as 11% on 4/24…
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Q1 2025 Earnings Conference Call Recaps: PepsiCo (PEP)
Bespoke’s Conference Call Recaps use AI to summarize lengthy earnings calls. The commentary below is AI-generated and then edited by Bespoke for quality control. As always, none of these summaries should be construed as recommendations to buy or sell any securities, and investors should do their own research and/or consult with a financial professional before making any investment decisions.
Our latest recap available to Bespoke subscribers covers PepsiCo’s (PEP) Q1 2025 earnings call.
PepsiCo (PEP) is a global food and beverage leader known for its iconic brands like Pepsi, Gatorade, Lay’s, Doritos, and Quaker. The company operates across more than 200 countries. It competes in both highly commoditized and value-added segments, offering a lens into global consumer behavior, pricing dynamics, health trends, and macroeconomic sentiment. PEP reiterated its full-year revenue outlook but cut EPS guidance, citing new tariff pressures, weaker consumer confidence, and persistent volume softness in Frito-Lay North America (FLNA). The company is executing a three-pronged turnaround strategy at FLNA (value pricing, portfolio expansion, and operational improvements) while addressing complex shifts in consumer affordability. International growth remained strong, with markets like India and Brazil offsetting weakness in China and Mexico. Regulatory readiness was a theme, as PEP accelerates the reformulation of products like Lay’s to remove artificial colors. Executives also flagged rising GLP-1 adoption as a factor influencing portion sizes and demand for protein, fiber, and hydration, which PEP is actively targeting with innovation. The stock was down about 5% on 4/24 after posting mixed results…
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Chart of the Day – Semis Outperforming
Q1 2025 Earnings Conference Call Recaps: Texas Instruments (TXN)
Bespoke’s Conference Call Recaps use AI to summarize lengthy earnings calls. The commentary below is AI-generated and then edited by Bespoke for quality control. As always, none of these summaries should be construed as recommendations to buy or sell any securities, and investors should do their own research and/or consult with a financial professional before making any investment decisions.
Our latest recap available to Bespoke subscribers covers Texas Instruments’ (TXN) Q1 2025 earnings call.
Texas Instruments (TXN) is one of the world’s largest semiconductor manufacturers, specializing in analog and embedded processing chips that power everything from industrial automation systems and electric vehicles to personal electronics and communications infrastructure. In Q1, TXN reported revenue of $4.1B, up 11% YoY, as signs of recovery spread across end markets, especially industrial, which grew upper-single digits sequentially after seven straight declines. Executives believe we’re at the bottom of the semiconductor cycle, with customer inventories “very, very short” across the board. Tariffs and geopolitical tension remain key watchpoints, but TXN emphasized its “geopolitically dependable capacity” and global footprint, citing dual-source manufacturing and flexibility as advantages. The team noted stronger-than-usual seasonality in Q2 guidance, driven more by broad recovery than by tariff-related pull-forwards. Competition from Chinese chipmakers is intensifying, but TXN is leaning on scale, breadth, and inventory availability to defend its position. The stock opened up 8% on 4/24 after the better-than-expected results…
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Rotation Underway
In last night’s Closer, we provided an analysis we frequently run to help identify trends within price action: our decile analysis. This analysis ranks S&P 500 members by a variety of metrics, placing them into ten equal sized groups. We then show the average performance for each group. As might be expected, this week’s rebound in equity prices has been largely rotational following weakness after “Liberation Day”. The chart below shows the average performance for S&P 500 members since Monday’s close for deciles of performance from Liberation Day through Monday’s low. As shown, the deciles of stocks that had been the worst performers for most of April have shifted to the top performers on average in the past few days. Meanwhile, the few stocks that had risen from April 2 to Monday have continued to average a gain, although that move higher has been much more modest.
To give some more color to the range of returns earlier this month, below we show those same deciles, except instead of performance since Monday, each bar shows those deciles’ average performance from Liberation Day through Monday’s close. As shown, the index’s 50 worst performers averaged a decline of over 20% decile during that time, and deciles 2 through 4 also all experienced average declines of at least 10%. On the other end of the spectrum, the top performers saw a much smaller move with an average gain of around 2%.
Diving further into that 10th decile of top performers this month, below we show the 38 S&P 500 stocks that managed to buck the trend and rise from Liberation Day until Monday’s close. Especially when compared to the over 20% average decline for the worst performers, these moves were relatively tame, with most being low single-digit gainers. In fact, only one stock rose more than 10%, and that was Newmont Mining (NEM), which has been bolstered by huge gains in the price of gold. Other gainers similarly have defensive tones, although it is not exclusive to those sectors. Notably, defense contractors are frequent fliers on this list in addition. Since Monday’s low, 60% of these stocks have continued to rally with the largest gains being observed by Netflix (NFLX) and Palantir (PLTR).
