Oct 29, 2026 earnings call — Strong Q3 results and raised guidance
Company raised full year adjusted EPS guidance to $3.52 to $3.62 per share after record Q3 adjusted EPS of $0.99.
Revenue $13.3B (est $12.3B) · EPS $0.99 (est $0.96)
Key quotes
"With that portfolio work largely behind us, the story is increasingly shifting from simplification to performance and growth."
"Although margins have continued to moderate, since the initial disruption, market prices and supply conditions continue to support increased profitability across the business."
"Primarily reflecting our third quarter outperformance, we are raising our full year adjusted EPS guidance to $3.52 to $3.62 per share."
Analyst Q&A 1
Q4 guidance, commodity impact, land, cash
Q (Justin Jenkins · Raymond James): He asked for more color on Q4 guidance, specifically the $0.50 to $0.60 EPS range and how elevated, volatile commodity prices affect it. He also asked which "inning" the land turnaround is in, and about the $85 million working capital return in Q3 and potential further releases in Q4 and into 2027.
A: Management said they are taking a measured approach to Q4 guidance because markets can change very quickly and any market opportunity would be treated as upside rather than assumed. They said land had a strong Q3 driven by portfolio optimization, retail and cardlock, but cardlock pickup is subsiding into Q4 and the team is focused on more growth work ahead. On cash, they said they will focus on cash conversion with customers and suppliers, Q3 was a high watermark, and they would not necessarily expect the same repeat in Q4 while watching prices and credit.
"We have gone through a tremendous transformation of that business over the last couple of years in particular." — Ira Birns (CEO)