Mar 25, 2025
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 KB Home’s (KBH) Q1 2025 earnings call.
KB Home (KBH) is one the largest homebuilders in the US, focused primarily on first-time and first move-up buyers across the West Coast, Southwest, Southeast, and Central regions. The company builds personalized, energy-efficient homes under its Built to Order model, offering buyers design flexibility through its in-house studio. KBH’s Q1 call shined light on a slower-than-usual spring selling season, as macro uncertainty and declining consumer confidence led to reduced urgency among buyers. Net orders fell early in the quarter, but mid-February price cuts (averaging $15K per home) helped improve absorption to 5.1 net sales per community per month by quarter-end. Florida was the softest region, while Las Vegas remained a standout performer. Cycle times improved to 139 days for Built to Order homes, helping offset margin pressure. The company invested $920M in land, expanding its lot pipeline 41% YoY. Despite trimming revenue guidance to $6.6B–$7.0B, management remains confident, citing strong buyer credit profiles and improved sales momentum. The stock opened 8.8% lower on 3/25 but rallied early to erase most of the loss…
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Mar 21, 2025
To read our weekly Bespoke Report newsletter and access everything else Bespoke’s research platform offers, start a two-week trial to Bespoke Premium. In this week’s report, we offer a top-down look at the three huge trends driving global markets and economies as the first quarter of 2025 comes to a close. We review developments and trends across the three major global economies as well as drivers of recent shifts across assets, and what the developments of the last couple of months imply for the future. Don’t miss it!
Mar 21, 2025
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 Carnival’s (CCL) Q1 2025 earnings call.
Carnival (CCL) is the world’s largest cruise company, operating nine brands including Carnival Cruise Line, Princess Cruises, Holland America Line, and AIDA, with a fleet that spans contemporary, premium, and luxury segments. The company serves vacationers globally, with a stronghold in the US, UK, and European markets. CCL offers insight into consumer travel trends, discretionary spending, and global tourism demand. Its unique land-sea packages in Alaska and growing portfolio of private destinations like Celebration Key reflect a strategic push to differentiate the guest experience. CCL’s Q1 results exceeded expectations. The company cited record booking volumes for 2025 and 2026, 10% growth in onboard spending, and strong pricing across all core brands. Marketing campaigns, like a Super Bowl tie-in and Times Square promotions, helped boost visibility and drive new-to-cruise growth. Upcoming openings at Celebration Key and a revamped Half Moon Cay aim to accelerate Caribbean capacity from 6.5M to 11M guests by decade’s end. Management acknowledged macro and geopolitical volatility but maintained full-year yield guidance and expressed confidence in continued pricing power.
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Mar 21, 2025
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 Nike’s (NKE) Q3 2025 earnings call.
Nike (NKE) is the world’s largest designer, marketer, and distributor of athletic footwear, apparel, and equipment, operating under the Nike, Jordan, and Converse brands. With a global reach spanning over 190 countries and 40,000 points of distribution, Nike serves athletes of all levels while blending high-performance innovation with cultural relevance. NKE’s Q3 call spotlighted its accelerated efforts to reset the business through its “Win Now” actions under new CEO Elliott Hill. While total revenue fell 9% YoY and gross margin declined 330 bps, management emphasized momentum in performance categories like running and training, with new products like the Pegasus Premium and Vomero 18. NKE is actively rightsizing inventory in legacy franchises like Air Force 1 and Dunk, which it plans to reduce by 10+ points of total mix. Nike Digital cut promo days from 30+ to zero YoY, signaling a pivot back to full-price selling. China remains challenging, but NKE is aggressively cleaning up the market and doubling down on innovation and localized strategy. Despite better-than-expected results, shares fell as much as 8.5% on 3/21…
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Mar 21, 2025
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 FedEx’s (FDX) Q3 2025 earnings call.
FedEx (FDX) is a global logistics and transportation company best known for express delivery, ground shipping, freight services, and supply chain solutions. The company operates one of the largest air cargo fleets in the world and is deeply integrated into global trade, offering a unique lens into consumer demand, industrial activity, and international shipping flows. FDX beat expectations on operating income and EPS but cut full-year guidance to $18–$18.60 due to weak B2B demand and rising cost pressures. The industrial economy remains a drag, particularly on FedEx Freight, which saw daily shipments fall 5%. However, deferred and international services drove volume gains, aided by a 24 million package day on Cyber Monday. DRIVE delivered $600M in savings this quarter, and 12% of global volume now runs through Network 2.0. FDX expanded Sunday delivery to reach two-thirds of US households and secured $400M in new healthcare revenue. The freight spinoff is progressing, and international air freight strength led to a surprising extension of MD-11 aircraft into FY32. Shares fell almost 10% at the open on 3/21 on mixed results and weak guidance…
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Mar 20, 2025
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 Titan Machinery’s (TITN) Q4 2025 earnings call.
Titan Machinery (TITN) is one of the largest equipment dealers in North America, specializing in selling, leasing, and servicing agricultural and construction machinery. As the largest CNH Industrial (Case IH and New Holland) dealer, TITN provides crucial insight into farming and construction trends across the US, Europe, and Australia. The company operates over 100 dealerships, offering tractors, combines, excavators, and other heavy equipment, while also generating recurring revenue from parts and service. Its performance serves as a barometer for farm income, commodity price trends, infrastructure spending, and broader economic conditions affecting equipment demand. TITN aggressively cut inventory, reducing it by $304M in Q4 and $419M for the year. However, this effort pressured margins, contributing to a $44.9M adjusted net loss. North American large ag equipment demand is expected to fall around 30% in 2025, mirroring 2016-2017 lows, due to declining farm cash receipts. Government farm assistance ($30B potential) could provide some relief, but tariff uncertainty adds risk. Construction revenue is forecasted to drop 5-10%, while European sales may stabilize after Romania’s drought-driven downturn. Australia faces similar weakness. The stock opened 15.6% lower on 3/20, but made a more than 30% upward turn intraday after beating estimates…
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