Travel + Leisure’s first quarter saw stable demand from its core vacation ownership customers, which management credited as the primary driver of performance. CEO Michael Brown highlighted that volume per guest remained above $3,000, and existing owners—most with long tenures and fully paid memberships—continued to prioritize travel despite broader economic uncertainty. Brown noted, “Our owners showed continued demand for vacation ownership in the first quarter,” pointing to strong booking trends and resilient usage patterns. Management also called out technology enhancements, such as increased adoption of the Club Wyndham app, as supporting higher owner satisfaction and improved booking conversion rates.
Lennox’s first quarter results were marked by ongoing transitions in its product lineup and significant external cost pressures. While revenue and non-GAAP earnings per share both exceeded Wall Street expectations, the market responded negatively, reflecting concerns over margin compression and supply chain challenges. Management attributed the 140 basis point decline in operating margin primarily to higher input costs from new tariffs and inefficiencies tied to the regulatory shift to low-global warming potential (GWP) refrigerants. CEO Alok Maskara explained, “BSC margins were impacted due to short-term inefficiencies related to the manufacturing transition and new factory start-up,” highlighting that much of the margin pressure was expected and internal in nature.
Taylor Morrison Home’s first quarter results reflected steady execution across its diversified product portfolio and geographic footprint. Management highlighted the company’s ability to deliver growth despite macroeconomic headwinds, attributing performance to resilient demand in resort lifestyle segments and operational flexibility in managing incentives. CEO Sheryl Palmer drew attention to improved sales efficiency and effective inventory management, stating that “the slow start in January gave way to stabilization in February and modest growth in March.” The company’s targeted approach to incentives and focus on prime locations helped offset softness in entry-level sales and maintained overall margin stability.
Packaging Corporation of America’s first quarter results reflected steady execution on price increases, resilient demand in the packaging segment, and ongoing operational improvements. Management attributed the quarter’s performance to disciplined price implementation, robust box shipment volumes, and record containerboard production. CEO Mark Kowlzan noted, “Excellent margin improvement for the quarter was driven by sound execution in our price increase implementation, solid box shipment volume, record containerboard production and outstanding operational performance at our mills and box plants.” Persistent inflation across the cost structure was cited as a headwind, but cost reduction initiatives and capital spending helped offset some of this pressure.
Zurn Elkay’s first quarter results were shaped by a combination of solid organic growth, margin expansion, and operational discipline. Management cited 5% organic sales growth largely driven by non-residential end markets, as well as improved profitability through ongoing productivity initiatives. CEO Todd Adams noted that, “there is little to no impact on the Q1 results from the implementation of tariffs,” clarifying that announced price increases are expected to take effect in the second quarter. The company’s proactive supply chain restructuring and volume-driven performance contributed to the positive market response.
Pegasystems delivered a strong first quarter, highlighted by substantial year-on-year revenue and non-GAAP profit growth that surpassed Wall Street expectations. Management credited this performance to the rapid adoption of Pega GenAI Blueprint, which has become central in client engagements and accelerated deal cycles. CEO Alan Trefler noted that, “over 1,000 new Blueprints are now created each week, more than double from just months ago,” underscoring increased client interest in AI-driven workflow design. The company also reported improved free cash flow and operating margins, which management attributed to both higher annual contract value (ACV) growth and disciplined expense management.
Intuitive Surgical’s first quarter results drew a positive market response, as the company delivered solid sales and non-GAAP profitability above Wall Street’s expectations. Management attributed the strong performance to accelerating adoption of its da Vinci 5 platform, broader utilization of robotic-assisted procedures in the United States, and robust international procedural growth—particularly in markets like India, Korea, and the U.K. CEO Gary Guthart highlighted that “physicians using our products [were] at the high end of our expectations,” with notable expansion in both general and after-hours surgeries. The quarter also saw continued momentum for the Ion and single-port systems, reflecting the company’s ongoing focus on minimally invasive care.
USANA’s first quarter results received a positive response from the market, driven by robust sales growth and momentum from the Hiya acquisition. Management credited improved performance in key international markets, particularly Mainland China and South Korea, as well as effective promotional activities and the introduction of new products. CEO Jim Brown highlighted that “sequential first quarter net sales and active customers in our largest market, Mainland China, grew 6% and 4%, respectively,” pointing to successful product promotions before the Chinese New Year. Additionally, growth in the Hiya children’s wellness business contributed meaningfully, with the Kids Daily Greens product exceeding internal expectations.
Enphase’s first quarter saw a marked negative market reaction as the company missed Wall Street’s expectations for both revenue and profitability, with management attributing the performance to several headwinds. CEO Badri Kothandaraman pointed to elevated channel inventory and softer demand in the U.S. residential solar market, further strained by high interest rates and the financial distress of a major leasing partner. While international sales, especially in Europe, grew on new product introductions, overall sell-through was below typical seasonal patterns. Management noted, “The US solar market remains under pressure from high interest rates and many installers, lease providers and distributors are navigating through a tough environment.”
Lilly will acquire all outstanding shares of Verve for $10.50 per share in cash payable at closing, in addition to a contingent value right (CVR) per share that entitles holders to $3 per share, subject to the completion of certain milestones.
