-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师的观点总结如下：MLM公司2026年第一季度营收创历史新高，达13.62亿美元（同比增长17%），调整后每股收益为1.93美元（同比增长14%），调整后EBITDA增长14%至3.64亿美元，但其盈利能力指标反映了投资组合优化带来的复杂性。骨料出货量达到创纪录的4390万吨（同比增长12%），但由于收购费用和通货膨胀，每吨毛利润下降14%至6.56美元。我们认为，2月份完成的QUIKRETE资产交换以及专注于骨料业务的战略是明智之举，因为与水泥和预拌混凝土相比，骨料具有更强的定价权。管理层重申了2026年全年业绩指引，调整后EBITDA中值为24.3亿美元。我们认为实现这一目标存在执行风险，该目标要求第二季度至第四季度的调整后 EBITDA 平均达到每季度 6.89 亿美元（较 2025 年增长 5.9%）。令人担忧的是，营收增长 17%，而营业利润却下降了 9%，这与预期经营杠杆效应背离。
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Commodities
EU Pushes Consumer Energy Reforms to Tackle Price Volatility
The European Commission issued new energy recommendations Thursday, aiming to shield vulnerable households and boost consumer-driven supply and participation in clean energy, it said.The Commission introduced measures to protect vulnerable households from disconnections and help consumers better manage energy contracts amid ongoing price volatility, it said.The recommendations also encourage households and communities to generate and share their own energy, supporting wider adoption of cleaner power sources, the Commission said.These steps form part of the Citizens' Energy Package and the AccelerateEU plan, which aim to address the ongoing fossil fuel crisis and strengthen energy resilience, the Commission added.The Commission is focusing on building a more inclusive and sustainable system by helping consumers make informed energy choices and limiting risks tied to supplier failures, it said.It is also urging member states to speed up the development of energy communities and expand self-consumption models to support the clean energy transition.Energy Commissioner Dan Jorgensen said rising global tensions continue to drive energy price volatility, reinforcing the need to accelerate Europe's shift toward a secure and sustainable system.The Commission will work with Member States and stakeholders to implement the measures, offering technical support and tracking progress to ensure effective adoption, it said.
International
US Equity Markets End Higher Amid Gains in Tech, Communication, Industrial Stocks
US equity indexes closed higher on Thursday in a broad-based rally led by technology, communication services, and industrials despite ongoing geopolitical tensions.* US President Donald Trump will hear about updated military options for Iran from Pentagon officials on Thursday, as a possible way of forcing Tehran into an agreement, CNN reported.* Iran's new supreme leader gave a statement Thursday, vowing not to give up the country's nuclear or missile technologies and signaling Tehran would keep control of the Strait of Hormuz, Bloomberg reported.* The US core personal consumption expenditures price index, the Federal Reserve's preferred inflation gauge, rose to 3.2% year-on-year in March from 3%, meeting expectations.* June West Texas Intermediate crude oil fell $1.82 to settle at $105.06 per barrel, while June Brent crude, the global benchmark, was last seen down $3.94 at $114.09.* Qualcomm's (QCOM) shares were up roughly 14%, the biggest gainer on the S&P 500 and the Nasdaq, after the company posted better-than-expected fiscal Q2 adjusted earnings and revenue late Wednesday.* Meta Platforms (META) was down nearly 8% after the company overnight raised its forecast for 2026 capital expenditures, despite a Q1 earnings and revenue beat.
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