For the second time in 18 months, Treace Medical Concepts Inc. disappointed investors by lowering its sales forecast.
The Ponte Vedra-based company, which makes surgical products to treat bunions and other foot issues, reported third-quarter revenue grew 11% to $50.2 million.
However, Treace Medical said it expects full-year revenue of $211 million to $213 million, representing growth of just 1% to 2%.
In a Nov. 6 news release, CEO John Treace said third-quarter results were helped by increased sales to a limited number of distributors.
However, the outlook for sales the rest of this year dropped “as surgeons and patient preferences shift towards minimally invasive solutions, and we are seeing broader macroeconomic conditions and softer consumer sentiment resulting in a greater number of deferrals of elective bunion procedures,” he said.
Treace said the company is hoping new product introductions will lift sales in the future.
“We believe we are in a stronger position to drive market share gains with our new products, innovation pipeline and ability to leverage investments in our commercial organization,” he said.
Treace Medical got off to a strong start after an initial public offering at $17 a share in April 2021, but the stock plunged after it lowered sales projections in May 2024.
The latest decline in the sales outlook sent the stock down as much as $2.83 on Nov. 7 to a new low of $3.40.
BTIG analyst Ryan Zimmerman lowered his rating on Treace Medical from “buy” to “neutral” after the report.
“We upgraded Treace Medical shares in January as we felt the combination of a low valuation, new products, and easing comps would position Treace Medical for accelerating growth in 2H25,” Zimmerman said in a research note.
However, after the “surprisingly bad” report, “we believe until Treace Medical can consistently outperform and lap these headwinds, shares will not move higher,” he said.
J.P. Morgan analyst Lilia-Celine Lozada downgraded the stock from “neutral” to “underweight.”
“With multiple headwinds pressuring near-term growth and no clear timing of resolution, we’re downgrading shares to Underweight until we have better visibility into go-forward growth and see improvements in execution,” Lozada said in her note.
Jacksonville-based space technology company Redwire Corp. lowered its revenue forecast for the rest of this year, saying the U.S. government shutdown is pushing some anticipated orders into 2026.
Redwire reported third-quarter revenue rose 50.7% to $103.4 million, after the company completed its acquisition of uncrewed airborne system company Edge Autonomy in June.
However, because of the shutdown, Redwire lowered its forecast for full-year revenue to $320 million to $340 million, down from its previous forecast range of $385 million to $445 million.
“In the near term, the U.S. government shutdown is likely to delay the timing of key awards into 2026, but the pipeline of new opportunities is very strong,” CEO Peter Cannito said in a Nov. 5 news release.
However, Redwire’s stock had already dropped this year on previous disappointing quarterly reports, and the stock fell as much as $1.43 to a 52-week low of $5.87 on Nov. 6 after the latest report.
Ever since Fidelity National Financial Inc. spun off 15% of its F&G Annuities & Life Inc. unit as a separate public company three years ago, investors have been waiting for the Jacksonville-based title insurer to spin out the remainder.
Instead, Fidelity announced Nov. 7 it is distributing an additional 12% of F&G to its shareholders.
“Following the distribution, FNF will retain control and majority ownership with approximately 70% of the outstanding shares in F&G. This will increase F&G’s public float from approximately 18% today to approximately 30% after the distribution, strengthening F&G’s positioning within the equity markets and facilitating greater institutional ownership,” CEO Mike Nolan said in Fidelity’s quarterly conference call with analysts.
“I think it’s a clear indication that the board recognized the need to get additional float and liquidity. But I think it’s also an affirmation of our confidence in the business and its future growth,” he said.
Chief Financial Officer Tony Park said Fidelity could have spun off the rest of F&G to its shareholders tax-free, but now that Fidelity’s ownership stake has fallen below 80%, the tax-free option is off the table in the future.
In the distribution, Fidelity shareholders will receive six shares of F&G for every 100 shares of Fidelity they hold.
Despite a weaker home sales market affecting Fidelity’s main business of title insurance, the company’s adjusted earnings grew 23% in the quarter to $439 million, or $1.63 per share.
“Our title business delivered outstanding results given the low transactional environment,” Nolan said.
Fidelity National Information Services Inc., or FIS, reported higher third-quarter earnings and raised its revenue forecast for the full year.
The Jacksonville-based financial technology company reported adjusted earnings from continuing operations rose 3% to $789 million, or $1.51 a share, with revenue rising 6% to $2.72 billion.
FIS is now forecasting 2025 revenue of $10.595 billion to $10.625 billion, up from its previous forecast of $10.52 billion to $10.57 billion.
“These results demonstrate the strength of our execution and validate the strategic investments we’ve been making to position FIS as a technology company at the forefront of financial services innovation,” CEO Stephanie Ferris said in a Nov. 5 conference call.
She said FIS is looking to offer more artificial intelligence technology to banks.
“Our clients are leaning in and asking us to help shape their AI journeys, viewing us as a strategic partner,” Ferris said.
She also said an increase in bank mergers is a tailwind for FIS.
“We’re the vendor of choice for financial institutions positioning us to benefit as the industry consolidates and acquirers seek scalable, enterprise-grade technology partners,” she said.
FIS was spun off from Fidelity National Financial in 2006.
Rayonier Advanced Materials Inc., or RYAM, reported a third-quarter loss from continuing operations of $4 million.
The Jacksonville-based maker of cellulose specialties products has reported losses for six straight years heading into 2025.
In the company’s quarterly conference call Nov. 5, CEO De Lyle Bloomquist said RYAM maintains a strong market position and he is hopeful of better results.
“Our near-term issues are mostly behind us. The tariff situation has stabilized and the extraordinary operational challenges, except maybe those challenges tied to political turmoil, are resolved,” he said.
“2025 has been a challenging year, but we are getting through it with our strategy intact.”
Timber and real estate company Rayonier Inc., which split up with RYAM in 2014, reported a big increase in third-quarter earnings resulting mainly from higher real estate sales.
Adjusted earnings rose to $50.2 million, or 32 cents a share, up from $11.1 million, or 7 cents, the previous year.
Operating income from the real estate segment tripled to $26.4 million. The results included sales of three residential pods in the company’s Wildlight development in Nassau County, where Rayonier is headquartered, totaling $16.5 million.
Rayonier announced an agreement Oct. 14 to merge with Spokane, Washington-based PotlatchDeltic Corp.
The headquarters of the merged company will be in Atlanta, but the companies said they will maintain significant operations in Wildlight and Spokane.
The merger is expected to be completed late in the first quarter or early in the second quarter of 2026.
Cadre Holdings Inc. announced a $175 million deal Oct. 29 to buy Arizona-based TYR Tactical LLC and as it reported third-quarter earnings, CEO Warren Kanders said he sees more deals ahead.
The acquisition of TYR, which makes tactical equipment for military, law enforcement and government agencies, was the sixth and largest acquisition for Jacksonville-based Cadre since it went public in 2021, Kanders said in a Nov. 5 conference call.
“Looking ahead, we continue to see robust acquisition pipelines in both the public safety and nuclear markets,” he said.
“We will remain patient and disciplined in our approach to identify high-quality, high-margin businesses that align with our operating model and can deliver sustainable growth and strong cash flow generation over time.”
Cadre, which makes safety products for military and first responder markets, reported third-quarter earnings of $10.9 million, up from $3.7 million the previous year.
Third-quarter 2024 earnings were lowered by a cybersecurity incident that caused a temporary interruption of some operations.
FRP Holdings Inc. reported third-quarter earnings dropped 51% to $662,000, due mainly to expenses related to its Oct. 21 acquisition of the business operations and development pipeline of Altman Logistics Properties.
The Jacksonville-based real estate development company paid $33.5 million to buy Fort Lauderdale-based Altman.
Excluding the acquisition expenses, FRP’s adjusted earnings rose 21%, FRP said in a Nov. 5 news release.
Publix Super Markets Inc. said its third-quarter sales rose 5.2% to $15.4 billion and adjusted earnings rose 5.4% to $980 million.
However, the Lakeland-based supermarket chain said its stock price fell from $21.15 on Aug. 1 to $20.40 on Nov. 1.
Publix’s stock is not publicly traded and is made available for sale only to employees. The stock price is determined by an appraisal five times a year.
The company did not cite a reason for the price decline.