Track how companies discuss tariffs and trade policies in their earnings calls, and understand their impact across different industries and regions.
we achieved these results amid a turbulent year for markets, which was impacted by tariff uncertainty, geopolitical instability, and the longest government shutdown in US history.
As we again delivered stronger volumes enabled by supply chain improvements...and the timing of high-margin power shipments in ESS and a headwind from a step-up in R&D.
In a dynamic environment with net tariff headwinds of $1.7 billion, we delivered full-year adjusted operating profit margin within the target range at 17.2%.
These pressures were partially offset by continued productivity and cost control. Our expense management was a strong point for the quarter.
The impact of tariffs is in that guide of slightly down next year.
We had tariff impacts of north of $200 million, 1%, 1.5% of our revenue in RTMs.
we're still talking about tariff, for example, in some places. So it's -- for sure, it's a concern in some places, especially when I'm talking to some clients in Europe, you still see some concern on that side and that's hurting a bit on the macro side.
Wind EBITDA losses were $225 million in the quarter, below the fourth quarter of 2024 levels due to higher offshore contract losses, including the impact of the recently issued U.S. order to halt construction of all offshore projects and lower onshore equipment volume, partially offset by improved onshore services.
Approximately a third of North America's margin contraction was also driven by our product and distribution cost inflation, led by tariffs and elevated coffee pricing.
Despite these headwinds, we executed well, expanded profit margins to a record 20.4%, and delivered more than $75 million in cost productivity while continuing to invest in long-term growth.