As we see it, 1Q:26 marked a solid start to 2026 for LCUT, as revenue of $143.5 million beat our forecast of $136.4 million and EPS of $0.04 was comfortably ahead of our projected loss of $0.17 per share. Initial 2026 guidance for revenue and EPS also came in higher than we expected, prompting us to raise our 2026 and 2027 EPS estimates to $0.78 and $0.97, respectively (from $0.57 and $0.70 previously). We expect 2026 sales and profitability to benefit from last year's pricing actions, consistent focus on new product introductions, further sales gains expected from Dolly Parton licensed products and a leaner cost structure and benefits from restructuring actions. In addition, the 2026 profit guidance does not include potential tariff refunds of $41.7 million (before tax). Our moderate risk rating factors in our projected earnings recovery in 2026 and 2027 and solid free cash flow prospects.