Analysts Offer Insights on Consumer Cyclical Companies: Karat Packaging Inc (NASDAQ: KRT), Kongsberg Automotive Holding ASA (Other OTC: KGAUF) and Bayerische Motoren Werke Aktiengesellschaft (Other OTC: BAMXF)We expect a muted opening Friday after an in-line quarter. Sales momentum was impressive, especially in the face of a tough macro backdrop. However, margins declined, and fourth-quarter gross margin was guided below as tariffs made their mark. While gross margins remain well below recent averages, we maintain a cautious stance. A win in paper bags, a new category for Karat, was the biggest positive. The paper bag win will drive an incremental $20 million in revenue in 2026. Karat sees a $100 million opportunity within two years in paper bags. Fourth-quarter sales were guided up 10%-14%, and October grew midteens, showing momentum strengthening. Gross margin fell as expected to 34.5%. Fourth-quarter gross margin guide for 34% was a disappointment and showed that margins may remain at muted levels for longer.