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Analyst
Amit Mehrotra
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q2 (7 quarters).
- Questions
- 105on tracked calls
- Challenge rate
- 12%13 of 105 questions
- Companies
- 17questioned at least once
- Reporting periods
- 7with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 105 of 105 questions from 17 companies
TTTrane Technologies14 questions · 7 reporting periods · 1 of 14 challenging
Calendar 2026 Q2
Is that exit rate sort of the right starting point to build off of in '27?
Show response
Declined to frame 2027 explicitly but pointed to backlog visibility; supply chain answered separately by CEO.
at what point do you start turning away orders because of any capacity constraints.
Show response
Unambiguous answer backed by capacity expansion history and named brick-and-mortar investments.
Calendar 2026 Q1
talk about data center service revenue and when you expect that to kick in
Show response
Kuehn noted service opportunity is largely ahead given data center growth is recent. Complex applied systems require OEM connectivity and maintenance. Stellar expected ~$500M revenue in 2026.
what you think your TAM is within data centers and how Stellar may change that
Show response
Regnery outlined Stellar's path to $1B revenue with mid-teens+ EBITDA. Highlighted modular solutions addressing skilled labor scarcity across all verticals. LiquidStack expanding CDU offerings.
Calendar 2025 Q4
how much you need to run it and do runtimes get affected, and do you need as many of them?
Show response
CEO addressed runtime concerns directly. Same number of chillers needed for thermal load sizing. Compressor may run less but fan/free cooling side runs continuously. Likened to not leaving a car idle for months. Still modeling service frequency implications.
not as much of an acceleration as that maybe I would have expected given resi is kinda flattish to down
Show response
CFO detailed Americas Commercial HVAC up about 10%, residential flat to down 5%, transport flat to down low single digits. Resi and transport 25-30% of portfolio with minimal growth baked in.
Calendar 2025 Q3
Should we see an accelerating revenue and earnings algorithm next year?
Show response
CFO noted H1 2026 will have tough resi/transport comps but over 90% of backlog is Commercial HVAC applied, providing confidence in strong growth.
Hoping you can give us a little bit more color on just the applied equipment side
Show response
CEO confirmed applied driving growth with unitary merely positive. Service business CAGR of low teens since 2020 driven by detailed operating system, not accident.
Calendar 2025 Q2
in terms of the fastest- growing parts within the data center, can you just talk about how you guys are positioned there?
Show response
CEO highlighted CDU introduction, system-level approach to data center cooling, and achieving COP north of 10 in an Australian hyperscaler project, previously unheard of.
Do we think the higher CapEx translates to kind of a burning of the backlog? Or do you still expect backlog to stay elevated?
Show response
CFO confirmed backlog expected to remain elevated through year-end into 2026. Lead times compressing to 6-9 months, making pipeline tracking increasingly important.
Calendar 2025 Q1
I wanted to understand if the growth in revenue, and orders are just more concentrated in specific verticals than before?
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CEO confirmed broad-based growth across majority of 14 tracked verticals, with data centers, healthcare, and higher education standouts.
it kind of implies maybe a more modest sequential uptick in revenue, 1H to 2H versus what's existed over the last couple of years
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CFO acknowledged the H2 implied growth math but noted it is early in the year and expressed confidence in high end of guidance range.
Calendar 2024 Q4
trying to understand the margin opportunity in the service business over time. I know there's a lot of investments in technology to make technicians more efficient
Show response
CFO confirmed services carry higher margins; evolution from break-fix to optimization creates more value. Investments in digital diagnostics and front-end tools ongoing.
there is this expectation that power prices will continue to go up over the next several years
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CEO confirmed rising electricity costs improve payback economics, making energy efficiency solutions more compelling over time.
JCIJohnson Controls12 questions · 7 reporting periods · 0 of 12 challenging
Calendar 2026 Q2
I wanted to ask about the outlook for growth in Applied HVAC.
Show response
CEO pointed to a healthy, growing pipeline with non-data-center demand up almost double digits and said new capacity is ramping ahead of plan.
Calendar 2026 Q1
are we at peak orders in your opinion? And any additional color on sort of your thoughts on how long and wide the runway is from here
Show response
Joakim acknowledged both 30% and 40% quarters were very strong, highlighted pipeline growth at double-digit rates, and noted demand stability across pharma, biologics, and advanced manufacturing.
talk about how you're thinking about the moving pieces sort of both strategically and financially
Show response
Joakim acknowledged ongoing portfolio review and used offense/defense sports analogy for different business segments but declined to confirm specific asset sale reports.
Calendar 2025 Q4
second half versus first half incremental margins. Obviously, you have a full year of 50% plus. You'll achieve or have achieved in the first quarter, second quarter, maybe about 40, 45%. It does im...
Show response
Stranded cost savings inflect in H2 driving leverage above 50%. If top-line accelerates, incremental growth comes at 30%+ long-term algorithm, not 50%.
how much of this order strength is, you know, the market coming to you as opposed to maybe how you're evolving, how you go to market
Show response
Broad-based data center growth across geographies (US, Europe, Asia). Life science also strong as biologics manufacturing requires mission-critical HVAC and controls.
Calendar 2025 Q3
maybe just offer a little bit more color on prioritizing all those buckets of opportunity
Show response
Business system driving productivity in field, factories, and SG&A leverage. G&A/corporate cost reduction continuing unchanged. Acquisition pipeline vibrant with disciplined approach.
the 50% operating leverage target for 2026, can you just walk that the segment EBITDA margins?
Show response
EMEA and APAC are the primary margin expansion drivers for FY2026. Americas will contribute but at a more moderate pace given strong FY2025 improvement.
Calendar 2025 Q2
What are some of the KPIs you're focused on to kind of make sure the global organization is moving in the right direction?
Show response
Outlined two kaizen examples: doubling seller time in HVAC conventional, halving chiller lead times. Starting narrow to understand root causes before scaling.
Calendar 2025 Q1
is there an opportunity for absolute cost takeout, which I assume could be executed on relatively quickly or is this really more about leveraging the existing service network
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Field/service is more leverage opportunity (40K people). Away from field, more cost and capital takeout through lean. Weidemanis has seen similar situations before.
how you manage the pricing of those contracts, just given the backdrop of inflation and obviously tariffs
Show response
Overhauled pricing approach with strong contractual change-order terms. Improved processes for defending value to customers and executing on repricing.
Calendar 2024 Q4
can you just talk about maybe the cadence of margins from here as we progress through fiscal 2025
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EMEALA and Global Products have the most margin upside. Longer-term opportunity is leveraging operating model simplification and customer-driven growth.
what you guys found Joakim would be bringing to the table that you and the Board found particularly attractive
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Oliver highlighted ~10% of remaining portfolio potentially non-core and signaled ongoing portfolio optimization. Emphasized operational and strategic capabilities.
MMM3M Company12 questions · 6 reporting periods · 1 of 12 challenging
Calendar 2026 Q2
I think there was this expectation that maybe $600 million of outgrow next year on year 3 of the plan.
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Bill said above-macro outgrowth is ramping to ~$450M this year on commercial excellence and NPI, with more detail next year.
Is there an opportunity, do you think, structurally at least, with all that we know now, we can still get back
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Bill said gross margin is tracking mid-40s with a relatively clear roadmap to the high 40s over time through productivity and transformation.
Calendar 2025 Q4
wanted to ask about incremental margins for this year. The implied is sort of in the low 40%
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Anurag detailed 2026 volume ($250M) and productivity ($600M) build, with ~$500M of offsets from investments, stranded costs, and tariffs.
how do you hold the R&D function kind of accountable to this cultural shift? And what can you kind of share
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Bill described value engineering program and design-to-cost mindset embedded via business case rigor across product leaders.
Calendar 2025 Q3
It feels like if I just take the moving parts, 3% growth, 35% incrementals. You've obviously got a net productivity
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Anurag confirmed confidence in 25% margin target for 2027 with 180-200bps expansion in 2025, will refresh 3-year targets in January.
I know you talked about the 2%, 3%. But if I remember correctly, that 2%, 3% was kind of part of this 10%
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Bill reiterated disciplined ongoing process with 10% of portfolio identified as commodity-like; will only sell where clear shareholder value.
Calendar 2025 Q2
just circling back to the first half to second half cadence. If I -- if I just kind of unpack the implied margin
Show response
Anurag said H2 margin ~22.5%, with 120-130bps tariff impact, higher stranded costs and pickup in investments offsetting productivity; but H2 still +110bps year-over-year.
talk about PFAS. I think there was obviously a nice settlement or not a nice settlement, but a decent settlement size
Show response
Bill confirmed NJ site-specific and statewide settlement with 25-year cash payment; 30+ other state AG cases ongoing; personal injury bellwether scheduled October; exiting PFAS manufacturing end of 2025.
Calendar 2025 Q1
following up on the cadence maybe with respect to EPS as opposed to the organic sales?
Show response
Anurag said Q2 operational EPS up $0.15-$0.20 YoY, non-op headwind $0.10 from net interest, sequential up $0.10-$0.15; H1 EPS growth $0.22-$0.27 and H2 mirrors.
I wonder if what's happening now gives you an opportunity to accelerate some of those actions
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Bill said team responded well; tariff analysis drives SKU/customer/factory-level rigor that surfaces operational and G&A opportunities beyond the existing game plan.
Calendar 2024 Q4
can we expect a higher level of incrementals kind of on a sustainable basis as some of these cost initiatives have legs?
Show response
Anurag deferred medium-term framework to Feb 26 Investor Day; confirmed inventory path to 75 days provides FCF conversion lever over 100% longer-term; 2025 buyback at $1.5B.
when you expect to see more progress on that and talk a little bit about the manufacturing DC footprint
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Bill cited SIBG complexity (35% more SKUs than TEBG, 2x CBG), specific supplier/quality issues; targets near 90% OTIF by year-end; footprint rationalization is longer-term after OEE maturation.
CARRCarrier Global9 questions · 4 reporting periods · 0 of 9 challenging
Calendar 2025 Q4
how much cost do you have to do you think you have to bring back
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Goris noted Q4 decrementals were ~70% reported but ~50% ex-currency. Expects similar high incrementals on recovery. Current guide includes ~$100M incremental investments. Continued investment in sales/digital but no step-up in costs taken out.
has that offered an opportunity to kinda rethink how the company approaches some of the structural costs?
Show response
Gitlin cited 3,000 heads removed, footprint rationalization continuing, AI adoption across functions, improved forecasting models, product platforming via engineering COE, and CBS-driven efficiency. Formula works; H2 miss was not who they are; committed to it never happening again.
Calendar 2025 Q3
What are the main kind of levers you're watching from a leading indicator perspective
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Gitlin outlined bull case: easier H2 comps, clean field inventory, potential interest rate declines helping new construction and existing home sales, pent-up demand from repair deferrals. Bear case: tough Q1/Q2 comps, consumer strength unknown. Only ~$20M mix benefit remaining. Won't get much 454B mix-up in 2026.
any movement on pricing related to tariffs over the course of the year
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Goris confirmed tariff-related pricing unchanged at ~$200M (reduced from $300M in July). Carryover tariff/pricing expected net neutral in 2026 based on current tariffs.
Calendar 2025 Q2
how you think volume is impacted, if at all, from some of the incentives going away at the end of September
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Gitlin confirmed tax incentive provisions were good policy but not material to Carrier's business. Removal not a significant headwind.
Is there any assumption for pricing rollbacks this year or later this year?
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Gitlin confirmed no material price rollbacks. Only change is Q4 resi price modeled at a few percent vs 5-6% in prior quarters. Goris added tariff-related pricing reduced to $200M from $300M but net OP impact still zero.
Is there any way to kind of size the productivity number so we can just get a little bit more comfort on that sequential inflection
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Goris cited 20% H2 sales lift from heating season driving volume leverage, plus cost synergies picking up ($75M last year, similar or more this year, more H2 weighted). Takes longer to implement productivity actions in Europe.
Calendar 2025 Q1
I think in your previous guidance of high single, it was all kind of price/mix and then volume or units were flat to down. Can you just update that
Show response
Gitlin confirmed resi growth algorithm: ~7-8% from 454B regulatory mix, better price realization (partly tariff-driven), and slightly better volume than originally anticipated. Goris detailed Europe: commercial HVAC accelerating to double digits in H2, resi low single digits from Q2, segment overall low single digits.
you had a proxy target out there of $3.60 of earnings. It's really hard to forecast that far out
Show response
Goris outlined building blocks: 6-8% organic growth, 50bps+ annual margin expansion, ~30% earnings conversion, share repo carryover, $1.5B+ free cash after dividends, and potential tax benefit monetization from Viessmann. Called path to $3.60 not unreasonable.
PHParker Hannifin9 questions · 5 reporting periods · 3 of 9 challenging
Calendar 2026 Q2
Any color you could talk about between sort of the distribution channel and the direct OEM channel?
Show response
Confirmed distribution strengthening into a broadening recovery (not yet a full restock) alongside OEM strength in heavy truck, construction, HVAC and power gen; ag and auto still soft.
Calendar 2026 Q1
Are distributors becoming more sophisticated around inventory management
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Jennifer confirmed distributor sophistication improved since COVID, managing cash and ordering for consumption. Strong quoting activity but customers being selective with capital investments, focused on automation and productivity. OEM classically 10-15 points below distribution on margin.
Can you talk more about the true short-cycle piece and your observations over the last few months?
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Jennifer described a slow, gradual industrial recovery with more broad-based positivity. Construction improving, heavy-duty truck improving, in plant and distribution improving. Set up well for FY2027.
Calendar 2025 Q4
I want to talk about the 2Q performance, which obviously was better and then how that corresponds to the full year guidance increase. It doesn't seem like you assume much of the 2Q goodness into th...
Show response
Jenny attributed NA sequential margin decline solely to Q1 mix being more favorable. Q2 was still a record with 80bps expansion and 52% incrementals. Todd noted 2H NA guide of 26.5% would be an all-time record, full year up 80bps.
when you incorporate price, it's just the implied volumes are actually down over the last decade. I guess my first question is, do you agree with that observation?
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Todd pushed back, saying the portfolio has transformed via acquisitions (LORD, Meggitt, etc.) making decade-long comparisons misleading. Company has never been more focused on organic growth with 4-6% long-term target. Proud of record margins in a not-so-great organic growth environment.
Calendar 2025 Q3
incremental margins being so high despite OE revenue up 20%, which I would imagine would be a little bit mix-dilutive
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Jenny noted Q1 had nice spares which boosted margins to 30%. Full year guide at 29.5%, raised 60bps from initial. Q2 at 29.1% (+90bps YoY). Confident in maintaining strong margins.
are we seeing a broader activity in pickup? You also won -- I think I saw that somewhere you guys won a large contract to supply components
Show response
Jenny noted improvement beyond just long cycle: off-highway moved from negative to neutral, HVAC raised to mid-single digits. Also seeing aerospace, distribution, and construction improvement.
Calendar 2025 Q2
you can help us sort of bifurcate the exceptional margin performance and resilience between price and lower costs
Show response
Jenny attributed cost reductions to continuous improvement culture and Kaizen, not a one-time event. Todd highlighted decentralized structure and compensation changes over a decade. Neither quantified price vs cost split.
why is 35% incrementals the right number for '26? Because you're in the 40s in Aero and International
Show response
Todd said with only 1% industrial organic growth (70% of company), 35% is above their normal 30% target. Jenny corrected the 40bps margin expansion figure. Todd acknowledged limited top-line growth constrains the math.
HONHoneywell International Inc.8 questions · 4 reporting periods · 1 of 8 challenging
Calendar 2026 Q1
the cadence of growth intra-quarter. I think you mentioned it being acute in terms of challenges in January, February
Show response
Jim noted 50% of quarterly revenue delivered in month 3. March momentum carried into April, with substantially better starting point than January.
the aftermarket was down 10% in the quarter. Projects have been relatively stable. Just wondering if you could just talk about Process Automation aftermarket trends
Show response
Vimal noted ~$50M Q1 impact concentrated in aftermarket services and software. Expects Q1-Q2 as bottom with sequential improvement in H2 from elevated oil prices.
Calendar 2025 Q4
is it just conservatism? Because it seems like as you as you get to that journey of fully connecting assets
Show response
Connected asset penetration much lower than expected, significant runway. Recurring revenue still at low base but compounding annually. ARR strategy and Forge details to be shared at June Investor Day.
can you replicate that in the process and industrial businesses whereby maybe that those cyclical parts of the business
Show response
Process segment 9-12 months behind BA on Forge ontology-based connected platform. Connected Plant offering mirrors BA's connected buildings. Agentic AI applications managing operations, maintenance, energy. Industrial evolving toward sensing focus.
Calendar 2025 Q3
Industrial Automation kind of sticks out a little bit in terms of structurally lower margins
Show response
IA margin improvement follows BA's proven product-business playbook. Segment realignment moves process solutions to PA&T, leaving IA as a focused product business. Pricing, productivity, and fixed-cost baselining all levers.
I wanted to ask if you can just talk about the pricing strategy across the organization
Show response
2025 pricing lagged costs by 30-45 days, won't repeat in 2026. Aero behind on price this year, becomes tailwind. Teams already 1.5 months into 2026 pricing strategy. CFO positive on incremental pricing improvement.
Calendar 2025 Q1
can you just update us on the timing of the spin if you think it could happen sooner than what you noted earlier
Show response
Advanced Materials spin on track for Q4 2025/Q1 2026 pending regulatory approvals. Aerospace spin still early; will refine H2 2026 date. Aero margins to stay around Q1 level for the year.
building automation, we've now had two straight quarters of high single-digit growth
Show response
BA guidance raised to mid-single digits. Strategy pivoting to data center, hospitality verticals is working. Prudent demand contingency for H2 given global exposure.
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OTISOtis Worldwide8 questions · 4 reporting periods · 0 of 8 challenging
Calendar 2025 Q4
Maybe you can talk about growth expectations for maintenance and repair within the services segment for '26?
Show response
Judy guided repair to 10%+ in 2026, maintenance at least 1pt higher. Total service 1-2pts above the 5% achieved in 2025. Cristina detailed $200M service OP growth at constant currency (up from $150M in 2025). Service margins expanding again in 2026. Retention stabilized ex-China in 2025, small growth expected in 2026.
how much do you think this trajectory is structural versus cyclical?
Show response
Cristina noted NE margins to be headwind in 2026 due to ongoing China volume decline (highest margin geography). China transformation benefits now largely in baseline ($20M smaller incremental run-rate). Commodities a very small headwind. Expects 2026 NE margins at same rate as Q4 2025.
Calendar 2025 Q3
when you look at the month-to-month trends, it feels like it's finding a floor. Is that appropriate or accurate?
Show response
Judy confirmed China pricing stabilizing in H2 as predicted. China now 12% of global revenue with Service at 40% of China (up from ~15% a few years ago). Bond mod stimulus expected to continue into 2026 and potentially beyond.
is kind of that 50 basis point expansion algorithm still structurally right? I'm just thinking about, obviously, the net impact of higher mod mix in revenue
Show response
Cristina noted Q3 strength from volumes driving productivity/absorption, improving mod margins (targeting 10% midterm), and repair pricing flow-through. Going forward, focus shifts to service contribution dollars rather than rate. Judy highlighted 22 consecutive quarters of Service OP dollar growth.
Calendar 2025 Q1
China orders, I guess, in the quarter are kind of doing what you guys expected them to do. There was an expectation that, you know, they would, you know, they would stabilize
Show response
Judy confirmed China market sequential improvement from -20% Q4 to -15% Q1, expects -15% in Q2 and -10% in H2. Full year segment ~375K units. Cristina noted maintenance pricing +2pts vs +3-4pts prior year.
are those in the form of surcharges or actual repricing just so I understand maybe how sticky it could be depending on what happens with respect to tariffs?
Show response
Judy confirmed no overt targeting in China, referenced meeting with President Xi at China Development Forum. Prices increased across NE, spare parts, maintenance, repair, and mod going forward.
Calendar 2024 Q4
I think the expectation is Mod growth to be up high-single-digit organic this year, I think orders were up low-double-digits last year
Show response
Cristina acknowledged conservatism in the Mod guide versus 13% backlog growth, citing need to see resources fully ramping. Noted Mod margins still below Maintenance/Repair but improving with standardization.
Can you just talk about the impact of New Equipment margins structurally? I know you're taking out costs and to maybe offset some of that mix impact
Show response
Judy detailed China at 13% of total revenue, strategy to build density in China service, and Mod margins now exceeding NE margins globally heading towards double-digits over medium term.
DOVDover Corporation6 questions · 4 reporting periods · 1 of 6 challenging
Calendar 2026 Q2
book-to-bill of 1.06 is great in the context of a typical 2Q. But it was down in absolute dollars sequentially
Show response
Richard emphasized book-to-bill above 1 across the entire portfolio as broad-based but did not directly address the sequential dollar decline.
Calendar 2026 Q1
It was nice to see that business return to growth and book-to-bill was obviously very strong. I think you guys have a pretty decent defense business inside of there that's I guess, fortunately or r...
Show response
Rich confirmed defense is primary driver but industrial winch also doing well and European vehicle services headwind has abated; working to increase defense production capacity but it takes time.
you do have some competitors in certain specific business lines that do disproportionately manufacture in Mexico. I think they've been historically quite stubborn in cutting prices, but are you see...
Show response
Rich noted competitor will likely absorb tariff cost to protect share; Dover's strategy is winning on lead times from production process investments rather than competing on price.
Calendar 2025 Q4
Is that just prudent conservatism? A little bit about that. And then it looks like if I look at the margin expansion for this year, it seems like the entirety is explained by maybe that $40 million...
Show response
Rich confirmed both prudent conservatism on revenue and margin expansion primarily from $40M restructuring carryover; expects to progressively raise EPS through the year as visibility improves.
Do you feel confident you're able to get all of that back from where we stand today?
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Rich confirmed refrigeration sold out for Q1 and booking well into Q2; short-cycle nature gives near-term visibility on recovery.
Calendar 2025 Q3
do you still kind of feel like that kind of conservatism is appropriate as you think about '26?
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Rich stated margins are not over-earning, each product line justified; rollover restructuring + productivity is a perennial hedge; $140-150M refrigeration headwind sets up strong organic comp for 2026.
VRTVertiv Holdings Co6 questions · 5 reporting periods · 1 of 6 challenging
Calendar 2026 Q2
compare and contrast some of the challenges you're having today to the challenges you had really kind of this time
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Gio contrasted the prior-year Ireland/switchgear margin issue with the current revenue-timing complexity; direct.
Calendar 2026 Q1
Maybe you can just talk about the pipeline as it kind of evolved in the first quarter, momentum and quoting activity funnel.
Show response
Gio confirmed pipeline strength remains robust with broad-based growth across technology range and regions, supporting confidence in full-year orders outlook.
Talking about orders. I'm talking about what's in the backlog right now, the growth?
Show response
Gio said backlog is slightly more elongated but not dramatically different, with customer-requested delivery windows of 12-18 months providing good 2027 visibility.
Calendar 2025 Q4
pipeline is depleted. It does not seem that is the case based on how you talk about the pipeline
Show response
Pipeline not depleted despite record Q4 orders; growing quarter to quarter. Everything in backlog is a binding, legally binding purchase order, majority with advance payments. Pipeline growth reflects both market health and Vertiv's visibility.
Calendar 2025 Q3
maybe ask you to address, you know, the competitive environment across all your products and only reason I asked that
Show response
Microfluidics preserves full thermal chain and may increase complexity favoring Vertiv. 800V DC leverages decades of DC power expertise. TAM narrowing to $3-3.5M per megawatt range. Competitive landscape consolidating toward more rational players.
Calendar 2025 Q2
you had talked about the regulatory environment getting better for AI infrastructure and that was being reflected in your pipeline
Show response
Cited favorable US regulatory environment around power and grid plus growing EU/UK awareness of AI importance. Declined to engage on TTM order reacceleration question.
IRIngersoll Rand5 questions · 3 reporting periods · 3 of 5 challenging
Calendar 2026 Q2
is the positive implication of that disclosure that, hey, this is kind of the trend that we can build on or sustain?
Show response
Vik acknowledged July's double-digit level is not a consistent go-forward run-rate but said it proves the long-cycle funnel is healthy and timing, not cancellations.
Calendar 2026 Q1
I'm just trying to triangulate those 3 things and if there's kind of this embedded expectation of demand that we're not seeing yet
Show response
Vik explained Q1 orders more impacted by long-cycle project timing (6-18 month duration) which feeds backlog into 2027. Short-cycle momentum encouraging across both segments. Life Sciences also contributing positively.
there's a demand elasticity, I mean, because energy prices are high and surged during the quarter
Show response
Vicente cited PST 2-year stack organic orders up mid-single digits. Precision Technology short-cycle positive, offset by long-cycle comps. ITS vacuum/blower business in Europe a good short-cycle leading indicator showing improvement. Sells on total cost of ownership with strong payback, mitigating price elasticity concerns.
Calendar 2025 Q2
is any of that in the book-to-bill
Show response
Vicente confirmed no material pharma reshoring impact in current book-to-bill. Full year book-to-bill expected roughly 1 as typical, with H2 slightly above 1 offset by H1 already at 1.06x. Precautionary stance maintained.
can you just talk about the opportunity that offers you given obviously the exposure to that vertical
Show response
Vicente confirmed opportunity spans both compressor side and ILC Dover for existing customers expanding capacity. Company staying close to EPCs, construction firms, and end customers on these projects.
LIILennox International4 questions · 2 reporting periods · 1 of 4 challenging
Calendar 2026 Q1
if you're seeing actual evidence of consumers moving back into replacement? Or is it just kind of repair activity that simply is not getting worse
Show response
CEO said based on thousands of dealer conversations, repair-vs-replace is not getting worse and deferred replacements from 2025 are beginning to return. Contractors now fully trained on 454B with confidence restored. Green shoots in both dealer and consumer confidence.
there's a lot of moving parts in terms of how much you have in Mexico, how much that's crossing borders, it's actually in the scope of the new Section 232
Show response
CEO acknowledged broad scope with secondary impacts still emerging. Declined to provide detailed breakdown but emphasized team adaptability, vendor pain-sharing, and product-level mitigation. Noted situation remains dynamic with potential for rapid policy changes.
Calendar 2025 Q4
Be curious if you just give a little bit of a sense of how much of that is kind of the carryover effect and how much of that is prospective increases
Show response
CFO sized carryover mix benefit at 1-2 points in H1 from remaining 410A-to-454B conversion. Remainder comes from new price initiatives launching in Q1 and Q2 2026.
I wanted to ask about inventory levels and obviously, they're up a lot year over year in dollar terms. And trying to understand when you expect those to normalize
Show response
CFO broke down excess inventory: $200M above seasonal norms (positioned for summer demand) plus $100M for strategic investments (emergency replacement, Samsung, fulfillment). December levels approximately align with summer season needs.
GEVGE Vernova3 questions · 3 reporting periods · 0 of 3 challenging
Calendar 2025 Q4
Can you just update us on what you're sold out through -- I think last time it was 2028 on both heavy-duty and aeroderivatives. I mean these backlog members are eye-popping, so I assume we're going...
Show response
Strazik said 83GW heavily plays into 2029 with some slots in 2030+. At 100GW year-end target, both 2029 and 2030 largely sold out. Parks clarified Electrification organic growth unchanged at 20%, Prolec $3B is additive on top.
Calendar 2025 Q3
when I look at the last cycle, I think power margins peaked maybe approaching 25%, if I remember correctly. I know we're all fixated on this 2028 number, but I assume the runway is kind of long and...
Show response
Strazik explicitly stated no reason Power margins can't meet or exceed prior cycle peaks (~25%). Cited larger installed base driving more profitable services, plus new price paradigm equipment revenue cutting in from H2 2026. December 9 investor day to detail trajectory beyond 2028.
Calendar 2025 Q2
any implications to the Power business from the recent tax bill, if you're seeing any thawing of EPC or permitting bottlenecks
Show response
Strazik said tax bill is driving more activity in wind, solar inverters, and grid equipment, while also strengthening the bull case for gas in the back half of the decade as renewables incentives expire.
ETNEaton Corporation2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2025 Q1
Is there a difference if the AI data center proliferation is done via retrofit versus greenfield?
Show response
Paulo confirmed AI increases content per MW, modular designs enable retrofit opportunities, and book-to-bill expected to remain above 1.
Can you just talk about the opportunity for data center orders to actually reaccelerate given the changes
Show response
Paulo confirmed growing energy intensity benefits Eaton's portfolio, with Olivier citing 15% data center CAGR expectation from Investor Day still intact.
PNRPentair2 questions · 1 reporting period · 1 of 2 challenging
Calendar 2026 Q1
Maybe give more color—products, regions—on why you feel comfortable that they are actually green shoots
Show response
CEO clarified green shoots are from company-specific efforts (commercial buildings, municipals, industrial) not macro recovery. Regional targeted selling driving wins.
I want to start on Pool and get your commentary on whether there is evidence that price is affecting demand elasticity or even share
Show response
CEO attributed Pool weakness to macro factors (rates, cost of living) rather than price elasticity. Consumers focused on break/fix vs upgrades.
ROKRockwell Automation2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2026 Q1
Is that a few large customers restarting spending? Or are you seeing demand broadening out? And then just related to that, could you talk about how margins compare
Show response
Blake described 4 subsegments (data center, e-comm fulfillment, production logistics, parcel handling) all robust. Christian confirmed similar margin profile to other offerings.
Can you just talk about if you're seeing the international market catch-up? It's primarily been kind of a North American let story
Show response
Blake highlighted high single-digit Germany growth and low double-digit Italy growth from machine builders. Asia led by semiconductor in Taiwan. Christian noted easier comps internationally.
ZBRAZebra Technologies2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2026 Q2
was memory still a constraint for you in the quarter? Like in other words, like do you think sales growth could have been even higher in the second quarter
Show response
Burns confirmed demand is strong across all vertical markets and both segments, representing the high end of the outlook for Q3 and the full year, with supply constraints factored down to about the midpoint of the guide (the same approach used in Q2). Zebra secured additional memory in Q2 that pushed it above the top end of the range, but continues to factor potential memory constraints into the Q3 and full-year guide.
If we take out pricing, volume growth seems to be around mid-single-digit range. Now as we think beyond this year, do you think that rate is sustainable and can even improve into the next year?
Show response
Winters said the full-year guide of 14-16% (15% midpoint) is 7 points organic including 2 points of price, with acquisitions and FX contributing the remaining 8 points; some pricing rolls into 2027. Without guiding 2027, he pointed to underlying demand, pipeline, and innovation supporting continued growth and reiterated the 5-7% long-term organic growth profile, with the trajectory depending on pipeline timing and memory capacity entering 2027.
EMREmerson Electric1 question · 1 reporting period · 0 of 1 challenging
Calendar 2025 Q3
how that funnel is progressing. I imagine there's obviously a lot of electricity demand
Show response
Approximately $1B of power projects added to funnel. Ovation controls ~30% of global electricity, 50%+ in US. Upstream of turbine/boiler giving early visibility.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| TT Trane Technologies | 14 | 7%1 of 14 questions |
| JCI Johnson Controls | 12 | 0%none of 12 questions |
| MMM 3M Company | 12 | 8%1 of 12 questions |
| CARR Carrier Global | 9 | 0%none of 9 questions |
| PH Parker Hannifin | 9 | 33%3 of 9 questions |
| HON Honeywell International Inc. | 8 | 13%1 of 8 questions |
| OTIS Otis Worldwide | 8 | 0%none of 8 questions |
| DOV Dover Corporation | 6 | 17%1 of 6 questions |
| VRT Vertiv Holdings Co | 6 | 17%1 of 6 questions |
| IR Ingersoll Rand | 5 | 60%3 of 5 questions |
- TTTrane Technologies · 14 questions7%1 of 14 questions
- JCIJohnson Controls · 12 questions0%none of 12 questions
- MMM3M Company · 12 questions8%1 of 12 questions
- CARRCarrier Global · 9 questions0%none of 9 questions
- PHParker Hannifin · 9 questions33%3 of 9 questions
- HONHoneywell International Inc. · 8 questions13%1 of 8 questions
- OTISOtis Worldwide · 8 questions0%none of 8 questions
- DOVDover Corporation · 6 questions17%1 of 6 questions
- VRTVertiv Holdings Co · 6 questions17%1 of 6 questions
- IRIngersoll Rand · 5 questions60%3 of 5 questions
Show all 17 companies
| Company | Questions | Challenge rate |
|---|---|---|
| LII Lennox International | 4 | 25%1 of 4 questions |
| GEV GE Vernova | 3 | 0%none of 3 questions |
| ETN Eaton Corporation | 2 | —Rate withheld: fewer than 3 questions |
| PNR Pentair | 2 | —Rate withheld: fewer than 3 questions |
| ROK Rockwell Automation | 2 | —Rate withheld: fewer than 3 questions |
| ZBRA Zebra Technologies | 2 | —Rate withheld: fewer than 3 questions |
| EMR Emerson Electric | 1 | —Rate withheld: fewer than 3 questions |
- LIILennox International · 4 questions25%1 of 4 questions
- GEVGE Vernova · 3 questions0%none of 3 questions
- ETNEaton Corporation · 2 questions—rate withheld: under 3 questions
- PNRPentair · 2 questions—rate withheld: under 3 questions
- ROKRockwell Automation · 2 questions—rate withheld: under 3 questions
- ZBRAZebra Technologies · 2 questions—rate withheld: under 3 questions
- EMREmerson Electric · 1 question—rate withheld: under 3 questions
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q4 | 8 | 13%1 of 8 questions | 4 |
| 2025 Q1 | 14 | 0%none of 14 questions | 7 |
| 2025 Q2 | 14 | 7%1 of 14 questions | 8 |
| 2025 Q3 | 18 | 0%none of 18 questions | 11 |
| 2025 Q4 | 20 | 10%2 of 20 questions | 11 |
| 2026 Q1 | 20 | 25%5 of 20 questions | 10 |
| 2026 Q2 | 11 | 36%4 of 11 questions | 8 |
- 2024 Q48 questions · challenge rate 13% (1 of 8 questions) · 4 companies
- 2025 Q114 questions · challenge rate 0% (none of 14 questions) · 7 companies
- 2025 Q214 questions · challenge rate 7% (1 of 14 questions) · 8 companies
- 2025 Q318 questions · challenge rate 0% (none of 18 questions) · 11 companies
- 2025 Q420 questions · challenge rate 10% (2 of 20 questions) · 11 companies
- 2026 Q120 questions · challenge rate 25% (5 of 20 questions) · 10 companies
- 2026 Q211 questions · challenge rate 36% (4 of 11 questions) · 8 companies
Topics
Topics tagged on this analyst’s questions.
- Demand41
- Margin33
- Revenue Growth24
- Guidance Reliability16
- Competitive Dynamics14
- Pricing13
- Supply Chain9
- Capital Allocation8
- Innovation & R&D8
- Cost Pressure7
Show all 20 topics
- Geographic Expansion6
- Capex Investment6
- Trade Tariffs6
- Cloud & AI5
- Macroeconomic4
- M&A4
- Regulation Policy4
- Inventory2
- Product Launch1
- Subscriber Growth1