Start 30 days free, no card. Full Pro access for a month, then decide. Start free
Analyst
Andy Kaplowitz
Period: Reporting periods mapped to calendar 2024 Q3 – 2026 Q2 (8 quarters).
- Questions
- 225on tracked calls
- Challenge rate
- 6%14 of 225 questions
- Companies
- 22questioned at least once
- Reporting periods
- 8with 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 225 of 225 questions from 22 companies
ROKRockwell Automation15 questions · 8 reporting periods · 0 of 15 challenging
Calendar 2026 Q2
would you say that you have more backlog coverage than usual at this point going into Q4?
Show response
Rothe said Q3 book-to-bill was back inside the normal corridor and order development is consistent with sales, signaling healthy demand.
Calendar 2026 Q1
Is it fair to say that you're seeing some decent unlock in larger projects versus last quarter? Then maybe you can give more color to the drivers
Show response
Blake confirmed broadening CapEx in select sectors but emphasized no wholesale unlock yet in automotive and CPG. Balanced and honest framing.
are we starting to think the core incrementals at Rockwell could be higher than your previous longer-term algorithm?
Show response
Christian acknowledged 50%+ current incrementals but maintained 35% as the through-cycle target. Said they'd revisit under their growth algorithm framework.
Calendar 2025 Q4
semiconductors were still down in Q1, but it does seem like good cross-industrial semiconductors are getting better
Show response
Blake noted Q1 semi decline partly from tough comp. Rockwell participates in tooling, wafer transport via independent cart technology, software/AI, cybersecurity, and clean room management. CapEx concentrated in AI build-out players, not broadly up.
if Logix does stay strong, as Blake kind of mentioned, it was pretty strong in Q1, could incrementals creep up for the year?
Show response
Christian confirmed Logix mix shift could improve incrementals. Productivity continues to perform well with good gross margin expansion in Q4 and Q1. Blake noted Rock on Rock learnings from Singapore rolling into Twinsburg and other facilities.
Calendar 2025 Q3
does that mean that, that's the kind of incremental margin we can count on from Rock moving forward?
Show response
Blake proud of 40% expected conversion but not ready to change long-term 35% framework. Christian noted 40% feels appropriate for FY26 given momentum, not a heroic change from 35%.
would you expect that to continue to be the case moving forward?
Show response
Blake confirmed product orders and shipments right on top of each other. Guide doesn't assume big CapEx release, that would push toward higher end. Gradual sequential improvement expected.
Calendar 2025 Q2
is the current environment still supportive of underlying bookings continue to slowly improve from here?
Show response
Blake confirmed delays not cancellations, with greenfield and brownfield wins occurring when projects pass scrutiny. Expects higher new US capacity orders in FY25 and again in FY26. Christian noted book-to-bill around 1 is normalized.
Can you turn the corner in that segment as early as FY '26 towards significantly higher margin?
Show response
Blake identified key levers: direct material cost reduction amplified across broad SKU count, long-tail SKU pricing, configure-to-order recovery from CapEx uptick, and Clearpath profitability improvement.
Calendar 2025 Q1
is that still the expectation for orders?
Show response
Christian confirmed book-to-bill around 1 for full year. Q1 project orders shipping later in year provide backlog support. Stronger product flow from machine builders noted as destocking plays out.
Do you see ultimate restructuring benefit including SKU rationalization is actually way more than 250?
Show response
Blake provided historical context on cost-out starting at February 2024. Christian expressed excitement about 2026 runway from Rockwell operating model, but declined to commit to a new margin target number yet.
Calendar 2024 Q4
you mentioned slightly more positive impact, any mild insourcing and manufacturing in Q1. So do you actually see a little more benefit than that $1.85?
Show response
Christian noted Q1 outperformance was primarily timing. The overall program size remains unchanged as second-half comparisons become tougher.
How much of that improvement is actually getting better versus your improved product offering? And did the positive order trend you saw in fiscal Q1 continue in January?
Show response
Blake confirmed January performance supports Q2 outlook. Improvement is broad-based including food and bev, home and personal care, e-commerce. Distributor destock is mostly done.
Calendar 2024 Q3
do you think we're any closer to a bottom in discrete?
Show response
Blake walked through verticals: food and bev still muted on greenfields, life sciences potentially bottoming with GLP-1 optimism, auto still not all-clear, e-commerce and warehouse automation a bright spot.
that puts you probably in the sevens in terms of run rate and sales. So maybe how much lift do you get in orders if destocking were to just end
Show response
Blake described expected gradual sequential improvement with Lifecycle Services contributing positive growth from backlog and process exposure.
CARRCarrier Global14 questions · 7 reporting periods · 1 of 14 challenging
Calendar 2026 Q2
maybe just your opinion on what is going on in light commercial and csa. I mean, obviously you changed your forecast
Show response
Gitlin named the drivers (national retail accounts, K-12, hospitality), cited healthy field inventory and roughly 30% order growth, and gave a quarterly cadence for the back half.
maybe you could give us a little more color what you are seeing in the markets there
Show response
Gitlin tied the heat pump inflection to German subsidy clarity and the gas-to-electricity ratio, and pointed to commercial orders north of 20% continuing into July.
Calendar 2026 Q1
can you give us more color into what you're seeing in the CSA Light Commercial, I think, up 9%, I think you said in Q1
Show response
Dave attributed strength to national account wins in retail, favorable price/mix, and new hybrid rooftop units. Field inventories down 25%. Maintaining cautious full-year guide of down high single digits.
could you give us a little more color into what you're seeing in CSE? I know you mentioned the strength in heat pumps
Show response
Dave highlighted heat pump inflection: Germany sales up 20%, Europe low teens, subsidy applications up 30%. Acknowledged margin disappointment from onetime promotions but noted pricing actions effective April 1.
Calendar 2025 Q4
the confidence level there for flat 26%
Show response
Gitlin: CSAME guided flat. China down high single digits (RLC -20%, CHVAC up low single). Rest of Asia up high single digits. India, Middle East, Japan strong. Japan grew 8% and EBITDA ROS heading to mid-teens from near zero at acquisition. Reduced China resi channel inventory in Q4.
how the benefits are layering in in '26
Show response
Goris detailed full OP bridge: +~$100M OP YoY. Volume/mix -$100M headwind. Price/tariffs +$100-200M. Productivity including cost actions ~$400M. Offset by inflation, merit, investments. Each segment has targets with contingency plans.
Calendar 2025 Q3
CSAME and CST would return to organic growth in Q3. And while transportation did, CSAME still lagged
Show response
Goris confirmed China resi weakness the drag. Also working to reduce elevated field inventories in China resi, similar to US approach. Commercial China not the issue.
What's the conviction level that we will mark a bottom this year?
Show response
Gitlin noted German market heading for ~600K units (vs expected 650K), at 40-year historic lows. Heat pump to boiler ratio approaching parity. Subsidy applications doubling to 300K. Floor-standing boiler decline was one-time. France/Poland weak, UK/Italy better. ETS 2 confirmed for Jan 2027.
Calendar 2025 Q2
Are you seeing any share movements across the major OEMs?
Show response
Gitlin confirmed share flat to slightly positive after intensive distributor/dealer review when Q2 volume missed. Pricing up mid-single digits in H1, expected to continue ~5% in Q3, softer in Q4 (low single). 454B 10% mix-up sticking. Not doing significant rebating.
You lowered China a bit in terms of your outlook for the year, but the balance of the segment is up
Show response
Gitlin highlighted Japan up high teens, India up ~30%, Middle East up mid-teens offsetting China softness. China commercial backlog growing but resi retail still has too much inventory. Thailand to recover in H2.
Calendar 2025 Q1
can you give more color on to what's going on with your commercial HVAC business Americas, given the capacity increase
Show response
Gitlin confirmed data center on track for $1B (from $500M), Q1 alone ~$250M. Non-data center commercial HVAC up high single digits, benefiting from freed-up capacity. Mega projects, healthcare, pharma, electronic fabs all strong.
do you still see flat for Viessmann for the year? I think you talked about 150 basis point margin improvement
Show response
Gitlin confirmed flat Viessmann for year: Germany units down 10% (vs prior -7%) but heat pumps up 30% (vs prior 15%), better mix offsets lower volume. Boiler decline accelerating. Rest of growth algorithm intact: price, aftermarket, synergies, share gains.
Calendar 2024 Q4
it looks like you're forecasting something like low 30s incrementals for HVAC in '25 maybe puts and takes
Show response
Goris confirmed China tariffs fully mitigated, close to 80% steel volume blocked, and margin expansion driven by organic growth, mix-up, and productivity.
maybe just a little more color into your outlook for [indiscernible]. I know for a while, you were talking about a stronger potential revenue growth
Show response
Gitlin detailed the VCS growth algorithm: flat to down 5% market, 5-point backlog headwind in Q1, offset by mix-up, aftermarket, and $100M revenue synergies.
FTVFortive14 questions · 7 reporting periods · 1 of 14 challenging
Calendar 2026 Q2
But could you clarify what you are seeing between ServiceChannel, Gordian and Accruent?
Show response
Ranked the three brands qualitatively (ServiceChannel led, Gordian solid, Accruent improving) but gave no growth rates for any of them.
Are you still being slowed down at all by tight hospital CapEx budgets? Are they starting to get better?
Show response
Direct answer confirming capital equipment returned to growth and that hospital budget pressure continues to ease.
Calendar 2026 Q1
How would you characterize fundamentals?
Show response
AHS benefited from ~300bps extra days but saw acceleration even after normalizing. Hospital capital equipment showing modest sequential improvement. Q2 laps worst period from last year. Made-in-country strategies in China and India providing tailwinds. US remains main pressure point but getting better.
Would you say that ServiceChannel, Gordian could all continue to be higher than that 2% to 3% core growth
Show response
Leading indicators all pointing north. Innovation funnel and commercial investments driving momentum. Feel good about FAL setup for rest of year and its role in the mix.
Calendar 2025 Q4
what is inflecting in those areas within Fluke, for instance, and what do you assess as the durability of the turn
Show response
Won't call it a market inflection, better outcomes from team execution. EMEA, APAC, and LatAm all improved in Q4. Not assuming dramatic improvement in 2026. Any macro improvement would be upside. North America continues strongest.
What kind of growth are you dialing in for '26 sort of in that kind of business?
Show response
Hardware-as-a-service offering leading market. Investment in EMEA commercial capacity yielding results. Continued execution and innovation baked into 2026 outlook. Expect really strong year.
Calendar 2025 Q3
what are you seeing across your year and markets by geography?
Show response
North America strongest. Western Europe softest market all year, Q2 briefly improved but didn't sustain in Q3. Not expecting dramatic improvement. China generally stable. Any macro improvement would be upside.
should we get increasing impact from that simplification as we go into '26?
Show response
Soroye confirmed increasing simplification benefits. Created P&L space from Q3 margin expansion to invest in growth. Capital allocation strategy shift with buybacks is the other change. Best still ahead with only ~100 days into the journey.
Calendar 2025 Q2
Are you guys seeing sort of stability? Is it a little bit weaker in those regions?
Show response
North America best market with double-digit POS. Western Europe and APAC POS generally flat. China feels bottomed, may improve as tariff framework reaches closure. Western Europe still uncertain with defense spending shifts and active wars.
why did you see a bit of a gap down now? Because Fluke has been, as you know, pretty stable for a long period of time
Show response
Soroye emphasized Fluke fundamentals unchanged. Short-cycle customers waited on tariff clarity before ordering while burning inventory. Orders grew but mix shifted to longer lead time. POS very strong. Second half guide prudently assumes first half core growth rates continue.
Calendar 2025 Q1
you mentioned Sensors and Systems. You said increased backlog, but can you talk about the shipping delays you saw on the defense side?
Show response
Defense shipment delays from government validation/verification timing. Record demand continues but DOGE-related disruption may have impacted approvals. Expect improvement through year.
I just want to dig into the sales by region for Fortive. I know prior to this quarter you already expected China to be down
Show response
North America strongest market. China now expected down high-single for year, more challenged than anticipated. Western Europe tough especially for PT. LatAm and non-China high-growth markets positive.
Calendar 2024 Q4
maybe you can update us on how you're thinking about price for cost in twenty five?
Show response
Price roughly 200-225 bps across segments, consistent with 2024. Volume expected on iOS front but not in PT given flattish outlook.
q three, you had double digit consumables growth. It was mid single digits in q four. I know you talked about the difference in days
Show response
Q4 lacked the favorable comp that boosted Q2/Q3. Underlying performance strong. Europe good, China a little challenging. IV bag situation expected to persist into Q1.
PNRPentair14 questions · 7 reporting periods · 0 of 14 challenging
Calendar 2026 Q2
So maybe talk about the different businesses, John or Bob, and like, you know, CapEx is doing reasonably well
Show response
Fishman attributed soft Flow core sales to European macro conditions rather than business-specific issues and reaffirmed high-single-digit back-half growth.
how difficult do you think it is to pivot from this sort of 80/20 mindset in pool to this maybe more innovation-based
Show response
Stauch described re-empowering local sales and dealer support but named no specific product categories, saying progress starts this quarter and consistency matters into 2027 and 2028.
Calendar 2026 Q1
give us a little more color about what is going on in Water Solutions with Manitowoc Ice and Everpure
Show response
CFO noted c-store traffic shift from drive-through benefiting both commercial filtration and ice businesses. Channel partnership development ongoing.
I think Flow revenue was slightly ahead of forecast for Q1. Maybe give a little more color on what you are seeing out of your CapEx businesses there
Show response
CFO cited K-12, hospitals, universities, and data centers as green shoot areas for Flow. Targeted technology investments reading through.
Calendar 2025 Q4
maybe just a follow-up on sort of this combination of residential flow and residential water. I think you said it has 25% of your factories
Show response
CEO described the combined unit as a ~$1B water quality management business. Channel alignment with plumbers, synergies in regional sales and G&A, substantial margin improvement expected over several years.
can you give us a little more color on what you're seeing in your commercial water solutions business?
Show response
CEO confirmed both Manitowoc Ice and Everpure filtration expected to return to growth in 2026. North American market remained strong throughout 2025; volatility mainly from international/China.
Calendar 2025 Q3
So you lowered your twenty-five year-over-year cold water solutions growth, I think, just a little bit down low single digits instead of flat. As commercial growth continues to lag a bit for you
Show response
CFO confirmed slight downward tweak to core water solutions. Commercial water came in at low single digits vs. low-to-mid guide. Attributed to food service industry softness.
maybe you could give us an update on the 26% target in '26. It seems that you're still comfortable with that.
Show response
CEO confirmed comfort with 26% ROS target for 2026 and indicated Investor Day in March will demonstrate significant further improvement beyond that target.
Calendar 2025 Q2
I'm just trying to understand how you're thinking about price versus cost for the year because I think you passed through, I think it was 75% of the pricing
Show response
CFO walked through math: $140M prior tariff estimate down to $75M = $65M benefit. Not going out with $50M of planned price. Net $15M benefit flowed into raised guidance.
could you talk about what you're seeing in pool in terms of unit volumes and sensitivity to higher prices
Show response
CEO noted new pool builds shifting from flat-to-up expectation to modestly down. Remodel activity being deferred. Price up ~15% trailing 12 months across the industry. Volume flattish to slightly down but in line with expectations.
Calendar 2025 Q1
you're assuming you could absorb the entire $140 million of incremental tariffs in your margin guidance
Show response
CFO confirmed pricing exceeding tariffs with volume drop roughly in line. Mix benefit and slight FX help (~50bps) also contributing.
you didn't change your pool forecast growth for 2025, but maybe give us a little more color into what you're seeing as the selling season develops
Show response
CEO noted Q1 sell-through movement was weather-related. Expects some softening in remodeling and discretionary purchases as prices rise.
Calendar 2024 Q4
Are you seeing or when should we see like sort of pent-up demand as everybody is just sitting there
Show response
CEO expects no meaningful Pool residential recovery until H2 2025. Equity market or rate stabilization needed to unlock consumer decisions.
When you're assuming CapEx delays might begin to subside there within the industrial businesses?
Show response
CEO noted industrial solutions (~$200M+) seeing project delays related to financing and global business model expansion. Not counting on near-term recovery.
TTTrane Technologies14 questions · 7 reporting periods · 0 of 14 challenging
Calendar 2026 Q2
maybe you could elaborate on the cost actions you took there and the ability to sort of inflect
Show response
Specific on actions taken and sizing of the region, though no dollar magnitude of the charge was given.
does the pipeline continue to refill even as your book in the backlog have been accelerating here?
Show response
Direct answer on breadth of demand beyond data centers, with vertical-level detail.
Calendar 2026 Q1
you did have, I think, 50% growth ex China in bookings there. So you see maybe a little bit more broad-based growth
Show response
Regnery confirmed global data center strength. Asia outside China had nice orders with robust pipeline. Europe relatively strong in Q1. Expressed optimism for better-than-flat Asia performance.
your continued outperformance in Americas transport pretty strong in Q1 versus the market
Show response
Regnery attributed outperformance to continued innovation investment through the down cycle. Confident in back half turn with strong 2027. Thermo King described as the gold standard.
Calendar 2025 Q4
how is Trane adapting in thermal management as it adapts? To maybe a little more liquid cooling
Show response
CEO defended chiller positioning strongly. Working with hyperscalers and chip manufacturers on reference designs 2-4 years out. Described futuristic innovations still in modeling stage. Emphasized decades-long strength in data center vertical.
how to think about segment incrementals in the context of your normal expected 25% plus as European margins start to turn
Show response
CFO confirmed 25%+ organic incrementals across all three segments. Pricing at about 1.5 points for the year. Reported incrementals 700 bps lower due to M&A starting at lower margins.
Calendar 2025 Q3
do you think inventories could get in balance by the end of the year? How do you think about that?
Show response
CEO cited three anomalies (prebuy, cylinder shortage, short summer) as non-structural. Channel inventory normalization expected by year-end or Q1 at latest.
is there any reason why your growth there wouldn't follow the reacceleration in Americas Commercial HVAC bookings
Show response
CFO expects Commercial HVAC Americas up around 10% in Q4. Services underpinning approximately half of CHVAC Americas revenue as tailwind for years to come.
Calendar 2025 Q2
your light unitary business is still doing reasonably well, which is a bit of a contrast versus some of your peers
Show response
CEO attributed unitary outperformance to direct sales force expertise across all verticals, noting applied was stronger but both were positive in the quarter.
Q2's America margin was the highest we've seen from Trane. So I'm just trying to figure out how enduring the Americas performance is
Show response
CFO pushed back on old narrative that applied has lower margins, citing productivity, volume leverage, and services accretion driving record segment EBITDA.
Calendar 2025 Q1
TK, being pretty weak, would hurt you more than it is. I know you sort of put in the guidance, you'll continue to outperform
Show response
CEO detailed internal forecast of 25% trailer decline vs ACT's 15%, weighted average market down 20%. Continued investment through downturn positions for 2026 rebound.
Obviously you talked about a significant reinvestment and I'm sure margins will bounce back, but maybe you just talk about what you're doing there
Show response
CEO attributed EMEA margin decline to timing of channel and product investments during shoulder season. Mid-teens order growth in EMEA Commercial HVAC is encouraging.
Calendar 2024 Q4
APAC margin was obviously surprisingly strong in Q4. Maybe just comment on the durability of those margins in '25?
Show response
CFO confirmed 25%+ organic leverage target across all regions, noted APAC margins are leading and give confidence Americas/EMEA can expand further.
are data center project bookings set to lead growth, for instance, in '25 versus '24? And it seems like education-related bookings are holding up well
Show response
Management emphasized broad-based growth beyond data centers, confirmed education bookings remained positive even after ESSER funding expired.
IRIngersoll Rand13 questions · 7 reporting periods · 2 of 13 challenging
Calendar 2026 Q2
Could you talk about the durability of that growth? Like what are the biggest drivers?
Show response
Vicente and Vik affirmed PST momentum and margin expansion toward mid-30s EBITDA; Vicente called the M&A funnel very healthy with over 200 companies.
Calendar 2026 Q1
Has that continued to grow
Show response
Vicente confirmed recurring revenue continues to progress well toward $1 billion run rate target by end of 2027. New solutions launched creating customer loyalty and stickiness. Area of continued investment.
do you think you need the Middle East conflict and to get all of the orders back
Show response
Vicente described orders as plant expansion and production capacity projects. Recovery expected from normal course business resumption, not requiring conflict resolution. Potential long-term upside from petrochemical facility rebuilding.
Calendar 2025 Q4
historically, you got to 100% FCF conversion. This year, your guidance is under 100%
Show response
Vik noted 95% FCF conversion consistent to slightly better than recent years' low-to-mid 90s. Working capital efficiency, particularly inventory management post-tariff dynamics, is biggest source of opportunity. No structural concerns. Represented by Natalia on behalf of Kaplowitz.
can you maybe talk about the customer payback that you are seeing right now
Show response
Vicente noted rising electricity prices improving ROI. Recent visit to very large China customer where compressors consumed 50% of facility energy, highlighting efficiency value proposition. Represented by Natalia on behalf of Kaplowitz.
Calendar 2025 Q3
How much of a drag it is right now? And would you say comps begin to get a lot easier in '26
Show response
Vicente confirmed renewable natural gas tough comps now largely comped out as of Q3. ITS Americas organic orders up mid-single digits and compressors up high single digits despite the drag. Clean energy remains good in Brazil, Europe, and India biogas.
Was that just ILC Dover becoming organic and having easier comps? Or did you see more material improvement across the portfolio
Show response
Vicente described broad-based performance including Life Science platform with legacy Gardner Denver Medical performing very well. Short-cycle industrial businesses also showed good momentum. Evenly positive across entire segment.
Calendar 2025 Q2
can you give more color into your legacy Gardner Denver Medical business? Are you seeing any green shoots there
Show response
Vicente noted second consecutive quarter of organic revenue growth in life sciences. Legacy Precision Technology pump businesses saw mid-single-digit order growth. P&ST positive organic orders excluding hydrogen project comp.
maybe just a little more color into that IT&S margin in Q2 because I think you expect the margin to sequentially increase and it did decrease a bit
Show response
Vik noted IT&S still running at approximately 29% EBITDA margin despite volume headwinds. Expects sequential margin expansion in H2 consistent with normal seasonality.
Calendar 2025 Q1
book-to-bill over onetime as you said, which was strong and still strong in April
Show response
Vik noted good balance between short/medium and long cycle. Not expecting dramatic changes from historical seasonal book-to-bill patterns.
margins at least versus high expectations have been a bit choppier. And we know your acquisition activities continue to be robust
Show response
Vicente pointed to tough comps (Q1 2024 ITS margin up 370bps). On 2-year stack still up 260bps. PST improved 150bps sequentially. Both segments have runway for further improvement.
Calendar 2024 Q4
can you give us an update on how your MQLs are looking? Last quarter, you mentioned they were still up 12% year-over-year
Show response
Vicente confirmed strong MQL momentum and added that long-cycle pipeline is also up low-double-digit. Decision-making elongation persists but conversations increasing.
any lessons learned in terms of the greater acquisition strategy as this was a larger deal for you
Show response
Vik pointed to Seepex as precedent, noted ILC Dover integration progressing well on core processes and IRX implementation with no material issues.
Show 16 more companies
AOSA. O. Smith12 questions · 6 reporting periods · 0 of 12 challenging
Calendar 2026 Q1
Can you maybe just unpack what you're seeing in underlying demand? I know you mentioned earlier on the call, you're seeing strength in commercial and residential. But specifically, how much of that...
Show response
Price carryover is a significant component of 6-8% boiler growth; commercial volumes were softer in Q1 but orders are recovering with normal seasonality expected.
how are you viewing the current M&A pipeline, particularly in terms of opportunities within your core business versus adjacency areas?
Show response
CEO identified water management (Leonard Valve category) as the richest M&A area, with continued water treatment opportunities and organic investment in core business.
Calendar 2025 Q4
your boiler business is continued to be pretty solid, and I think you have a good forecast for '26. So maybe just one more color on the health of that market
Show response
Attributed boiler strength to both healthy market conditions and share gains from the Lochinvar brand's high-efficiency product portfolio.
if, for instance, the market doesn't come back as you expect in the second half, do you have more restructuring that you can do? How do you think about the ability to sort of maintain margin if the...
Show response
CEO candidly acknowledged that perpetual restructuring is not a viable strategy for China and that finding a strategic path forward for growth is the priority, with the ongoing assessment potentially changing the approach.
Calendar 2025 Q3
anything you're seeing there? Obviously, resi HVAC is having much more difficult time than resi water heaters, given their own inventory problems over there. It doesn't seem to be the case with you...
Show response
Chuck confirmed channel inventories at normal/target levels on both resi and commercial. Some distributor prudence possible on new construction weakness but no destocking concern currently.
how have you sized the potential opportunity for cost out overall at AOS and/or the potential to accelerate new product-related growth
Show response
Steve acknowledged no formal sizing yet but expressed confidence in opportunity from operating system expansion and technology leverage. Foundation-building phase with new CTO and CDIO hires.
Calendar 2025 Q2
do you think the company could get a bit more aggressive in general using its balance sheet?
Show response
Steve signaled portfolio transformation as a major personal priority, noting strong balance sheet and core capabilities that can stretch into new areas. Clear intent to deploy capital more aggressively.
is your improved guidance just continued traction on your high-efficiency boilers? Or is there any change in the market?
Show response
Chuck noted guide raise reflects strong H1 performance but with caution on prebuy risk. Steve highlighted continued strong customer interactions around high-efficiency products driving the Lochinvar business.
Calendar 2025 Q1
Do you see full impact in Q2 without much help from pricing yet, so we need to forecast that in Q2?
Show response
Chuck provided clear cadence: Q1 NA margins at 24.7% above full-year 24-24.5% guide; Q2 will see slight margin headwind from tariff costs before June pricing kicks in. Full year EPS on track.
your sales start out only down 4%, which I think was slightly better than Q4. Did Stimulus help at all?
Show response
Kevin noted Q1 China performance was in line with expectations. Trade-in program stabilizing but not driving growth. No major shift in competitive dynamics but continued challenging macro environment.
Calendar 2024 Q4
you said you saw a modest slowdown including activity in boilers, but your guidance for this year is still for 3% to 5% growth
Show response
Kevin expressed strong confidence in boiler growth driven by stable quoting activity and the transition to high-efficiency products where AOS has 90% product mix.
would you expect AOS to get more aggressive in terms of portfolio management in the future, whether you ramp up an M&A
Show response
Steve gave a measured response about M&A remaining a lever but maintaining discipline. Did not commit to increased aggression.
EMREmerson Electric12 questions · 8 reporting periods · 0 of 12 challenging
Calendar 2026 Q2
maybe just your thoughts on MRO in general. I think you've highlighted it today as stable.
Show response
Lal said MRO is steady at ~2/3 of the business, with some shutdown/turnaround delays as facilities run hard.
Calendar 2026 Q1
Can you sustain that mid-single-digit order growth rate in this environment?
Show response
CEO confirmed strong quarter outside Middle East, led by U.S. and India. Saw broad growth across all growth verticals. Confident in backlog support for H2.
your expectations for margins, really margin incrementals, have been drifting up a bit given the lower sales forecast
Show response
CFO highlighted disciplined pricing, cost reductions, favorable mix, and supply chain mitigation as key margin drivers.
Calendar 2025 Q4
could you break down a bit more your 9% order growth in Q1 between process and hybrid?
Show response
Karsanbhai highlighted power modernization and behind-the-meter data center capacity as primary order drivers. T&M orders up 20% broad-based. Krishnan added North America up 18%, India up 22%. Approximately $450M won from 70 project wins, one-third in power.
ACV growth was 9% in the quarter. Are you still talking about expected 10% plus growth for the year
Show response
Krishnan emphasized software built on first-principle models with deep domain knowledge, making AI disruption threat minimal. AI capabilities like Nigel and DeltaV innovations expected to be net accelerators for ACV growth.
Calendar 2025 Q3
Are you expecting any sort of larger project order recovery and or change, for instance, in process markets to get you there?
Show response
Krishnan confirmed visibility from second-half orders phasing into backlog. Ex-software renewals, sequential growth is 11% first-to-second half, consistent with FY2025.
do you expect acceleration in '26 in that end market?
Show response
Karsanbhai projects 3-5 year run at high single digit to low double-digit growth in power. Nuclear activity across Eastern Europe and UK. China power also contributing.
Calendar 2025 Q2
you expected mid-single-digit order growth. That's what you got. If you look at the business or the end markets, you expect stability
Show response
LNG, power, and life sciences continue driving growth. Specialty chemicals performing well but bulk chemical weak in Europe and China.
Calendar 2025 Q1
can you give us some more color into the strength of your incrementals in Q2 and how you're thinking about incrementals in the second half
Show response
First-half leverage ~220% driven by FX, AspenTech mix, T&M synergies, and cost restructurings. Second half will moderate due to FX flip and tariff impact.
Calendar 2024 Q4
opining on the ability of the funnel to continue to grow. I know you highlighted LNG and power
Show response
Karsanbhai sees no slowdown in sustainability funnel. Nuclear renaissance beginning with life extensions and recommissioning of mothballed facilities.
Calendar 2024 Q3
can you talk about how you're thinking about Emerson's overall book-to-bill for '25? Do you think you could grow backlog?
Show response
Management confirmed backlog level supports FY2025 guidance with book-to-bill of about one expected.
you actually had more new -- well, you had more new wins in Q4 than Q3. Did you see reacceleration, just stability?
Show response
Karsanbhai confirmed continued momentum across LNG, sustainability, life sciences, and power generation globally.
HONHoneywell International Inc.12 questions · 6 reporting periods · 0 of 12 challenging
Calendar 2026 Q2
You mentioned improvement in the product side of the business would lead to growth in the second half
Show response
Vimal credited improved operational performance and new products for winning back share; Mike guided the core IA business to low-single-digit growth (around 2%) exiting the divestitures.
can you comment on price versus cost?
Show response
Mike said price of roughly 3.5-3.7% covered stubborn inflation in electronics, memory, copper and labor, but stressed most margin expansion came from productivity and stranded-cost takeout, not price-cost.
Calendar 2026 Q1
do you sense a need for more energy security now or maybe more local-for-local investments. So maybe you have a more robust LNG cycle?
Show response
Vimal expressed strong conviction on LNG, citing 2 recent acquisitions performing well, geographic diversification to Africa, and damaged Middle East infrastructure needing refurbishment.
can you give a little more color into the improvement you saw particularly in IA margin in Q1. The margin improvement was impressive
Show response
Mike cited structural cost simplification from business separations, improved pricing and NPI hitting the market as three pillars driving IA margin expansion.
Calendar 2025 Q3
Can you talk about the cadence of orders and revenue in Q3? Did you see any changes in your short-cycle businesses
Show response
Global breadth improving: solid U.S., Europe low-to-mid single digits, Middle East/India strong, China flat ex-Aero but high single digit including it. CEO expects Q4 order momentum to continue.
improved orders, does it give you more confidence that these businesses are going to turn higher in '26?
Show response
LNG and gas demand strong. Localization investments in India, Africa, Middle East for refining and petrochemicals. Catalyst demand impacted by oil price and overcapacity, expected to settle in 2026.
Calendar 2025 Q2
how sticky have your price increases been that you've made here this year
Show response
Pricing sticky with balanced approach protecting earnings and volume. AI-powered value engineering becoming meaningful lever; reducing design cycles from months to weeks.
what you're seeing in Defense and Space as it continues to accelerate here
Show response
Defense growth driven by supply chain healing in mechanical content plus elevated international demand. Strength in Europe and Asia (Korea) with multi-year outlook.
Calendar 2025 Q1
you delivered double-digit growth in Q1. Are you seeing more strength in international defense
Show response
No DOGE impact expected as programs are multi-year funded. International defense showing continued strength. Team confident managing defense comps for the year.
can you talk about the visibility customers, are you seeing any hints of CapEx delays or project deferrals
Show response
Sustainability project push-outs offset by strong gas processing and LNG trends. Diversified portfolio balances weakness; HPS expected to deliver a normal 2025.
Calendar 2024 Q4
You mentioned prices normalizing in 2025. And it seems like you mentioned cost inflation a lot really at all of your segments
Show response
Price above 2% enterprise-wide in 2025 plus expanded cost productivity levers. Two-pronged approach differs from 2021-2022 when price was the sole lever.
how you're thinking about revenue growth by geography in 2025. I know you mentioned some headwinds in Europe and China
Show response
Growth led by U.S., India, and Middle East. Europe and China remain pressured, especially in Industrial Automation. Aerospace and energy grow globally regardless of region.
ITWIllinois Tool Works12 questions · 6 reporting periods · 1 of 12 challenging
Calendar 2026 Q2
I think your long-term growth algorithm includes 2% to 3% CBI. So again, can you keep up that kind of CBI?
Show response
Direct answer that the 3% level arrived earlier than planned and is sustainable, with CBI contribution expected to rise in every segment.
But maybe you could talk about the durability of that growth. You mentioned orders continue to outpace revenue.
Show response
Confirmed more backlog than normal in Welding and Test & Measurement, and tied back-half confidence to order rates and CBI.
Calendar 2026 Q1
maybe a similar question on margin for you, Michael. You reiterated the incrementals for the year in the mid- to high 40s
Show response
CFO confirmed margin assumptions unchanged, noting Q1 starts lower seasonally with sequential improvement expected. Called Food Equipment margin an anomaly.
your CapEx businesses such as Test & Measurement and Welding are trending ahead of your expectations
Show response
CEO directly addressed segment divergence, confirming CapEx strength and consumer challenges while emphasizing ITW outperforms even in weak markets.
Calendar 2025 Q4
You've had a couple of maybe, I'll call it, head fakes in semicon. So you're seeing more definitive turn now? And are you seeing a bit more of an unlock of your CapEx businesses in general in terms...
Show response
Chris said semi improvement appears sustainable after Q2 uptick and Q3 pullback. General industrial orders also improving in T&M. Beyond T&M, welding equipment growth and improving backlog suggest more than green shoots, meaningful improvement going into 2026.
Normally, I would think we just model higher incrementals where you're modeling higher growth. But you, for instance, had really good margin performance in construction again in Q4. And there is, y...
Show response
Michael said 100bps from enterprise initiatives plus positive operating leverage at mid-to-high-40s incrementals. Three segments already above 30% may see less improvement vs Auto and T&M which have more room. CBI also driving margin improvement through higher-margin new products.
Calendar 2025 Q3
you still need a big uptick in Q4. I don't think comps get a lot easier for you in Q4 versus Q3
Show response
Michael provided Q4 color: typical Q3-to-Q4 sequential uplift of ~1pp, T&M seasonal improvement offset by Construction seasonal decline. Revenue trending to lower end of 0-2% guide.
can you actually push to the higher end of your low to mid-20s over the next couple of years?
Show response
Michael cited enterprise initiatives and PLS positioning. Auto builds may slow in Q4 but segment will outperform by typical 2-3 points. Chris added CBI is driving higher-margin innovation.
Calendar 2025 Q2
you mentioned encouraging sequential growth of 6%. I think usually, you get a couple of percentage points of growth sequentially
Show response
Michael highlighted 6% sequential revenue drove 12% income growth and 50%+ incrementals. Positive signs in semi, Welding, automotive builds improving, T&M big orders increasing.
China just such a standout versus your other regions, especially versus other industrial peers
Show response
Chris cited China margins at same level as North America/Europe, disproportionate patent generation, 30-year customer relationships in Auto, and highly tenured leadership team.
Calendar 2024 Q4
sequential growth from Q3 to Q4 was 3.7%, you know, greater than 1.5% in store growth
Show response
Michael cautioned against calling a recovery, noting positive signs in semi/electronics. 1-3% organic ex-PLS guidance is based on run rates and would be conservative if demand picks up.
could you give us more color into your ability to continue outperform in China?
Show response
Chris cited team quality, targeted investment, and CBI driving EV penetration. China margins are comparable to rest of world.
MMM3M Company12 questions · 6 reporting periods · 1 of 12 challenging
Calendar 2026 Q1
can you give us some more color into what you're seeing in Consumer? I know you talked about share gain actions
Show response
Brown said Consumer team is back to basics with innovation and starting to gain shelf space; containing discounting. Expects positive growth for the year.
can you give us an update on how you're thinking about overall 3M portfolio
Show response
Brown framed Madison-Scott JV as strategic portfolio shaping signal. About 10% of business is commodity-like, 2-3% in flight for divestiture with PG&F completed.
Calendar 2025 Q4
could you give us more color on that? Was it mostly just the increased advertising promos that you talked about?
Show response
Bill confirmed Q4 consumer margin -110bps from promos/discounts but full-year +130bps; expects margin growth in 2026 with recovery.
you originally forecast N25 averaging high teens growth from that rolling five-year new products. You averaged closer to
Show response
Bill projected higher 2026 market outgrowth at $300M+ with half from NPI, driven by strong class 3/4/5 new product momentum.
Calendar 2025 Q3
can you talk about how you're thinking about getting 3M as exposed as you can, just some of the mega trends
Show response
Bill sized data center exposure at ~$600M ($100M inside, $500M outside), growing mid-teens, aligned to priority verticals from Investor Day.
I think margin was the highest we've seen in quite a while in consumer, can you talk about the puts and takes
Show response
Bill credited CBG team strategy of 4 priority brands, SKU rationalization, NPI double year-to-date, and execution over pricing.
Calendar 2025 Q2
I get a nice jump in margin afterwards seen with a few quarters of pressure in TPG. So -- could you talk
Show response
Bill credited volume +1pt and broad productivity across supply chain and G&A; TEBG more than offset stranded costs, with H2 SIBG/CBG better than TEBG due to stranded cost drag.
I think it might be helpful to hear about your thoughts on the fiscal environment here in the U.S.
Show response
Bill said tax bill favorable on GILTI rates ~14%, maintains 20% effective tax rate; bonus depreciation and R&D expensing won't benefit near-term due to PFAS costs but help in out years.
Calendar 2025 Q1
I think that we're all trying to figure out sort of what's going on in the MAC and you mentioned your industrial
Show response
Bill said industrial trends holding through April similar to March, channel inventory normalized, no correction signals, though order cycle elongation from 45-50 days continues.
I just wanted to ask you about TEGG margin. In Q1, it still looked like it was under a bit of pressure
Show response
Anurag cited PFAS stranded cost, higher investments, and unfavorable mix vs strong Q1 2024 electronics as drivers; full year all three BGs expected to expand margins.
Calendar 2024 Q4
you had mentioned in the Conference Circuit in December that you saw a bit of an uptick in industrial demand
Show response
Bill said order rates above organic growth rate built Q4 backlog into 2025; trend broad-based across regions/businesses; contrasted with Q4 2023 drop-off; 2.1% Q4 organic is a good floor for 2025.
can you give more color into '25 margin guidance by segment? And then also comment on T&E margin particularly in Q4 '24
Show response
Anurag said TEBG Q4 margin reflected inventory absorption headwind, growth investments ramp, and FX; full-year all three BGs to grow margins in 130-190bps range, TEBG slightly lighter due to PFAS stranded costs.
XYLXylem Inc.12 questions · 6 reporting periods · 0 of 12 challenging
Calendar 2026 Q2
So you know, WSS overall could, you know, continue to improve in growth even outside of outsourced water.
Show response
Pine said tariff-driven delays and rescoping pushed decisions 3 to 6 months, but WSS returns to mid-single-digit growth in H2. Verticals named: high-tech, power, mining, life sciences, food and bev.
So maybe you could just double-click on what were the main drivers of the strong performance there.
Show response
Grogan credited over 2 years of 80/20 simplification, overhead optimization and selective bidding, plus favorable transport mix that will balance and create a Q4 sequential margin headwind.
Calendar 2026 Q1
maybe the same kind of question on organic growth for the year. You obviously mean an uptick in growth in the second half.
Show response
Delayed MCS projects now ordered, playing out through year. Still need a couple more orders but conversations positive. Book-and-ship up 9%. Normal seasonality supports ramp: Q3 same revenue dollar as Q2 at 5% growth, Q4 seasonal ramp to mid-single-digit. Channel inventory normalized.
Can you give us a little more color on what you're seeing in terms of price versus inflation across the company?
Show response
Broader portfolio still price/cost positive including tariffs. Teams proactive with fuel surcharges for Iran/fuel price increases. Applied Water below expectations on mix, not structural - confident back above 20% balance of year with data center projects and cost actions.
Calendar 2025 Q4
you're you're to 70 to 110 basis points of margin improvement in twenty six. As you know, it basically takes you past your 23% and change adjusted EBITDA margin goal
Show response
Investor Day planned for spring 2027 to update framework. Already surpassing 23% target ahead of schedule. Likely upside to long-term targets as they exit 2027. Not getting ahead of execution for current year.
just maybe a little more color on going on in smart meters. You did have solid orders, but, Bill, you mentioned orders were still below what you expect
Show response
Confident in long-term high single-digit MCS growth. Near-term reflects project timing, backlog normalization, and walkaway. Analytics biggest walkaway area plus some smart metering exits. Exited mechanical meters. More selective on meter installation (low/no margin pass-through). Xylem Vue doubled in 2025, expecting 30%+ growth in 2026. Memory chips not a material impact.
Calendar 2025 Q3
you're now expecting 140 to 170 basis points of EBITDA margin improvement for '25. I think your Investor Day algorithm has been 100 basis points per year.
Show response
Investor Day target was 23% EBITDA by 2027 from 20.6% base. Now guiding 22%+ for 2025, ahead of schedule. Likely upside to long-term targets. Phase 1 (operating model) progressing into Phase 2 (growth engine). More detail in February.
you had difficult comparisons in Q3 in MCS, yet you still delivered 11% order growth. Is the strength broad-based in energy and water meters?
Show response
AMI still <50% adoption. Backlog at $1.5B moving toward normalization (~60% of following year sales). Q3 strength across both water and energy. Q4 expected book-to-bill positive with water projects converting. 2026 outlook remains high single-digit framework.
Calendar 2025 Q2
Maybe talk about the dichotomy between developed and developing markets. I mean you said the strength really is coming from developed.
Show response
China orders down ~18% YoY but small portion of business. UK and Canada funding delays are timing-related, expected to rebound H2. 80/20 forcing intentional geographic focus on developed markets.
So I just wanted to focus on Applied Water for a second. You always had good orders and revenue growth. I think you mentioned driven by commercial buildings.
Show response
6 consecutive quarters of orders growth. Strong price execution from 80/20 and new structure. Walking away from volume intentionally. Very minor pull-ins from H2 for tariffs, nothing meaningful.
Calendar 2024 Q4
it appears Xylem passed on some large water assets that were available for a while, but you do have a very strong balance sheet
Show response
Priorities: invest in core, accretive M&A, opportunistic buybacks. Strong acquisition committee process now in place. Remain disciplined.
can you give a little more color into the bookings environment that you're seeing and maybe some of the cyclical headwinds
Show response
Applied Water returning to growth via US large projects and market recovery. 80/20 exits offset some growth. Incremental pricing from tool set is positive.
VLTOVeralto10 questions · 5 reporting periods · 1 of 10 challenging
Calendar 2026 Q2
I do hear like municipalities worried about tight budgets. Can you do that and continue to grow
Show response
CEO argued operating budgets are non-discretionary and reiterated mid-single-digit or better growth; CFO added Trojan wastewater bid activity as a second muni driver.
how big is your overall industrial exposure at this point? Is it getting as large as your municipal exposure?
Show response
CEO sized industrial at about half of water revenue, mostly North America, and framed durability around reshoring plus 60% recurring revenue in the installed base.
Calendar 2026 Q1
structurally, do you see PQI margin having the same opportunity that you have in sort of Water Quality and consistent with the long-term incremental margin framework you have?
Show response
CFO confirmed same margin expansion opportunity in PQI with sequential improvement driven by mix and tariff rollover. Same level of opportunity expected in H2 2026 and into 2027.
you mentioned packaging and color within PQI, down high single digits as a nonrecurring impact in Q1. Maybe just give a little more color around that?
Show response
CEO clarified weakness in discrete industrial markets (automotive, textiles, building materials/housing) not CPG. Marking and coding and digital packaging (Esko/TraceGains/GlobalVision) remain strong. Recovery expected going forward.
Calendar 2025 Q4
Could we see the data center wave be sort of meaningful for you guys in growth in '26? Or is it still too small?
Show response
CEO confirmed data center sales still small and not meaningful to 2026 core growth. However, aggregating ancillary verticals (semiconductor, power, mining, cooling) does start to add up. Double-digit growth continuing from small base.
Your guidance of 50 basis points of margin expansion ex In-Situ, which is, I think, right in your incremental margin algorithm. But maybe you could give us some more color into the puts and takes y...
Show response
CFO confirmed 50bps core margin expansion driven by pricing and tariff friction rolling off in H2 2026. Investments in services and sales force partially offset gains. In-Situ 25bps dilutive on net year basis from integration costs.
Calendar 2025 Q3
you lowered the '25 margin guidance slightly. Was that all PQI tariff-related pass-through? Or was it the incremental investments you're making?
Show response
CFO confirmed Q4 margin math driven by price-cost dynamics from tariff offsets plus typical Q4 investment spending. EPS guide raised despite margin trim due to higher volume, lower interest expense, and tax benefits. Water Quality continues strong fall-through.
could you talk about the durability of that strength into '26, especially given your comments regarding data center-related growth? Can you size that particular business at this point and its impac...
Show response
CEO described data centers as strategic priority with double-digit growth from big 5 tech companies. Broader AI value chain includes semiconductors, power generation, and mining. Would not quantify specific business size but noted substantial runway.
Calendar 2025 Q2
Can you walk us through how much of the compression was due to sort of tariffs and pricing will catch up?
Show response
CFO broke down 200bps PQI margin compression into equal thirds: acquisition/divestiture impact, tariff-pricing timing gap, and investment/supply chain duplication costs. Expected to gradually phase out in Q3-Q4.
can you give us more color regarding the environment you're seeing in core Water Quality growth maybe by region?
Show response
CEO outlined secular drivers including water reuse in municipal and industrial sectors, water scarcity, regulatory pressure, and sustainability goals. Both analytics and UV treatment growing well.
DOVDover Corporation9 questions · 6 reporting periods · 0 of 9 challenging
Calendar 2026 Q2
Do you think you can find good targets at reasonable valuations this year?
Show response
Richard said more assets are coming available so Dover prefers to keep powder dry for M&A, cycling to capital return only if nothing executes.
Calendar 2026 Q1
Which just in DPS, you mentioned you overcame tough comps and pump some process in Q1 and you didn't own biopharma and you didn't change your forecast for the year, but -- are you seeing business g...
Show response
Rich confirmed DPS margin performance exceeded expectations despite tough comp; turbine demand continues strong; compression inflection is the upside catalyst for H2 but needs orders to confirm.
maybe just on DII, you're still talking about low single digit organic growth and margin expansion for the year. But can you give us more color what happened in Q1
Show response
Rich dismissed DII margin concern as FX-driven rounding error (30bps); most global segment with significant currency translation; expects full-year delivery of single-digit top line, healthy margins, and strong cash.
Calendar 2025 Q4
do you have visibility at least to continue that near-term book to bill out or over one that you've been delivering?
Show response
Rich noted need to get through Q1 to assess backlog dynamics, if backlog builds beyond production in Q1, that's upside signal for H2; all current trajectory indicators positive.
Calendar 2025 Q3
did you see improving bookings cadence across Q3 for the company? And would you expect book-to-bill over 1x in Q4?
Show response
Rich quantified refrigeration headwind at 1.5-2% of full year organic growth (~$140-150M revenue); booking rates accelerated in Q3, expects significant portion to recover in 2026.
Calendar 2025 Q1
does Pumps and Process potentially continue to accelerate here?
Show response
Rich tempered acceleration expectations, compounding growth gets tougher and market/capacity limitations exist; 35% margins at 7% growth would be fantastic for the year.
I know you, you know, you're forecasting mid-single digit for the year. Last quarter, you started at 2%. That's obviously not bad. But is there anything holding that business down
Show response
Rich differentiated flow component business (doing well) from project-related side (retail fueling = customer CapEx); cautious on project timing but margin setup is favorable regardless.
Calendar 2024 Q4
can you give us a little more color into how you think about earnings cadence through the year?
Show response
Rich outlined typical seasonal pattern: slower Q1 with inventory build, revenue recognition in Q2/Q3, then Q4 production decisions based on 2026 outlook.
Are you thinking 2025 is another year where all or most of your quarters could achieve book-to-bill out or over one?
Show response
Rich expects book-to-bill hovering around 1.0 for the year with strong CO2 bookings and heat exchanger inflection coming in Q2.
JJacobs Solutions9 questions · 5 reporting periods · 2 of 9 challenging
Calendar 2026 Q2
backlog growth has obviously been accelerating over the last several quarters
Show response
Venk deferred specific FY27 growth targets to the next call but signaled confidence in at least long-term-average growth given the backlog position.
Calendar 2025 Q4
Could we actually be in acceleration mode again?
Show response
Pragada confirmed semiconductor acceleration driven by American high-bandwidth memory provider compressing traditional 20-year DRAM-to-advanced-node cycle to 2-3 years, with Jacobs positioned on announced Idaho and New York facilities.
maybe you can talk about the longevity of the water infrastructure cycle
Show response
Pragada described high-single-digit water growth driven by UK AMP8 double-digit growth, Middle East and Australia tailwinds, with limited IIJA linkage as water demand is driven by scarcity, aging assets, and climate severity. Nathamuni added multiyear visibility from strong recent bookings.
Calendar 2025 Q2
improvement in Critical Infrastructure in Europe and I think cities and places in the Middle East, which I think have been kind of watch items
Show response
Pragada confirmed European transportation rebound as U.K. budgets firmed up, with Middle East cities/places showing strong double-digit growth ahead of Expo and World Cup events.
you expect FY '26 growth to be ahead of FY '25 growth. I think it's a pretty big statement as we sit here in August
Show response
Pragada cited Life Sciences, Data Centers, and Water as three drivers, with 4 straight quarters of backlog growth now reaching material burn phase.
Calendar 2025 Q1
backlog, impressive up 20% year-over-year, but as you know, adjusted net revenue growth is -- was up three
Show response
Pragada confirmed second-half revenue is largely backed by backlog already in hand, noting procurement delays but no broad cancellations.
PA picked up, backlog there is actually pretty strong. So maybe just PA and then the overall U.K. business, is it still a little bit more, choppy?
Show response
Pragada highlighted PA U.S. up nearly 15%, defense/security uptick, Middle East double-digit growth, UK transportation and water mid-single digits. FX headwind in Q2 may become tailwind in Q3.
Calendar 2024 Q4
In the advanced manufacturing area, kind of weak right now. I think you said you see some projects maybe ramping up in the second half
Show response
Pragada broke down the segment: Life Sciences strong, semiconductors flattish but diversifying, data centers double-digit growth, industrial manufacturing soft but ISM recovering.
they have a big deregulation focus. I would surmise you don't think that is going to impact that business at all
Show response
Pragada reframed deregulation as a potential accelerant rather than a headwind, with water demand driven by urbanization, aging infrastructure, and climate needs.
JCIJohnson Controls9 questions · 6 reporting periods · 1 of 9 challenging
Calendar 2026 Q2
update us on where you are on your initiatives to improve service, particularly in areas such as security
Show response
CFO attributed the American service backlog decline to the less-differentiated security business facing competitive volume pressure and cited targeted actions and an inflection point.
Calendar 2026 Q1
do you have the capacity you need considering that you will be delivering more of those bigger projects next year and beyond
Show response
Joakim confirmed capacity exists for next 12-18 months from previously built factories now ramping. Continuously evaluating where to add more footprint and staying 12-18 months ahead.
orders in EMEA have been accelerating lately on data center strength. Does that start to reflect into stronger sales growth in that segment
Show response
Marc noted EMEA had strong 11% orders on a 13% prior-year comp. For APAC, 4% was on an easy compare but they've bottomed out, with data center, semicon, and biologics verticals providing tailwinds.
Calendar 2025 Q4
Can you get better margin on these individual projects? Moving forward?
Show response
No capacity bottlenecks currently. Larger orders not a new phenomenon. Co-engineering with customers creates value and cost competitiveness. No margin headwind from scaling.
Fire and Security markets, I think you said were up, like, low single digits in the quarter. As you know, a lot of those businesses are short cycle. So are you seeing an improvement
Show response
No material market change in Fire & Security. Improvements coming from operational execution: better prioritization and effort allocation to most attractive market segments.
Calendar 2025 Q2
Can you improve the margin there as you go into '26? Is there anything in the competitive environment that may be holding you back?
Show response
Margin opportunity in all regions. System-to-service mix balance will help. M&A headwind of ~20bps will pass. Business system deployment will drive improvement.
Calendar 2025 Q1
where do you think attachment rates could go over time? And what does JCI have to do to sort of continue to improve attachment?
Show response
Weidemanis sees significant attachment rate improvement opportunity. Plans to apply lean not just in factories but across service, back offices, and corporate overhead.
Calendar 2024 Q4
maybe you can opine on some of these verticals and the visibility that you have, you seeing improvement in office
Show response
No recovery yet in core real estate/offices. Data center, healthcare, and semiconductor/clean room manufacturing continue strong. Infrastructure seeing tailwinds.
can you call a definitive turn in that market with the understanding that it's still a fluid environment
Show response
Proactive steps taken 18 months ago to adapt to lower demand. Orders rebounded 32%. Believe bottom has been found with growth now resuming across APAC.
VRTVertiv Holdings Co7 questions · 7 reporting periods · 0 of 7 challenging
Calendar 2026 Q2
how confident are you that Vertiv's content per megawatt could go up as 800 VDC technology is adopted
Show response
Gio expressed conviction that density and complexity favorably expand Vertiv's revenue per megawatt; direct.
Calendar 2026 Q1
how much of the business is still being driven by hyperscalers in colo versus enterprise. I assume it's still heavily weighted towards the forum
Show response
Gio confirmed hyperscale/colo remains the biggest driver. Enterprise AI adoption is starting but its visible growth impact is probably still some time away.
Calendar 2025 Q4
is it possible to generate higher incrementals given potential operating leverage
Show response
Currently guiding to lower end of 30-35% incremental range due to elevated growth investments. Expect incrementals to improve through the year as investments ramp. Long-term trajectory unchanged. Investor day will elaborate on longer-term margin outlook.
Calendar 2025 Q3
capacity investments that you talked about that you're making, particularly North America
Show response
Declined to give specific 2026 CapEx numbers. Capacity expansion primarily through existing site growth which enables speed and scaling experienced teams. Footprint grown six to twelve months ahead of demand.
Calendar 2025 Q2
are we thinking that growth could be even higher, modestly higher rates, especially given you're seeing a broadening of AI spend
Show response
Said premature to revise market growth framework but thinking upper end of 15-17% range. Confirmed Vertiv is gaining market share and pipeline momentum implies continued share gains.
Calendar 2025 Q1
a strong book to bill in Q1 of 1.4 times, but you mentioned that Europe in terms of better bookings is still lagging
Show response
Confirmed full-year book-to-bill above 1x expectation. Europe recovering slowly with friendlier regulatory environment. Americas remain growth engine with Asia accelerating including China and India.
Calendar 2024 Q4
the timing of orders in EMEA influenced your Q4 result. Can you give us more color on the European weaknesses
Show response
Acknowledged EMEA timing shift but redirected to pipeline strength and AI adoption lag in Europe. Did not quantify expected order recovery timing.
ETNEaton Corporation6 questions · 4 reporting periods · 2 of 6 challenging
Calendar 2026 Q2
maybe you can update us on what you're thinking for content per megawatt in data centers
Show response
Paulo confirmed the $3.4 million content figure and outlined the four technology blocks needed to win the 800V transition.
Calendar 2026 Q1
what are you seeing in terms of other mega projects? Are you simply further unlock there
Show response
Mega project announcements up 29% YoY, mega project starts reached $54 billion in Q1 (more than double prior year, third best quarter since 2021 tracking began). Also cited strength in utilities, machine OEM, and aerospace.
Calendar 2025 Q3
can you talk about what total Eaton sales per megawatt within your eventual new portfolio could be?
Show response
Paulo confirmed content range now $1.2M-$2.9M (cloud to AI), with Boyd adding $500K to reach ~$3M per MW at high end for AI data centers.
Your organic revenue growth in Electrical Americas slowed in Q3 versus Q2
Show response
Olivier attributed Q3 slowdown to resi weakness and order timing delays ($80M), with Q4 implied guide of 17-18% growth supported by carryover and capacity additions.
Calendar 2024 Q4
you're forecasting slightly slower organic growth in 2025 versus 2024. I know you had some hurricane disruption in Q4
Show response
Craig explained the growth composition shift from pricing to volume as price increases anniversary, with volume now the primary growth driver.
did those markets get worse again through Q4? Are they just not recovering yet?
Show response
Craig explained residential got incrementally weaker as Fed rate cuts didn't translate to lower borrowing costs, while MOEM shows possible bottoming.
GEVGE Vernova6 questions · 6 reporting periods · 0 of 6 challenging
Calendar 2026 Q2
Maybe just help us think about what entitlement might be moving forward
Show response
Confirmed ~$5B of first-half data center orders and framed per-gigawatt scope entitlement at 2-3x today's level, with SST/MV-UPS upside more likely in 2027 orders.
Calendar 2026 Q1
maybe you can talk about your progress on entitlement and what you see going forward
Show response
Scott detailed the product roadmap expanding per-GW entitlement: EMS (first order in Q1, second in April), stability block with MV UPS (potential H2 orders), solid-state transformer (first delivery to hyperscaler fall 2026, potential orders in 2027). Largest proportion of 25% R&D growth is in Electrification.
Calendar 2025 Q4
can you give us more color on your assessment of how your teams are doing on that variable cost, productivity that you talked about and what that might mean for the next couple of years?
Show response
Strazik said fulfillment execution is strong with gas ramp and transformer/switchgear doubling on track. Sourcing leverage at current scale has more room to contribute to margin expansion. Commodity costs largely locked at order time with LTSAs carrying escalators. $150B backlog well-protected for material inflation.
Calendar 2025 Q3
you said you're expecting 70 gigawatts at the end of the year between slot reservations and backlog in Gas Power. I know you said in the past that you'd be comfortable expanding capacity when JV ge...
Show response
Strazik said no premature capacity expansion; will evaluate at 80-100GW, not automatically expand. 200 machines installed YTD may yield modest productivity-driven capacity lift. CapEx peak for gas and grid build-out expected in 2026. Expects 70GW commitments year-end with momentum to go higher in 2026.
Calendar 2025 Q1
you expect a similar annualized growth rate in your equipment back up in twenty-five as you saw in twenty-four and twenty-three. Is that still what you expect
Show response
Strazik confirmed electrification backlog growth trajectory continues with $2B sequential growth in Q1, capacity expansion via shifts and workers rather than long-lead parts.
Calendar 2024 Q4
could you give more color into your commentary regarding accelerating capacity expansion to sell premium slots that you have on Slide 6
Show response
Strazik confirmed electrification is the primary segment for accelerated capacity, with North America factories being expanded and lean driving capacity without new bricks and mortar.
PHParker Hannifin6 questions · 4 reporting periods · 0 of 6 challenging
Calendar 2026 Q2
Are you still forecasting strong commercial aero aftermarket growth in FY '27, for instance?
Show response
Detailed FY27 aero build: 52/48 OE/aftermarket mix, mid-teens commercial OEM growth, plus-mid-single-digit MRO, and mid-single-digit defense OEM and MRO.
Calendar 2026 Q1
is there any reason why you could not continue to grow margin even if mix runs a bit more against you?
Show response
Jennifer expressed confidence in continued margin expansion. Aero supply chain much improved, with big airframers increasing rates. Significant investment in supply chain over recent years proving beneficial.
continued strong performance in Asia Pac—plus 10% is impressive. Talk about the durability of that growth.
Show response
Jennifer attributed Asia growth to electronics and semicon demand. International orders plus 6% for three consecutive quarters. EMEA strength in aerospace, mining, and in plant. Asia Pacific full-year raised to positive high single-digit.
Calendar 2025 Q2
could you give us a little more color on how you're thinking about A&D for '26? Or is there obviously so strong in Q4
Show response
Jenny provided detailed breakdown: commercial OEM low double-digit, commercial MRO high single-digit, defense OEM mid-single-digit, defense MRO mid-single-digit. Coming off 3 years of double-digit aero growth.
you're guiding to call it mid-single-digit plus EPS growth at the midpoint for '26, but free cash flow at the midpoint is slightly lower
Show response
Todd cited working capital investment for industrial growth, higher CapEx at 2.5% for automation and capacity, more restructuring ($70M vs $50M), and Curtis integration costs. Big Beautiful Bill benefits more FY27.
Calendar 2025 Q1
Asia seems to be holding up well for Parker, and specifically China seems to be holding up. Maybe you can give us a little more color on what you're seeing there
Show response
Jenny said Asia growth driven by electronics and semicon, China at 5% of sales with low single-digit positive growth. Todd called Latin America broad-based across filtration and motion systems.
PWRQuanta Services5 questions · 5 reporting periods · 1 of 5 challenging
Calendar 2026 Q2
do you worry about the acquisition flywheel moving too fast and maybe it could hurt underlying performance?
Show response
Duke said Quanta only buys great, culturally-aligned family businesses (some over 100 years old), acquisitions vary by quarter (zero last quarter, four this quarter), and culture-fit drives the synergies and retention.
Calendar 2026 Q1
these always tend to be over $1 billion relatively consistently. And how much of that acceleration that you're seeing
Show response
Duke clarified backlog growth was broad-based across all segments, not driven by one large project, and expects backlog to continue rising.
Calendar 2025 Q3
how do you think about execution risk for these larger total solution jobs that include power generation
Show response
Duke emphasized collaborative derisking with client, noting combined 14 GW of generation experience between Quanta and Zachary.
Calendar 2025 Q2
Would you say even with the bill and its impact that you're more confident in sequential backlog growth for Quanta
Show response
Duke emphasized actual 20%+ growth over the 9-10 year period, calling the 15% CAGR target a derisked midpoint. Sees setup for 2026-2029.
Calendar 2025 Q1
Maybe you could elaborate on that and how you think this cycle plays out. Do you see a bigger slug of transmission projects starting to actually move forward now
Show response
Duke compared grid capacity to highway lanes, emphasizing stability of transmission to load sources. Described it as similar to 1970s major transmission expansion.
AMEAmetek2 questions · 1 reporting period · 1 of 2 challenging
Calendar 2026 Q2
if FARO continues to improve, that's going to help with overall margins, right?
Show response
Zapico said AMETEK has nearly lapped one year of FARO ownership; it becomes core this quarter and FARO margin improvement will show up in core margins going forward.
talk about why mid-single-digit organic sales growth in '26 is the right number? And could you grow faster
Show response
CEO said Power could grow faster than mid-single digits; strong orders precede sales and momentum is tied to the power-grid build-out.
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 |
|---|---|---|
| ROK Rockwell Automation | 15 | 0%none of 15 questions |
| CARR Carrier Global | 14 | 7%1 of 14 questions |
| FTV Fortive | 14 | 7%1 of 14 questions |
| PNR Pentair | 14 | 0%none of 14 questions |
| TT Trane Technologies | 14 | 0%none of 14 questions |
| IR Ingersoll Rand | 13 | 15%2 of 13 questions |
| AOS A. O. Smith | 12 | 0%none of 12 questions |
| EMR Emerson Electric | 12 | 0%none of 12 questions |
| HON Honeywell International Inc. | 12 | 0%none of 12 questions |
| ITW Illinois Tool Works | 12 | 8%1 of 12 questions |
- ROKRockwell Automation · 15 questions0%none of 15 questions
- CARRCarrier Global · 14 questions7%1 of 14 questions
- FTVFortive · 14 questions7%1 of 14 questions
- PNRPentair · 14 questions0%none of 14 questions
- TTTrane Technologies · 14 questions0%none of 14 questions
- IRIngersoll Rand · 13 questions15%2 of 13 questions
- AOSA. O. Smith · 12 questions0%none of 12 questions
- EMREmerson Electric · 12 questions0%none of 12 questions
- HONHoneywell International Inc. · 12 questions0%none of 12 questions
- ITWIllinois Tool Works · 12 questions8%1 of 12 questions
Show all 22 companies
| Company | Questions | Challenge rate |
|---|---|---|
| MMM 3M Company | 12 | 8%1 of 12 questions |
| XYL Xylem Inc. | 12 | 0%none of 12 questions |
| VLTO Veralto | 10 | 10%1 of 10 questions |
| DOV Dover Corporation | 9 | 0%none of 9 questions |
| J Jacobs Solutions | 9 | 22%2 of 9 questions |
| JCI Johnson Controls | 9 | 11%1 of 9 questions |
| VRT Vertiv Holdings Co | 7 | 0%none of 7 questions |
| ETN Eaton Corporation | 6 | 33%2 of 6 questions |
| GEV GE Vernova | 6 | 0%none of 6 questions |
| PH Parker Hannifin | 6 | 0%none of 6 questions |
| PWR Quanta Services | 5 | 20%1 of 5 questions |
| AME Ametek | 2 | —Rate withheld: fewer than 3 questions |
- MMM3M Company · 12 questions8%1 of 12 questions
- XYLXylem Inc. · 12 questions0%none of 12 questions
- VLTOVeralto · 10 questions10%1 of 10 questions
- DOVDover Corporation · 9 questions0%none of 9 questions
- JJacobs Solutions · 9 questions22%2 of 9 questions
- JCIJohnson Controls · 9 questions11%1 of 9 questions
- VRTVertiv Holdings Co · 7 questions0%none of 7 questions
- ETNEaton Corporation · 6 questions33%2 of 6 questions
- GEVGE Vernova · 6 questions0%none of 6 questions
- PHParker Hannifin · 6 questions0%none of 6 questions
- PWRQuanta Services · 5 questions20%1 of 5 questions
- AMEAmetek · 2 questions—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 Q3 | 4 | 0%none of 4 questions | 2 |
| 2024 Q4 | 33 | 3%1 of 33 questions | 18 |
| 2025 Q1 | 28 | 11%3 of 28 questions | 17 |
| 2025 Q2 | 32 | 9%3 of 32 questions | 18 |
| 2025 Q3 | 32 | 9%3 of 32 questions | 18 |
| 2025 Q4 | 31 | 0%none of 31 questions | 17 |
| 2026 Q1 | 36 | 0%none of 36 questions | 20 |
| 2026 Q2 | 29 | 14%4 of 29 questions | 20 |
- 2024 Q34 questions · challenge rate 0% (none of 4 questions) · 2 companies
- 2024 Q433 questions · challenge rate 3% (1 of 33 questions) · 18 companies
- 2025 Q128 questions · challenge rate 11% (3 of 28 questions) · 17 companies
- 2025 Q232 questions · challenge rate 9% (3 of 32 questions) · 18 companies
- 2025 Q332 questions · challenge rate 9% (3 of 32 questions) · 18 companies
- 2025 Q431 questions · challenge rate 0% (none of 31 questions) · 17 companies
- 2026 Q136 questions · challenge rate 0% (none of 36 questions) · 20 companies
- 2026 Q229 questions · challenge rate 14% (4 of 29 questions) · 20 companies
Topics
Topics tagged on this analyst’s questions.
- Demand128
- Revenue Growth55
- Margin53
- Capex Investment34
- Competitive Dynamics27
- Geographic Expansion25
- Macroeconomic16
- Pricing16
- Cost Pressure15
- Cloud & AI14
Show all 20 topics
- Guidance Reliability13
- M&A13
- Capital Allocation11
- Innovation & R&D10
- Product Launch8
- Regulation Policy8
- Trade Tariffs7
- Supply Chain2
- Fx2
- Inventory2