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Analyst
Andrew Obin
Period: Reporting periods mapped to calendar 2024 Q3 – 2026 Q2 (8 quarters).
- Questions
- 141on tracked calls
- Challenge rate
- 9%13 of 141 questions
- Companies
- 17questioned 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 141 of 141 questions from 17 companies
AMEAmetek13 questions · 7 reporting periods · 0 of 13 challenging
Calendar 2026 Q2
Where does capacity utilization stand today? I think CapEx guidance is up 22% year-over-year from '25.
Show response
CEO said about 2/3 of the $160M CapEx is growth; the IP-driven, low-fixed-asset model (~100% return on tangible capital) makes ramping up or down easy.
people ask me on M&A. But maybe can you give us an update on what's happening at FARO?
Show response
Zapico said FARO integration is on plan and complements Creaform; he sees substantial margin upside over the next 6-12 months and it becomes core this quarter.
Calendar 2026 Q1
do you get a sense that there's any pull forward from second quarter in terms of orders
Show response
Zapico dismissed pull-forward concerns, noting EMG strength was signaled previously and EIG inflection was expected to follow 6-9 months later. Acknowledged some large orders fill out full-year shipments.
what are you thinking about sort of risk consumer risk and just overall macro risk in the second quarter
Show response
Zapico acknowledged geopolitical uncertainty but expressed confidence in pricing power to offset inflation including tariffs. Described distributed structure keeping leaders close to customers.
Calendar 2025 Q4
Can we just get an update on FARO acquisition? What are you seeing? What's the progress has been?
Show response
FARO acquired at ~2.7x. Cost synergies expected to double EBITDA from mid-teens to 30% and achieve 10% ROIC by year three. Formed two business units (metrology and digital reality). $17.6M restructuring charges taken. International infrastructure consolidation still ahead.
What kind of conversations are you having with your customers? Do you feel better that what's happening right now is not maybe flash in the pan?
Show response
Momentum building through 2025 quarters. Three years of negative PMI prints appear to be turning. Power well positioned for capacity build-out. Process pipeline healthy. Interest rate policies positive. Industrial renaissance across the West expected. Guide prudent in case recovery fades.
Calendar 2025 Q3
Can you just talk about the progression of the order patterns throughout the quarter? And frankly, what happened in October?
Show response
September was strongest month of quarter and year for both sales and orders. October month-to-date very solid, no slowdown visible.
Can you just talk about strength in Europe? Can you just talk about the verticals and geographies? It was a nice surprise
Show response
Europe up low double digits. Broad-based: Dunkermotoren automation, Paragon, Materials Analysis instruments for research, and Aerospace all contributed. Not driven by 1-2 things.
Calendar 2025 Q2
was there any pull forward of demand on metrology equipment, given that there is still some uncertainty about pity tariffs in the second half?
Show response
No meaningful China metrology pull-forward. Projects delayed by funding requirements from tariffs. Good portion of flagged Q2 shipments completed. Med tech, automation, A&D all positive.
Calendar 2025 Q1
how are you and the Board thinking about manufacturing footprint, your supply chain? Because clearly, you've made major adjustments in the aftermath of the first wave
Show response
No CapEx reduction planned. Investing in digital, AI-enhanced sourcing, and e-commerce. Strategy is expanding localization and shifting value-add across global footprint.
What kind of opportunities does it create, right? Because there are these big concerns that shipments are going to come to grinding halt in May
Show response
100 U.S. plants create competitive advantage. Already pursuing new customer opportunities. Reviewed competitor locations to identify advantages in the new tariff environment.
Calendar 2024 Q4
what's organic growth rate that's embedded in your first quarter guidance?
Show response
Q1 guided flat for both total and organic sales, representing acceleration from Q4's -3% organic decline.
how did you all this tariff noise, do we see it in the guidance? And also how does FX impact your 2025 outlook
Show response
Guidance includes known tariff impacts but not broader slowdown. Plans to pass through tariff costs. Dalip Puri noted minimal FX impact due to balanced global footprint.
PHParker Hannifin13 questions · 7 reporting periods · 2 of 13 challenging
Calendar 2026 Q1
Has the conversation on price changed given Section 232, and can you talk about pricing trends in the quarter
Show response
Jennifer said pricing conversations have not changed. Industrial distribution back to normal pricing. Aerospace still has some pricing opportunity. Teams doing a great job covering inflation and ensuring tariffs do not impact earnings.
on defense aftermarket—why not raise the guide given what is happening in the Middle East?
Show response
Jennifer explained defense aftermarket is long lead-time product with 9-15 month cycles. Guidance is based on delivery schedules from customers, not current geopolitical events.
Calendar 2025 Q4
the other segment sort of implies a big jump in the midpoint of the guys just to make the math work. Can you just comment with sort of thinking from plus 10 to sort of
Show response
Todd initially couldn't follow the math on the end-market implied growth. Jenny added that the 'other' category includes electronics and data center activity, which while still less than 1% of sales, has been delivering strong growth.
it just seems that sequentially the growth is going to slow down to 2% the midpoint in the third quarter. And then I think the guide sort of implies it stays there in the fourth quarter
Show response
Jenny explained Q2 international benefited from large project shipments (power gen, commercial HVAC filtration in EMEA) that won't repeat in Q3. Todd noted they doubled the international guide from 1% to 2% and longer-cycle businesses don't necessarily need to ship in the second half.
Calendar 2025 Q3
labor availability, the need to train the labor and any sort of inefficiency as we go from multiple years of limited no growth to actually growing
Show response
Jenny explained Kaizen and lean tools allow production cells to flex across volumes. In many cases can handle growth without adding team members. Robust onboarding and training programs. Todd noted higher CapEx for automation.
how do you think about, a, available capacity at your technology portfolio to ramp and expand your presence in these markets over the next several years
Show response
Jenny said global footprint enables partnering with customers regionally. Can add shifts in some cases, with some capacity increases needed but nothing with significant expense or poor returns.
Calendar 2025 Q2
last year, you had 7% organic Aerospace orders, and you delivered 13% organic growth. This year, you had 12% organic aero orders and guiding to 8% at the midpoint
Show response
Jenny explained orders are longer cycle with 100%+ backlog coverage at $7.4B record. Only so much can be built at a time. Todd added 8% would make every quarter a record, consistent through the year.
You had a re-acceleration in Aerospace orders in the past couple of quarters. I think, from high single digit to 14% in the third quarter, 12% in fourth quarter
Show response
Jenny cited increasing commercial transport rates, wide-body rate growth for international traffic, continued aftermarket demand, and defense budget growth and legacy program demand.
Calendar 2025 Q1
Can you just tell us what it is you are seeing in Europe? And also, we've been getting a lot of questions about your exposure to European defense budgets
Show response
Jenny highlighted Parker sells to US and international defense primes, noting a third of F-35 fleet goes to Allied militaries. European stimulus and defense spending proposals viewed as longer-term positive.
How are you guys reconsidering your footprint after the second round of tariffs if in any way? And are you adjusting CapEx down
Show response
Jenny said no CapEx adjustment and no major supply chain realignment needed. Local-for-local model provides global capacity and dual sourcing strategy provides flexibility.
Calendar 2024 Q4
Industrial businesses are getting more long cycle within your portfolio. So if you look at history, does it take longer versus history now for positive orders to translate
Show response
Todd confirmed longer-cycle mix means longer order-to-revenue conversion. But noted shorter-cycle businesses under most pressure will recover at normal cadence.
Any sense when this off-highway OEM destock will end? And then second question, just granularity maybe on aftermarket for aero military versus commercial
Show response
Jenny said off-highway will remain challenged through the calendar year. Provided detailed aero breakout: commercial aftermarket 21%, defense aftermarket 25%.
Calendar 2024 Q3
we hear a lot of sort of narrative about uncertainty about the election, and I was just wondering
Show response
Parmentier said distributors are not citing the election as a factor and remain focused on very high quoting activity, with delays driven more by project timing.
ETNEaton Corporation11 questions · 6 reporting periods · 0 of 11 challenging
Calendar 2026 Q2
Can you remind us how you look at Boyd's competitive advantages compared to competitors
Show response
Paulo framed Boyd's edge as chip-provider design partnerships, scale and quality in liquid cooling, and quantified the Q2 beat.
Calendar 2025 Q4
what gives you confidence in double-digit growth in data center markets in '26 and beyond
Show response
Paulo outlined market strength (announcements +200% YoY, 11-year construction backlog, hyperscaler CapEx reconfirmed) plus Eaton's strategic wins across full power chain from utility to chip, including organic capacity expansion and Boyd/Resilient/Fiberbond acquisitions.
there has been a lot of chatter on liquid cooling. And technology trends over the last few months
Show response
Paulo explained Eaton's inner-loop strategy (cold plates, CDUs, controls) vs outer-loop chillers where they partner. NVIDIA's hotter-running chips actually increase CDU sophistication requirements. Boyd content raises accessible market to $3.4M per MW. Confirmed Boyd on track to meet or exceed $1.7B 2026 revenue after strong January.
Calendar 2025 Q3
Is that in the ballpark? And is it close to 30% or is it close to 25%?
Show response
Paulo confirmed closer to 30% quarterly order growth, with Olivier adding data center/hyperscaler orders up close to 70% in both Americas and Global.
what's your expectation for orders in fourth quarter and the beginning of '26, if you're willing to talk about it?
Show response
Paulo confirmed bullish Q4 orders outlook with strong October performance and specific project pipeline visibility supporting continued acceleration.
Calendar 2025 Q2
Can you just please recap your data center strategy in regards to both gray space and white space?
Show response
Paulo outlined comprehensive strategy: Siemens Energy for power, Fibrebond for modular speed/capex efficiency, NVIDIA for white space power density, Resilient for DC utility-to-GPU conversion.
Do you think Electrical Americas has been gaining market share in the U.S.?
Show response
Paulo confirmed share gains with data center growing 50% vs estimated market low 30s, expecting further gains as capacity comes online.
Calendar 2025 Q1
can you give us some color about your performance in the first quarter?
Show response
Paulo reported utility business grew mid-teens globally with high single digits in global and high teens in Americas, citing differentiated non-commoditized portfolio.
how should we think about your Electrical Americas orders going forward for the balance of million?
Show response
Paulo provided detailed sequential pipeline data: up 18% overall, data centers up 18%, industrial up over 40%, with declines only in commercial buildings and transportation.
Calendar 2024 Q4
can you quantify or can you just talk about how much did mega projects actually have an impact on your business in 2024?
Show response
Craig quantified mega project revenue doubling to over $600M with 60% pipeline growth, noting most benefit is still ahead.
how are you incentivizing your supply chain to have capacity in particular at the components at a bottleneck, more critical components?
Show response
Craig explained visibility and multiyear agreements rather than financial incentives are driving supplier capacity additions.
JCIJohnson Controls11 questions · 8 reporting periods · 0 of 11 challenging
Calendar 2026 Q2
I was just wondering if you could comment on how much interest you're getting from the customers
Show response
CEO described the containerized data centers as an early-stage, sizable market but declined to quantify TAM, saying more detail would come in the next couple of quarters.
Calendar 2026 Q1
outside of data centers sort of growth initiatives at fire and control? Because as I said, the feedback is that they're doing quite a bit better
Show response
Joakim described applying the same business system approach from HVAC to controls and fire detection, freeing up selling hours for solution architects. Margin opportunity is commensurate with HVAC.
Can you just talk about the initiatives that are taking place in terms of market pricing? And also, can you remind us the impact of data center business on growth profile
Show response
Marc highlighted investments in data center-specific fire detection, suppression, and Metasys controls. Said the relative growth opportunity is probably as high as HVAC but hasn't yet reached that level.
Calendar 2025 Q4
Should we think that there is a relationship with freeing up more capacity and your ability to take more orders in the near term?
Show response
Physical capacity tripled prior to Weidemanis. Lean work enabling further expansion without proportional capital. Delivery reliability and speed are competitive advantages.
are we seeing the impact of these product introductions on your orders this quarter, or is this still in the come?
Show response
New product impact very minor in current orders. Products co-developed with customers based on known needs. Expects order ramp in the current quarter already.
Calendar 2025 Q3
do you think you can keep your market share? Or do you think it's just naturally as incremental capacity comes in from other players?
Show response
Plans to take share, not donate it. Business system improved on-time delivery to 95% and lead times being cut in half. Innovation capabilities, manufacturing agility, and 40K+ service team are differentiators.
Calendar 2025 Q2
Could you by any chance disaggregate the orders between Fire & Security, Commercial HVAC?
Show response
Data center ~10% of sales, growing well. Applied HVAC outside data centers also very healthy. Fire & Security growing but low single digits; shorter-cycle business.
Calendar 2025 Q1
What are the other verticals driving applied growth, and are there any verticals sort of creating headwinds that you're worried about?
Show response
Broad-based growth across verticals. Leading indicators (Dodge, ABI) show no slowdown. Exiting residential/commercial, so not commenting on those segments.
Calendar 2024 Q4
in North America Building Solutions, productivity was a negative $20 million drag
Show response
Short-term productivity drag from hiring and onboarding additional commercial and service technician resources. Not expected to be the new normal.
what's driving acceleration mid to high single digits, Global Products mid single digits
Show response
EMEALA acceleration from commercial reorganization. Global Products mid-single-digit partly benefited from easier YoY comp due to prior-year cyber incident impact.
Calendar 2024 Q3
Can we just get more color on Applied sales in North America by key verticals? I know their focus is on data centers
Show response
Marc cited strength across data centers, healthcare and hospitals, manufacturing and new energy (battery re-onshoring), plus commercial-real-estate repurposing opportunities.
CARRCarrier Global10 questions · 5 reporting periods · 2 of 10 challenging
Calendar 2026 Q2
what are sort of legislative and regulatory goalposts we need to see more adoption to ’27?
Show response
Gitlin argued attitudes are shifting after repeated heat waves and pointed to Toshiba, Viessmann and Carrier branded residential air conditioning plus orders up 20%.
And it implies the third quarter in data centers could be stronger than fourth quarter. I am clearly missing something
Show response
Goris corrected the exit-rate figure directly, conceding the $2.5 billion number was stale and that the annualized Q4 run rate is well above it.
Calendar 2026 Q1
Any commentary from you as you talk to your customers as to what the timing is of 2 phase for the industry?
Show response
Dave estimated 2-phase cooling adoption likely within 5 years. Strategy is organic development plus DC-type investments and potential smaller acquisitions, not large M&A.
What do you think -- what are your thoughts, people are getting more optimistic on Class 8 truck getting better
Show response
Dave noted positive Class 8 indicators but high fuel prices pushing decisions to the right. Expects Container to outperform while NATT underperforms, netting to original full-year plan.
Calendar 2025 Q3
Should we be saying Q1 down and then it gets positive after second quarter?
Show response
Goris confirmed Q1 2026 resi expected down YoY from volume perspective. H1 difficult comps, easier in H2.
overall, the industry sort of was a bit too successful in getting orders, and there's not a lot of capacity out there
Show response
Gitlin confirmed water-cooled capacity up 4x since 2023, total chillers up 3x in North America. New factory plus Charlotte expansion. No additional CapEx needed. New air-cooled mag bearing chiller generating huge hyperscaler interest. Capacity available globally. Investments paying off in share gains.
Calendar 2025 Q2
can you just tell us when did you figure that North American resi was going to be weaker?
Show response
Gitlin confirmed May movement was much softer than expected, June even weaker. Cooling degree days soft in last 6 weeks of quarter. Built up more inventory than desired. H2 guidance assumes June movement trends continue through July/August and targets getting inventory levels back to prior year by end of Q3 and Q4.
Can you just talk what you're seeing in North American refi market because the truck volumes continue to remain weak
Show response
Gitlin noted NATT saw a few percent growth in Q2. Easy H2 comps (Q3 down ~15%, Q4 down ~30%). Recent ETT recovery in Europe. Container outperforming. NATT is short cycle; if H2 growth doesn't materialize, Sensitech and Container can cover. More tariff clarity helping customers.
Calendar 2024 Q4
Are there any regions where you do not expect to get price or any verticals where price is flat to negative
Show response
Goris identified refrigeration and Asia (China RLC) as areas where pricing may be lighter than the company-wide 1 point.
can you just give us an update, just a more thorough update on the progress and attachment rates
Show response
Gitlin confirmed nearly 50% attachment rate, ~80,000 chiller coverage, ~45,000 connected chillers. Aftermarket at 7% of total, pushing toward 30% in coming years.
HONHoneywell International Inc.10 questions · 5 reporting periods · 0 of 10 challenging
Calendar 2026 Q2
how soon can you see that show up, a, in orders and b, in your actual work?
Show response
Vimal said Q2 PA&T orders strength was LNG-led globally, and the conflict is prompting investment diversification into Africa and Asia downstream refining and petrochemicals to de-risk the Middle East.
maybe you can give some KPIs on improving performance, I don't know, sort of on-time delivery.
Show response
Vimal cited delivery performance improving from mid-40s toward 80% and new-product traction driving 10% IA orders growth, with a path from no growth to eventually mid-single-digit growth.
Calendar 2026 Q1
How do you view a competitive environment in this market in areas like fire? And how sustainable is your leader
Show response
Vimal noted limited overlap with large multinationals since 85% is channel-based. Competition is with fragmented midsized regional players, benefiting from new product strength.
the Sensors business is becoming much more core and front and center. Could you just sort of parse out what you're seeing there?
Show response
Vimal positioned IA as Sensing and Measurement across aerospace, medical devices, industrial equipment, plus metering and gas detection. Strategy working with progressive improvement.
Calendar 2025 Q4
After selling productivity solutions and warehouse and workflow solutions, anticipate further portfolio actions
Show response
No further IA exits planned. Post-divestiture IA becomes a focused sensing and measurement business (aerospace, medical devices, gas detection, semiconductors). Will scale through organic growth and future inorganic actions.
how much growth is coming from Access cross sell? And also how much exposure do you have there to data centers
Show response
Access Solutions growing high single digits with strong cross-sell synergies. Data center approaching 5%+ of BA revenue from near zero a couple years ago, growing across fire safety, environmental controls, BMS, and security.
Calendar 2025 Q2
very strong growth this quarter, but you're seemingly talking it down for the second half of the year
Show response
Q2 benefited from large licensing agreement and catalyst pull-forward. H2 impacted by sustainable fuels project delays from IRA/OB3 uncertainty and cautious refining spend.
weakened demand and price cost deleverage in the second half in the slide that it mostly relates to HPS
Show response
Confirmed HPS projects impacted by same energy delay dynamics. Services remain strong. Growth now more balanced across geographies with Europe and China headwinds subsiding.
Calendar 2025 Q1
all this traffic, all this shipping traffic out of China collapsing over the next four to six weeks
Show response
No parts shortage anticipated. Risk is demand destruction from tariffs, not supply disruption. Guide already factors known tariff rates and demand reduction assumptions.
then on the aftermarket, I think it came in quite a bit stronger. And I appreciate that your numbers seem to be in line
Show response
OE volumes growing but revenue masked by cost-over-sell accounting on mechanical products and timing of revenue recognition. Expected to improve through the year.
Show 11 more companies
MMM3M Company10 questions · 5 reporting periods · 3 of 10 challenging
Calendar 2026 Q1
does that mean that we are offsetting consumer electronics into the second half
Show response
Brown confirmed semiconductor and data center strength is offsetting consumer electronics and auto weakness, expects electronics modestly positive going forward.
how these two internal initiatives impacting your growth and the growth trajectory over the next 12 months
Show response
Brown noted progress on mainstream CE share gains with 3-4 China OEMs increasing content per device, but market not cooperating with LCD downturn.
Calendar 2025 Q4
Is this just the focus on consumer electronics? Or are you thinking of sort of you know, tweaking it
Show response
Bill said mainstream strategy currently focused on consumer electronics but could expand, requiring cost structure changes to execute profitably.
Should we see first half stronger growth than second half, or should the growth be fairly steady
Show response
Bill confirmed good SIBG momentum with commercial excellence progress, though roofing weakness may drag front half of 2026.
Calendar 2025 Q2
seasonality is a little bit different and it seems second half is weaker, despite the normal seasonality
Show response
Anurag said no one-timers; H2 impact driven by $0.18 of tariff headwind (of $0.20 FY), stranded cost ramp ($70M H2 vs $30M H1) and higher investments.
Can we just sort of say in terms of on time in full, I know that this was a big drag on top line
Show response
Bill declined to size OTIF impact, noting it drives churn reduction; SIBG OTIF 83% in Q2 (+300bps YoY); MMM exited June at >90% overall with H2 churn improvement expected.
Calendar 2025 Q1
another question on tariffs. Are you modeling any demand destruction related to tariffs? In your core guide?
Show response
Bill said no explicit demand destruction modeled beyond macro softening; MMM using surgical surcharges with customer consultation; willing to trade volume later if needed for more tariff offset.
a follow-up question on buybacks. Seems that you know, the buyback is there because folks are exercising
Show response
Anurag explained 2015 options coming into the money drove higher-than-expected exercise; Bill said $7.5B authorization provides optionality to go larger in H2 based on conditions.
Calendar 2024 Q4
As we think about next year, this squiggler line 100% free cash flow conversion
Show response
Anurag said CapEx in line with depreciation; receivables drag as revenue grows offset by inventory improvement toward 75-day goal; 100% is starting point with upside if inventory beats plan.
Abrasives and Industrial Specialties. It seems to be sort of nice kind of in the coal mine short-cycle business
Show response
Bill said both Industrial Specialties and Abrasives down low-single in 2024 but expected to turn in 2025; Cubitron 3 driving share gains with tremendous differentiation; channel inventory normalized, no specific Q1/Q2 commitment.
ROKRockwell Automation10 questions · 5 reporting periods · 1 of 10 challenging
Calendar 2026 Q2
Is it really driven mostly by these large CapEx projects that are still on the come? What's missing on the services ARR?
Show response
Moret tied the services/ARR softness to cautious customer capital deployment and project delays, including funding constraints in Latin America, but named no single driver.
As you look over the next 6 to 12 months, what's going to get better, right?
Show response
Rothe quantified inflation as a rising double-digit-million second-half headwind, higher than last quarter, and outlined supply, pricing and productivity offsets.
Calendar 2025 Q3
can you give us a sense where the Logix volumes are relative to where we were pre-COVID?
Show response
Blake confirmed Logix touched pre-COVID unit volumes in H2 FY25 but full year was still below. Expects FY26 to reach pre-COVID levels and continue with market growth and share gains.
does that impact sort of margin patterns seasonality in the year?
Show response
Blake noted new L9 processor already released ahead of schedule with impressive early orders. Process I/O off to good start. Software-defined automation visible at upcoming Investor Day. No big order surge expected, steady sequential contribution.
Calendar 2025 Q2
How do you think about just generally about growth into next year?
Show response
Blake committed to margin expansion regardless of top line. Christian confirmed expectation of price realization and continued cost reduction yield in FY2026, with strong tariff mitigation plans.
where did you find the progress the easiest if you look at direct material spend, sort of supply chain, SKU rationalization
Show response
Blake noted breadth of surface area attacked was key to exceeding targets. Savings started in SG&A, moved to direct material, indirect services. Manufacturing efficiency identified as biggest remaining opportunity. Christian detailed the progression from headcount to indirect spend to sourcing to factory operational excellence.
Calendar 2025 Q1
Does it include -- is that where data centers are? And what is really driving this robust recovery?
Show response
Blake detailed three growth sources: warehouse automation for consumer-facing industries, e-commerce players building new fulfillment centers, and data centers through CUBIC power distribution.
that business has really been consistently source of upside, a little bit surprised to see growth slowdown
Show response
Blake attributed the decline to CapEx-intensive project delays, lower commodity prices pressuring oil and gas, and paused digital services spend. Some delayed projects came in April.
Calendar 2024 Q3
what's the right way of thinking from order converting into shipment that you book? Is it three months? Is it six months?
Show response
Blake detailed product orders ship in days/weeks, configure-to-order slightly longer, and Lifecycle Services averages about 5-6 months. Project funnel tracking begins 1-2 years before orders.
you were sort of machine builders in Europe was a pinch point
Show response
Blake expressed optimism about European machine builders visiting facilities, noting many serve US end users. Expected Europe to be second best performing region in 2025 after Americas.
TTTrane Technologies10 questions · 5 reporting periods · 0 of 10 challenging
Calendar 2026 Q2
How do you think about running companies structurally in sort of this high-growth inflationary environment
Show response
Described the operating-system approach to inflation and pricing but declined to go into detail.
Could you just expand on it? What kind of conversations do you have with customers on this concept?
Show response
Framed the opportunity around smart, resilient buildings and the Brainbox acquisition; described it as early days.
Calendar 2026 Q1
Can you maybe talk about absorption chiller technology at Trane? What do you guys have? Do you need to add capacity?
Show response
Regnery discussed behind-the-meter as extending beyond data centers to all buildings. Highlighted adiabatic cooling, direct current, and agentic AI software for building efficiency.
How has dialogue changed with customers since these acquisitions? And specifically, your ability to increase your service presence
Show response
Regnery said dialogue hasn't fundamentally changed, always led with system-level expertise and direct relationships. Service organization capacity alleviates customer concerns about support.
Calendar 2025 Q4
Can you tell us what it is you are seeing in terms of biopharma reshoring, how real it is
Show response
CEO noted life science was one of two verticals not positive. Large pharma reshoring projects visible in pipeline classified as mega projects. CFO added $7.8B backlog includes over $1B for 2027+, up 30% year over year across multiple verticals.
How should we think about under absorption relative to sort of normal operating leverage? In Americas in '26
Show response
CFO confirmed Q1 resi down about 20% against high-teens comps. Q1 deleverage better than Q4's 60%. Level-loaded production assumptions through Q1. Intentional Q4 medicine positions well for 2026.
Calendar 2025 Q3
What's the visibility like into '26? It seems the unit bond market is getting better
Show response
CEO described current pipelines as strongest in his career. Healthcare very strong, higher education strong. Retail and industrial slower; life sciences still challenged.
Do you need to build extra sort of muscle to service because you do have Fan Wall offerings
Show response
CEO highlighted commissioning capability as key differentiator, with ability to rapidly deploy technical resources to ensure data centers get operational on time.
Calendar 2025 Q2
any interest in getting more scale in this area through M&A? I think there might be some sort of private equity assets available
Show response
CFO defined bolt-ons as up to $1B, cited 25-30 acquisitions and $1.5B deployed over 5 years. Would look at larger deals but discipline is the key message.
It seems like we are at the bottom. I know that you are referencing the ACT forecast, but the truck cycle and the refresh cycle has been very strange
Show response
CEO acknowledged prolonged downturn but expects 2026 recovery per ACT forecasts. Continued investment through cycle positions for rebound.
DOVDover Corporation9 questions · 5 reporting periods · 0 of 9 challenging
Calendar 2026 Q2
Biopharma orders in second quarter, how are you different than Danaher and other capital equipment providers?
Show response
Richard attributed strength to Dover's consumable revenue stream tied to running systems, plus successful new product introductions.
Calendar 2026 Q1
You are largely domestic manufacturer. Will the change to Section 232 tariffs provide you? Is any competitive advantage versus importers of finished goods?
Show response
Rich noted potential competitive advantage from short supply chains but too early to confirm; takes 4-6 months for tariff changes to work through inventory; prefers to capitalize rather than discuss specifics.
Organic growth, 5%, bookings in the mid-20s and you're guiding 3% to 5% organic growth? The comps don't get tough until Q4. It seems a conservative guide.
Show response
Rich acknowledged conservatism; explicitly stated if booking trends continue through Q2, they will have to revisit top line expectations upward; April bookings confirmed fine.
Calendar 2025 Q2
can you talk about any tariff uncertainty impact on orders in the quarter as best as you can tell?
Show response
Rich confirmed pushouts rather than pull-forward, concentrated in non-CO2 refrigeration (retail food projects sliding right) and some cryogenic/LNG infrastructure delays.
What were bookings for data center exposed businesses and specifically thermal connectors and SWEP? You're adding capacity in both
Show response
Chris Woenker confirmed thermal connectors at 50% growth year-to-date; SWEP growing from a smaller starting point but at high percentage rates with capacity being added for both.
Calendar 2025 Q1
how should we think about just sustainability of bookings growth, and I do appreciate that there may be an air pocket on bookings related to tariffs
Show response
Rich expects book-to-bill above one for Q2 based on current momentum and quoting pipeline, though acknowledged need to push through negative sentiment.
should we just think it as a sort of margin of safety that you've built into forecast, or are there sort of signs to this 40% incremental number?
Show response
Rich confirmed the trim was purely mechanical, approximately $100M revenue at 38% margin, not based on detailed bottom-up analysis.
Calendar 2024 Q4
Do you think that business can double this year given sort of the underlying growth in liquid cooling?
Show response
Rich confirmed doubling is possible but visibility limited to ~45 days given the surprisingly short-cycle nature of the business.
2025 outlook for growth in vehicle wash is much better than the commentary from peers, and I would also say above ground is turning. Do you think you're gaining share?
Show response
Rich clarified Dover is purely equipment manufacturer (unlike peers who own distribution/operate sites); material inflection is from below-ground mix recovery plus restructuring benefits.
EMREmerson Electric7 questions · 6 reporting periods · 1 of 7 challenging
Calendar 2026 Q2
Middle East rebuild opportunity is larger today and starting, but still in that drag in the fourth quarter
Show response
Lal expects Middle East conditions to stay roughly the same through Q4 and possibly into fiscal Q1 2027.
Calendar 2026 Q1
Has the dial changed post–Middle East as to where downstream CapEx goes or chemical CapEx goes?
Show response
CEO noted pipeline alternatives being quoted to bypass Strait of Hormuz but acknowledged capacity rebalancing will take time. No immediate shift visible.
It just seems the number should be order of magnitude higher given the amount of damage that we have been reading about
Show response
CFO distinguished near-term $100M installed-base rebuild from longer-term LNG capacity restoration opportunity, which is much larger but not yet scoped.
Calendar 2025 Q4
going back to this 18% North America order number, it's very, very impressive
Show response
Karsanbhai identified five policy-aligned growth verticals: electrification/power, data centers/AI, grid modernization, near-shoring (life sciences/semi), and energy export (LNG). Krishnan broke down Ovation +74%, T&M +20% (near 30% in NA), strong MRO. Expect high single digit NA growth for full year.
Calendar 2025 Q2
What do you think is a sustainable growth rate going forward? Can it stay elevated for the next, I don't know, 12 to 24 months
Show response
Karsanbhai sees sustainable high-teens growth in power over next couple years. Plans to highlight at November investor conference. Not just U.S., global story.
Calendar 2025 Q1
what exactly is getting better in discrete, what end markets?
Show response
T&M recovery from portfolio business and aerospace/defense. Semiconductor recovering. Automotive still weak in China and Germany.
Calendar 2024 Q3
Can you just give us more detail as to what are you seeing in your traditional power business? Maybe update us what the mix is?
Show response
Power ~9% of revenue with order acceleration. Nuclear ~20% of power business with broad capabilities across instrumentation, valves, and control systems.
VRTVertiv Holdings Co7 questions · 7 reporting periods · 0 of 7 challenging
Calendar 2026 Q2
has the structure of your deferred revenue changed materially from what it was?
Show response
Craig confirmed no structural change, attributing the shift to project-based milestones from a Q4 order influx; direct.
Calendar 2026 Q1
What technology avenues does it open to Vertiv? And I'm sort of thinking controls, best controls, sort of UPS transition as part of direct current architecture
Show response
Gio confirmed behind-the-meter power is integral to data center design, citing partnerships with Caterpillar and Oklo, with implications for power, thermal, and micro-grid systems.
Calendar 2025 Q4
Last quarter, you shared with us, you know, the increase in service headcount. Would you update us on what the headcount looks like as you increase in backlog
Show response
Service field engineers approaching 5,000 (up from ~4,400 last quarter). Field capacity follows delivery capacity growth model. Commissioning and start-up capabilities being scaled locally. PerchRight and digitization investments expanding service technology.
Calendar 2025 Q3
could you just comment on your investment in services and specifically any KPIs you can give us on headcount
Show response
Field engineers grown from 4,000 to approximately 4,400. Service SIOP includes geographic demand mapping. Performance measured rigorously on service levels and contractual commitment timing.
Calendar 2025 Q2
there are a lot of teething pains on liquid cooling systems in the industry. And I would guess that this sort of bodes well for service contracts
Show response
Confirmed liquid cooling complexity drives service demand. System calibration and balancing at scale creates meaningful service opportunity through deployment and full lifecycle.
Calendar 2025 Q1
there were pretty public headlines about delays in cancellations from a prominent hyperscaler
Show response
Declined to discuss specific customers. Stated demand is broad enough to cover any gaps from individual customer refacing, noting colo, cloud, sovereign AI, and enterprise interest all contributing.
Calendar 2024 Q4
Dave in the beginning of the call sort of noted that America's orders were extraordinary strong
Show response
Confirmed Americas strength including colo and cloud orders. Noted distributed IT grows slower as shared in November. Did not break out thermal vs power.
ALLEAllegion4 questions · 2 reporting periods · 1 of 4 challenging
Calendar 2025 Q4
How is Interflex business doing? And maybe a little bit more color what's happening in AXA?
Show response
John enthusiastic about Interflex, bang-up year, blue-chip customers, expanding Pan-Europe with plano Solutions. Getting AI into software offerings. Growing beyond core German manufacturing base.
why don't you think that Allegion stock is a better sort of use of cash. Why don't you think your own stock is the best value out there?
Show response
John framed hierarchy: organic growth investment first, dividends growing with earnings, then opportunistic M&A for bolt-on synergies. Balanced and disciplined. Open buyback authorization exists.
Calendar 2025 Q1
it seems a lot of optimism in Italy actually of all places. People talking about maybe potential German recovery sometime in the Second Half
Show response
John noted Germany slightly more optimistic with new coalition but premature to change guidance. Italy CISA team performing well with share gains and new products.
What are you guys seeing in terms of momentum in the channel and so far, clearly, you guys not calling for a recession
Show response
John confirmed positive volume growth momentum from late 2024 continued into 2025. Healthy aftermarket and resilient institutional verticals support confidence.
FTVFortive4 questions · 2 reporting periods · 0 of 4 challenging
Calendar 2025 Q1
is the implication that the CapEx for 2025 staying flat, going up, going down when all is said and done with your actions?
Show response
CapEx flat for 2025. Low CapEx model with mostly final assembly and test. Manufacturing relocations done with partners to keep investment minimal.
Just to clarify so Tek orders were positive in the first quarter and you haven't seen things worsen in April
Show response
PT orders positive overall but driven by Sensing/Systems strength. T&M revenue down high teens while Sensing/Systems grew. Important distinction in segment dynamics.
Calendar 2024 Q4
maybe talk about your your software assets, you know, Gordon, Accruent, Service Channel, Where are we in those growth rates
Show response
Software revenue grew high single digits for Q4 and full year. Gordian moderating to low double digits, Accruent and ServiceChannel improving. Innovation flywheel starting to show impact.
can we just talk about sort of utilities and power vertical It seems, structurally, things are changing there over the long term
Show response
Qualitrol delivering double-digit growth for several years in grid monitoring and transformers. Capacity being ramped to meet demand. Tektronix also benefiting from R&D for next-gen utilities.
GEVGE Vernova4 questions · 4 reporting periods · 1 of 4 challenging
Calendar 2026 Q2
Can you just talk about international opportunities over the next five years on gas?
Show response
Cited Taiwan (>10 GW HAs on contract), Saudi, Mexico, Southeast Asia, and Qatar as international gas demand drivers; addressed the non-U.S. question directly.
Calendar 2025 Q2
Why gross margin declining, particularly service gross margins? And I'll sneak one more in. Why is nuclear revenue declining
Show response
Parks attributed gross margin shift to equipment/services mix rather than underlying weakness, and nuclear revenue timing to fuel servicing cadence before SMR deliveries begin.
Calendar 2025 Q1
the EPA has been quite busy issuing directives and specifically with a focus on endangerment finding
Show response
Strazik said EPA activity is not changing customer behavior, permitting reform is progressing but will likely be a 2026 focus as 2025 centers on tax policy.
Calendar 2024 Q4
what happens to the scope of your service activities as price of gas -- if price of gas structurally goes up
Show response
Strazik explained that higher utilization drives more technology investment per outage, with gas upgrades expected to grow 50% by end of decade, focused on megawatts currently but efficiency will follow.
ITWIllinois Tool Works4 questions · 2 reporting periods · 1 of 4 challenging
Calendar 2026 Q2
just a question on inflation. Just would appear that there was quite a bit of it.
Show response
Itemised the inflation baskets and named price, productivity and strategic sourcing as the levers, all included in guidance.
What is it that's driving America? Is it the cycle getting better?
Show response
Said the build started in late Q4 so it was not a surprise, and split the driver between end-market demand and new products.
Calendar 2024 Q4
solid growth in fourth quarter. Right? 3% plus versus the kind of third quarter. Guidance for 1% to 3% organic growth. So why would things decelerate
Show response
Michael said no pressure seen, guide is based on run rates. Continued strength in institutional, service recovery, and solid China/Latin America expected.
just to confirm, we're not modeling any ramp of organic growth this year
Show response
Michael confirmed no recovery modeled. Historically mid to high single digit growth rates coming out of cycles, but every recovery is different.
PTCPTC Inc.4 questions · 4 reporting periods · 1 of 4 challenging
Calendar 2026 Q2
on ARR by channel, it's 12.6% year-over-year, I think, versus direct 7.8%. And it's been like this every quarter
Show response
DiRico explained the mix as customer preference and cited rising quota attainment, but gave no timing for direct to overtake channel.
Calendar 2026 Q1
can you just talk about this tension about proprietary data and folks who want to make all sorts of agentic solutions, want data to be interoperable
Show response
Barua articulated three-phase AI vision: modernize product data foundation, build embedded agents within core systems, create intelligence layer for cross-domain agent interaction. PTC will dominate agents within engineering workflows while being open to external agent interaction. Follow-up confirmed strategy is to build best agents within PTC ecosystem that can interface with agents from other systems.
Calendar 2025 Q2
Are you seeing an actual change in behavior and maybe some budgets sort of being led out as a result of the deals that have been signed
Show response
Barua (answering for Kristian per transcript) gave nuanced assessment: not an all-clear but more clarity on guardrails. U.S. tax policy and trade agreements giving manufacturers defined investment frameworks. Emphasized mission-critical digital transformation has been elevated by the uncertainty itself.
Calendar 2024 Q3
Post the election, do you feel there is more uncertainty than usual about 2025 calendar year budgets?
Show response
Barua framed customer needs as transcending election cycles. Cited product complexity, supply chain disruption, and workforce challenges as persistent demand drivers.
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 |
|---|---|---|
| AME Ametek | 13 | 0%none of 13 questions |
| PH Parker Hannifin | 13 | 15%2 of 13 questions |
| ETN Eaton Corporation | 11 | 0%none of 11 questions |
| JCI Johnson Controls | 11 | 0%none of 11 questions |
| CARR Carrier Global | 10 | 20%2 of 10 questions |
| HON Honeywell International Inc. | 10 | 0%none of 10 questions |
| MMM 3M Company | 10 | 30%3 of 10 questions |
| ROK Rockwell Automation | 10 | 10%1 of 10 questions |
| TT Trane Technologies | 10 | 0%none of 10 questions |
| DOV Dover Corporation | 9 | 0%none of 9 questions |
- AMEAmetek · 13 questions0%none of 13 questions
- PHParker Hannifin · 13 questions15%2 of 13 questions
- ETNEaton Corporation · 11 questions0%none of 11 questions
- JCIJohnson Controls · 11 questions0%none of 11 questions
- CARRCarrier Global · 10 questions20%2 of 10 questions
- HONHoneywell International Inc. · 10 questions0%none of 10 questions
- MMM3M Company · 10 questions30%3 of 10 questions
- ROKRockwell Automation · 10 questions10%1 of 10 questions
- TTTrane Technologies · 10 questions0%none of 10 questions
- DOVDover Corporation · 9 questions0%none of 9 questions
Show all 17 companies
| Company | Questions | Challenge rate |
|---|---|---|
| EMR Emerson Electric | 7 | 14%1 of 7 questions |
| VRT Vertiv Holdings Co | 7 | 0%none of 7 questions |
| ALLE Allegion | 4 | 25%1 of 4 questions |
| FTV Fortive | 4 | 0%none of 4 questions |
| GEV GE Vernova | 4 | 25%1 of 4 questions |
| ITW Illinois Tool Works | 4 | 25%1 of 4 questions |
| PTC PTC Inc. | 4 | 25%1 of 4 questions |
- EMREmerson Electric · 7 questions14%1 of 7 questions
- VRTVertiv Holdings Co · 7 questions0%none of 7 questions
- ALLEAllegion · 4 questions25%1 of 4 questions
- FTVFortive · 4 questions0%none of 4 questions
- GEVGE Vernova · 4 questions25%1 of 4 questions
- ITWIllinois Tool Works · 4 questions25%1 of 4 questions
- PTCPTC Inc. · 4 questions25%1 of 4 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 | 6 | 0%none of 6 questions | 5 |
| 2024 Q4 | 20 | 10%2 of 20 questions | 11 |
| 2025 Q1 | 22 | 9%2 of 22 questions | 13 |
| 2025 Q2 | 22 | 18%4 of 22 questions | 14 |
| 2025 Q3 | 14 | 0%none of 14 questions | 8 |
| 2025 Q4 | 18 | 6%1 of 18 questions | 10 |
| 2026 Q1 | 20 | 10%2 of 20 questions | 11 |
| 2026 Q2 | 19 | 11%2 of 19 questions | 13 |
- 2024 Q36 questions · challenge rate 0% (none of 6 questions) · 5 companies
- 2024 Q420 questions · challenge rate 10% (2 of 20 questions) · 11 companies
- 2025 Q122 questions · challenge rate 9% (2 of 22 questions) · 13 companies
- 2025 Q222 questions · challenge rate 18% (4 of 22 questions) · 14 companies
- 2025 Q314 questions · challenge rate 0% (none of 14 questions) · 8 companies
- 2025 Q418 questions · challenge rate 6% (1 of 18 questions) · 10 companies
- 2026 Q120 questions · challenge rate 10% (2 of 20 questions) · 11 companies
- 2026 Q219 questions · challenge rate 11% (2 of 19 questions) · 13 companies
Topics
Topics tagged on this analyst’s questions.
- Demand74
- Revenue Growth30
- Competitive Dynamics24
- Capex Investment18
- Macroeconomic16
- Innovation & R&D15
- Cloud & AI13
- Trade Tariffs11
- Guidance Reliability11
- Margin10
Show all 21 topics
- Geographic Expansion9
- Product Launch8
- Cost Pressure7
- M&A7
- Supply Chain7
- Pricing6
- Capital Allocation5
- Regulation Policy2
- Labor Market2
- Inventory2
- Fx1