Avi Jaroslawicz

Directly ruled out a repeat of the 10.6% margin and walked through what the low, mid and high ends of guidance each imply.

Declined to name a specific driver, framing the result as the midpoint of a normal margin band rather than a discrete item.

Guzzi identified water/wastewater in Florida and food processing as the two pass-through areas, noting they affect margins by 10-15 bps but generate strong return on capital.

Guzzi confirmed pricing and productivity contribute 30-40% of growth, consistent with historical patterns, with no meaningful change from prior guidance.

Nalbandian confirmed the 2-3x revenue-to-headcount growth trend held again in FY2025. Guzzi added that continued means-and-method sharing across the country will enable further productivity gains.

Guzzi noted the 40bp guidance range is tight for a business with 12,000 projects. High end equals flat (replicating record 9.4%), low end reflects potential mix shift from water/wastewater work which has lower margins due to prime contractor role with more subcontract and material content. Nalbandian framed midpoint as rolling 12-24 month average.

Guzzi expects sustainable organic growth of high-single to low-double digits. Law of large numbers applies, 10% organic growth means adding $1.5-2B annually. Construction segments outpace non-res by 500-600 basis points over 5 years.

Guzzi noted this was a more difficult labor market than expected. Jobs are still profitable but margin came in below initial estimates due to learning curve in new geography.

Guzzi confirmed continued capacity expansion in prefab, especially in electrical for data centers. 95% of prefab is for internal use. Fire life safety at 70% prefab volume.

Guzzi rejected the capacity-constraint framing, noting EMCOR manages strategically by market, site, and company rather than at aggregate capacity levels.

Nalbandian provided construction segment margin range of 12.25%-13.25% on a rolling 12-24 month basis.

Michael said well within ranges with one quarter left. Narrowed EPS range and explained lower tax rate offsets softer revenue. T&M biggest Q4 sequential pickup; lower auto builds factored in.

Michael said demand risk is entirely end-market driven, not price sensitivity. ITW's competitors are less favorably positioned. Confident in continued market outperformance.

Michael said normal slightly positive price-cost expected. Better positioned this time vs 2017-2018, so less lag. Any margin pressure from pricing lag is short-term and manageable.

Rumsey noted underlying freight recovery potential even without prebuy, citing two years of truckload carrier challenges. Wide range reflects prebuy timing uncertainty.

Smith indicated 2025 will track market rather than further share gains. 2025 medium-duty decline reflects weaker orders and depleting backlog.

Feight expects strong customer interest in Q4 planning with clarity potentially driving first quarter action if 35mg standard holds.

Feight confirmed Q4 order book ~60-70% full uniformly across regions, with European market showing strong order intake.

Josh Beal attributed share growth to a combination of new products, technology adoption, dealer channel strength, and localization, noting the Casa John Deere event this year exceeded last year's record with over 20 new product launches. Highlighted harvest automation utilization over 80% in Brazil.

Ward framed policy changes as net positive for MLM: infrastructure focus, potential tariff benefits, rate cuts helping housing, and favorable M&A regulatory environment.