Chris Glynn

CEO: private label cost remains a headwind, not much different than the first half of the year.

CEO noted website improvements are still in progress with benefit not yet realized. Current growth driven by improved repeat business and customer acquisition quality.

CEO tempered expectations, not significantly chunkier than past, but confirmed strong large customer volume growth over last six months with more on-site services.

CEO outlined two categories: productivity (customer service, finance, supply chain) and customer experience (search, merchandising). Called it pervasive.

DG cited government exposure headwind and prior seller ad pause; seeing improvement in seller effectiveness, KeepStock, and net contracts. Bullish on path forward.

DG said significant increases in repeat rates over the last eighteen months from improved customer acquisition, marketing, and service communication.

DG sees commercial AI as the bigger differentiation opportunity leveraging proprietary data; back-end processing efficiencies are table stakes.

DG said pipeline is going well but winning contracts and capturing all the volume are two different things; need to win at local level.

DG framed pricing approach as customer loyalty and trust building, not a specific share gain play, but believes it helps long-term.

Dee attributed expected Zoro deceleration to tougher comps, still bullish on outlook.

DG said Zoro growth is mostly in its own hands through customer acquisition, not linked to HTS market conditions.

Dee noted 40bps E&O tailwind was non-recurring; 30bps from mix/freight may be more sustainable, offset by BU mix headwind.

Dee confirmed outgrowth expected to ramp through 2025, starting softer after slower January.

Naga said no single home run; early-stage battery, solar, defense, data-center applications; Dan called them singles, not home runs.

Dan tied the step-up to operational initiatives and mix; noted Q4 last year was an outlier, so YoY incrementals look harder.

Dan guided to ~18% as the good long-term run-rate expectation, something they continue to assess.

CEO confirmed Nordson has products for optical module manufacturing and is beginning to see orders related to this emerging application.

CFO clarified no actual inflection yet in general electronics, just stable low growth, but noted high-end semiconductor demand appears to be trickling into lower-level electronics with capacity investment announcements as early signals.

CEO confirmed trough with system order entry looking good and backlog building, but dies business recovering more slowly. Any recovery beyond nominal growth would provide upside to IPS guidance. CFO added similar dynamics in automotive, troughed but not expecting big recovery.

CFO confirmed 12-month basis smooths ATS lumpiness, pointing to FY2025 full-year 4% ATS growth despite individual quarters of 15% growth. Expects good mid-single-digit growth on a 12-month basis with peaks and valleys.

CEO denied conservative modeling, citing strong familiarity with the product category, and noted new product pipeline with opportunities ahead.

CEO described rapid customer investment in GPUs at early stages, North America investment still upside, with new WaferSense products growing nicely through CyberOptics acquisition.

CFO confirmed Atrion EBITDA margins in upper 20% range, slightly higher D&A due to acquisition accounting, and on track for margin improvement.

CEO credited NBS Next deployment, product mix optimization, and improved on-time delivery for the efficiency gains.

Nick would not forecast the trajectory but broke the 150 bps RS&I decline into 50 bps gross margin and 110 bps operating expense, pointing to gross margin as the recoverable piece.

Pinchuk was cautiously optimistic on originations, noting tool storage increase as encouraging but not yet declaring victory. Originations were roughly flat in the quarter. The Tribute to America Epic box sold well despite premium pricing, suggesting hurdles for big-ticket items may be lowering.

Pinchuk attributed improved C&I consistency to capacity expansion, better understanding of the work, and share gains through superior customized kits. Added a building for custom kit production. Learning to wield expanded capacity more effectively, the essence of RCI driving ongoing improvement.

Pinchuk attributed consistency to better launch management and learning to promote both new and existing platforms simultaneously. Sequential performance across the diagnostic line was a positive sign.

Pinchuk confirmed undercar decline narrowed (less offset to RS&I growth) and OEM business has both program and share gain components that reduce historical lumpiness.

Pinchuk noted European transactional business with individuals is flattish/not strong, mirroring U.S. uncertainty. But project-based business in Europe is positive, contributing to critical industries success.

Pinchuk denied any pull-forward or restocking, calling pricing normal except possibly slightly more in Canada. Sell-in and sell-through roughly balanced. Emphasized 50.5% gross margin as the bellwether number.

Pinchuk said M&A focus is on RS&I and critical industries, not Tools Group. Being more careful in due diligence given tariff environment. Might find bargains but worried about what you might buy.

Pinchuk clarified recovery was mostly U.S. critical industries project business, with some European improvement. Asia will take much longer given political turbulence and cross-border flow disruptions.

CEO confirmed EMG's 35% organic order growth was broad; MedTech, Defense and an accelerating life-sciences Automation business all contributed.

CEO said US defense input is larger given the size of its defense infrastructure, with a notable increase from NATO allies off a smaller base.

A&D remains priority area for capital deployment. Strong pipeline with good management team. Last major A&D deal was Abaco 4 years ago.

H2 may see slightly different seasonal pattern than typical as strong H1 orders convert to shipments 3-6 months later.

No material divestitures planned. Annual strategic review completed with portfolio largely intact.

Kern fits with Precitech ultra-precision business. Serves semiconductor, med tech, space markets. Over 70% of sales exported outside Germany. Management team staying.

Capozzoli rejected the June pull-forward premise and pointed to broad momentum in non-res, data center and light industrial.

Capozzoli emphasized inventory availability and vertical market strategy rather than isolating allocation versus design-win scope; Bakker added new product development.

Vertical market strategy drives growth across multiple end markets beyond data center, including light industrial. Dedicated sales specialists and cross-selling initiatives successful across verticals. Data center is currently the highest-growth but not the only growth driver.

Sales force realigned from product-based to geography-based with vertical specialty teams (data centers). Cross-selling driving better customer response. Back-end efficiency work ongoing. Multi-year improvement runway still immature.

Multi-year unification benefits including competing collectively across brands, site consolidations, and back-office simplification still have several years of low-hanging fruit ahead.

Management confirmed improved pricing capability is structural, not just cyclical. Better organizational capability around speed of execution and pricing discipline compared to years ago.

Terrence characterized energy as a mid-teens grower with three verticals (utilities ~60%, industrial/data-center power ~20%, clean energy), driven by grid hardening and data-center build-out.

Terrence confirmed portfolio strategy unchanged from Investor Day, playing offense not defense. No divestiture plans. Heath described M&A pipeline as pretty active with things anticipated coming to market over next 3 quarters. Some being evaluated for strategic fit and value creation. Technology investments like RampPhotonics complement organic development.

Terrence confirmed energy momentum undiminished despite steeper H2 comps. European uptick is new and additive. Expects double-digit organic growth for the full year. Grid hardening and capacity both driving demand. Continuing to add capacity to support growth trajectory.

Terrence confirmed grid hardening and renewables are independent growth vectors. Richards is focused on grid hardening, adding to TE's $600M North American energy business. Cross-sell to renewables is future opportunity.

Terrence explained convergence of commercial and LEO satellite technologies creating demand for high-speed, high-power connectivity. Space leverages DDN capabilities but with specialized materials and standards.

Heath said no fundamental change in strategy, authorization reflects stronger cash generation and optionality for M&A plus shareholder returns.