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Analyst
Joe Ritchie
Period: Reporting periods mapped to calendar 2024 Q3 – 2026 Q2 (8 quarters).
- Questions
- 119on tracked calls
- Challenge rate
- 9%11 of 119 questions
- Companies
- 15questioned 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 119 of 119 questions from 15 companies
CARRCarrier Global14 questions · 7 reporting periods · 1 of 14 challenging
Calendar 2026 Q2
of that $2 billion that you are now expecting for this year, how much came through in the first
Show response
Goris gave the exact split without hedging, framing the second half as a steep ramp starting immediately.
what is the potential kind of revenue run rate of the new capacity and if there is any other color
Show response
Gitlin gave the existing capacity ceiling and share framing but no run rate for the new site; Goris supplied the backlog mix, commercial about 70% with 40% of that data centers.
Calendar 2026 Q1
just any color just around like how your CDU offering is going? Is that part of some of the order growth that you've seen
Show response
Dave detailed organic CDU development: 1MW launched, 3MW coming Q3, 5MW by year-end/early next year. ZutaCore partnership expanded for 2-phase cooling. QuantumLeap won $300-400M in orders.
talk about your conversations with your customers, your dealers, distributors on your ability to continue to get pricing
Show response
Dave acknowledged tough discussions with distributors and dealers but expressed confidence pricing will stick, citing product differentiation, R&D investment, and Viessmann branding.
Calendar 2025 Q4
the inventory levels were up year over year about 8%
Show response
Goris explained couple hundred million more inventory on books from keeping Tennessee/Monterrey running at minimum levels rather than cold-starting. Expected to liquidate through the year. QoQ inventories actually dropped.
do you really think that for the year, you're gonna need to flush out this much demand in order to get back to equilibrium?
Show response
Gitlin explained methodology: triangulated big-picture overage analysis with boots-on-ground marketplace data. Applied H2 2025 conditions to H2 2026 for two-year stack. Hope for better but planning conservatively. Market down 10-15%, Carrier down high single digits.
Calendar 2025 Q3
the interplay between your own inventories, organic growth and margins in the early part of the year
Show response
Gitlin explained decision to keep Tennessee and Monterrey running at low levels rather than cold-start. Absorption hit in Q3/Q4 but avoids drastic headcount swings. Won't have usual significant seasonal production ramp in Q1 2026. Goris noted Q1 2025 CSA incrementals were 69%; expect Q1 2026 decrementals similar to Q3/Q4 2025.
any thoughts on an accelerated share repurchase program?
Show response
Goris confirmed new $5B authorization expected to last into 2028. No ASR details to share. $3B buyback target for 2025 unchanged.
Calendar 2025 Q2
Can you just double-click there, give us a little bit more color what you're seeing across that -- the non-data center side of the business?
Show response
Gitlin detailed CSA Q2: applied up over 100%, service up ~20%, controls up high teens. Data centers in Americas up 300%+, non-DC up 20%. Driven by capacity expansion (new factory + Charlotte +40%), new products (mag bearing air-cooled), mega projects, manufacturing reshoring.
can you just describe how the canister issue played out in 2Q, where we stand today
Show response
Gitlin confirmed team resolved canister issue by precharging units and aggressively supplying distributors in May/June. No longer a field issue.
Calendar 2025 Q1
it looks like you're getting closer to a liquid cooling product by year-end. So any color you can give us on how that business is
Show response
Gitlin confirmed Quantum Leap launched with bid proposals active, especially in Europe. Organic CDU developed internally (evaluated acquisitions but built own). Not yet material in sales but optimistic on value proposition.
do you have any kind of line of sight to how much of the strength we saw in 1Q might have been just like this transition and your distributors stocking in the 454B product
Show response
Gitlin noted movement OK but inventory elevated vs prior year. Guided Q2 15-20%, full year high single to double digits. Tougher H2 comps (Q3 +10%, Q4 +30%), need to work inventory back to balanced levels. Gained 100bps share.
Calendar 2024 Q4
Can you guys give us just an update on your capacity additions on Americas Commercial
Show response
Gitlin confirmed new North America facility shipping first units, Charlotte output up ~50%, total capacity more than doubled. Capacity was previously constraining demand.
give us a little bit more on just the margins and the work that you've done from a cost structure standpoint
Show response
Gitlin confirmed VCS margins moving from low teens to mid-teens in 2025, with cost synergies doubling from $75M run rate to $150M.
PHParker Hannifin12 questions · 7 reporting periods · 0 of 12 challenging
Calendar 2026 Q1
From here, what are the biggest levers—absent volumes—to continue to expand margins in the industrial segment?
Show response
Todd credited lean and Kaizen as the primary margin levers. Jennifer added team members have a mindset of never being done, constantly identifying next improvement opportunities. Confidence in Win Strategy driving long-term margin expansion.
Is it fair to say that the expectation for next year would be at least a couple of points better
Show response
Jennifer confirmed confidence in FY2027 record year. Cited transformation to less cyclical, faster-growing company. Many industrial markets turned positive during FY2026 with strong orders. Filtration Group expected to be welcomed this fiscal year.
Calendar 2025 Q4
Margins were above 30% in the first half the guidance implies as a step down in the second half? Just anything we need to be aware of from a mix standpoint
Show response
Todd explained Q2 had elevated spares and repairs volume which is hard to predict forward, so not baked into 2H guide. Still forecasting 60bps margin improvement YoY and mid-29.5% range for 2H. Activity remains robust but conservatively guided.
what's your take on what's happening with implant equipment in the U.S.? And then we'll get the going, what are you guys looking at specifically as kind of leading indicators for the like short-cyc...
Show response
Jenny cited distribution intelligence showing continued gradual recovery with positive sentiment but selective CapEx. Customers prioritizing productivity/automation over large capacity expansion. No single catalyst for short-cycle inflection, needs resolution of geopolitical noise, tariffs, and possibly interest rates.
Calendar 2025 Q3
is there a way that you could maybe size the opportunity on Slide 7 or give some color just around like what the growth rates have looked like
Show response
Jenny said power gen is about half of the 7% energy vertical (~3.5% of sales), with multiyear order book and interconnected technologies serving leading industry customers. Declined to give growth rates.
in an environment, let's say, where you do see some of these tariffs potentially getting rolled back. Like how does that impact the pricing
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Jenny said pricing will adjust up or down as tariffs change. Teams have analytics and processes to navigate quickly. Tariffs are not a margin expansion opportunity.
Calendar 2025 Q2
Maybe just kind of talk through, especially the Industrial short cycle business is what you're seeing there? And then also, can you just touch on like the self-help opportunity
Show response
Jenny detailed each vertical: in-plant low single digit positive, transportation most challenged, off-highway improving with construction recovery, ag past trough but slow. Todd flagged slightly higher restructuring planned.
Take a look at that relative to the last few years, it's a pretty meaningful sequential step down in EPS relative to what you've seen even just like the last 3 years
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Jenny noted Q1 guide represents a Q1 record with 40bps margin expansion. Todd added Q1 absorbs annual stock comp recognition, making sequential Q4-to-Q1 comparison difficult.
Calendar 2025 Q1
can you just double-click a little bit on the implant project delays and what you're seeing there
Show response
Jenny said the lowering from positive to negative low single digits reflects continued delays, not cancellations. Quoting activity remains active.
Calendar 2024 Q4
If the current like trends hold through the remainder of your fiscal year, I mean, do you still expect to see some margin expansion
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Jenny expressed strong confidence in continued margin expansion via Win Strategy tools. Todd confirmed margin expansion is in the guide for second half.
as we've started 2025, have you seen like any discernible differences or changes in trends based on how you exited calendar year 2024
Show response
Jenny offered little incremental color, saying nothing notable to report beyond current guidance. Kept answer brief and non-committal.
Calendar 2024 Q3
Maybe just starting with order trends. Can you talk about how these trends were exiting September?
Show response
Parmentier said North American orders sit at negative 3 in Q1, the seventh straight non-positive quarter, and history suggests a turn should come soon.
TTTrane Technologies12 questions · 6 reporting periods · 1 of 12 challenging
Calendar 2026 Q2
Can you just level set for us at this point how the CDU business is doing?
Show response
Explicitly declined the requested backlog-share detail but confirmed the acquisition is running ahead of plan.
Is there any way to bifurcate how the replacement market did versus resi new construction?
Show response
Gave the approximate new-construction mix and walked through the progression of the residential outlook this year.
Calendar 2025 Q4
whether you're starting to see any of that already, and then how are you positioned geographically if things were to really accelerate?
Show response
CEO confirmed global data center demand. European data centers roughly one-tenth US size currently but hearing plans for larger builds. Well-positioned with global portfolio including regional product nuances. Asia similar to Europe in sizing.
Where are you seeing kind of like the real growth in the EMEA side of the business?
Show response
CEO described EMEA growth as broad-based across data centers, commercial office, and services. Less vertical granularity than Americas but direct sales force enables pivoting to opportunities.
Calendar 2025 Q3
are you starting to see like more modular type data centers getting built by the hyperscalers
Show response
CEO said modular approach is not new in data centers, with TT chillers integrated into the process. Expects the trend to extend to other labor-constrained verticals.
it just seems like the opportunity for you, like you've just got a lot of -- like already based on what we're seeing in the value chain
Show response
CEO confirmed 4x chiller capacity expansion since 2023, with lead times actually contracting to enable quick ship programs for core verticals.
Calendar 2025 Q2
you're only increasing your organic growth by 50 basis points. So is this just going to be better margins, better performance in the first half?
Show response
CFO broke down raise: Q2 beat pass-through, FX improvement, Commercial HVAC Americas raised to low double digits, offset by $300M residential reduction.
is that a year where we start getting back potentially to GDP plus from a volume standpoint on resi HVAC?
Show response
CEO deferred 2026 specifics to Q4 call but emphasized no structural industry problems. Q2 cylinder shortage was isolated and largely resolved.
Calendar 2025 Q1
is there a way to parse out like how much of the - either the organic growth or the bookings growth that you saw this quarter was already 454B
Show response
CEO confirmed approximately 80% of Q1 shipments were 454B. Elevated channel inventory may reflect pre-buy still in distribution. Full year resi guide remains mid-single digits.
just like price elasticity right now in the market? Because you're going through this refrigerant transition, there's additional pricing
Show response
CFO emphasized surgical product-line-level pricing rather than broad increases. No pushback from dealers observed through April.
Calendar 2024 Q4
your stock at times tends to trade with the sentiments surrounding AI, CapEx and data centers
Show response
CEO acknowledged DeepSeek concerns but emphasized continued pipeline activity in data centers plus strength across 13 other verticals. Backlog adjustments of ~$500M from FX, China, and transport.
Any comments on, like how you see this playing out and any thoughts and your potential exposure there?
Show response
CEO emphasized in-region-for-region manufacturing with 20+ US plants, stated they will react quickly to maintain margin neutrality if tariffs materialize.
HONHoneywell International Inc.11 questions · 6 reporting periods · 1 of 11 challenging
Calendar 2026 Q2
how much of what you're seeing from an order perspective today is maybe even like longer cycle and is already starting to help support a pretty good outlook for 2027 as well?
Show response
Mike said both short- and long-cycle orders support a stronger 2027 versus the Investor Day view, and Vimal tied the momentum to the high-growth-vertical strategy across all three segments.
I'm just curious like what you're seeing is some of the disruption over there actually helping?
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Vimal said after Q1-Q2 revenue loss things have normalized, with big LNG deals returning and customers investing in resiliency, remote operations and logistics infrastructure.
Calendar 2026 Q1
how you're thinking about the potential opportunity for your business specifically as it sells into data centers?
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Vimal highlighted expanding into Tier 2 data center providers globally, plus new liquid cooling sensor opportunities and behind-the-meter power generation controls.
How do you -- how are you guys underwriting the potential risk to that second half implied guide?
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Vimal emphasized projects are firm with FIDs already invested. Mike added the backlog has been discussed for nearly a year with cash committed behind projects.
Calendar 2025 Q3
could you potentially see additional announcements on the portfolio?
Show response
No further exits planned, current portfolio is mission-critical automation. Focus shifts to bolt-on and tuck-in acquisitions to strengthen buildings, process, and industrial verticals post-separation.
Calendar 2025 Q2
how are you thinking about the time line for a decision to be made on that piece of the business
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Process kicked off last week; clarity on strategic options expected by year-end. Desire to have clean portfolio when aerospace spin completes but can't control exact timing.
the relationship between the tariffs and the demand contingency
Show response
Short-cycle holding up well. Key risk is energy order-to-revenue conversion timing and softer catalyst orders. Customers may delay catalyst spend a quarter or two.
Calendar 2025 Q1
has there been any update on either the one-time costs or the stranded costs that you can give us any more information
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One-time costs on plan within $1.5-2B band. Stranded costs work underway starting with Advanced Materials spin; high confidence in 18-24 month elimination post-spin.
relating it to the demand contingency that you've baked into the guide
Show response
Long-cycle visibility strong. Short-cycle contingency focused on IA China exposure and BA international demand. BA performing well with no current reason to worry.
Calendar 2024 Q4
how much thought did you give to potentially maybe even breaking things down further because you can make an argument
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CEO cited shared business model (installed base + services/software), common technology platform (Forge IoT), shared codebase, and talent mobility as binding forces.
I'm trying to just maybe get a little bit more understanding on what drove the margins down this quarter
Show response
Attributed ESS margin pressure to lumpy catalyst project timing, expected to reverse in H2. Short-cycle industrial products recovery would be massively accretive when it occurs.
IRIngersoll Rand11 questions · 6 reporting periods · 2 of 11 challenging
Calendar 2026 Q2
would your margins have expanded this quarter absent like the China headwind that you guys described?
Show response
Vik confirmed China was the single biggest margin driver and pointed to ITS exiting the year near or above prior-year rates, approaching a 30% EBITDA profile.
Calendar 2026 Q1
how much of that is centered on the PST business versus ITS going forward
Show response
Vicente noted PST has roughly doubled in size. LOI pipeline is balanced between segments. Continued strong prospects on PST side.
Can you maybe just give us some quantification on the tariff impact this quarter
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Vik declined to split tariff vs volume impact but confirmed both are the two biggest margin drivers. Liberation Day tariff comps start in Q2, moderating YoY headwind. Continued SG&A investment in commercial/R&D a conscious choice to drive future organic growth.
Calendar 2025 Q4
the margin profile of the recurring revenue business, the $450,000,000
Show response
Vik confirmed recurring revenue carries higher margins than base business including in the 60%+ gross margin range. Currently reinvesting in service technicians and commercial capacity to drive future growth. Full run rate will show more accretive margin as reinvestment matures.
first-year margin profile look like for the things that you are looking at
Show response
Vik noted typical first-year margins in lower 20s with clear path to segment average or better. Playbook of mid-teens ROIC by year 3 taking multiple turns out from synergies. Some deals immediately accretive. Not all equal but consistent framework.
Calendar 2025 Q3
what happens in an environment where tariffs go away
Show response
Vicente confirmed pricing is permanent and will not be reversed. All surcharges converted to list prices. Tariff pricing has been 1:1 cost coverage, so tariff removal could create margin benefit.
is it because like in the first half, as you're building your backlog, you're not contemplating the type of cost environment
Show response
Vik explained book-to-bill staying near 1 in H2 instead of normal sub-1, meaning orders with recent price increases are going into backlog rather than shipping. Section 232 and other August tariffs taken pricing action but pending 2026 conversion. Actions visible in bookings, providing confidence.
Calendar 2025 Q2
the customer that you referred to, I know you don't want to call it out by name, but is it consistent with the reduction in guidance, the revenue guide that you saw a year ago
Show response
Vicente confirmed this is a different customer and project than the prior A&D guide-down. Funding appears approved in Big Beautiful Bill but delayed. Vik added no change to organic guide other than tariff pricing, team has offset the volume.
whether structurally, there's any concerns around maybe the longer-term growth algorithm for compressors going forward
Show response
Vicente attributed muted growth to normalization of large onetime projects like renewable natural gas ($100M to $10-20M). Base compressor business remains GDP-plus growth. China showing positive organic order growth despite flat market. Recurring revenue solutions provide additional upside.
Calendar 2025 Q1
would your expectation then be that like, okay, you're going to get a little bit better growth than as the year progresses
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Vicente confirmed potential for upside if tariffs resolve, noting the stacked positives warranted the prudent volume contingency rather than a raise.
it really isn't much baked in for the rest of the business
Show response
Vik confirmed M&A sized at ~$330M revenue contribution. The tariff pricing at zero flow-through is the unique composition change making organic contribution appear thin.
DOVDover Corporation10 questions · 6 reporting periods · 0 of 10 challenging
Calendar 2026 Q2
Is there any reason to believe that the conversion will not translate into much faster earnings growth or organic growth
Show response
Richard cautioned against straight-line backlog math given the short-cycle mix and said Dover would revisit the outlook after Q3 if orders keep surging.
Calendar 2026 Q1
it seems like you're expecting incremental margins to really to inflect, I guess, maybe in the second half of the year, I guess, in DCST. I guess I don't know how do we think about that? Like how m...
Show response
Rich explained current capacity additions are for 2027 demand; CapEx spent 18 months ago is now productive; capacity planning follows a rolling 3-year forecast; believes they have it sized correctly.
how are you thinking about the TAM for both CO2 systems and liquid cooling? Obviously, CO2 systems still way underpenetrated relative to Europe and just got back from data center world and liquid c...
Show response
Rich sized CO2 opportunity at 90% remaining penetration of existing North American installed base; deferred to larger participants on liquid cooling TAM sizing; strategy is staying ahead on product performance and online capacity.
Calendar 2025 Q4
how are you thinking about the portfolio as it stands today? And potentially, you know, addition by subtraction?
Show response
Rich expressed comfort with current portfolio; preserves optionality for monetization to fund larger deals if needed, but not actively marketing anything.
where across the portfolio do you think you have the biggest swing factors this year?
Show response
Rich indicated upside is broad-based rather than concentrated, each segment could add a point, collectively adding a couple points to the total rather than any single business doubling.
Calendar 2025 Q3
can you just give a little bit more color on that SIKORA acquisition? I think you said that it was significantly outperforming
Show response
Rich explained SIKORA relationship began through Maag polymer business; outperforming deal model significantly; integration progressing with geographic expansion to 2+ additional sites over 24 months.
Calendar 2025 Q1
Just talk us through some of these structural cost actions that are occurring in the business and maybe what the ballpark expectations are for margins?
Show response
Rich clarified CEF (not DII) is the largest absolute margin accretion story; driven by restructuring roll-forward, volume mix, and additional footprint consolidations in H2 with roll-forward into 2026.
is it fair to say that the growth rate you're expecting at this point in 2Q would be above the 2% to 4% range for the year?
Show response
Rich indicated Q2 organic growth expected within (not above) the full-year 2-4% guided range.
Calendar 2024 Q4
talk a little bit about like what you're seeing in that European heat pump market now expecting, growth in 2025
Show response
Rich explained deliberate under-production in Q4 to force channel inventory clearing, with sequential order improvement and ramp expected from Q2 onward.
how do you think about then the margin trajectory in 2025? It would seem like you should get some pretty good margin expansion
Show response
Rich pleased with refrigeration exit margins, expects improvement as heat exchanger production normalizes from severe Q4 under-production.
Show 9 more companies
JCIJohnson Controls10 questions · 7 reporting periods · 0 of 10 challenging
Calendar 2026 Q2
Embedded in your revenue guidance for the year, how much is embedded for data center revenues this year?
Show response
CFO said data center revenue lands in the high teens as a percent of FY2026 mix and is expected to reach roughly a third of the company over three to five years.
Calendar 2025 Q4
characterize what the pipeline of orders looks like today versus maybe three to six months ago, and then also, as you kinda think about your data center customers, has there been any real discernib...
Show response
Pipeline healthier than 3-6 months ago. Pragmatic pipeline management approach being rolled out to sales teams. No material shift in colo vs hyperscaler. Geographic broadening into APAC and Europe.
Calendar 2025 Q3
Just how has your thinking evolved just in terms of addition by subtraction across the portfolio?
Show response
~10% non-core portfolio actions unchanged. Additional strategic review of other parts ongoing with Board. Conclusions and decisions over next couple of quarters.
can you maybe just like double-click on like how complementary the investment is, like whether you'll be going to market together?
Show response
CDU is short-term revenue now, developed with hyperscaler customers. Accelsius is strategic: 2-phase cold plate technology anticipating chip cooling needs 4-5 years out.
Calendar 2025 Q2
I'm curious whether there's a way for you to maybe just give us an initial framework for 2026
Show response
Too early for specific FY2026 guide but long-term algorithm intact: mid-single-digit growth, 25%+ incrementals, double-digit EPS growth. Investor Day timing tied to strategy completion.
Calendar 2025 Q1
should we be expecting some similar level of margin expansion beyond this year?
Show response
Weidemanis sees no reason JCI can't reach or surpass peer margins over time. Will come back with timing. Excited about opportunities from lean and customer focus.
can you just maybe just provide an update how that business is trending, what the expectations are for just investments in new product rollout
Show response
No slowdown expected in data center growth. Differentiated YORK chiller platform provides global single platform. Expanding from NA to Asia Pac with existing customers.
Calendar 2024 Q4
what really surprised to the upside this quarter on Global Products margins?
Show response
Two drivers: higher-than-expected 11% unit growth (some tariff-related pre-buying) and data center vertical volume leverage across both internal and external margin.
was there a way to maybe quantify that kind of tariff floating comment for the first quarter
Show response
No precise quantification of tariff pull-forward on revenue. Confirmed conservatism in H2 margin outlook is explicitly tariff-driven uncertainty.
Calendar 2024 Q3
was there anything kind of one-off in the margins this quarter?
Show response
Marc said no one-timer drove Global Products margin; the step-up reflects structural operational efficiency, with about 20% pro forma as the jumping-off point and upside.
ETNEaton Corporation9 questions · 5 reporting periods · 1 of 9 challenging
Calendar 2026 Q1
how are you managing like potential disruption from the integration of this asset with legacy Eaton
Show response
Paulo emphasized protecting what made Boyd great: speed, engineering, manufacturing quality. Boyd reports directly to COO for high visibility. CapEx as percentage of sales approaching double digits temporarily, already in guidance.
Calendar 2025 Q3
how long they've been providing liquid cooling or CDU solutions to data centers
Show response
Paulo explained Boyd started in aerospace cooling, migrated to data centers (80%+ of revenue), with 500 engineers embedded 2-3 chip generations ahead creating sustainable moat.
how are you thinking about 2026 just given the strong growth that you're seeing
Show response
Paulo projected year-end backlog up ~20% YoY with book-to-bill potentially above 1.1, guaranteeing record backlog entering 2026 with enormous visibility.
Calendar 2025 Q2
what is your expectation for Electrical Americas and Global orders? And then similarly, clearly, your backlog continues to grow
Show response
Paulo expressed confidence in Q3 order acceleration with specific project visibility and projected book-to-bill above 1 for the year.
If you backed out your data center orders this specific quarter, we're calculating that like the rest of EA
Show response
Paulo clarified underlying EA orders up 11% ex-lumpy comp, with strength beyond data center in C&I, utilities, and other markets.
Calendar 2025 Q1
how easy is it going to be for you to get the pricing that you need to cover the tariff impact?
Show response
Paulo confirmed willingness to reprice backlog if needed, acknowledged Q2 pricing lag, and committed to full margin recovery according to long-term plan.
roughly $150 million impact for the given space on the original guidance versus this guidance
Show response
Olivier indicated underlying guide excluding tariffs and Fiber Bond is largely unchanged, implying tariff impact is offset dollar-for-dollar in EPS.
Calendar 2024 Q4
you were expecting margins to be about 300 basis points lower than where we ended up in 2024
Show response
Paulo credited execution, better plant operations, and supply chain improvement beyond top-line contribution.
is there any color you can kind of give us on what - how the margins look like today in the backlog versus a year ago?
Show response
Paulo confirmed backlog margins are largely in line with current margins, supporting continued margin performance.
ALLEAllegion7 questions · 3 reporting periods · 1 of 7 challenging
Calendar 2026 Q1
does it make sense for Allegion to have an international presence? The domestic business is doing so well
Show response
John pushed back firmly, pleased with International growth and portfolio improvements. ERP issue is temporary, not structural. Not the time for extreme strategic conversations.
just given kind of like the start to the year from a share perspective, I'm just wondering like how you're thinking about buyback versus M&A at this point?
Show response
John noted $40M Q1 buyback, new $500M authorization. Expects both M&A and buyback. Balanced, disciplined, consistent framework unchanged.
Calendar 2025 Q3
Just talk about the pipeline as you see it today. And as you're kind of thinking about like the potential accretion from an earnings standpoint into next year based on what you already know, just a...
Show response
John confirmed pipeline active across mechanical portfolio expansion, electronics, and complementary software. Mike pointed to appendix math for Q4 run-rate to model 2026 carryover.
Can you maybe just give us an update on the key verticals and whether there's -- there were any kind of like discernible differences between how you feel today versus how you felt a quarter ago?
Show response
John declined to pick winners by vertical but emphasized broad-based spec growth across education, multifamily, data centers. Spec writers are versatile and engine never turns off.
Calendar 2025 Q1
If in fact something changes and I think are changing by the day, how do we then think about the pricing actions that you're taking
Show response
John emphasized agility without committing to specific mechanics if tariffs change. Committed to covering costs at OI/EPS level.
was was there could you guys determine whether there was any kind of, like, pull ahead in one queue as well
Show response
John distinguished Q4 resi pull-ahead (confirmed) from non-res (no evidence). Non-res is book-and-ship with short lead times.
is there any kind of mismatch we should be thinking about where you know, either putting through pricing ahead of some of the tariff impact or vice versa
Show response
Mike confirmed about one month lag between tariff impact and pricing offset. Full year neutral, Q2 could see slight headwind from that timing.
GEVGE Vernova7 questions · 7 reporting periods · 0 of 7 challenging
Calendar 2026 Q2
I'd be curious to hear what level of concern you have based on the plans that are out there today
Show response
Addressed industry overcapacity concern; expressed comfort on Heavy-Duty supply/demand balance over the next 5-6 years, with less certainty on smaller-application capacity.
Calendar 2026 Q1
What is your approach? Are you planning on limiting any type of order intake?
Show response
Scott confirmed GEV will continue taking orders for 2031+ unlike competitors. Differentiated by having exponentially larger installed base (231 units on order, 100+ not yet commissioned), providing a financial floor from services that gives more optionality. Ken reinforced that lean culture continuously adds capacity at attractive value beyond planned 24 GW by 2028.
Calendar 2025 Q4
I think your original expectation was for backlog and for SRAs to be roughly around 60 gigawatts and you ended at 83 gigawatts. Now you have an expectation of 100 gigawatts by the end of 2026. Scot...
Show response
Strazik confirmed SRA pricing is 10-20 points above existing backlog. Path to 100GW in 2026 expected with shift toward 60% orders/40% SRAs. Active discussions for 2031-2035 framework agreements could push SRA count higher but not assumed in 100GW target.
Calendar 2025 Q3
maybe you can double-click a little bit on the commercial limitations that currently exists under your agreement. And then as you kind of think about getting after that $80 billion addressable oppo...
Show response
Strazik detailed Prolec's exclusivity constraint limiting GE Vernova from using global capacity for North America. Full ownership enables bundled switchgear+transformer solutions, unified pricing/commercial strategy, and customer convergence. Near-term focus on North America commercial synergies; international medium/low voltage expansion is Chapter 2-3.
Calendar 2025 Q2
I want to try to square something actually on your new equipment orders in Power, saw that you guys booked roughly about a little over 5 gigawatts
Show response
Parks clarified 9GW contracted (2 to backlog, 7 to SRAs) plus 3GW SRA conversions; Strazik explained H2 will have more combined cycle orders driving higher dollar/GW ratios.
Calendar 2025 Q1
we often get the question on cancellation risk. Just given, you know, the gyrations that we're seeing particularly from the data center market
Show response
Strazik emphasized SRAs have direct payments securing slots, cancellation risk is very low though some timing movement is expected as customers finalize EPCs and site selection.
Calendar 2024 Q4
As you're looking out for 2025, Scott, any thoughts around how much that backlog can build
Show response
Strazik highlighted substantial share gain opportunity in electrification beyond market growth, with Asia and North America as key expansion regions and the GE Vernova brand helping commercially.
ITWIllinois Tool Works7 questions · 4 reporting periods · 1 of 7 challenging
Calendar 2026 Q2
Are we hitting kind of like a natural ceiling on that business from a margin standpoint?
Show response
Rejected the ceiling premise and attributed the flat margin to price/cost lag plus higher partner commissions on 14% growth.
you can give a little bit more color on what you're doing to make sure that you're matching the demand environment
Show response
Framed capacity as an 80/20 output and pointed to sustained semi and electronics investment through the down cycle.
Calendar 2025 Q4
price-cost is expected to be positive in 2026. Can you elaborate on that a little bit? And then also, seeing that resin prices have continued to come down, at this point, you know, what percentage ...
Show response
Michael said price-cost has normalized after tariff wave, slightly favorable for 2026 but not a major margin driver. Resin exposure considerably less than the 10-15% of COGS from 2016 era. Auto typically doesn't adjust for resin changes. Not material to overall performance.
Calendar 2025 Q3
as we're kind of thinking about 2026 and a potential initial framework with the moving pieces
Show response
Michael said top line based on Q4 run rates, continued CBI progress, market share gains, above-market organic growth. Enterprise initiatives for margin improvement. Incrementals above historical. Formal guidance in February.
you've got probably some room on your balance sheet if you wanted to lever up a little further
Show response
Michael said 2x EBITDA leverage is on target. $1.5B buyback is surplus capital allocation. Highest credit rating in industrial space provides significant M&A capacity if right opportunities arise.
Calendar 2024 Q4
how much has that been contributing to the margin expansion? Like, much they contribute in 2024
Show response
Michael said PLS contribution to enterprise initiatives is roughly 50/50 with other initiatives, varying by year. CBI most advanced in Welding, Auto, Food Equipment, and T&M Electronics.
If you wanted to lever up another turn, would be pretty easy for you to do a more aggressive buyback
Show response
Michael said $1.5B is at least the floor, if performance exceeds guidance, excess surplus capital goes to buybacks. Capital structure is in an optimal place.
LIILennox International5 questions · 4 reporting periods · 1 of 5 challenging
Calendar 2025 Q3
quantifying the fact that your inventories are up roughly $300 million year over year. And the sales growth for the company is gonna be, let's just call it, roughly flattish
Show response
CEO acknowledged inventory higher than expected, targeting $150-$200M reduction with two-thirds excess from destocking (normalizing by Q2 2026) and one-third from strategic investment in emergency replacement and fill rates.
Calendar 2025 Q2
when you take a look at the residential volumes down 9% this quarter, what did your independent distribution channel do versus what you sold through the dealer network
Show response
CFO disclosed 2-step (indirect) total revenue up 10% while 1-step (direct) was flat, both including volume and price/mix. Implies underlying volume decline was concentrated in the direct channel.
You should improve on mix in the second -- in 2026 as well because you'll have -- you'll be selling all 454B
Show response
CEO confirmed mix benefit continues into 2026 as product shifts from 60/40 in 2025 to 100% 454B. Year-over-year mix improvement will be strongest in H1 2026 before normalizing in H2.
Calendar 2025 Q1
I'm trying to think about how these margins will progress sequentially as the year goes on
Show response
CEO emphasized BCS margin headwinds are all internally caused from factory transitions, not external factors. Sequential improvement expected through 2025 as inefficiencies wind down.
Calendar 2024 Q4
what you're baking in for incremental margins, if I just take into account price mix and inflation is very low
Show response
CFO identified volume upside at 30% incrementals if rates decline, potential for lower inflation, and productivity improvement as areas of cushion in the guide.
SWKStanley Black & Decker2 questions · 2 reporting periods · 1 of 2 challenging
Calendar 2025 Q3
How far above do you still think you are from an inventory perspective? And what's your expectation for reduction in 2026?
Show response
Hallinan targeting $200-300M inventory reduction in 2026 (closer to $200M), noting long-term opportunity of ~$1B working capital reduction via platforming and improved planning.
Calendar 2025 Q1
you mentioned putting through high single-digit pricing increases at this point with your retail partners. The math implies that you need roughly, call it, $850 million or so in pricing for the year
Show response
Nelson confirmed first price increase is live and on shelves, declined to specify Q3 increase amount but indicated it's likely higher than the first round.
DDDuPont1 question · 1 reporting period · 0 of 1 challenging
Calendar 2026 Q2
give us an update on where those projects stand and like whether you've seen any type of alleviation
Show response
Koch confirmed the $10M Q1-to-Q2 shift completed in April; Middle East H2 improvement rests on booked projects.
ROKRockwell Automation1 question · 1 reporting period · 1 of 1 challenging
Calendar 2026 Q2
you're essentially forecasting 4Q S&C margins to be below 30%, so call it somewhere in the high 20s.
Show response
Rothe corrected the model, saying Q4 Software & Control margin should be low 30s (~33%), not high 20s, with the sequential dip driven by inflation on flat volume.
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 |
|---|---|---|
| CARR Carrier Global | 14 | 7%1 of 14 questions |
| PH Parker Hannifin | 12 | 0%none of 12 questions |
| TT Trane Technologies | 12 | 8%1 of 12 questions |
| HON Honeywell International Inc. | 11 | 9%1 of 11 questions |
| IR Ingersoll Rand | 11 | 18%2 of 11 questions |
| DOV Dover Corporation | 10 | 0%none of 10 questions |
| JCI Johnson Controls | 10 | 0%none of 10 questions |
| ETN Eaton Corporation | 9 | 11%1 of 9 questions |
| ALLE Allegion | 7 | 14%1 of 7 questions |
| GEV GE Vernova | 7 | 0%none of 7 questions |
- CARRCarrier Global · 14 questions7%1 of 14 questions
- PHParker Hannifin · 12 questions0%none of 12 questions
- TTTrane Technologies · 12 questions8%1 of 12 questions
- HONHoneywell International Inc. · 11 questions9%1 of 11 questions
- IRIngersoll Rand · 11 questions18%2 of 11 questions
- DOVDover Corporation · 10 questions0%none of 10 questions
- JCIJohnson Controls · 10 questions0%none of 10 questions
- ETNEaton Corporation · 9 questions11%1 of 9 questions
- ALLEAllegion · 7 questions14%1 of 7 questions
- GEVGE Vernova · 7 questions0%none of 7 questions
Show all 15 companies
| Company | Questions | Challenge rate |
|---|---|---|
| ITW Illinois Tool Works | 7 | 14%1 of 7 questions |
| LII Lennox International | 5 | 20%1 of 5 questions |
| SWK Stanley Black & Decker | 2 | —Rate withheld: fewer than 3 questions |
| DD DuPont | 1 | —Rate withheld: fewer than 3 questions |
| ROK Rockwell Automation | 1 | —Rate withheld: fewer than 3 questions |
- ITWIllinois Tool Works · 7 questions14%1 of 7 questions
- LIILennox International · 5 questions20%1 of 5 questions
- SWKStanley Black & Decker · 2 questions—rate withheld: under 3 questions
- DDDuPont · 1 question—rate withheld: under 3 questions
- ROKRockwell Automation · 1 question—rate withheld: under 3 questions
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q3 | 2 | 0%none of 2 questions | 2 |
| 2024 Q4 | 18 | 0%none of 18 questions | 10 |
| 2025 Q1 | 21 | 10%2 of 21 questions | 12 |
| 2025 Q2 | 16 | 13%2 of 16 questions | 9 |
| 2025 Q3 | 21 | 5%1 of 21 questions | 13 |
| 2025 Q4 | 13 | 8%1 of 13 questions | 8 |
| 2026 Q1 | 14 | 14%2 of 14 questions | 8 |
| 2026 Q2 | 14 | 21%3 of 14 questions | 10 |
- 2024 Q32 questions · challenge rate 0% (none of 2 questions) · 2 companies
- 2024 Q418 questions · challenge rate 0% (none of 18 questions) · 10 companies
- 2025 Q121 questions · challenge rate 10% (2 of 21 questions) · 12 companies
- 2025 Q216 questions · challenge rate 13% (2 of 16 questions) · 9 companies
- 2025 Q321 questions · challenge rate 5% (1 of 21 questions) · 13 companies
- 2025 Q413 questions · challenge rate 8% (1 of 13 questions) · 8 companies
- 2026 Q114 questions · challenge rate 14% (2 of 14 questions) · 8 companies
- 2026 Q214 questions · challenge rate 21% (3 of 14 questions) · 10 companies
Topics
Topics tagged on this analyst’s questions.
- Demand44
- Margin31
- Revenue Growth21
- Trade Tariffs16
- M&A15
- Guidance Reliability14
- Capital Allocation13
- Pricing13
- Capex Investment11
- Cloud & AI8
Show all 19 topics
- Innovation & R&D7
- Competitive Dynamics7
- Inventory7
- Supply Chain6
- Macroeconomic5
- Cost Pressure4
- Geographic Expansion4
- Product Launch3
- Regulation Policy2