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Analyst
Saree Boroditsky
Period: Reporting periods mapped to calendar 2024 Q3 – 2025 Q4 (6 quarters).
- Questions
- 28on tracked calls
- Challenge rate
- 11%3 of 28 questions
- Companies
- 7questioned at least once
- Reporting periods
- 6with 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 28 of 28 questions from 7 companies
AOSA. O. Smith9 questions · 5 reporting periods · 3 of 9 challenging
Calendar 2025 Q4
I think your guidance kind of implies like, double-digit decline in the first half and then return to growth here. What specific, like, indicators are kind of giving you confidence that it can kind...
Show response
Response cited lapping of subsidy-driven comps and internal growth initiatives but provided limited concrete indicators for recovery timing.
Your outlook is calling for a flattish to down kind of industrial volume here for 2026. And I think then this marks kind of the third year of flattish to declining volumes, which we haven't really ...
Show response
Management attributed weakness to new home completions pressure in both multifamily and single-family, while noting emergency and proactive replacement demand remains resilient.
Calendar 2025 Q3
I think previously, you attributed some of the strengths to prebuy. So just maybe a little bit more detail on what you're seeing in that market
Show response
Steve highlighted both strong market conditions and competitive product portfolio including the new FLEX commercial water heater. Chuck added the production efficiency program contributed to Q3 strength.
Could you just talk about your performance versus the overall market there? And is this just a weaker market? Or is there any competitive dynamics going on?
Show response
Steve acknowledged both market weakness and increasing competitive intensity. Post-subsidy promotional activity is adding competitive pressure, but brand remains strong in premium positions.
Calendar 2025 Q2
Could you just talk through what you saw in resi and commercial water heater shipments in June and into July?
Show response
Chuck noted June/July orders are typical post-price-increase pattern. AOS expects back-half share recovery as competitors work through their excess channel inventory.
the impact of price in the quarter and how much of the price increase did you realize in 2Q versus the remainder of the year?
Show response
Chuck clarified very little water heater pricing hit Q2 due to backlog and lead times. Tariff costs were roughly offset in Q2; full pricing benefit rolls into Q3.
Calendar 2025 Q1
I was just curious on the pre-ban expectations given expected pricing actions in response to tariffs
Show response
Chuck explained level-loading production strategy to avoid pre-buy distortion. Steve added they work closely with customers on lead times and allocations during price transitions.
you have announced price actions, but I believe you've not included this guidance
Show response
Chuck explained prudence of excluding tariff/pricing from top line given daily volatility. Kevin reinforced confidence in maintaining EPS through combined pricing, cost controls, and manufacturing optimization.
Calendar 2024 Q4
how do you think about your long-term guidance, for I believe 5% to 6% growth through 2028?
Show response
Kevin acknowledged they are behind the first year of the Investor Day plan and would need higher recovery rates. Chuck noted both China and water treatment are in repositioning years, creating 2025 top-line drag.
PNRPentair6 questions · 3 reporting periods · 0 of 6 challenging
Calendar 2025 Q4
do you expect to see any benefit from the replacement of equipment that was put in during the COVID boom as we're about five years out now?
Show response
CEO acknowledged both COVID replacement cycle and cold weather breakage as eventual tailwinds but difficult to time precisely. Believes both properly captured in current guide with limited near-term upside visibility.
can you just talk about any headwinds embedded in the guidance that are offsetting these cost savings and deal contribution?
Show response
CEO confirmed math correct. Offsets include digital/innovation/strategic investments under new strategy role, new product launches, modest volume contribution, and year-over-year price roughly equaling cost.
Calendar 2025 Q2
Just how you're thinking about pricing over the next several years. Does pricing slow down at some point?
Show response
CEO said value proposition is to work higher-end pools with technological advancements. Hopes for normalization to 1-2% annual reflecting general inflation. Lots of volatility currently.
I think you mentioned the potential for sluggish volumes in 2026. But maybe just talk about how you're thinking about replacement demand
Show response
CEO clarified not predicting sluggish 2026 - just hasn't seen volume recovery yet. Still significant opportunity from NPI, dealer training, and automation content growth regardless of pool build levels.
Calendar 2024 Q4
maybe any changes on how you're thinking about producing water treatment products in Mexico?
Show response
CEO defended Mexico as structurally sound for labor access and cost. Would react short-term with pricing, evaluate long-term sourcing strategy.
Can you talk about how you're driving growth in those top clients and products? What are some of the investments required?
Show response
CEO gave high-level answer about refocusing on core strengths and incentivizing dealers/distributors/salespeople. Limited specifics on investment amounts.
NDSNNordson Corporation4 questions · 2 reporting periods · 0 of 4 challenging
Calendar 2025 Q2
How do you think about margin performance going forward? And how do you maintain a more steady margin performance
Show response
CEO noted ATS margins structurally higher due to cost restructuring. CFO added they've raised the water line with peak-to-peak and trough-to-trough margin improvement.
Could you talk through what you're seeing in that market? And how -- what you've seen from a margin performance
Show response
CEO attributed growth to European and South American recovery post-channel destocking, noting ARAG margins already at or above company average even in downturns.
Calendar 2025 Q1
How much of this is related to underlying demand versus the challenging comparables that you had from the strong incoming backlog
Show response
CEO attributed IPS decline primarily to tough comps in polymer processing and industrial coatings, while consumer non-durable adhesive businesses were growing in line.
how should we think about incrementals in this segment once demand inflects? And what would it take to get back to that 23% plus margins
Show response
CEO expressed confidence in returning to 2022 margin levels with sales recovery, noting R&D investment will remain high in this segment.
APHAmphenol3 questions · 3 reporting periods · 0 of 3 challenging
Calendar 2025 Q2
maybe just talk about what surprised you in the quarter? Or was it just conservative given some of the high level of uncertainty
Show response
Norwitt attributed broad upside to execution across all markets. Noted demand strengthening in previously questionable markets like industrial, automotive and communications networks.
Calendar 2025 Q1
I want to just drill down into what you're seeing, within industrial and the factory automation side
Show response
Lampo confirmed factory automation still down YoY but less than prior quarters. Europe-centric customer base continues to weigh on recovery; too early to call spring bloom.
Calendar 2024 Q4
Could you just update us on the integration of acquisitions and margin improvement there?
Show response
Lampo confirmed CIT still below company average margins but making progress. Declined to give specific CIT margin data but expressed optimism about reaching company averages.
TELTE Connectivity3 questions · 3 reporting periods · 0 of 3 challenging
Calendar 2025 Q1
obviously another tough on destocking. Can you just update us on channel inventory and how you expect this market to play out
Show response
Terrence said medical inventory normalization is over. Business saw 20% sequential growth in Q2. Second half expected to show continued sequential improvement.
Calendar 2024 Q4
you spoke about some of the restructuring charges related to footprint consolidation this year. Maybe talk a little bit about the benefit
Show response
Heath highlighted ongoing Western Europe to Eastern Europe and Morocco footprint shift. Industrial segment expected to show biggest margin expansion in FY25 driven by growth and cost actions.
Calendar 2024 Q3
just given the strong growth expected in Communication for 2025, are you still looking for 25% to 30% incremental margin on that growth
Show response
Heath confirmed ~30% incremental margins for the segment, including benefits from cost actions and operating leverage on higher volumes.
WABWabtec2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2024 Q4
Can you just talk about how you think about the step up in freight margins since the first quarter and full year 2025?
Show response
John explained Q4 margin dip was expected production cadence, not momentum loss. Expected sequential pop back in Q1 as mix normalizes.
Your outlook contemplates slower demand in North America. Maybe just what the feedback has been on digital and why North America has been softer here?
Show response
Rafael acknowledged NA softness in discretionary OpEx and computer signaling but highlighted $1B order year and profitable growth trajectory with international leading.
Show 1 more company
EMREmerson Electric1 question · 1 reporting period · 0 of 1 challenging
Calendar 2024 Q4
Could you just talk about how that plays out over the remainder of the year? I think you talked about some discretionary costs coming back
Show response
Price-cost and cost reductions continue through year. Mix will moderate from Q1 peak as AspenTech contribution normalizes. Some discretionary spend returns.
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 |
|---|---|---|
| AOS A. O. Smith | 9 | 33%3 of 9 questions |
| PNR Pentair | 6 | 0%none of 6 questions |
| NDSN Nordson Corporation | 4 | 0%none of 4 questions |
| APH Amphenol | 3 | 0%none of 3 questions |
| TEL TE Connectivity | 3 | 0%none of 3 questions |
| WAB Wabtec | 2 | —Rate withheld: fewer than 3 questions |
| EMR Emerson Electric | 1 | —Rate withheld: fewer than 3 questions |
- AOSA. O. Smith · 9 questions33%3 of 9 questions
- PNRPentair · 6 questions0%none of 6 questions
- NDSNNordson Corporation · 4 questions0%none of 4 questions
- APHAmphenol · 3 questions0%none of 3 questions
- TELTE Connectivity · 3 questions0%none of 3 questions
- WABWabtec · 2 questions—rate withheld: under 3 questions
- EMREmerson Electric · 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 | 1 | 0%none of 1 question | 1 |
| 2024 Q4 | 8 | 0%none of 8 questions | 6 |
| 2025 Q1 | 6 | 0%none of 6 questions | 4 |
| 2025 Q2 | 7 | 0%none of 7 questions | 4 |
| 2025 Q3 | 2 | 50%1 of 2 questions | 1 |
| 2025 Q4 | 4 | 50%2 of 4 questions | 2 |
- 2024 Q31 question · challenge rate 0% (none of 1 question) · 1 company
- 2024 Q48 questions · challenge rate 0% (none of 8 questions) · 6 companies
- 2025 Q16 questions · challenge rate 0% (none of 6 questions) · 4 companies
- 2025 Q27 questions · challenge rate 0% (none of 7 questions) · 4 companies
- 2025 Q32 questions · challenge rate 50% (1 of 2 questions) · 1 company
- 2025 Q44 questions · challenge rate 50% (2 of 4 questions) · 2 companies
Topics
Topics tagged on this analyst’s questions.
- Demand13
- Margin9
- Revenue Growth6
- Guidance Reliability5
- Macroeconomic4
- Competitive Dynamics4
- Pricing4
- Trade Tariffs3
- Geographic Expansion2
- Supply Chain2
Show all 16 topics
- Cost Pressure2
- Cloud & AI2
- Product Launch1
- Innovation & R&D1
- Inventory1
- M&A1