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    Adam Roszkowski • Bank of America

    Adam Roszkowski's questions to Westinghouse Air Brake Technologies Corp (WAB) leadership

    Adam Roszkowski's questions to Westinghouse Air Brake Technologies Corp (WAB) leadership • Q2 2025

    Question

    Adam Roszkowski, on for Ken Hoexter at Bank of America, requested insights into the financial shape of the second half of the year, specifically regarding revenue and margin cadence for the Freight and Transit segments, and followed up on the backlog pipeline.

    Answer

    CFO John Olin detailed a strong second-half outlook, with organic revenue growth accelerating and robust margin expansion. He noted H2 margins would be tempered slightly compared to H1 due to a mix shift towards more new locomotive deliveries and fewer modernizations. CEO Rafael Santana added that the strong 12-month backlog provides solid coverage for 2025 and growing visibility into 2026.

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    Adam Roszkowski's questions to Westinghouse Air Brake Technologies Corp (WAB) leadership • Q1 2025

    Question

    Adam Roszkowski, on behalf of Ken Hoexter, asked for clarification on the tariff assumptions within the 2025 guidance and inquired about the expected margin progression and cadence for the remainder of the year.

    Answer

    CFO John Olin clarified that the guidance includes the first round of tariffs but excludes potential reciprocal tariffs due to their volatility. Regarding cadence, Olin stated that while Q2 will be strong, it won't see the same level of margin favorability as Q1. This is because Q1 benefited from a strong services mix, whereas Q2 will see a shift back towards new locomotive production, creating a mix headwind.

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    Adam Roszkowski's questions to TFI International Inc (TFII) leadership

    Adam Roszkowski's questions to TFI International Inc (TFII) leadership • Q1 2025

    Question

    Adam Roszkowski asked for the timeline to improve the U.S. LTL claims ratio and for an update on the pace of contractual pricing renewals.

    Answer

    Executive Alain Bedard called the current 0.9% claims ratio "terrible" and expects improvement throughout 2025, aiming for the best-in-class level of 0.2%. Executive David Saperstein clarified that while contract renewals are occurring in the mid-single digits, the overall revenue per shipment has been negatively impacted by a mix shift away from SMB towards larger customers, a trend the company is now actively reversing.

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    Adam Roszkowski's questions to TFI International Inc (TFII) leadership • Q3 2024

    Question

    Adam Roszkowski, on for Ken Hoexter, asked for confirmation that U.S. LTL contract renewals are in the low single digits and inquired about Q4 tonnage expectations. He also asked for a baseline on potential OR improvement in U.S. LTL for the next year.

    Answer

    CEO Alain Bedard confirmed renewals are in the low single digits. He expects the Q4 OR to improve from Q3, driven by cost controls rather than market improvement. For 2025, he stated he would be 'really disappointed' if the U.S. LTL segment does not achieve a sub-90% OR, citing planned improvements in fleet costs, labor efficiency, and a renewed focus on increasing freight per stop.

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