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    Andrew Buscaglia

    Senior Analyst for US Industrial Technology at BNP Paribas

    Andrew Buscaglia is a Senior Analyst for US Industrial Technology at BNP Paribas Exane, specializing in diversified industrial IoT applications including automation equipment, instrumentation, and sensors. With coverage spanning leading public companies in the industrial technology sector, Buscaglia brings nearly 16 years of equity research experience and a track record of rigorous sector insight, though public third-party performance metrics such as TipRanks ratings or average portfolio returns are not disclosed. He began his analyst career as a research associate on the semiconductor devices team at Canaccord Genuity, progressed to senior roles at Credit Suisse covering environmental services and industrial distribution, served as US Industrials Sector Head at Berenberg, and joined BNP Paribas Exane in early 2024. Buscaglia holds a bachelor’s degree from Hamilton College; public records of FINRA registration or securities licenses are not specified.

    Andrew Buscaglia's questions to ZEBRA TECHNOLOGIES (ZBRA) leadership

    Andrew Buscaglia's questions to ZEBRA TECHNOLOGIES (ZBRA) leadership • Q2 2025

    Question

    Andrew Buscaglia asked for an update on the company's view of U.S. import tariffs, including concerns about exemptions and potential escalations, and what mitigation efforts are being monitored. He also inquired about the competitive landscape and the potential for market share gains.

    Answer

    CFO Nathan Winters described the tariff situation as dynamic and confirmed the company has a dedicated team and a playbook of mitigation options, including pricing and supply chain diversification. CEO Bill Burns stated that Zebra feels good about its competitive position due to its broad portfolio, strong customer relationships, and innovation, and will continue to 'play our game' regardless of competitor actions.

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    Andrew Buscaglia's questions to ZEBRA TECHNOLOGIES (ZBRA) leadership • Q1 2025

    Question

    Andrew Buscaglia questioned the impact of price increases on volume assumptions within the full-year guidance and asked for color on the strong growth in transportation and logistics (T&L) given negative reports from some large carriers.

    Answer

    CFO Nathan Winters noted that while pricing provides a tailwind, they are holding the sales guide by taking a more cautious view on the second half. CEO William Burns explained that T&L strength is supported by their global footprint and diverse customer base, including postal services, and that market share shifts between carriers can still result in net business for Zebra.

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    Andrew Buscaglia's questions to ZEBRA TECHNOLOGIES (ZBRA) leadership • Q3 2024

    Question

    Andrew Buscaglia asked for commentary on the pickup in demand, particularly regarding large North American retail projects, and inquired about the outlook for this market into next year. He also questioned the current trends with distributors and their decisions to restock inventory.

    Answer

    CEO William Burns confirmed a broadening recovery across all vertical markets in Q3, with retail and e-commerce outperforming. He expects this to continue into Q4, supported by easier comps and a return to normalized year-end spending. CFO Nathan Winters added that distributor inventory levels are well-positioned to meet the anticipated increase in demand.

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    Andrew Buscaglia's questions to Ingersoll Rand (IR) leadership

    Andrew Buscaglia's questions to Ingersoll Rand (IR) leadership • Q2 2025

    Question

    Andrew Buscaglia inquired about the company's capital allocation preference between share repurchases and M&A, and the outlook for aftermarket business expansion.

    Answer

    CFO Vikram Kini reiterated that M&A, particularly bolt-on acquisitions, remains the top priority for capital, with share repurchases continuing opportunistically as planned. CEO Vicente Reynal added that the strategic goal is for the aftermarket business to consistently outgrow equipment sales, thereby increasing its share of total revenue.

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    Andrew Buscaglia's questions to Ingersoll Rand (IR) leadership • Q1 2025

    Question

    Andrew Buscaglia of BNP Paribas requested an update on the ILC Dover acquisition, specifically its exposure to tariffs and current demand trends in its end markets.

    Answer

    CEO Vicente Reynal reported continued encouragement with ILC Dover's momentum, highlighting a book-to-bill of 1.11x for its life science business and low-double-digit booking growth in its core single-use powder handling portfolio. He noted that operational improvements are on track and the tariff impact on ILC Dover is minimal and can be passed on to customers.

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    Andrew Buscaglia's questions to Ingersoll Rand (IR) leadership • Q4 2024

    Question

    Andrew Buscaglia asked if market uncertainty would favor smaller, bolt-on M&A deals in 2025 and inquired about the M&A pipeline for the ILC Dover life sciences platform and adjacent medical markets.

    Answer

    CEO Vicente Reynal confirmed the M&A focus is on bolt-on deals, leveraging market uncertainty to encourage transactions with family-owned companies. He also revealed that two of the seven current LOIs are for bolt-ons in the life sciences space, and that the company has a growing funnel of targets in adjacent medical device components, building on ILC's existing capabilities.

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    Andrew Buscaglia's questions to Ingersoll Rand (IR) leadership • Q3 2024

    Question

    Andrew Buscaglia asked for more detail on the company's activity in the water treatment market and inquired about potential tailwinds for free cash flow in 2025 beyond margin expansion.

    Answer

    Chairman and CEO Vicente Reynal detailed their broad involvement in water treatment across both segments, citing multiple technologies and highlighting it as a key growth market. CFO Vik Kini addressed cash flow, noting that beyond business growth, working capital remains a huge focus, particularly inventory and opportunities from integrating M&A targets.

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    Andrew Buscaglia's questions to Xylem (XYL) leadership

    Andrew Buscaglia's questions to Xylem (XYL) leadership • Q2 2025

    Question

    Andrew Buscaglia of BNP Paribas asked about order trends in the Water Solutions and Services (WSS) segment, focusing on the mix between services and capital equipment. He also inquired about the growing importance of data centers as a demand driver.

    Answer

    CFO William Grogan described the WSS segment as being positioned for strong growth, driven by post-merger synergies, outsourced water projects, and a successful turnaround in the utility services business. He noted the capital business is a 'shining point' and that project lumpiness is normal. CEO Matthew Pine stated that while data centers are not yet a meaningful driver, there is a noticeable uptick in demand for water treatment solutions where municipal water is scarce. He anticipates it will become a more significant issue and opportunity over the next 3-5 years.

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    Andrew Buscaglia's questions to Xylem (XYL) leadership • Q4 2024

    Question

    Andrew Buscaglia of BNP Paribas asked about the performance trends in the Water Solutions and Services (WSS) segment and the potential influence of the new presidential administration and EPA leadership on the water treatment business.

    Answer

    An executive explained that WSS had a strong Q4 as customer projects accelerated, though the growing outsourced water solutions business can introduce some quarterly lumpiness. CEO Matthew Pine addressed the political climate, expressing confidence in the strong bipartisan consensus on water infrastructure. He noted that the incoming EPA head has publicly supported PFAS cleanup, suggesting a continued positive regulatory environment for water treatment.

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    Andrew Buscaglia's questions to COGNEX (CGNX) leadership

    Andrew Buscaglia's questions to COGNEX (CGNX) leadership • Q2 2025

    Question

    Andrew Buscaglia of BNP Paribas questioned whether the strength in logistics, consumer electronics, and packaging could be attributed to demand pull-forward ahead of tariffs. He also asked for the rationale behind excluding the one-time benefit from the strategic channel partnership from the primary Q3 guidance.

    Answer

    CEO Matt Moschner acknowledged that while tariffs create cost pressures, they also drive long-term demand for automation. CFO Dennis Fehr noted a possible minor pull-forward in Q2 but has not seen a change in the Q3 funnel. Fehr explained the one-time benefit was excluded from guidance to provide a clear view of the underlying run-rate business, as accounting rules require recognizing a multi-year license agreement upfront.

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    Andrew Buscaglia's questions to COGNEX (CGNX) leadership • Q1 2025

    Question

    Andrew Buscaglia of BNP Paribas Asset Management inquired about the lack of customer purchasing delays despite macro uncertainty, specifically asking about the automotive sector, and questioned if gross margins have bottomed given mix and tariff headwinds.

    Answer

    CEO Robert Willett described a fluid but stable situation, noting no material order changes. He detailed a mixed regional picture: US logistics remains steady, auto is cautious, and China is in a 'wait-and-see' mode. CFO Dennis Fehr identified unfavorable product mix (due to strong logistics growth) and FX as the primary Q1 gross margin headwinds. He stated that while the mix headwind will persist, the company's focus is on driving overall profitability, as shown by the strong adjusted EBITDA margin.

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    Andrew Buscaglia's questions to COGNEX (CGNX) leadership • Q4 2024

    Question

    Andrew Buscaglia requested an update on the emerging customer initiative, including any context on incremental revenue for 2025, and asked about the primary levers that could drive gross margins back above 70%.

    Answer

    CEO Robert Willett reported that the new sales cohort acquired over 3,000 customers in 2024, with bookings around $1 million per week and business yielding over 75% gross margin. CFO Dennis Fehr clarified that they cannot isolate an incremental revenue number as the new team is integrated with the broader sales force. For gross margin improvement, Willett and Fehr pointed to volume leverage, new high-margin products, and the long-term accretive impact of the sales initiative, while noting near-term mix headwinds from strong logistics growth.

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    Andrew Buscaglia's questions to COGNEX (CGNX) leadership • Q3 2024

    Question

    Andrew Buscaglia sought more clarity on the Q4 gross margin guidance, asking if the core business excluding Moritex would be above 70%. He also questioned if a contribution from the emerging customer initiative was assumed in Q4 guidance and if a new target for 2025 would be provided.

    Answer

    CFO Dennis Fehr detailed the puts and takes for Q4 gross margin, citing a 1-point benefit from one less month of Moritex, offset by headwinds from product mix (more Logistics, less Consumer Electronics) and pricing pressure. He confirmed that increased bookings from the emerging customer initiative are factored into Q4 guidance but stated it was too early to provide a specific target for 2025.

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    Andrew Buscaglia's questions to Zurn Elkay Water Solutions (ZWS) leadership

    Andrew Buscaglia's questions to Zurn Elkay Water Solutions (ZWS) leadership • Q2 2025

    Question

    Representing Andrew Buscaglia of BNP Paribas, an analyst asked why Zurn Elkay isn't seeing weakness in healthcare and education spending, and requested an update on water-related funding and regulations.

    Answer

    CFO Dave Pauli and CEO Todd Adams explained that these end markets remain strong, as spending cuts often target programs, not building upgrades, and project lag times smooth out demand. Pauli also highlighted ongoing state-level 'filter first' legislation in Michigan, New Jersey, and others, which is driving demand for filtered bottle fillers in schools.

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    Andrew Buscaglia's questions to Zurn Elkay Water Solutions (ZWS) leadership • Q1 2025

    Question

    Andrew Buscaglia asked if continuous price hikes are 'borrowing from the future' and unsustainable long-term. He also inquired how the company managed customer pull-forward orders, given the strong Q1 organic growth with little price impact.

    Answer

    Todd Adams, Chairman and CEO, acknowledged long-term uncertainty but expressed confidence in navigating the near-term, noting all major competitors face similar pressures. He explained that they are actively managing the order backlog on a daily, SKU-by-SKU basis to minimize purely price-driven buy-aheads and ensure high service levels for ongoing customer needs.

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    Andrew Buscaglia's questions to Zurn Elkay Water Solutions (ZWS) leadership • Q3 2024

    Question

    Andrew Buscaglia asked about the drivers behind the exceptional gross margins, their sustainability, long-term targets, and whether there is a margin differential across the 18-month construction project timeline.

    Answer

    CEO Todd Adams attributed the strong and sustainable gross margins to the Zurn Elkay business system and a favorable product mix from the fast-growing drinking water category. He stated that a 50% gross margin is a realistic long-term target. Both Adams and CFO David Pauli clarified there is no significant margin differential across the construction cycle, as projects are in various stages at any given time.

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    Andrew Buscaglia's questions to IDEX CORP /DE/ (IEX) leadership

    Andrew Buscaglia's questions to IDEX CORP /DE/ (IEX) leadership • Q2 2025

    Question

    Asked about the revised growth outlook for the Mott acquisition and questioned the company's broader portfolio strategy regarding complexity and the possibility of divestitures.

    Answer

    The company stated that Mott's growth is now expected to be flat for the year, a reduction from the previous high-single-digit forecast. They affirmed that they continuously review the portfolio and that current integration work in the HST segment is aimed at creating a simpler, more focused platform, while complexity has already been reduced in other segments.

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    Andrew Buscaglia's questions to IDEX CORP /DE/ (IEX) leadership • Q4 2024

    Question

    Posed high-level strategic questions about the longer-than-expected recovery cycles in both the HST and FMT segments and how these experiences might influence future strategy and M&A.

    Answer

    The CEO attributed the prolonged HST downturn to the unique post-COVID recalibrations in life sciences and semi, not a fundamental change in cycle length, and asserted HST is now inflecting to lead growth. The FMT segment's slower recovery is tied to broad industrial uncertainty pending policy clarity, which is typical for its more fragmented, faster-oscillating markets.

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    Andrew Buscaglia's questions to IDEX CORP /DE/ (IEX) leadership • Q4 2024

    Question

    Andrew Buscaglia of BNP Paribas posed a high-level strategic question about the HST segment, noting its recovery has been slower and more long-cycle than anticipated, and asked if this experience would alter future M&A strategy. He raised a similar point about the FMT segment's seemingly slow recovery.

    Answer

    CEO Eric Ashleman attributed the prolonged HST recovery to the unique, multi-year recalibration in the life sciences and semiconductor markets following the pandemic. He affirmed the long-term growth thesis is unchanged and noted that recent M&A, like Mott, has already diversified the segment's end-market exposure. He pointed to the 2025 guidance as evidence of HST returning to a leadership growth role. For the FMT segment, he explained its performance reflects broader industrial caution as customers await policy clarity before increasing capital commitments.

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    Andrew Buscaglia's questions to IDEX CORP /DE/ (IEX) leadership • Q4 2024

    Question

    Andrew Buscaglia of BNP Paribas posed strategic questions about the HST and FMT segments. He asked if the longer-than-expected recovery cycle in HST has altered the company's M&A strategy for that segment, and questioned why the more industrial-focused FMT segment was not recovering more strongly.

    Answer

    CEO Eric Ashleman attributed the HST volatility to the unique post-COVID cycle in life sciences and semiconductors, asserting the long-term growth thesis remains intact and that the segment is now more diversified. He noted the 2025 guidance shows HST returning to a growth leadership role. For FMT, Ashleman explained its performance is closely tied to general industrial activity, which is currently muted by policy uncertainty. He expects a rapid ramp-up in FMT once customers gain clarity and commit to projects.

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    Andrew Buscaglia's questions to IDEX CORP /DE/ (IEX) leadership • Q3 2024

    Question

    Andrew Buscaglia from BNP Paribas asked about the semiconductor market, questioning the rationale for a mid-2025 recovery and how margin differentials across HST subsegments might impact profitability. He also inquired about IDEX's positioning for potential future tariffs.

    Answer

    CEO Eric Ashleman tied the semi-recovery timeline to the need for higher factory utilization rates, which are awaiting a new demand catalyst. He also highlighted IDEX's localized 'in-region for-region' production model as a key defense against supply chain disruptions like tariffs. CFO Abhi Khandelwal added that with cost actions and the integration of Mott, there is 'no reason for HST not to be a low 30% EBITDA business' in the future.

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    Andrew Buscaglia's questions to IDEX CORP /DE/ (IEX) leadership • Q3 2024

    Question

    Andrew Buscaglia from BNP Paribas asked about the rationale for a mid-2025 semiconductor market recovery, the margin profile of HST subsegments, and the company's positioning for potential future tariffs.

    Answer

    CEO Eric Ashleman tied the mid-2025 semi-recovery timeline to the need for factory utilization rates to rise before new equipment orders accelerate. He also noted IDEX's localized production model provides resilience against supply chain disruptions like tariffs. CFO Abhi Khandelwal added that with rightsizing efforts and the integration of Mott, the HST segment is positioned to become a low 30% EBITDA business in the future.

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    Andrew Buscaglia's questions to Veralto (VLTO) leadership

    Andrew Buscaglia's questions to Veralto (VLTO) leadership • Q2 2025

    Question

    Andrew Buscaglia inquired about the sales channel for the data center opportunity, why the trend is emerging now, and asked for a quantification of its impact on growth.

    Answer

    President and CEO Jennifer Honeycutt explained that Veralto sells directly into data centers via its Chemtreat business and that the opportunity is gaining focus as it grows rapidly. SVP and CFO Sameer Ralhan noted that the contribution is not disclosed as it's still a small part of the total business.

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    Andrew Buscaglia's questions to Veralto (VLTO) leadership • Q1 2025

    Question

    Andrew Buscaglia asked if tariffs were impacting M&A discussions and sought to clarify if Varalto is a net exporter from China to the U.S.

    Answer

    President and CEO Jennifer Honeycutt stated that tariffs are not impacting their M&A approach, their funnels remain full, and they remain biased toward capital deployment for M&A. While not directly answering the net exporter question, management implied the 3.5% tariff exposure reflects a balance of both imports and exports tied to China.

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    Andrew Buscaglia's questions to Veralto (VLTO) leadership • Q4 2024

    Question

    Andrew Buscaglia asked a high-level question about the potential impact of a new U.S. administration on the Water Quality and PQI segments and whether the guidance accounts for potential tariff disruptions.

    Answer

    President and CEO Jennifer Honeycutt stated that Veralto's business is resilient as 85% of sales are tied to essential needs like clean water and safe food, which transcend politics. SVP and CFO Sameer Ralhan added that while the guidance does not assume a sustained tariff impact, the company is well-positioned due to its fortified global supply chain and manufacturing footprint.

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    Andrew Buscaglia's questions to Veralto (VLTO) leadership • Q3 2024

    Question

    Andrew Buscaglia questioned the Water Quality segment's margins, asking about the differential between analytics and treatment, and also asked how the current 'U-shaped' CPG recovery cycle compares to past cycles.

    Answer

    SVP and CFO Sameer Ralhan explained that a mix shift towards slightly lower-margin treatment solutions and the timing of growth investments impacted Water Quality margins, but advised not to 'read too much into it.' President and CEO Jennifer Honeycutt characterized the current CPG recovery as a more gradual 'U-shaped' improvement, unlike faster 'V-shaped' recoveries in the past, but noted that leading indicators remain encouraging.

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    Andrew Buscaglia's questions to GRACO (GGG) leadership

    Andrew Buscaglia's questions to GRACO (GGG) leadership • Q2 2025

    Question

    Andrew Buscaglia of BNP Paribas Exane asked about the outlook for incremental margins for the remainder of the year and how Graco balances its M&A strategy with maintaining high returns on invested capital.

    Answer

    VP & Controller Christopher Knutson projected incremental margins in the mid-to-low thirties, dependent on business mix. CFO & Treasurer David Lowe explained their M&A strategy focuses on acquiring businesses with Graco-like characteristics at disciplined valuations, which they believe allows them to create value and sustain healthy returns.

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    Andrew Buscaglia's questions to GRACO (GGG) leadership • Q2 2025

    Question

    Andrew Buscaglia of BNP Paribas Exane inquired about incremental margin expectations for the year, the outlook for the weak home center channel, and how Graco balances its M&A strategy with maintaining a high return on invested capital.

    Answer

    VP & Controller Christopher Knutson projected incremental margins in the mid-to-low thirties. CEO Mark Sheahan noted home center orders have stabilized recently and linked a recovery to housing turnover. CFO & Treasurer David Lowe explained that Graco protects its high returns by acquiring niche businesses with strong value propositions and by remaining disciplined on valuation.

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    Andrew Buscaglia's questions to GRACO (GGG) leadership • Q1 2025

    Question

    Andrew Buscaglia of BNP Paribas Exane questioned Graco's pricing power within the Contractor segment, particularly with large customers, in light of tariffs. He also asked about the drivers for the Expansion Markets segment's recent growth.

    Answer

    Executive Mark Sheahan expressed confidence in Graco's pricing power but noted that its U.S. manufacturing base might create a competitive advantage by not needing to pass on tariff-related costs. For Expansion Markets, he credited the 12% growth to a rebound in the semiconductor business and strength in environmental products, acknowledging it was against an easy prior-year comparison. Executive David Lowe added that the 'One Graco' initiative is beginning to drive cross-selling synergies.

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    Andrew Buscaglia's questions to GRACO (GGG) leadership • Q4 2024

    Question

    Andrew Buscaglia of BNP Paribas asked for clarification on Corob's expected sales contribution and EPS accretion for 2025. He also inquired about Graco's M&A philosophy regarding returns on invested capital and whether they target margin improvement opportunities or focus on market entry.

    Answer

    Executive Vice President Mark Sheahan estimated Corob would add 4-5% to 2025 revenue growth. Executive Christopher Knutson clarified that significant EPS accretion is expected in 2026 after one-time costs are absorbed. CFO David Lowe and Mark Sheahan elaborated on their disciplined M&A strategy, stating they use DCF models to target double-digit returns and seek good businesses where Graco can help expand margins or grow the top line.

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    Andrew Buscaglia's questions to GRACO (GGG) leadership • Q3 2024

    Question

    Andrew Buscaglia of BNP Paribas inquired about the market acceptance of new products in the Contractor segment and whether upcoming launches were informing the guidance. He also asked for more detail on the M&A strategy of entering new end markets.

    Answer

    Executive Mark Sheahan responded that new products have performed well, driving incremental revenue and preventing worse results in a challenging macro environment. While more products are launching in Q4, he doesn't expect a major impact in the short term, but confirmed this activity informed the full-year guidance. On M&A, Sheahan elaborated that the strategy is to identify fluid handling opportunities in markets Graco doesn't currently serve, leveraging the company's core engineering, manufacturing, and global footprint expertise.

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    Andrew Buscaglia's questions to TELEDYNE TECHNOLOGIES (TDY) leadership

    Andrew Buscaglia's questions to TELEDYNE TECHNOLOGIES (TDY) leadership • Q2 2025

    Question

    Andrew Buscaglia asked for details on the cautious Q3 guidance, specifically questioning which business segments were affected by the potential demand pull-forward and inquiring about order activity in long-cycle businesses like unmanned systems.

    Answer

    Executive Chairman Robert Mehrabian clarified that the caution primarily relates to short-cycle businesses, where an estimated $15-20 million in demand may have been pulled into Q2 ahead of potential trade policy changes. He affirmed that the overall book-to-bill ratio remains healthy at 1.1x for the seventh consecutive quarter, with particular strength in unmanned systems.

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    Andrew Buscaglia's questions to TELEDYNE TECHNOLOGIES (TDY) leadership • Q2 2025

    Question

    Andrew Buscaglia asked for details on the cautious Q3 guidance, inquiring which business segments were responsible for the potential demand pull-forward and about recent order activity in long-cycle businesses like unmanned systems.

    Answer

    Executive Chairman Robert Mehrabian clarified that the caution primarily relates to short-cycle businesses, where an estimated $15-20 million in demand may have been pulled into Q2 ahead of potential trade policy changes. He emphasized that long-cycle businesses have good visibility and that overall order activity remains healthy, with a consolidated book-to-bill ratio of 1.1 for the seventh consecutive quarter.

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    Andrew Buscaglia's questions to TELEDYNE TECHNOLOGIES (TDY) leadership • Q2 2025

    Question

    Andrew Buscaglia asked for details on the cautious Q3 guidance, specifically inquiring where the potential demand pull-forward is occurring across business segments and about order activity in long-cycle businesses like unmanned systems.

    Answer

    Executive Chairman Robert Mehrabian explained the caution is primarily for short-cycle businesses, where a potential $15-20 million demand pull-in may have occurred ahead of trade policy changes. He confirmed long-cycle businesses have better visibility and noted that the overall book-to-bill ratio was a healthy 1.1x for the seventh consecutive quarter, with strong orders in unmanned systems.

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    Andrew Buscaglia's questions to TELEDYNE TECHNOLOGIES (TDY) leadership • Q1 2025

    Question

    Andrew Buscaglia of BNP Paribas inquired about potential risks from government spending cuts and the recent performance of short-cycle businesses, particularly test and measurement and machine vision.

    Answer

    Executive Chairman Robert Mehrabian stated that he does not foresee a significant negative impact from government spending shifts, as any cuts to lower-margin NASA programs would likely be offset by growth in higher-margin defense space programs. He acknowledged some weakness in sensor sales but highlighted that the overall company book-to-bill was a strong 1.05x, indicating resilient demand.

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    Andrew Buscaglia's questions to TELEDYNE TECHNOLOGIES (TDY) leadership • Q4 2024

    Question

    Andrew Buscaglia sought to confirm if the 3.2% organic growth forecast for 2025 includes an FX headwind and asked about the assumed cadence of the short-cycle business recovery. He also inquired whether the Excelitas acquisition is expected to be accretive to non-GAAP earnings in 2025.

    Answer

    Executive Chairman Robert Mehrabian confirmed the organic growth forecast incorporates a significant 1.3% headwind from foreign exchange. He noted that short-cycle businesses are expected to grow modestly. Regarding the Excelitas deal, Mehrabian projected it could add $0.15 to $0.20 of accretion on a full-year basis, prior to any significant margin expansion initiatives.

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    Andrew Buscaglia's questions to TELEDYNE TECHNOLOGIES (TDY) leadership • Q3 2024

    Question

    Andrew Buscaglia questioned the sustainability of the Marine segment's strong growth into next year and asked for more details on the M&A pipeline after the company mentioned a potential shift from buybacks.

    Answer

    Executive Chairman Robert Mehrabian explained the Marine segment's resilience comes from its diverse mix of offshore energy, defense, and science customers, and he expects it to remain strong. On capital allocation, he confirmed the M&A funnel has 'opened up' recently with opportunities outside of digital imaging. He stated Teledyne has the capacity for deals ranging from $50 million to over $0.5 billion and is more likely to focus on acquisitions now.

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    Andrew Buscaglia's questions to AMPHENOL CORP /DE/ (APH) leadership

    Andrew Buscaglia's questions to AMPHENOL CORP /DE/ (APH) leadership • Q2 2025

    Question

    Andrew Buscaglia from BNP Paribas inquired about the recent acquisition of Narda, asking for the purchase price, and questioned the company's capital deployment plans for the second half given its strong cash generation.

    Answer

    President & CEO R. Adam Norwitt revealed the purchase price for Narda was approximately $300 million. He stated that the M&A pipeline remains robust with opportunities of all sizes and that acquisitions continue to be a top priority for capital deployment, alongside organic investments, given the company's strong cash flow and balance sheet.

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    Andrew Buscaglia's questions to AMPHENOL CORP /DE/ (APH) leadership • Q1 2025

    Question

    Andrew Buscaglia of Berenberg Capital Markets inquired about the potential impact of tariffs, asking which markets might see incremental costs and what financial effects are embedded in the Q2 guidance.

    Answer

    CEO Adam Norwitt explained that Amphenol's decentralized, entrepreneurial structure is "purpose-built" to handle such dynamics. He stated that local general managers work to mitigate impacts and pass on necessary pricing adjustments to customers. While acknowledging some pricing pressure, he noted that the strong Q2 margin guidance implies the overall impact is not expected to be tremendous.

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    Andrew Buscaglia's questions to AMPHENOL CORP /DE/ (APH) leadership • Q4 2024

    Question

    Andrew Buscaglia asked how Amphenol is planning for potential U.S. tariffs and requested details on its manufacturing exposure to China, Mexico, and Canada.

    Answer

    CEO R. Norwitt stated that tariffs are not a new issue and the company successfully mitigated them in the past through its agile, decentralized structure. He emphasized that local general managers are empowered to adapt to trade policies in real-time. Rather than predicting policy, Amphenol focuses on maintaining operational flexibility across its expanded global footprint of nearly 300 facilities in over 40 countries, which positions it to react quickly and work with customers to manage any impacts.

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    Andrew Buscaglia's questions to AMPHENOL CORP /DE/ (APH) leadership • Q3 2024

    Question

    Andrew Buscaglia asked for clarification on the IT Datacom segment's strong performance, seeking to understand the contribution split between AI-related demand and the recovering non-AI portion.

    Answer

    CEO R. Norwitt confirmed that the underlying non-AI IT Datacom market showed very strong growth in the quarter. He clarified that products sold into AI applications accounted for slightly more than half of both the year-over-year and sequential growth, indicating a significant recovery in the base business alongside continued AI strength.

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    Andrew Buscaglia's questions to PENTAIR (PNR) leadership

    Andrew Buscaglia's questions to PENTAIR (PNR) leadership • Q2 2025

    Question

    Andrew Buscaglia from BNP Paribas inquired about the preferred use of Pentair's strong cash flow, weighing share repurchases against M&A, especially amid tariff uncertainty. He also asked about the dynamic with distributors and their capacity to absorb further price increases.

    Answer

    President and CEO John L. Stauch stated that strong cash generation provides flexibility for a balanced approach of buybacks, dividends, and bolt-on M&A, noting that the deal pipeline is becoming more active. He explained that Pentair manages distributor relationships through its 80/20 strategy, focusing on top partners and using aligned dealer incentives to ensure high-value products are pulled through the channel.

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    Andrew Buscaglia's questions to PENTAIR (PNR) leadership • Q1 2025

    Question

    Andrew Buscaglia questioned the ability to expand Pool margins with potentially negative volumes and asked about the level of distributor pushback on price increases and the resulting price realization.

    Answer

    CFO Bob Fishman affirmed the goal of ~100 bps ROS improvement in Pool, driven by transformation initiatives beyond just price/volume. CEO John Stauch added that growth investments can be pulled back if needed. Regarding pricing, he stated that while no one welcomes increases, distributors are generally accepting them because the tariff-driven cost pressures are an industry-wide phenomenon, ensuring fair implementation.

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    Andrew Buscaglia's questions to NORDSON (NDSN) leadership

    Andrew Buscaglia's questions to NORDSON (NDSN) leadership • Q2 2025

    Question

    Andrew Buscaglia from BNP Paribas questioned the historical volatility of the Advanced Technology Solutions (ATS) segment, asking if more consistent growth could be expected and seeking specifics on where order improvements were originating. He also asked about the Medical and Fluid Solutions (MFS) segment, inquiring about the visibility into the end of destocking trends in interventional medicine and the likely pace of the subsequent recovery.

    Answer

    President and CEO Sundaram Nagarajan acknowledged that the ATS segment is inherently lumpy but stated that the business is now in a growth part of the cycle, evidenced by strong order entry. Executive VP & CFO Daniel Hopgood added that current ATS growth is primarily from Asian customers, with U.S. investments representing future upside. Regarding MFS, Mr. Nagarajan confirmed that destocking is diminishing and projected a gradual, steady recovery to normal demand rather than a sharp rebound, while also highlighting strong performance from the Atrion acquisition.

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    Andrew Buscaglia's questions to NORDSON (NDSN) leadership • Q1 2025

    Question

    Andrew Buscaglia inquired about the organic growth of the ATS segment excluding the realigned Measurement & Control Solutions division, the rationale for the realignment, and how the company plans to achieve its EPS guidance midpoint if revenue trends toward the low end of the range.

    Answer

    CEO Sundaram Nagarajan stated the realignment was due to product and technology similarities with ATS's test and measurement focus. CFO Daniel Hopgood added that the division was not a major driver of the segment's organic growth. Hopgood also expressed confidence in meeting earnings commitments through operational management, citing Q1's results as proof. Nagarajan highlighted positive order entry, strong operational performance, and innovation as key supports for the full-year outlook.

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    Andrew Buscaglia's questions to NORDSON (NDSN) leadership • Q4 2024

    Question

    Andrew Buscaglia questioned how Nordson expects to achieve EPS growth with flat organic sales, given the margin dilution from the Atrion acquisition. He also asked about the margin trajectory for the MFS segment and the timing of cost savings.

    Answer

    CFO Daniel Hopgood explained that EPS growth is driven by benefits from prior restructuring, reduced interest expense from debt paydown, and a lower effective tax rate. He noted Atrion is on a good path with upper 20% EBITDA margins, with improvements expected to play out over 2025 and 2026. CEO Sundaram Nagarajan added that the Atrion integration is off to a good start with early cost adjustments already made.

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    Andrew Buscaglia's questions to Fortive (FTV) leadership

    Andrew Buscaglia's questions to Fortive (FTV) leadership • Q1 2025

    Question

    Andrew Buscaglia inquired about current trends in Fortive's software businesses, including their performance and any impact from tariffs. He also asked about the rationale for the significant Q1 share buyback and the capital allocation plan leading up to the spin-off.

    Answer

    President and CEO James Lico confirmed that the software businesses are performing well, with strong results from ServiceChannel and Provation, and are not materially impacted by tariffs. Regarding capital allocation, Lico stated the company bought back 2.5 million shares and will continue to use free cash flow for buybacks at attractive prices, with more detailed strategies to be shared at the upcoming Investor Day.

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    Andrew Buscaglia's questions to AMETEK INC/ (AME) leadership

    Andrew Buscaglia's questions to AMETEK INC/ (AME) leadership • Q1 2025

    Question

    Andrew Buscaglia noted the near-record backlog and asked what is needed for it to convert to sales, questioning if tariffs are causing delays. He also asked if the backlog growth is concentrated in any specific areas.

    Answer

    CEO David Zapico confirmed that tariffs are causing some conversion delays but views the large backlog as a source of comfort. He stated the backlog growth is not concentrated in one area but did highlight strength in A&D and a notable increase in the medtech backlog, driven by Paragon.

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